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Flagstar Bancorp, Inc. named a new president of mortgage. He will be responsible for all aspects of the mortgage originations business.
The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau announced new residential sales and construction statistics for June 2015. Read on to learn more.
Stewart named a new chief information security officer. He is charged with enhancing the company’s security and compliance team. Keep reading to learn more.
A recent informal survey by the Mortgage Bankers Association showed that as summer began, two-thirds of lenders still were waiting for code or software from vendors. What should lenders who are behind do? What stories can vendors share to make their voices heard at the Consumer Financial Protection Bureau? Read on for the details.
First American released the First American Loan Application Defect Index for June 2015. The Defect Index fell 5.8 percent in June as compared to May and 11 percent from the same time last year. Read on to learn more.
Encompass received an upgrade to improve mortgage quality, efficiency and compliance before the TRID rule takes effect. It was released to its entire client base of more than 3,000 lending institutions. Read on to learn more.
Old Republic International Corp. reported its earnings for the second quarter of 2015 and half year results. Old Republic Title Insurance Companies Chairman and CEO Rande Yeager said the title segment recorded its best quarterly profit ever. Keep reading to learn more.
Title Financial Corp. is celebrating its 110th anniversary. Current CEO Quinn Stufflebeam and his father, Dwain Stufflebeam, owner and Chairman of the Board, spoke to The Title Report about the company’s history and plans for the future.
CFPB Director Richard Cordray named an acting deputy director to replace Steven Antonakes who announced he was stepping down. He also named an acting associate director for the Supervision, Enforcement and Fair Lending division. Read on to learn more.
Fidelity National Title Agency appointed a new commercial and major accounts assistant vice president. His focus will be on creating strategic business relationships with the commercial real estate market. Keep reading to learn more.
All-cash buyers accounted for 22.9 percent of all single-family home and condo sales in June, down from 24.7 percent of all sales in the previous month and down from 29.1 percent of all sales in June 2014 to the lowest share of monthly cash sales nationwide since August 2008according to RealtyTrac’s June and Midyear 2015 U.S. Home Sales Report. Investor sales in June were also down from a year ago. Keep reading to learn more.
Cook County in Illinois recorded its first electronic deed from Chicago Title using Simplifile. Simplifile Regional Sales Director Mark Moats said many title offices have been waiting for this news. Keep reading to learn more.
First American announced financial results for the second quarter. CEO Dennis Gilmore said the company’s strong results were driven by a healthy spring selling season, continued growth in its commercial business and elevated refinance activity. Keep reading to learn more.
Stewart Information Services Corp. CEO Matt Morris announced the company’s earnings results for the second quarter of 2015. He also said the company will be exiting the delinquent loan servicing operations market. Keep reading to learn more.
WFG National Title Insurance Co., named a new vice president and Michigan state underwriter to its Midwest Agency group. Chuck Cain, executive vice president, agency operations, national and central regions, said this hire demonstrates WFG’s commitment to growth in the Michigan marketplace. Read on to learn more.
The CFPB recently finalized the TRID implementation date as Oct. 3. In its announcement it also declined to institute a grace-period for those in the industry acting in good faith. There are still, however, two bills in committee that would delay enforcement until Jan. 1. Keep reading to learn more.
ClosingCorp, named a new chief financial officer. In this position, he will lead and manage ClosingCorp’s financial affairs including fiscal reporting, budget planning, capital financing and shaping the company’s growth strategy. Read on to learn more.
Ellie Mae entered into a strategic partnership with Fannie Mae to further integrate Fannie Mae’s suite of risk management tools into Encompass. Fannie Mae and Ellie Mae will collaborate to provide joint clients enhanced functionality that will help ensure loans meet Fannie Mae requirements from eligibility to loan delivery. Keep reading to learn more.
The Consumer Financial Protection Bureau (CFPB) issued a final rule moving the effective date of the Know Before You Owe mortgage disclosure rule, also called the TILA-RESPA Integrated Disclosures rule (TRID). The bureau issued the change to correct an administrative error that would have delayed the effective date of the rule by at least two weeks, until Aug. 15, at the earliest. Keep reading to learn more.
