Tag Archives: title insurance in ny

What Is ALTA, and What Do They Do?

6 Dec

The American Land Title Association, founded in 1907, is a national trade association representing more than 4,000 title insurance companies, title agents, independent abstracters, title searchers, and attorneys. ALTA members conduct title searches, examinations, closings, and issue title insurance that protects real property owners and mortgage lenders against losses from defects in titles.

ALTA publishes an analysis every quarter, covering market share and volume of premiums generated.  Third quarter 2012 they reported a 22 percent ($581 million) increase in operating income from the third quarter of 2011, while loss expense was down 27 percent ($81 million) and operating expenses increased 23 percent ($532 million).

“Title insurance premium volume is highly dependent on real estate sales and mortgage-refinancing activity,” said Michelle Korsmo, ALTA’s chief executive officer. “The third quarter of 2012 continued to show improvement in our industry as it was the third consecutive quarter with an increase over the equivalent 2011 quarter.”

New York was one of the stated demonstrating a significant increase in volume($213.8 million, up 15.8 percent) as was Pennsylvania ($130 million, up 44.6       percent).