As we navigate through 2023 what may happen with the housing market over the next few months in the midst of high interest rates, low inventory, and elevated home prices is still anyone’s guess. A combination of Fed rate increases, coupled with other surprising factors, like the recent bank collapses, have had a widespread impact on the real estate industry. That includes title companies, which have had fewer closings and less business as a result of the sluggish home buying landscape.
However, title companies typically manage to stay profitable, even in the midst of a tenuous housing market, and most have managed to fare better than many of the other parts of the housing industry over the last year. Still, the layoffs and job cuts that occurred across the title industry last year indicated that the current housing market landscape may be rough for some title companies to navigate. In addition, there are talent gaps in the title insurance industry that could make it even more difficult for companies to fill crucial roles in the future.
But it’s not all tough news for the title industry in 2023. The introduction of new technology and new policy has led to a shift toward the adoption of digital closings, a trend that could change the face of the title industry in the very near future. And, there are other signs that the housing market — and, in turn, the title industry — are finding a new normal, like the recent uptick in homebuyer demand, which could help drum up more business for the title insurance industry.
With the rapid shifts occurring in the housing market, it’s important to stay on top of the latest title news coverage. To keep on track with the title insurance news you need, register for HousingWire’s weekly ClosingTime newsletter here.
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Title and Escrow News
CertifID and Old Republic partner to prevent fraud
Apr 18, 2024The firms are working together to help mitigate losses from mortgage payoff fraud
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Nearly half of loans processed in Q1 showed fraud risks: FundingShield
Apr 17, 2024 -
CFPB considers ban on charging buyers for lender’s title policy
Apr 10, 2024 -
Cybercrime losses hit record high in 2023
Apr 10, 2024 -
Kentucky, West Virginia pass bills to end ‘harmful’ listing contracts
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Doma agrees to sell to Title Resources Group
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How to empower your team to spot cybersecurity risks
Mar 28, 2024 -
Opinion: Fannie Mae’s title insurance pilot program overreaches
Mar 28, 2024 -
Opinion: More can be done to shorten the average time to close
Mar 28, 2024 -
Lawmakers challenge FHFA’s title insurance waiver plan
Mar 19, 2024
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