Articles of Interest
Product offers solution to stricter title inducement regulations
February 11, 2009
States such as California's are passing regulation that limit the services title companies can provide to real estate agents and mortgage brokers, including non-public real estate information. Read on for one company’s solution that enables title agents to provide its clients this information legally.
MDA DataQuick, a division of MDA Lending Solutions that provides property and real estate data, announced updates to its services to ensure compliance with regulatory changes in various states concerning the services title companies can provide to clients, including non-public real estate information.
Regulation changes, such as California’s Senate Bill 133 limit the services title companies can provide to clients, including non-public real estate information. The restructured product offerings and launch of a new website, www.DataQuickDirect.com, ensure that Realtors and mortgage brokers have complete access to the real estate information they need to conduct business, the company said in a statement.
MDA DataQuick has created DataQuick Direct, which offers the Realtor Direct and Mortgage Broker Direct packages. These special packages for Realtors and mortgage brokers provide access to real estate data needed for business.
“In a tight economy, the real estate, title and lending professionals with access to the most up-to-date and complete data and market research have an edge in finding, marketing and closing real estate sales,” said John Walsh, president of MDA DataQuick. “Regulatory concerns have changed the information title companies can provide to clients, and we are committed to helping our customers transition to individual accounts that are affordable and compliant with the new laws.”
Title companies using PropertyFinder have access to public record profiles of a subject property. Residential Realtors will have access to MDA DataQuick’s GoTitle, which provides presentation-ready property profiles and property history reports. Commercial Realtors will have access to PropertyFinder for complete reports and property details. Mortgage brokers will have access to ProspectFinder, a marketing leads and demographic data tool, in addition to the full functionality of PropertyFinder. The Realtor Direct and Mortgage Broker Direct packages also include the optional service, ForeclosureFinder, MDA DataQuick’s new web-based foreclosure tracking tool.
“MDA DataQuick understands that Realtors and mortgage brokers will have to adjust to these new regulations because many real estate professionals have never had direct access to these types of products,” Walsh said.
