November 5, 2008
Members of the American Land Title Association will be able to sign up for 15 months of free premium listings through Closing.com.
A deal struck between ALTA and Closing.com — a Web site that allows title insurers and other settlement service providers to market their services to real estate professionals and consumers, enables title insurance companies to provide rate quotes online.
Currently in beta testing, Closing.com currently has basic listings for about 230,000 companies that provide title insurance and other settlement services, said company founder and CEO Anthony Farwell. Basic listings, which are free to any settlement services provider, allow companies to put their contact information in Closing.com's searchable database.
Companies that want to provide rate quotes need premium listings, which will also place them at the top of search results when real estate professionals and consumers search basic listings for companies offering services in their area.
Closing.com will roll out a rate search engine for title insurance policies later this month, Farwell said, with other categories of settlement services such as home inspections to follow.
Farwell said the site added about 100 title companies the day the partnership with ALTA was announced last month.
Last year, ClosingCorp., the parent of Closing.com, developed TitleWizard — a site that provides title insurance rate quotes in California — with the California Land Title Association. California Insurance Commissioner Steve Poizner praised CLTA for developing a high-tech solution in a step to infuse competition into the industry.
"Too often, consumers have to rely on a middle man to select their title insurance. Now, consumers will be empowered to compare prices and services online with the touch of a button,” he said.