Newspaper article THE JOURNAL RECORD

Low Interest Rates Keep Personnel Busy

Newspaper article THE JOURNAL RECORD

Low Interest Rates Keep Personnel Busy

Article excerpt

The second half of 2001 brought a true "escrow frenzy" to the title industry in the metro area. Low interest rates had a huge effect on our refinance orders as well as continued strong home sales. Escrow personnel putting in more than 60-hour weeks for the last two quarters was not unusual.

There is one potential change on the horizon for Oklahoma title companies and it pertains to the licensing of those involved in the receiving and disbursing of funds in real estate transactions.

A task force was formed about three years ago to study the issue of licensing settlement agents. This task force may decide to present new legislation, which would create the Consumer Real Estate Settlement Protection Act. This new law would come under the licensing authority of the insurance commissioner of the state of Oklahoma.

The Oklahoma Land Title Association is in favor of creating such a law as it would require "good funds" be used by anyone performing escrow, closing or settlement services. …

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