California Land Title Association Launches 'TitleWizard' Website
October 10, 2007
SACRAMENTO, Calif., -- The California Land Title Association (CLTA) launched an innovative new Web site designed to help California consumers compare prices for title insurance coverage. The TitleWizard Web site was developed in partnership with ClosingCorp, a La Jolla-based information technology company. Insurance Commissioner Steve Poizner demonstrated how the Web site empowers consumers and promotes price competitiveness in the title insurance industry.
TitleWizard can be accessed at http://www.CLTA.TitleWizard.com or through the California Land Title Association Web site at http://www.clta.org.
"CLTA proudly launched TitleWizard as part of the title industry's ongoing commitment to make sure consumers have the tools available to shop for title insurance," said Margaret Foster, President of the California Land Title Association. "We share Commissioner Poizner's goal of using creative technological solutions that empower consumers. TitleWizard will help Californians take advantage of comprehensive and accurate marketplace information."
"Real estate is one of the fastest growing Internet categories and the TitleWizard showcases how real estate transactions are increasingly driven by Web-savvy homebuyers and realtors," said ClosingCorp President, Anthony Farwell. "Our sophisticated rate-generating software delivers dramatic benefits by providing one destination to compare rates, evaluate policies, find local title companies and learn more about closing a real estate transaction."
TitleWizard allows consumers to easily obtain title insurance rates and policy information specific to their transaction while learning more about the title companies serving their local area. The Web site is free to all users and automatically generates rate and service comparisons specific to each user's transaction. Consumers' privacy is protected at all times and user data is not shared with any title company or other third-party entity.
TitleWizard also features a "Learning Center" to educate consumers about the closing process. The rate comparison information on the TitleWizard Web site is accurate and current because it comes directly from the members of the California Land Title Association -- a feature exclusive to the TitleWizard Web site.
Title insurance is used by homebuyers and lenders for protection against back taxes, undisclosed liens, legal judgments, forgeries, fraud and a host of other potential legal/financial problems that can arise when purchasing or refinancing property. Most of the title insurance premium goes towards identifying and eliminating these potential problems before the close of escrow. Consumers pay only once for title insurance -- there are no monthly premiums -- for coverage that lasts as long as they own the property.
There are nearly 100 title companies licensed to do business in California. Collectively, these companies wrote more than $2.6 billion in title insurance premiums in California during 2006, more than in any other state.
Source: The California Land Title Association