It looks like the rumors were true about the financial stability of Financial Title, the flagship of Mercury Companies, Inc. title and escrow empire in California. While Mercury is a privately held company and not publicly traded - their financial stability did not need to be fully disclosed like a public company and hence the rumors only until today's curtain call.
Another Mercury title insurance company, Alliance Title shut their doors in December 2007. Alliance had approximately a 22% market share locally. Most escrows were folded into Financial Title offices. Recently Financial had approximately a 11-14% of market share in the last couple months. This relatively low figure undoubtedly due to a lack of confidence in the financial stability of the mother ship - Mercury.
When someone chooses an insurance carrier, you want to be able to know they will be there long term.
My pick for title services has been Chicago Title, a Fortune 500 public company with over $1.3 Billion in reserves, nationwide and in business for over 160 years. CT is under the huge umbrella of Fidelity National Financial.
4 comments:
I have all the dirt over on my site.
http://www.pinkbunnyears.com
Stewart left Contra Costa county yesterday.
Lender's First Choice, another Mercuries Company, closed it's Texas office today.
Wow!!! That's a big ship to sink.
The Financial Title people downstairs from me are not happy. Seems like the Savings & Loan crisis all over again.
I HAD JUST RECENTLY RE-FINANCED MY HOME,FINANCIAL TITLE OWED ME A SUM OF MONEY AND NOW I CANT EVEN CASH THE CHECK,I TRIED TO CONTACT THESE PEOPLE ON SEVERAL OCCATIONS UNTILL I FOUND OUT THAT THEY HAD WENT UNDER ,I GUESS IM SCREWED!!!UNHAPPY IN FRESNO CA.
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