TItle company changing name, not service

The slight change of name and logo at LandAmerica Transnation Title won't change what those who buy and sell real estate receive from Muskegon County's leading title company.

But the managers and staff at what is now Transnation Title Agency of Michigan know there is a difference in being locally owned and operated. The company hopes local ownership will bring about improved customer service in the coming years.

Transnation Title Agency was formed July 1 as the assets of LandAmerica Financial Group's 12 West Michigan operations were sold to a group of regional managers.The West Michigan offices -- including those at 570 Seminole and 829 Summit in Muskegon -- have gone from corporate outlets to independently-owned with an "agency" relationship with LandAmerica. Transnation also has a Grand Haven office at 16930 Robbins.

LandAmerica will continue to provide underwriting services for Transnation in West Michigan, according to the new company's Executive Vice President Tom Olson -- a longtime Muskegon title office manager.

Olson joins Sharlene Shineldecker -- now vice president of escrow services and Lakeshore Division manager -- in the eight-member executive team. Beyond the eight executives, 25 of the Transnation employees now have ownership in the company.

"We look at this as a huge opportunity to better serve our customers," Olson said. "We can retain our employees and their local incomes. We have set up a company that is owned by all of the employees. We didn't want any outside investors."

Financial terms of the Transnation Title Agency buyout of LandAmerica are not being publicly released.

Title insurance companies insure the transfer of real property, Olson said. The insurance company reviews a piece of property for all liens and incumberances, discloses those to buyers and sellers and insures the buyer of any liability not disclosed by a title search.

Title insurance companies are where many property deals are closed. The customers include real estate professionals such as real estate agents, mortgage lenders and anyone buying or selling property.

Transnation has a more than 100-year history in Muskegon, operating over the years as Banker's Title and Michigan Title, Olson said. Today, the company has about 50 percent of the Muskegon market as the title insurance business consolidates but also becomes a financial service provided by some banks and real estate agencies, company officials said.

The move to make Transnation a West Michigan company began as the Richmond, Va.-based financial services company LandAmerica looked at ways of consolidating back-office operations to cut costs. West Michigan has been a profitable business but all aspects of the LandAmerica company were looked at for cost-saving changes.

Olson said that in February the eight West Michigan company executives began exploring a buyout as LandAmerica was looking to consolidate its Zeeland research staff in Ohio. The buyout of the West Michigan offices have saved at least 20 jobs for the region, Olson said.

"We wanted to keep our operations local," Shineldecker said. "We want to control our own production."

Transnation has 70 employees overall with six offices in the Grand Rapids Division and four offices in the Lakeshore Division, which also includes Holland. The Lakeshore Division employs 15.

"Things are changing in this market," Olson said of title insurance and the overall real estate business.

With the credit crisis and issue of fair appraisals, real estate financing and transactions will be receiving more and more scrutiny, he said. The new company ownership will be in position to quickly move to meet the needs of the West Michigan market, Olson said.

Olson has been in the title business for 35 years and had been the Transnation manager in Muskegon since 1978. He and business partner Monte Reinert -- a former Muskegon office chief -- drove the move for an employee-owned company.

"Hopefully as we improve services, our customers will grow," Olson said. "If they grow, we grow."

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