The CFPB’s deputy director and SEFL associate director announced he is stepping down from his position to explore opportunities closer to home. He said he’s missed too many class plays, teacher conference meetings and little league games. Keep reading to learn more.
Fitch Ratings has completed a portfolio review covering three insurance groups within the U.S. Title Insurance sector, focused exclusively on application of Fitch’s recently updated notching criteria for the insurance industry. Keep reading to learn more.
Georgia expanding eRecording of land documents and records through Simplifile. Documents now can be scanned, uploaded and submitted directly to the counties where they can be stamped, recorded and returned in minutes. Keep reading to learn more.
Hillsborough Title named a new business development officer to represent the Plant City, East Hillsborough region of Florida. CEO Aaron Davis said he was thrilled to add her to the team. Read on to learn more.
Entitle Direct Group appointed a seasoned title insurance and settlement professional as its division president, western region for business development activities. He will lean EnTitle Insurance Company’s expansion into Southern California. Keep reading to learn more.
Coast Title Insurance Agency is celebrating its 20th anniversary. Sandra McDermott, owner of the agency, said she is proud to work with such an experienced and dedicated team. Keep reading to learn more.
The CFPB will host a forum on the Know Before You Owe initiative on eClosings Aug. 5. This follows the eClosing pilot program the bureau launched earlier this year. Read on to learn more.
On July 16, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray spoke about how far the bureau has come on its four-year anniversary and the fifth anniversary of the Dodd-Frank Act. He said to date, the bureau’s enforcement activity has secured more than $10 billion in relief for more than 17 million consumers. Read on to learn more.
The MISMO Residential Standards Governance Committee has announced that it will defer the release of Version 3.4 of the MISMO Reference Model to November 2015. This is a change from the previously announced date of July 2015. Read on to learn more.
Janet Allen will be leading the residential sales and business development efforts of Republic Title of Texas Inc. in her new position as vice president of residential sales. She will also oversee customer relations and sales for all of the company’s residential branch locations.
Corporation Service Co. was approved to eRecord in three more counties. This allows recording offices to reduce costs and increase efficiency. Read on to learn more.
Purchase activity is climbing as part of lenders’ overall mortgage volume according to Ellie Mae. Lenders’ closing rate on all purchase loans is at its highest level since Ellie Mae began tracking the data in 2011. Keep reading to learn more.
WFG National Title Insurance Co. named a new agency support manager for the New England region of its agency division. She will focus on collaborating with WFG agents, determining their needs in order to strengthen and build the agency relationship. Keep reading to learn more.
In RealtyTrac’s Midyear 2015 U.S. Foreclosure Market Report foreclosures were down 13 percent from the previous six months and 3 percent from the same time period in 2014. Vice President Daren Blomquist said foreclosures not only returned to pre-housing crisis levels, they have fallen well below those pre-crisis levels. Keep reading to learn more.
Auction.com announced the finding from its Second Quarter 2015 Real Estate Investor Activity Report. Executive Vice President Rick Sharga said he is seeing two major trends driving the numbers. Read on to learn more.
All 12 Federal Reserve Districts indicated that economic activity was expanding from mid-May through June. Reports on residential and commercial real estate markets were positive, according to the July 15 Beige Book released by the Federal Reserve. Keep reading to see how real estate, construction and financial markets fared.
A panel of lenders talked about what to expect through TRID and after at the 2015 National Settlement Services Summit (NS3). They said communication between all the players in a transaction is going to be more critical than ever. Keep reading to learn more.
During his presentation at the 2015 National Settlement Services Summit, Greg Wright, founder and president of Wright Consulting Group, shared his insight into how title insurance agents can improve their sales. He said many come to him and say they have a marketshare problem or a competition problem, a location or tech problem, but it’s often the way we think about the problem that’s the actual problem. Read on to learn more.
To further its expertise and drive growth, Chicago Title Commercial hired a new director of marketing. She will work closely with the firm’s leadership to elevate the Chicago title Commercial brand. Keep reading to learn more.
Entrust Solutions has brought its Nexus program and centralized disbursing into Ohio. Read on to learn what founder and Managing Member Jonathan Yasko said.
