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MyClosingSPACE.com Announces Nationwide Expansion of Its Title Insurance and Closing Services Business
MyClosingSPACE.com
, the country€™s first online title insurance and closing services company, has announced it is now available to new homebuyers, mortgage refinancers, attorneys, lenders, and realtors nationwide. The decision was made after the title company successfully test marketed its innovative online business in New Jersey, Florida, Pennsylvania, and New York.
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. Company president, Gregory Schmidt explains why
MyClosingSPACE.com
€™s expansion comes at the right time. €œObviously, 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. Due to widespread consumer ignorance, 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 pioneering title-related services, such as an instant quote page, which those simply looking for a house can use to calculate closing costs for a potential purchase. 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. Just by entering a password and username, the
MyClosingSPACE.com
customer can track the status of every piece of paperwork related to their closing. If there is a lag in any document, the person can take whatever steps necessary to find out why a document is being held up. €œWe want legislators and journalists to look at what we€™re doing,€ states Schmidt. €œBecause it€™s an important step in bringing sunlight to an industry that used to operate in the shadows.€ In addition to an innovative business model, an important element of the
MyClosingSPACE.com
mission is to bring greater transparency and free market forces to the title industry.
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