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Adeptive announced that New World Property Data’s search platform now is integrated with Adeptive’s ResWare product.
An increase in foreclosures is the first quarterly tick up in the U.S. in three years, RealtyTrac said. Read on to find out whether your market was affected.
Tax and accounting firm Habif, Arogeti & Wynne LLP is the latest company to get behind ALTA’s Best Practices with a program it is billing as the “fastest and most affordable path to compliance.”
Demotech Inc. assigned a Financial Stability Rating to First American Title Guaranty Company.
Purchase and commercial favorable to First American in third quarter
Fidelity National Financial released a letter stating it was a victim of a targeted phishing attack in April. Keep reading to learn more about the attack.
Prosecutors in Ohio last week indicted a man accused of bilking $250,000 from consumers in at least five states by operating a fraudulent loan modification scheme.
Robert Walker, a 43-year-old man from North Royalton, Ohio, was indicted on 21 counts of mail fraud and two counts of wire fraud.
Old Republic International Corp. reports its financial results for the third quarter and first nine months of 2014. According to the release, year-over-year title insurance operating income was lower as transitory weaknesses in housing-related markets eroded the fast-paced earnings progress of the past three years. Consolidated net income for the 2014 third quarter and year-to-date period once again was enhanced by the realization of substantial gains from sales of investment securities.
First American Financial Corp. CEO Dennis Gilmore said a continued emphasis on operating efficiency, coupled with seasonal strength in the purchase and commercial markets, had a favorable impact on the title segment’s results in third quarter.
According to a release, the total revenue for the company in the third quarter of 2014 was $1.3 billion, a decline of 3 percent relative to the third quarter of 2013.
Stewart Information Services Corp. CEO Matt W. Morris said the third quarter of 2014 showed a solid improvement over both the second quarter of 2014 and the third quarter of 2013.
“Although the residential housing market continues to be somewhat lackluster, we are seeing the beneficial results from executing on our strategic initiatives,” Morris said.
Meridian Title Corp. of South Bend, Ind., recently had its processes, procedures and controls formally evaluated and tested by an independent account and auditing firm and passed.
The refinance transaction peaked out from the negative column recently. According to the Mortgage Bankers Association, the Refinance Index on Oct. 22 increased 23 percent from the previous week.
The Mortgage Bankers Association said it expects to see $1.19 trillion in mortgage originations during 2015, a 7 percent increase from 2014. While it anticipates purchase originations to increase 15 percent, it expects refinance originations to decrease 3 percent.
American Escrow Reconciliation Inc. solidified its merger into Entrust Solutions, increasing the company’s reconciliation footprint by 30 percent, according to Entrust Managing Member Jonathan Yasko.
Hamilton National Title finalized the asset purchase of Hale Abstract. The transition comes on the heels of industry and government regulations, which have caused lenders, Realtors, investors and property owners to seek compliant agencies.
Indecomm Global Services released its latest mortgage recording innovation, TRIP – The Recording Information Portal. This new tool integrates real time information and data by jurisdiction with Indecomm’s recording solution.
First Nationwide Title Agency added an assistant vice president to its sales team to focus on business development, client retention and relationship building.
ServiceLink added a title industry veteran to its team of national sales executives. Keep reading to find out who.
ClosingCorp is launching a new tool, Seller Net Sheet, designed to inform sellers of their estimated closing proceeds. It instantly calculates a seller’s net proceeds for any property in the nation. Brian Benson, CEO of ClosingCorp told The Title Report that title companies have clients that need to know what a transaction is going to look like before it closes. If a title company can bring information, technology and efficiency to the way it gets that information, the company can help its clients close more transactions.
NextAce released NeXtraction, an adaptable and accurate data capture engine and related workflow that turns document images into actionable data and information.
“NeXtraction makes possible the true harnessing of data,” NextAce CEO Don Cantral said.
First American, Fidelity, Old Republic, Stewart and Ellie Mae are releasing their third quarter earnings report over the new few days.
