At a time when two of the nation's largest ibuyers lost millions of dollars during the third quarter, a former title insurance executive said he has the secret to help them stem those losses.

Ted Sprink, managing director of Scottsdale advisory firm Integrated Growth Strategies, founded iTitleTransfer LLC to reduce time and costs associated with the transfer of properties.

Upward of 75% to 80% of residential property searches reflect a clean title and don't require title insurance to transfer title, he said, citing the American Land & Title Association, the primary providers of the title industry's land registry data.

The title insurance industry generated $21 billion of revenue in 2019, he said, but title insurers only experienced claims in 3% to 5% of transactions.

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By Angela Gonzalez, Senior Reporter - Phoenix Business Journal