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In an effort to show that its product does have value to borrowers and mortgage lenders, the American Land Title Association said the industry paid $350 million in claims during 2000.
The results were calculated from an industry survey conducted by the trade group, which added that it shows that claims do happen and happen with surprising frequency.
The title industry has been under attack on two fronts. On the competitive side, Philadelphia-based mortgage insurer The Radian Group, is marketing a lien protection program that provides coverage at lower rates.
Meanwhile, on the regulatory front, Sen. Phil Gramm, R-Texas, has publicly questioned whether mortgage borrowers need title insurance at all. The senator said "that ...
Source: HighBeam Research, Title Industry Paid $350 MM in claims.(Brief Article)