Statewide Abstract Corp. acquired Land Transfer Ltd. Keep reading to learn more.
Thomas Title moves and adds two new team members.
Alliant National CEO Bob Grubb said the underwriter is now the only one in the nation to provide an independent audit of its agent oversight systems to lenders. It recently completed the Service Organization Control (SOC) 1SM SSAE 16 Type II examination. Read on to learn more.
Following a string of Consumer Financial Protection Bureau (CFPB) consent orders with real estate, title insurance and settlement service providers, as well as ongoing private litigation, legal and regulatory compliance is weighing heavily on these industries. At the Real Estate Services Providers Council Inc.’s (RESPRO) recent conference, two top RESPA attorneys presented their top 10 recommendations for avoiding investigations and dealing with regulatory audits.
The Federal Reserve’s seventh Beige Book report gives a look at banking and real estate conditions across the country, in addition to the state of other industries and the overall economic outlook. Read on to see what the Fed’s 12 districts had to say about conditions today.
Stewart Title announced it has hired a regional manager for its Kansas City office. Read on to find out who it is.
Loan document preparation provider DocMagic Inc. announced Oct. 16 that it acquired eSignSystems from WAVE Systems Corp. Terms of the acquisition were not disclosed.
The Title Report attended the 2014 American Land Title Association’s 2014 Annual Convention. Panels of industry experts spoke on subjects ranging from the Closing Disclosure forms to the eClosings. Keep reading for a summary of what we learned.
Financial institutions such as title insurance companies handle millions of transactions daily involving customers’ sensitive information. Add the complexities of maintaining the privacy of this information and mix in compliance obligations with the myriad of changing state breach laws and you’ve got a recipe for non-compliance, wasted resources, increased risks and potential fines.
A new report from RealtyTrac analyzed housing conditions in more than 1,500 counties nationwide to determine the health of markets and their potential effect on elections this fall. Read on to see what RealtyTrac forecasts based on the housing study.
October Research, LLC recently attended Real Estate Data Shield Founder and CEO Christopher Gulotta’s presentation regarding title agents and data security. He said agents need to be as prepared as their customers for data breach. Read to learn how.
The Title Report is attending the American Land Title Association’s 2014 Annual Convention Seattle. Read on for a glimpse at Day 1.
First Bank Mortgage announced that it will continue its nearly 25-year relationship as a client of Black Knight Financial Services, signing a three-year contract to service its mortgage loans on Black Knight’s MSP system.
The new loan estimate and Closing Disclosure forms will replace the good faith estimate, HUD-1 settlement statement and TILA disclosures in less than 300 days on Aug. 1, 2015. This will be a culture shift in the settlement services industry, and software companies aren’t wasting any time getting prepared. Representatives from ResWare, RamQuest and SoftPro said they are getting their customers ready when the time comes. Read on to find out how.
For the 30th consecutive month, year-over-year home prices rose nationally, according to the August CoreLogic Home Price Index, released earlier this month. Read on to find out the pace of growth and where CoreLogic forecasts prices to go in the next year.
Atlantis National Services Inc., a title insurance agency licensed in 32 states, announced that it completed an audit examination for SSAE 16 SOC1 Type 2 certification.
So far, many in the industry don’t seem surprised and were prepared for the announcement.
“I have been following the new HUD proposal for a long while now and have attended many information sessions on the new HUD and the new CFPB best practices that are being implemented next August as well, so I was not surprised by this announcement,” Sojo Title Agency Operations and Title Manager Katie McKinney said.
eLynx, a portfolio company of American Capital, Ltd. entered into a definitive agreement to acquire the assets of Medallion Analytics Company (Medallion). Pittsburgh-based Medallion provides services that help lenders and settlement services companies extract data from documents rather than rely simply on image files. This data can then be used to pre-populate forms and ensure greater quality, accuracy and compliance in loan documents from pre- to post-close. The deal is expected to close Oct. 31.
