Wednesday, July 30, 2008

Financial Title Company Shut Down

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:

Wine Dog said...

I have all the dirt over on my site.

http://www.pinkbunnyears.com

Stewart left Contra Costa county yesterday.

"Bear" said...

Lender's First Choice, another Mercuries Company, closed it's Texas office today.

Mario Pinedo, CCIM said...

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.

Anonymous said...

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.