Remedy Resides Within Us
by Phil Stein, Member of ILTA Communications Committee
Those of us who live and breathe title insurance understand the value of the product that we offer. But this essential insurance can be tainted if we fail to respect and abide by the laws that govern it. We have all witnessed how the current political environment can magnify an issue and relegate an honorable profession to ruins. The title insurance industry in Illinois does not need to fall prey to the next cancel culture crusade because of a few bad characters.
As stated in the Association’s bylaws:
The title profession, having become such a vital and integral part of our country’s economy, has imposed on each member of the Association, obligations above and beyond those customarily required of participants in ordinary commercial pursuits, and a code of ethics higher and purer than ordinarily considered acceptable in the market place, to the fulfillment of which the title profession is dedicated. Each member of the Association shall be ever zealous to maintain and improve the quality of service and shall assume personal responsibility for maintaining the highest possible standards of business practices, and to those purposes shall pledge observance and furtherance of the letter and spirit of the following Code of Ethics.
Over the past few years, the Association has chosen to pursue a legislative remedy to a systemic problem. The failure of this legislative initiative should not deter the Association’s efforts to bring about change as the remedy resides within each of us. The Code of Ethics’ “higher and purer than ordinarily considered acceptable in the marketplace” should be our mantra.
I am proud to be part of the title insurance industry, and maintaining the highest ethical standards is paramount in my mind. I know these beliefs are shared by most within our industry, but our thoughts need to be turned into action. The Association can be the vehicle of change, but it will require leadership and determination from our membership, both of which are in great supply.