Sathish Kumar Chandhun Rajendran, 36, of Sterling, Va., was sentenced after pleading guilty to engaging in unauthorized access to government servers that hosted a Fannie Mae website used to support federal mortgage loan modification programs.
Rajendran pleaded guilty to one count criminal information charging him with unauthorized access to a protected computer causing damage.
Ernst Publishing Co. updated its patented search engine technology, making the system ready for lenders who must comply with the new CFPB Integrated Disclosure rule coming in 2015.
Williston Financial Group (WFG) selected YourDox, a secure document deliver and online marketing system, as a preferred partner for its independent title agents. Read on to learn more.
The Mortgage Bankers Association (MBA) Builder Application Survey data for September shows mortgage applications for new home purchases remained constant relative to the previous month.
The Connecticut Attorney’s Title Insurance Co. (CATIC) is improving the competitiveness of its agents by widening its educational offerings. Recently, the title insurance underwriter hosted its first agent forum, attracting more than 500 people.
Title Insurance companies, like other financial institutions are vulnerable to data breaches. When this happens there are federal and state laws requiring notification of the breach and the amount of damage done. According to an Oct. 8 report from Perkins Coie, Third Quarter 2014: States Expanding Data Breach Notification Requirements, California, Florida, Kentucky and Iowa have their security breach notification requirements in the past few months.
WFG National Title Insurance Co. integrated its policy jackets with RamQuest’s Closing Market platform. Keep reading to learn how this makes agents’ jobs easier.
ServiceLink added a respected industry veteran to its national sales executive team.
North American Title Insurance Co. and A.S.K. Services Inc. teamed up to provide A.S.K. Services’ title searches and recording solutions to NATIC’s independent agents in Michigan, Ohio and Indiana. In other NATIC news, teambuilder Lundbeck joins NATIC in California.
American Tax & Property Reporting Inc., a subsidiary of SLK Global, launched SmartProp, a next generation product in property search reports.
“It’s a partnership. They took a big stake in us so they would have a New York presence,” Insignia BNT Managing Partner Darren Wainer told The Title Report.
RealtyTrac, a source for comprehensive housing data, released its first Home Equity Line of Credit Trends Report.
RealtyTrac Vice President Daren Blomquist told The Title Report, “The primary impetus for this report was availability of the data. Previously we have not had access to mortgage data, but we recently acquired record-level mortgage data nationwide, and so wanted to bring more awareness in the marketplace of trends in that data. We started with HELOCs in part because those are an interesting part of the marketplace right now as homeowners regain equity and return to this loan product that largely was in hibernation over the past two years.”
The Mortgage Bankers Association appointed a new chief financial officer along with a vice president of research and economics. Keep reading to find out who they are.
The data and analytics division of Black Knight Financial Services appointed a chief technology officer out of the Irvine, Calif., office.
The Consumer Financial Protection Bureau (CFPB) on Sept. 30 announced a consent order and $200,000 penalty against Lighthouse Title Inc. for what the bureau called “illegal quid pro quo referral agreements.” According to the bureau, Lighthouse Title – a personal, business, life and title insurance provider in Holland, Mich. – violated RESPA by “providing something of value to any person with an agreement or understanding that the person will refer real estate settlement services.”
Old Republic National Title Insurance Co. appointed a new vice president and national underwriting counsel to underwrite commercial title insurance risk of more than $25 million and provide legal and business advice.
LenderSecure adds to its list of compliance providers launched last year by RynohLive and Real Estate Data-Shield.
RedVision, an independent nationwide provider of real property title data, search examination and curative-ready solutions, appointed Leanne Zinn-Cox to serve as executive vice president of sales and marketing.
A.M. Best upgraded ratings of certain subsidiaries of Old Republic International Corp., including the Old Republic Title Insurance Group.
Marcy Tiberio, founder and president of Professional Notary Services, is taking her witness signing services national. She wants to offer her vetted, “streamlined, one-stop signing service process” to attorneys, title companies and banks to find qualified, vetted notaries across the country.
