These are all words that can strike worry and trepidation in even the most confident of business leaders. This is even more relevant in the title industry, where new federal and state regulations, guidelines and security measures are expanding and ever-changing. The best way to stay in the game is to evolve with the industry. Embrace new solutions and technologies to tackle those hurdles, while focusing on continued success and growth.
Such innovation exists in OR EscrowPro®.
The pressure and demand on title agents to follow new and existing laws and regulations, as well as to comply with American Land Title Association (ALTA) Best Practices, can be overwhelming, to say the least. Lenders, too, are feeling similar regulatory pressures, relying on title agents to assist with their efforts to conform. When lender and consumer funds are involved, risk is inherent and preventing defalcation and shortages is no easy task. Lenders want to have confidence in their business partners while title agents want to provide exceptional consumer service and security in return.
With OR EscrowPro, none of these responsibilities are insurmountable. The service creates a centralized, collaborative and secure environment for managing disbursement of real estate transaction proceeds, so large agencies, or even small title agent offices with less than five employees, can invest more time into expanding their business and lose the fear of elimination; easing the growing pains of a fast-paced regulatory climate.
OR EscrowPro provides an escrow account owned and managed by Old Republic Title. Funds are received and disbursed directly, offering security and risk mitigation for everyone, while fulfilling Pillar Two of ALTA's Best Practices.* Without the need to maintain an escrow account and the expansive list of functions that come with it, title agents have more time to promote services and build revenue-generating business. Title agents continue to maintain control over their customer relationships and the escrow closing process.
Evolving with industry changes can be challenging. Old Republic Title and OR EscrowPro make it easier.
*Due to legal and regulatory restrictions, OR EscrowPro is not available in all states.