Warning: This Title Company Will Cost You Money -- and They Know It
If you're selling a home, avoid this title company at all costs. Their policies are designed to delay payments so they can profit from your money and costs you more than if you used a reputable title company.
Here's what happened to me:
They claimed they had to withhold more than the bank's stated mortgage payoff amount "in case there are problems." In reality, they later admitted their standard policy is to send payoff checks by mail instead of wiring funds. This delay means they hold your money longer -- earning interest for themselves -- while you keep paying interest on your mortgage.
They schedule a disproportionate number of closings on Fridays. This turns the "next business day" into Monday, letting them pocket three extra days of float while costing you three days of loan interest.
In my case, they made it worse. I requested a small test transfer before the full amount. They deliberately waited until 5:00 PM on Friday to run the test, ensuring I couldn't confirm until Monday. That stunt delayed the entire payment, so they earned interest on all my funds while I lost both mortgage and sales-proceeds interest for three days.
The buyer's real estate agent insisted on using this company -- a choice I now suspect may involve kickbacks. If any agent pressures you to use this title company, be very cautious.
Bottom line: Their corporate policy is designed to profit from delays at your expense. For your own protection, avoid any Community Title Network office. read more