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Source of Title Blog

Take It To The People
by Robert Franco | 2007/03/09 |

YouTube is a powerful medium that hasn't really been utilized to its full potential in many areas. It has mainly been an outlet for budding film makers to share their short works, and for users to share their favorite video clips. However, there have been some that have adapted it as a sales and marketing tool. YouTube also offers a strong platform for disseminating educational information to the public that has yet remained vastly undeveloped.

YouTube offers a very low cost, and easy to use method of distributing video to consumers. Here is an example:

1st Title RealTraining Chapter 3
[cvideotube=JbgLwBk-y7s]
In this third installment of the 1stCapital RealPartner series, Paul discusses Title Insurance and Closing Costs


There are a few problems with this clip. For example, the host doesn't seem to understand the concept of eminent domain, and he is a little confused about the difference between a reissue rate and a refinance rate. It is also not entirely clear who his intended audience is. At points he seems to be addressing the borrower while explaining the various fees, but in one section he is clearly addressing the mortgage broker, or loan originator: "The last section that we are going to talk about is closing costs. Now when you get to this section its a very exciting time because that means that closing is right around the corner and that means that time that you get paid and explode your income as a real partner is starting to take off."

But despite its flaws, this video clip does demonstrate the power of YouTube and its potential for informing consumers. The typical response to educating consumers in the title industry has been adding disclosures to the closing process, but that has been extremely ineffective. More complicated, carefully worded disclosures only compound the problem. However, a well developed video series explaining the process and loan documentation could be made available to the consumer before the closing. Informed consumers may better understand their closings and be in a better position to ask questions while they are signing closing docs.

The American Land Title Association ("ALTA"), in conjunction with Department of Housing and Urban Development ("HUD") officials, could produce a series of in-depth informational videos and post them on YouTube. Once on YouTube, the clips could be easily placed on ALTA and HUD Websites, as well as any title agency's that wanted to provide the information to their customers. Settlement agents would be able to direct their consumers to the videos when they schedule their closings.

If we really want to educate the consumers, we need to take our message to the people.

Robert A. Franco
SOURCE OF TITLE
rfranco@sourceoftitle.com

Source of Title Blog ::




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Categories: Consumer Advocacy, Land Title Associations, Marketing, Title Industry

645 words | 2408 views | 3 comments | log in or register to post a comment


The videos could also be distribute...
The videos could also be distributed in DVD format lenders at the time the borrower applies for a mortgage. 
by Scott Perry | 2007/03/10 | log in or register to post a reply

Did you see Frank Llhosa's YouTube ...
Did you see Frank Llhosa's YouTube Client Bill of Rights? I posted it on Coalition. 
by Diane Cipa, General Manager, The Closing Specialists® | 2007/03/11 | log in or register to post a reply

I could not agree more. I think if...
I could not agree more. I think if each step of the mortgage process from application to signing final docs were explained on separate DVD's each service provider could supply their DVD to the client with personalization by inserting company name. I also think it will lessen the confusion at the closing table where actually all the providers reap the benefits of their hard labor. 
by Maureen Coburn | 2007/03/27 | log in or register to post a reply
Source of Title Blog

Robert A. FrancoThe focus of this blog will be on sharing my thoughts and concerns related to the small title agents and abstractors. The industry has changed dramatically over the past ten years and I believe that we are just seeing the beginning. As the evolution continues, what will become of the many small independent title professionals who have long been the cornerstone of the industry?

Robert A. Franco
SOURCE OF TITLE

 

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