The National property title search and title insurance industry received a major shock this week. One July 19, 2018 it was announced that The American Land Title Association (ALTA), which is the national trade association of the land title insurance industry, made the announcement that the Chief Executive Officer Michelle Korsmo was stepping down.
A Legacy Within the Land Title Industry
Korsmo began her service with ALTA in April of 2008 and has held the position of CEO for the corporation since August 2011. Her stepping down is due to a change in career paths and focus as it was announced that she has accepted the role of CEO with Wine & Spirits Wholesalers of America. She will stay with ALTA until mid-September to finish her current projects and to be involved in the selection of her replacement. ALTA’s Board of Governors is beginning the process of searching for a new CEO and the goal is to have one selected before Kormo officially steps down.
“For more than a decade, Michelle has contributed significantly to the industry and the association’s growth,” said Steve Day NTP, president of ALTA’s Board of Governors. “Michelle has focused her team on developing innovative solutions for the industry and has expanded support to our members at a national and state level. ALTA membership has grown every year under Michelle’s leadership, conference attendance is at record levels and the association is in a solid financial position. I personally thank Michelle for her guidance and support to me over these years. On behalf of ALTA’s Board of Governors, I thank Michelle for everything she has done for the association. We wish her continued success in her new position” (Housing Wire).
Times Are Changing for the ALTA
The ALTA saw great growth and progress under Korsmo’s leadership with both membership and revenue nearly doubling. Additionally, her leadership proved to be influential in nearly tripling fundraising for the Title Industry Political Action Committee. It is this passion and drive that made Korsmo such an asset to the corporation and why her stepping down leaves such big shoes to fill. And the decision is not one that was made lightly and Korsmo says in an interview with Global Newswire she enjoyed her time at ALTA and she was proud to be part of a team that created something exceptional. She also spoke of her love for the people she worked with and the progress that was made. Korsmo went on to say that she leaves ALTA with many great memories of working with an amazing staff, various members, state partners, and stakeholders and that her work across the title and settlement services industry are some of the best she has. She ended by saying that she firmly believes the association is in good hands with a strong board, leadership, and staff and that their growth will only continue on under their new leadership.
What the Future Holds From Here
What this exactly means for ALTA and the industry as a whole still remains to be seen as the search in underway for Korsmo’s replacement. The American Land Title Association, which was founded in 1907, is a national trade association that has more than 6,200 title insurance companies, title and settlement agents, independent abstracters, title searchers, and real estate attorneys that it represents and assists. ALTA members carry out a range of services such as title searches, title examinations, negotiation and closings, and issue title insurance coverage. Under Korsmo’s leadership and guidance, ALTA grew bigger and their sphere of influence grew as did their impact on the title industry and the real estate market as a whole.
As stated on ALTA’s website in their mission and vision statement: “The mission of ALTA is to improve the skills and knowledge of providers in the real property transaction, effectively advocate member concerns, and standardize products for industry use. ALTA will serve all providers supporting the real property transaction, focus on their common issues, and prepare them to be successful in a changing marketplace.” Now it will be up to the new CEO of the American Land Title Association to fill those shoes and continue on with the legacy that was started ten years ago by Michelle Korsmo.
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For more of the latest news from the world of title search and title insurance providers and to see what is going on in the real estate world, be sure to check out the True Title website and blogs. They are packed with the latest and greatest news and have all the information you need. Whether you are in the career side, the buyer or seller side, or are just interested in the industry as a whole, you can find what you are looking for- along with some friendly service- right here at True Tile!