The title insurance industry continually has to deal with an altering title landscape. This can be difficult to adjust to, but there are some important items that need to be taken into account as regulations and the market fluctuate.

Looking forward, there may be some significant issues that title insurers will need to overcome in the future, just as they have in the past 10 years. Marty Solomon, member of Carlton Fields Jorden and Burt, noted in an article for JD Supra that the industry is not unfamiliar with these adjustments. The housing boom began in 2004, and the significant volume of mortgage interest was difficult for many to deal with. Five years later, this became more problematic, as the housing bubble burst, hurting the frequency of business for title insurers.

Despite these issues, the market is now in decent shape, and title insurers are able to experience a comfortable level of deal volume, especially with the threat of foreclosures and other issues now subsiding, Solomon explained. However, there are a number of new challenges that the industry may deal with in the coming months and years.

Future issues possible
A major issue that title insurance industry members may have to deal with in the next 10 years is the increase in oil and gas claims, Solomon noted. This is because they have the potential to make title claims more expensive, especially due to the scattered rights trading that has occurred for many areas.

Another item is the class action lawsuits that can come about from the plaintiffs looking to ensure that the Consumer Financial Protection Bureau's new rules are being followed, explained Solomon. This can become difficult, especially due to the extremely complex nature of these changes. Lawsuits can last for years, and this may be a major problem.

Further changes to the title insurance industry may be cause for some adjustment, but being proactive to address these issues may be quite important in the coming years. Those individuals who are ahead of the curve may be able to better aid customers who are trying to have a title search that is as thorough and quick as possible. These issues may be new, but it should be possible for industry members to get through these issues like they did with other problems for the past 10 years.