After significant growth over the past few months, RynohLive has appointed a Midwest sales representative. He will cover 10 states. Keep reading to learn more.
eLynx announced its latest release of Expedite, a cloud-based platform for managing and delivering all loan documents. It will enable lenders to comply with the CFPB’s TRID rule, according to the company. Read on to learn more.
MortgageFlex Systems, Inc. released a new TRID supportive version of its LoanQuest loan origination system. The company chose to maintain pre-TRID functions to preserve all of their customer’s existing system functionality while developing new Loan Estimate and Closing Disclosure forms. Keep reading to learn more.
RedVision announced that it has completed the restructuring of its Customer Relationship Management team. The goal of the changes is to align resources across all points of the customer lifecycle, the company said. Read on to find out the details.
With more than 800 letters and comments sent to the Consumer Financial Protection Bureau, there were plenty of interesting and unusual things authors had to say to the bureau. One of them, in fact, was listed as “Ben Bernanke” from the Federal Reserve. Read on to see what “he” and others had to say.
At this year’s National Settlement Services Summit (NS3) Corporate Development Services Business Valuations Director Joe Piernock and Alliant National Title Insurance Co.’s Senior Vice President and Southeast Regional Manager Katherine Stevens offered tips to agents considering expansion. Research and communication are critical components. Read on to learn more.
Putnam County, Fla., implemented eRecording of documents through Simplifile. Recording Supervisor Melanie Bryan said the county is accepting all real estate documents commonly recorded in the Official Record. Read on to learn more.
Arch Mortgage Insurance Co. launched a new online resource to provide information and resources to lenders to help them prepare for the expected Oct. 3, 2015, launch of the CFPB’s TRID rule. Read on to learn more.
LenderLive Network Inc. integrated its GuardianDocs document preparation service with Calyx Software. Users now can order and complete initial disclosures and closing packages without leaving Point. Keep reading to learn more.
LoyaltyExpress released CustomerManager 6.0, an enhanced version of its CRM technology. It builds on the company’s initial integration with Ellie Mae’s Encompass. Read on to learn more.
As representatives of their industry, trade associations have been lobbying the Consumer Financial Protection Bureau (CFPB) for months about TRID. The past two weeks, however, title agents large and small had their opportunity to make their voice heard as well. Read on to see what agents believe the CFPB should know about TRID.
With industry commenters clamoring for a restrained enforcement/safe harbor/hold-harmless period for the TILA-RESPA Integrated Disclosure rules, the Senate has taken steps to push the Consumer Financial Protection Bureau to adopt the period. Two senators introduced a hold-harmless bill this week. Read on to find out how this move could affect the CFPB’s decision.
When representatives from the Consumer Financial Protection Bureau, the Federal Trade Commission, the American Land Title Association and the Mortgage Bankers Association got together for an open forum at the National Settlement Services Summit, they didn’t just dig into TRID. They also discussed concerns on the settlement and lender side over additional settlement forms, as well as third-party liability, standardized mortgage data, and marketing services agreements. Read on for all their insight.
Stewart Title named a new group sales manager of Stewart Title Direct Operations. He will lead the company’s sales initiatives and strengthen customer relationships. Keep reading to learn more.
According to RealtyTrac only 24.6 percent of all single family home and condo sales in May were all-cash purchases. This is 28.5 percent less than in April and 30.4 percent from last year at the same. Read on to learn more.
In anticipation of the impending changes under the new TILA-RESPA Integrated Disclosure rules, Mortgage Information Services, Inc. successfully integrated its title insurance and settlement fees with Encompass360. MIS Regional Vice President David Stroop said integrations with Encompass360 offer clients an easier way to manage the title and closing process. Read on to learn more.
Fitch Ratings affirmed the Issuer Default Rating and Insurer Financial Strength of the First American Title Insurance Companies. The rating is based on the company’s strong capitalization, moderate financial leverage and continued profitability. Keep reading to learn more.
National Investors Title Insurance Co. named a new president and agency manager for the Texas market. She joined the company in 2010 as vice president supporting and growing the National Investors agent network. Keep reading to learn more.
World Wide Land Transfer, a Pennsylvania-based national title agency, hired a new Mid-Atlantic regional president to spearhead its new D.C. offices. She is responsible for managing and developing production for the company title agency operations. Keep reading to learn more.
