Theodore Sprink's Contact Details

Theodore Sprink's Company Details

iTitleTransfer, LLC

Scottsdale, Arizona, United States • 3 Employees
Real Estate

iTitleTransfer, LLC provides proprietary, low-cost SFR property transfer services, providing alternatives to costly and often unnecessary title insurance. iTitleTransfer's program was developed for institutional investors, and serves iBuyers, iSellers and iLenders; reducing real estate asset transfer costs by 60%. iTitleTransfer performs search, examination, asset scoring, escrow, document preparation, legal opinion, land registry monitoring and e-recording, According to the American Land Title Association (ALTA), because there is no cloud on title in 75% of SFR transactions, title insurance is often unnecessary for the purchase and sale of residential real property.The title insurance industry, dominated by a monopoly of four corporate conglomerates, generated $25 Billion in revenue in 2020. Yet incredibly, title insurers paid claims of only 3-5%. The high gross profit margin is spent in supporting an outdated business model, unchanged in 100 years. The title insurance industry status quo of excessive brick & mortar, high direct labor costs, pricing that is not correlated to risk and 80% commissions paid to agents, reflect an industry facing substantial disruption.Disruption to costly, time-consuming, cumbersome and oftentimes-unnecessary title insurance is due to a number of monopolistic business inefficiencies. These include:1. 90% of the title insurance market monopolized by 4 underwriters2. Pricing is not correlated to risk 3. Excessive brick & mortar costs4. High direct labor costs 5. Business model unchanged in 100 years 6. 80% commissions paid to agents 7. Federal (RESPA) regulatory action to control bribery and kickbacks8. Controlled Business Agreements (CBAs) protecting monopolization9. Lack of consumer choice and excessive consumer costsFor program details and pricing, please contact Theodore Sprink, Managing Director of iTitleTransfer, LLC at tsprink@iTitleTransfer.com or telephone 866-494-3727.