Many regulators, including the U.S. Government Accountability Office, have openly criticized the anti-consumer nature of the real estate closing process, the high cost of title insurance and the title insurance industry overall. One company has decided to take action in improving the consumer experience with a simple, yet effective solution – an “Open Closing” – providing consumers with the right to choose their title insurance company and save hundreds or thousands of dollars.

Far too often, the excitement of purchasing a home is overshadowed by anxiety, confusion and intimidation at the closing table. Surprise closing costs are the primary reason. Moreover, consumers are frustrated that they pay high title insurance premiums when they refinance, too. EnTitle Insurance Company has developed a digital platform to educate and empower consumers to monitor their home closings and save on their title insurance.

In Illinois, Entitle Direct’s premium rates are 35 percent lower than those offered by other title insurance companies in the state. For example, in Illinois last year, title insurance premiums totaled $305 million. Through Entitled Direct, consumers could have saved over $106 million on those premiums.

Timothy Dwyer, president and CEO of Entitle Direct Group, states, “Numerous federal and state regulatory authorities and consumer advocates are vocally critical of the high cost consumers pay for title insurance and a real estate process that keeps consumers in the dark. Entitled Direct was created for consumers by consumers to address these concerns. Whether people are purchasing a home for the first time or refinancing a home, they can work with Entitled Direct to organize the entire closing process and know what to expect at closing.”

Unfortunately, most people do not understand how the closing process works; they just rely on their agent, broker or lawyer to handle it for them. Typically, title companies work directly with realtors, attorneys or lenders, who order the title search and title insurance on a customer’s behalf early in the closing process (and often without the customer’s knowledge). This insurance is required by virtually every lender before it will lend money (for either purchases or refinances), and the consumer pays for the insurance at closing. But what consumers don’t know is that title agents may take, on average, a commission that is 70 to 90 percent of the premium. Title insurance and other closing costs are listed on the HUD-1 settlement statement that is provided at closing. Consumers often feel intimidated to ask questions about the costs they are being charged.

At Entitled Direct, consumers are in control and can monitor their closing process on a daily basis using the Control Panel, an industry-first, which has a patent pending with the U.S. Patent and Trademark Office. Unlike any technology previously available, it provides dynamic, interactive tools such as the ability to upload and store closing documents, as well as download a HUD-1. The HUD-1 is updated in real time throughout the closing process, eliminating surprise charges at closing. Consumers can also use the Control Panel to communicate with other parties involved in the closing process and store important messages, in addition to utilizing a checklist, contact list, task list, notes and a calendar. “Entitled Direct offers consumers a choice. They can either pay a high premium for title insurance-or they can take control of their own closing process, and put their savings to good use-like a well deserved vacation,” Dwyer said.