Ellie Mae named a new executive vice president of technology and operations. In this newly created role he will be responsible for leading all of Ellie Mae’s technology groups. Keep reading to learn more.
Bilingual closings aren’t entirely uncommon. In his northern Florida title insurance agency, Stephen Collins does them often. He communicates using American Sign Language (ASL). Stephen Collins, owner and CEO of Land Title of America, Inc. spoke with The Title Report about his community. Keep reading to learn more.
The FTC is expanding its efforts to help small to medium sized businesses protect consumers’ information through a new initiative. Representatives are traveling across the country providing guidance for businesses that draws on lessons learned in more than 50 data security cases. Read on to learn more.
Fitch Ratings affirmed Stewart information Services Corp.’s issuer default rating and insurer financial strength rating. It said the ratings reflect solid capitalization and modest financial leverage. Keep reading to learn more.
Fitch Ratings upgraded Fidelity National Financial based on market-leading scale, margins and operating company capitalization. However it noted that though past ventures have been successful, historical results do not mitigate future risks. Keep reading to learn more.
Title Alliance announced Preferred Closing Services, LLC has appointed two managers. Regional Director Nancy Marsden said she was confident that their appointments mark the beginning of great growth for Preferred Closing Services. Keep reading to learn more.
reQuire, LLC appointed an industry veteran to its account management team. She will be responsible for bringing the reQuire release tracking solution to existing and future title industry partners in Florida. Keep reading to learn more.
Clark County became the 45th county in Wisconsin to implement eRecording. Register of Deeds Peggy Walter said her decision to implement eRecording stemmed from the CFPB regulations going to effect later this year. Keep reading to learn more.
RealtyTrac and Down Payment Resource released a joint analysis examining affordability, median income, median home price and homeownership program availability in 370 U.S. counties. Each county was ranked on its affordability and accessibility for low down payment buyers. Keep reading to learn more.
Empower version 5.1.4 will enable clients to perform production-level testing of the capabilities designed to support the TRID rule. As testing of the latest version is finalized, Black Knight may release additional version of the LOS in the coming months. Keep reading to learn more.
Whether it’s Aug. 1 or Oct. 3, life will go on post-TRID implementation, according to a National Settlement Services Summit (NS3) panel of underwriters featuring Westcor, Old Republic Title, First American Title Insurance Co., Alliant National Title and Stewart Information Services. Westcor President and CEO Mary O’Donnell said bankers will still get up and go to banks, and Realtors will still take people to see homes. Read on to learn more.
The Consumer Financial Protection Bureau (CFPB) went live with an enhanced public-facing consumer complaint database. It includes for the first time more than 7,700 consumer accounts of problems they are facing with financial companies concerning mortgages, bank accounts, credit cards and debt collection. Keep reading to learn more.
The United Services Automobile Association (USAA) signed an agreement to implement Black Knight’s Closing Insight. Lenders and their service providers can begin using the new Closing Insight solution when the CFPB’s TRID rule deadline goes into effect later this year. Keep reading to learn more.
Stewart appointed a new sales director for the western states agency district. He will responsible for building an effective sales strategy to attract new independent agencies and service existing ones. Keep reading to learn more.
NextAce named a new chief operating officer. He will responsible for day-to-day operations of the company. Keep reading to learn more.
The effective date for the TILA-RESPA Integrated Disclosure (TRID) rules might have changed, but the enforcement after it takes effect has not. In an open forum with regulators at the National Settlement Services Summit (NS3), panelists discussed what it means for the Consumer Financial Protection Bureau to be “sensitive” to “good-faith efforts” for TRID compliance. Read on to find out what you will need to do to follow the straight and narrow once TRID takes effect.
eClosings are becoming a reality around the country. During the 2015 National Settlement Services Summit, three panelists shared their experiences and observations with the technology. Read on to see what they had to say.
DocMagic instituted a phased testing approach of its SmartCLOSE collaborative closing portal for TRID compliance with select clients. It was made available to almost 250 lenders to start working with the system and provide comments. Read on to learn more.
Agents National Title Insurance Co. successfully completed the SSAE 16 SOC 1 audit. Read on to learn more.
Foreclosures on U.S. properties decreased 5 percent from April to May, according to RealtyTrac’s Foreclosure Market Report. Keep reading to learn more about this trend.
