Erika Weichel - Michigan Title
"We can sleep at night"
About: After 20 years in the title industry, Erika Weichel decided to open her own title agency, called Michigan Investment Title, in Romeo, MI.
Challenge: Many underwriters are reluctant to work with new title agencies that have minimal experience. To get over this hurdle, Erika was asked by NATIC to set up her company's escrow operation with Safe Escrow.
Solution: Erika launched her firm with Safe Escrow as her underwriter-approved collaborative disbursement system. She was able to get her agency started and focus on growing her business.
Results: Michigan Investment Title has flourished in the 3 years since its opening. Erika started with a staff of 3 - closing about 30 transactions a month by the end of year 1. In 2017, the firm exceeded 100 closings per month with a staff of 10.
Erika lists the following benefits to using Safe Escrow:
- We can cut checks at the table with Safe Escrow; we are one of only 5 agencies in Michigan to offer this feature.
- We are more efficient; we moved 2 employees from back office functions to customer-facing duties. Plus audits are easy.
- We "can sleep at night" - we no longer have fear of cyber theft, employee mistakes or fraud.
- We save money with lower insurance rates and a lower headcount.
Recently, Michigan Investment Title's primary underwriter offered it the opportunity to have its own escrow account. Because the agency has enjoyed so many benefits with Safe Escrow, Erika declined, adding "Safe Escrow has been a key part of our growth." In fact, Erika has insisted that other underwriters who want to appoint Michigan Investment Title must also agree to permit the use of Safe Escrow in order to be considered for her business.
Erika believes Safe Escrow will play a major role in her firm's continued growth.