#title-industry

#title-industry

The GTOs (FinCEN's geographic targeting orders) came in 2017. They started off kind of slow five boroughs in New York and a few counties in Florida. Fast forward to the current GTO, it affects transactions in 11 states, plus Washington, D.C., and about 58 or 59 counties or boroughs. The FinCEN reporting that is now going to be required is all 50 states plus the District of Columbia, about 3,600 recording jurisdictions. That gives you the magnitude of how much this will impact the industry.

The title business is very relationship driven and many local title company owners have this fear that the industry will be disrupted in a way that hurts these local relationships, Natalia Karayaneva, the CEO of Propy, said. These companies want to be more efficient and we want the local relationships they have, so these acquisitions are a win for everyone.

Wayne wasn't just our leader. He was my mentor, my best friend and a part of my family.