First, yes, it is possible.  I've gotten many a price list from India and as long as the work is done on line, the right people (i.e. abstractors who want to work from home) can meet or beat India prices and still make a tidy profit.  I'm doing it in a limited market.

 Second, if the ability to outsource is abolished, there won't be a choice but to use local abstractors.  The banks and title companies made money BEFORE India.  They'll continue to do so after.