A Denver company today is unveiling a website intended to make it easier for real-estate agents and consumers to shop for title insurance.
At “Realtor Rally” at the Colorado Convention Center, TI Services LLC, a title consulting service owned by Garry Wolff and Larry Thompson, is demonstrating MyTitleIns.com, which will allow users to compare costs of title insurance. The site will be available to consumers and real- estate agents Monday.
Title insurance, required in most real-estate transactions, costs consumers about $18 billion a year, according to TI. Lenders require it when making a new loan, and buyers need title insurance to protect against potential claims or liens on the property.
But there can be a big difference in costs between companies. For example, title insurance and related costs for a $450,000 house in Denver range from $2,040 to $3,216, according to TI.
“We’ve taken all the rates and downloaded them and taken into account all the discount programs,” Wolff said. “It gives the consumer and their (real-estate agent) and lender the ability to really home in on what their true costs are.”
Real-estate broker John Sullivan of Re/Max Cherry Creek said agents build relationships with title companies and tend to stick with whom they know.
“That doesn’t mean there aren’t other good competitors out there,” he said. “A website where you can compare prices and premiums and services ultimately is good for everybody.”
Title companies will pay between $170 a month and $700 a month, depending on which of Colorado’s 64 counties they are located in.
Michael Martinez, owner of Quantum Title, said he signed up for the site because it will enable him to compete effectively against larger companies, which often charge as much as double what smaller firms do.
MyTitleIns.com has a handful of other title companies committed to the site and several more considering joining. Industry leaders include Chicago Title, Land Title Guarantee Co. and Security Title Guarantee Co.
“It’s a very apples-to-apples way for people to look at title insurance,” Martinez said. “If you look at the way the rest of the industry works, you’re picking your real-estate agent, you’re picking your mortgage company. But for whatever reason, you’re not involved in where the title goes.”
Staff writer Margaret Jackson can be reached at 303-954-1473 or mjackson@denverpost.com.
