“Just the Facts”
by Linda Grahovec, ITP IEP NTP, ILTA Secretary
Everyone loves a good story, right? Of course, because stories are relatable and from stories we learn how to either emulate the good ones or be prepared for the bad ones.
Second to a good story are always some facts, and when those facts are associated to money, whether earned or lost, we take additional interest in that story and message.
So here’s a short story for you.
The real estate settlement and title insurance industries are an important part of home ownership, yes, but also play a big part in the economy. Let’s talk big picture here, this is what our industry accomplished and how we contribute individually to that bigger picture.
The title industry employs 123,000 professionals that generate $8.5 billion in annual wages.
There are over 13,700 title and settlement offices across the country, including one in every US county.
The average title office employs less than 5 people and these small businesses are the foundation of our local communities.
For 2018, the IRS issued 410,220 notices of federal tax liens, which means that, eventually the industry will help collect $4.1 billion in unpaid federal income or estate tax. This will amount to $11.7 billion in delinquent income taxes from 2016.
We purchase over $250 million in documents through the local county recorder offices contributing to local government budgets.
We have collected over $400 million in delinquent child support.
We have collected over $300 million correcting public records.
And let’s not forget the moral to the story or just the happy ending: Title insurance is a one-time fee that financially protects homeowners for as long as they own their home.