The purchase of a home is one of the most expensive and important purchases you will ever make. You and your mortgage lender will want to make sure the property is indeed yours and that no one else has any lien or claim on your property. Title insurance - which is purchased through a License Title Agent, or in some states attorney- protects your interests and the interests of the lender, should a claim be made against your property. The insurance is necessary because title disputes, or claims that a property is owned by more than one party or encumbered by a lien or tax, are common themes in the American court system. Watch this video to learn a bit more about how title insurance works. Without the insurance, the buyer could expose themselves to outstanding issues, liens, taxes or prior utility assessments just to name a few.
- Home buyers (especially new ones) have not historically paid attention to who they use as a title agent to purchase title insurance and consider it just another fee when buying a home.
- Mortgage brokers and real estate agents tend to influence the homebuyer as to what title agents/title company they use to purchase the title insurance
- Title agents and the title insurance they sell is highly regulated at the state and federal level
We have two main goals and need your help finding a breakthrough solution
I) Connect with home buyers so they request us as their title agent when purchasing a home.
II) Change the process of title insurance to make it a better experience for all parties (i.e. Real Estate Agent, Mortgage Broker, Home Buyer, Home Seller, Title Agent) involved (disrupt title insurance like Uber & Lyft disrupted the taxi industry!)
Select Goal I or Goal II and complete the following:
1. Submit an executive summary of your idea to accomplish your chosen goal
(1a) What is your idea?
(1b) How does it work?
(1c) How can it be implemented
2. Explain why your idea will be more appealing and disrupt the current way title insurance is purchased
3. (optional) sketches, drawings, mock-ups, charts, graphs or any other visuals to support your idea
- Your idea could be a product (app, site, etc), an marketing campaign (ads, video, etc), a proposed change to the system of how title insurance works (do some research!), or anything else you think will help reach our goals.
- Anonymous Title Insurance Co sells title insurance to home buyers (currently through licensed title agents leveraging relationships with real estate agents and mortgage brokers). The best submissions will find a way to encourage said real estate agents and mortgage brokers, as well home buyers to choose our offerings.
- Winning ideas will be ORIGINAL, CREATIVE, and most importantly FEASIBLE.
- Lobbying to change the laws and controls around title insurance is not a valid option (not feasible!).
- Click here to learn more about title insurance and how it works