NTC implements best practices for notaries
Realogy Holdings Corp. announced strategic acquisitions in Harrisburg and Lancaster, Pa., by its subsidiaries NRT LLC and Title Resource Group, including Realty Select a residential brokerage and property management operation.
Two of the stars of the TV show “The Real Housewives of New Jersey” were sentenced Oct. 3 to prison terms for committing a string of crimes as part of a long-running financial fraud conspiracy.
U.S. Attorney Paul Fishman released a statement saying Teresa Giudice and her husband Giuseppe “Joe” Giudice of Towaco, N.J., were sentenced to 15 months and 41 months in prison, respectively.
Stewart Title Commercial Services appointed a manager at its Los Angeles center. He will be responsible for growing the company commercial business company-wide.
Chicago Title acquired an escrow company in California. Read on to find out who.
The HT family of companies is the parent company to several full-service title agencies in the Tampa Bay area and operates the brands of Hillsborough Title, Paramount Title, Tampa Bay Title, Homeplus Title and Cornerstone Title. It’s among the top 1 percent of all the title agencies in the state, according to CoreLogic.
Hillsborough Title and HomePlus Title join forces
First Atlantic Title Insurance Co. of Virginia Beach, Va. earned a financial stability rating (FSR) of S, Substantial, from Demotech Inc.
Ellie Mae, a provider of innovative on-demand software solutions and services for the residential mortgage industry announced the completion of its acquisition of AllRegs, an information provider for the industry.
Adeptive, the privately owned creator of ResWare, added two training specialists. Keep reading to learn more.
Republic Title of Texas expanded its MacArthur branch staff to better serve the Coppell, Irving, Valley Ranch, Hackberry Creek, La Villita and Las Colinas communities.
ServiceLink has added Jay Anderson to its executive team. He now will serve as senior vice president of loan modification solutions.
CoreLogic reports 946,000 residential properties regained $1 trillion in total equity in the second quarter of 2014. Keep reading to learn more.
Residential home prices continued to rise in August, RealtyTrac reported. Read on to see how much prices rose compared with a year ago.
Habif, Arogeti & Wynne LLP conducted the first national survey to fully understand the impact of regulatory changes imposed by the Dodd-Frank Act through the Consumer Financial Protection Bureau. The report reveals the current state of the title and settlement industry and identifies key trends, challenges and opportunities related to compliance.
The survey, conducted in April, included 176 companies across the nation that varied in size by revenue from settlement of residential mortgages.
Title Inc. plans to expand in Minnesota with four more locations by the end of the 2015. Executive Closer Kristen Christie told The Title Report North Title is growing fast.
The wholly-owned subsidiary of Greater Illinois Title Co. has opened its main office in Merrillville and closings locations in Munster, Valparaiso and St. John. With 16 locations in Illinois, these four make an even 20 locations in two states.
“It was an easy transition,” Gregory Kosin told The Title Report.
Industry associations including the Mortgage Bankers Association and the American Land Title Association are coming out against the Consumer Financial Protection Bureau’s proposal to add consumer narratives to its compliant database.
Both associations agreed unsubstantiated complaints against companies could cause harm, not only to the company, but the consumer as well.
The Federal Housing Finance Agency (FHFA) Director Mel Watt appointed Nina Nichols as deputy director of the FHFA Division of Enterprise Regulation. She will oversee the FHFA’s regulation and supervision of Fannie Mae and Freddie Mac.
FHA commish to step down
TitleOne, a locally owned title and escrow company based in Idaho, has received recertification for the Statement on Standards for Attestation Engagements (SSAE) No. 16.
Douglas County, Colo., has selected the Landmark Official Records system from Pioneer Technology Group as the county’s new recording and public search system. This is the first installation of Landmark in Colorado.
First International Title now is offering eRecording at all 25 of its branches throughout Florida.
Indecomm Global Services announced its eRecording services now are available in more than 700 counties.
