Service evolution: Settlement companies expand to shift market, meet customer needs

Changes in the title insurance industry are often the result of chain reactions from events outside the industry. Whether it is the decision of a regulator, lender or underwriter, title and settlement agents often must adjust accordingly.

Since the CFPB splashed the April 2012 Bulletin in the water, enterprising companies have tried to ride the ripples into the shore. Some have tried to provide new services or ideas, from third-party vetting companies like Secure Settlements to eLynx working on a national settlement provider database to several technology companies working on email encryption in order to make customer communication more secure. Others — mostly mid-size to large companies — are prepping for the increased oversight by merging, acquiring and expanding their title and settlement services — some starting to focus on this segment for the very first time or integrating it into other ancillary services they have always had. We reached out to a few of these growing companies to gauge their motivations and outlook for the industry.