We are in the process of opening our own title company. First you need to speak with a title insurance underwriter and see what steps are needed for them to be your underwriter.
Second, you need to get your Title Insurance License of the State you reside. Third you need to have E & O insurance. Fourth, YOu need to set up a Operating & Expense account, an Escrow Account and a Recording Account. Fifth, you need to have the Title software like Softpro, Titlepro, etc.. You need this as the underwriter will ask for it. THis would be for your title commitments, Final policy, disbursements, HUD-1, etc...
Sixth, you need to get business, most underwriter will let you now how much they want from your business. FOr example, some ask that you send them $50,000 a year in Title Insurance premiun.
Seven, you need to reconciliate your Escrow account for each month to submit it to your underwriters.
Eight, BUSINESS, BUSINESS, BUSINESS. Is the key.
Thanks,
D & S Abstracting
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