LAILTA is an Louisiana non-profit corporation consisting of independent title insurance agents and interested real estate settlement services industry stakeholders from across Louisiana who share a common philosophy about the value of independence and autonomy in real estate transactions.
What is an Independent Land Title Agent?
According to the National Association of Independent Land Title Agents the term has been defined as:
“Any individual or entity authorized and licensed to issue title insurance policies and/or to conduct real estate closings that is not controlled by, whether directly or indirectly, a title insurance company, underwriter, bank, mortgage company, mortgage broker, real estate firm (including agents and brokers), builders, developers, appraisers, surveyors, any subsidiaries thereof, or by any other referral source
does not share, split, give or receive stock dividends and/or distributions of profits with a title insurance company/underwriter, bank, mortgage company, mortgage broker, real estate firm (including agents and brokers), builders, developers, appraisers, surveyors, any subsidiaries thereof, or by any other referral source.”
Why are Independent Land Title Agents different from any other land title agent?
Independent land title agents provide important safeguards against the eroding nature of title examination and underwriting standards and help to keep title insurance claims in check. Independent land title agencies suffer none of the direct conflicts of interest found in the performance of similar title duties by affiliated business arrangements. Independent land title agencies promote fair competition and help maintain the overall solvency of the industry.