Who will prepare and deliver the Closing Disclosure forms and how will the process change? Wells Fargo announces its plans.
Julián Castro made his first major address, at the Bipartisan Policy Center Housing Summit on Sept. 16, since being sworn in as secretary of the U.S. Department of Housing and Urban Development (HUD) on July 28.
In his speech, Castro reaffirmed HUD’s mission to build upon the post-crash growth in the economy and the housing market to make homeownership a possibility for every American.
The Mortgage Industry Standards Maintenance Organization (MISMO) awarded its first Premiere Level certification to Expedite, the services platform from eLynx. Expedite is the first product to receive this important designation from MISMO.
“We congratulate eLynx for being the first company to obtain a certificate for one of its products through MISMO’s software compliance certification program,” MISMO President Mike Fratantoni said.
Michael Holden, vice president of field operations for the North American Title Insurance Co. and author of “The Ramblings of a Title Man” column, has released his first book.
Millennials are moving away from counties with smaller populations, while baby boomers are moving in them. Keep reading to learn more about these generations.
Title Alliance Ltd. has staffed two roles at Title Alliance of Indy Metro. The appointments come just two months after the joint venture partnership was formed with Keller Williams Indy Metro South.
October Research, LLC attended the Association for Title Information Management (ATIM) 2014 Conference in Portland, Ore. In the session, “Who, or More Likely What is Accessing the Title Plant? The Impacts of Technology on Title Examination and the Role of Title Plants,” the panel discussed how technology works in this niche of the industry.
The panel was moderated by Mark Ladd, director of channel sales for Simplifile and included, Brian Twibell, CEO and co-founder of RedVision, Tim Murray, vice president of technology at NextAce and Adam Castillo, vice president of operations at Data Trace.
“It is our hope that Realtors, title agents, municipalities and property preservation professionals can join together, learn from one another and improve the public’s perception of the REO industry as a whole,” Executive Director Tiffany Asente told The Title Report.
Hillsborough’s Loper seeks to change REO stereotype
reQuire LLC, a lien release tracking and reporting service for the real estate services sector, has completed its acquisition of Final Trac LLC.
Linda Aparo, former CEO of Final Trac and now director of sales and marketing under the new entity, told The Title Report she never has been more excited.
Purchase mortgage demand expected to decline over the next three months, according to Fannie Mae’s third quarter Mortgage Lender Sentiment Survey.
The American Association of Private Lenders endorsed Kensington Vanguard National Land Services as Preferred Title Insurance Provider. Keep reading to learn why.
LenderLive Network Inc., a domestic-based, end-to-end mortgage services provider, named Charlie Kent vice president of national sales for its settlement services division.
Six regulatory agencies re-proposed their QRM rule more than a year ago, but based on comments from agency leaders during a recent Congressional hearing on Dodd-Frank implementation, it appears the final rule may not be released for a while.
Lennar Corp, one of the nation's largest homebuilders, reported results for its third quarter ended Aug 31.
Wells Fargo and the Demand Institute recently released studies showing Americans, including millennials, still view homeownership as an achievement. Keep reading to see what these experts had to say.
Adeptive’s ResWare platform now is integrated with WFG National Title Insurance Co. policy jackets.
Filippos Milios, also known as Filip Milios of Newington, Conn., pleaded guilty before U.S. Magistrate Judge Donna Martinez in Hartford to conspiracy and money laundering offenses stemming from his role in a mortgage fraud scheme involving dozens of Connecticut properties.
First National Title Insurance Co. (FNTI) has expanded into New Mexico market.
“We are following our independent spirit of agent-focused underwriting services to the land of enchantment,” CEO Chris Phillips said.
Bryan and Cheri Guentner, owners of RE/MAX Platinum Realty, have opened Platinum Title, LLC.
Baird & Warner, Chicagoland’s largest locally owned independent residential real estate services company, opened its 24th branch office in Plainfield, Ill.
The National Title Solutions (NTS) affiliate of North American Title Co. has added Krista DeCastro as senior counsel.