Good afternoon —
At the AIME Fuse event last weekend, UWM CEO Mat Ishbia announced new products and rallied several thousand mortgage brokers around the broker model. Ishiba's assertions included some interesting comments on title.
When talking about the future of mortgage vendors, he said, "If you're not adding value for what you bring, you're not going to be around long."
Ishbia said that title companies bill $1,000 for a title insurance policy, with $850 to the title agent and $150 to the title insurance, while the actual insurance costs only $4.
"If they can't give a better deal to the consumer, they are not going to last. Title insurance is going to get disrupted," Ishbia said.
Ishbia went on to talk about both appraisal management companies (AMCs) and title companies and said they both need to evolve. He also encouraged brokers to get to know the valuation and title professionals they work with and ask how they can help.
UWM is likely working on their disruption as we speak. A few weeks ago, the company announced it was taking valuation in-house and would work with appraisers directly, cutting out the AMCs in the process.
Is a similar announcement on title in the offing?
...Today, I'm meeting some of you in person at our own HW Annual event in Dallas! We've got several sessions on title directly, including an update on RON, cybersecurity in the title space and the future of title. If you're here, find me and let's chat! If you can't make it, sessions will be available on-demand for HW+ members and you can reach me at swheeler@housingwire.com.
Until next week —
Sarah Wheeler
HousingWire Editor in Chief
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