Hillside, N.J. —
myClosingSPACE.com opened in November of 2006, offering title insurance and closing services in New Jersey and Florida as a test for what it called a revolutionary new title industry business model committed to the lowest rates allowable by state and federal laws, the absence of junk fees, and faster service. The company expanded into Pennsylvania several months later, and six months ago, the move into New York was made.
According to President Gregory Schmidt, myClosingSPACE.com’s expansion came just at the right time. “Obviously, this is a challenging time for the housing industry, and no one really knows what changes will come as a result. But one thing is certain: Real estate professionals and consumers will have to become more efficient and smarter, and that certainly includes buying title insurance and closing services.”
In keeping with its philosophy of creating smarter shoppers, myClosingSPACE.com provides customers with the ability to purchase title insurance and closing services online. Traditionally, title insurance is bought for the consumer by either a lender, attorney or Realtor. While the individual has always had the legal ability to purchase their own title insurance, the service has never been marketed directly to the buyer or refinancer. Also, the industry has been plagued by allegations of backroom deals and influence peddling. Aside from ongoing investigations from various state attorneys general, the title industry was the subject of a recent GAO investigation and numerous stories from national media.
In addition to its online purchase capability, the company’s site provides other title-related services, such as an instant quote page. Homebuyers can use this page to calculate closing costs for a potential purchase. Also, buyers and refinancers can use the online, guaranteed quote page to itemize exact mortgage closing costs.
A document storage service is available to those who have made a down payment on a purchase or begun the refinancing process. By entering a password and username, the myClosingSPACE.com customer can track the status of all paperwork related to their closing. If there is a lag in any document, the person can take the steps necessary to find out why it's being held up.
“We want legislators and journalists to look at what we’re doing,” Schmidt says, “because it’s an important step in bringing sunlight to an industry that used to operate in the shadows.”
Source: Business Wire
