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6 ways title companies can harness AI

Housing Wire

Artificial intelligence (AI) has become a hot topic across every facet of life, including the real estate and title industries. Many title professionals are asking how AI can be used safely and effectively to improve daily operations. This might include documents like deeds and title policies.

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Some title insurance policies protect against home title theft. Does yours?

Housing Wire

Unfortunately, a “quiet title” lawsuit to unwind a fraudulent transfer will take a minimum of six months, often extending to several years, during which time the true property owner cannot sell or refinance. Most victims cannot afford the fight to recover their title, and some lose their homes altogether.

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Fraud, forgery claims are costliest expenses for title insurers

Housing Wire

Fraud and forgery claims represented more than one-fifth of the total dollars spent by title insurers on claims expenses and losses over the past decade, according to a study conducted by Milliman and commissioned by the American Land Title Association (ALTA). the risk of not purchasing a title insurance policy is far too high.”

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Title industry: We contributed $30 billion to GDP in 2022

Housing Wire

The title insurance and settlement services industry directly generated $30 billion of U.S. gross domestic product (GDP) in 2022, according to a report commissioned by the American Land Title Association that was published on Wednesday. economic impact of the title industry. The report measures both the direct and broader U.S.

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Attempted Graceland sale exposes title, mortgage fraud tactics

Housing Wire

But while a fraud attempt targeting such a famous structure and family would easily make national news, the vast majority of title theft and mortgage fraud schemes do not. Impersonation fraud has risen “sharply” over the past few years according to Sarah Frano, vice president and real estate fraud expert at First American Title Insurance Co.

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How title companies are combating wire fraud

Housing Wire

Cyberattacks, particularly wire fraud through business email compromise, remain a major concern for the title industry. We sat down with ALTA CEO Diane Tomb to talk about ways title insurance companies can help their customers avoid falling prey to such attempts. Q: How can title companies help homebuyers avoid wire fraud?

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Title premium volume fell 31% in 2023

Housing Wire

As existing home sales dropped to the lowest level it has seen in nearly three decades in 2023 , title insurance premium volume also took a hit. In 2023, the title insurance industry generated $15.1 In 2022 , the title industry generated $21 billion in premiums. with 22.0%; Old Republic National Title Insurance Co.

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