Ititletransfer, Theodore Sprink, Ceo

ititletransfer provides a proprietary, low-cost alternative to traditional title insurance. ititletransfer's program was developed for institutional investors. according to the american land title association (alta), because there is no cloud on title in 75% of sfr transactions, title insurance is unnecessary for the purchase and sale of residential real property. the title insurance industry, dominated by a monopoly of five corporate conglomerates, generated $21 billion in revenue in 2019. yet incredibly, title insurers experienced claims in only 3-5% of transactions. the high gross profit margin is spent in supporting an outdated business model, unchanged in 60 years. the title insurance industry status quo of excessive brick & mortar, high direct labor costs, pricing that is not correlated to risk and 80% commissions paid to agents, reflect an industry facing substantial disruption. disruption to costly, time-consuming, cumbersome and oftentimes-unnecessary title insurance