Elliot M. Liss is a principal of Closeline Settlements, and is an established settlement services executive, attorney, and member of the Maryland and District of Columbia Bars. He is a cum laude graduate of the American University's Washington College of Law and has a BS in finance from the University of Maryland at College Park. Liss was instrumental in creating one of the first nationwide title and escrow companies with brick and mortar locations in multistate environments. As a co-founder of Closeline, Liss has worked to establish Closeline as one of the leading directly licensed title and escrow companies in the country. Closeline has been active in national title business for well over two decades and is now licensed to operate in approximately 44 states through various Closeline subsidiaries. In 2007, Mr. Liss established Validata Lender Services, LLC as a national appraisal management company.
Title companies are beginning to pool their resources with former competitors, forming alliances to leverage their resources and assets and thereby cutting costs (e.g. with “back office” functions). This is less likely a trend than it is a new “normal.” Together, the industry needs to seek ways to become even more efficient.
For anyone actively working in the mortgage industry, it’s no secret that reverse mortgages have taken a brutal hit in the last two years. The U.S. Department of Housing and Urban Development issued major program changes at the end of 2017 that effectively limited the amount of proceeds and the number of people who could qualify for the loan. The result had lenders across the space enduring sizable volume drops and subsequent gashes to their bottom lines.