By Angela Gonzales | Phoenix Business Journal
Ted Sprink, managing director of Scottsdale advisory firm Integrated Growth Strategies, founded iTitleTransfer LLC to reduce time and costs associated with the transfer of properties.
Upward of 75% to 80% of residential property searches reflect a clean title and don’t require title insurance to transfer title, he said, citing the American Land & Title Association, the primary providers of the title industry’s land registry data.
The title insurance industry generated $21 billion of revenue in 2019, he said, but title insurers only experienced claims in 3% to 5% of transactions.
Using his more than 20 years experience as a senior executive in the title insurance industry, Sprink said his proprietary technology can determine whether a title is clean, which means the purchase of title insurance would not be necessary, saving ibuyers and their customers money.
“The title insurance industry has been getting away with overcharging or charging for a product that’s not necessary 75% of the time for 100 years,” he said. “It’s a monopoly.”
Read more (subscriber content)