Purchase loans as a percentage of lenders’ overall mortgage volume rose for the third straight month in May according to Ellie Mae’s Origination Insight Report. Read on to learn more.
The proposed new effective date for the TILA-RESPA Integrated Disclosure rules will be Oct. 3, the Consumer Financial Protection Bureau announced. The bureau said it was proposing an Oct. 3 effective date rather than Cordray’s recent announcement of Oct. 1 because it would launch TRID on a Saturday, as it would have Aug. 1.
STRATMOR Group announced the results of a recent PeerViews Survey on the industry’s readiness to comply with the CFPB’s TRID rule. According to the survey, lenders would not have been ready to comply with the Aug. 1 deadline. Keep reading to learn more.
Randy Bradley, executive vice president and board member of Mother Lode Holdings Co. sat down with The Title Report to discuss industry regulations. He said despite varying state laws and the CFPB his team will be ready to implement TRID. Keep reading to learn more.
Easy Soft’s new EasyCDF real estate closing software helps attorneys facilitate closings in-house. It takes users through the entire closing process step-by-step with built-in safeguards that help eliminate the possibility of errors. Keep reading to learn more.
Stewart Title Commercial Services added a new senior business development officer. He will responsible for company-wide commercial business. Keep reading to learn more.
Adeptive integrated with NotaryLoop. This allows title agencies to submit loan information to their preferred notary signing services. Read on to learn more.
NAILTA named its third president of the association. He succeeds Anthony Affatati. Read on to learn more.
San Diego County in California now is accepting electronic land documents. San Diego County Assessor-Recorder-County Clerk Ernie Dronenburg said he estimates 74 percent of the documents are qualified to use this process. Keep reading to learn more.
Title Alliance appointed a manager to its Virginia Beach office. She recently has passed her Virginia state title insurance licensing exam and is awaiting state appointment. Keep reading to learn more.
RealtyTrac released its first quarter 2015 U.S. Home Purchase Down Payment Report. It showed the average downpayment for single family homes, condos and townhomes in the first quarter was 14.8 percent. Keep reading to learn more.
The California Title Co. appointed a new president as Jim Waterman announced his retirement. The new leader has a “tremendous amount of experience, knowledge and leadership,” the company said. Keep reading to learn more.
The NAIC is continuing to update and modernize the U.S. system of state-based insurance regulation, according to President-Elect and Missouri Insurance Director John Huff. He said regulators are moving forward with the tools they need to protect consumers, especially in light of recent cyberattacks. Read on to learn more.
CATIC has been educating Realtors and lenders in preparation for the TILA-RESPA rule deadline and recently rolled out its new software CATIC PrepExpress. Director of Industry Relations Bob Skalstad sat down with The Title Report to discuss these activities. Keep reading to learn more.
Three Washington D.C.-based title companies aligned to create the TitleConnect Alliance. With 18 offices spread across Maryland, Virginia and Washington D.C., the companies said they can better service their clients by utilizing any closing location within the network. Read on to learn more.
The industry may be given more time to implement the TILA-RESPA Integrated Disclosure (TRID) rule. In an announcement June 17, the Consumer Financial Protection Bureau (CFPB) said it will be issuing a proposed amendment to delay the effective date of the TRID rule until Oct. 1, 2015. Keep reading to learn more about this proposal.
Lighthouse Group strengthened its marketshare and expertise in West Michigan with its merger with Safe Title and its six locations in Holland, Grand Haven, Muskegon, Manistee, Grandville and Grand Rapids. Both have taken agencies from one office to multiple locations in more than a decade. Keep reading to learn more.
Ernst Publishing Co. rolled out a new collaborative fee management system at the recent National Settlement Services Summit (NS3) in Atlanta. The system allows settlement agents to work with lenders to negotiate and manage fees. Keep reading to learn more.
Meridian Title has implemented Axis AI’s Advanced Document Classification and Data Extraction software. The process of installing the solution will be complete in a matter of weeks and will be part of the company’s title plant automation initiative going forward. Read on to learn more.
RealtyTrac released its second quarter 2015 Zombie Foreclosure Report. It showed the total number of zombie foreclosures was down 11 percent from the previous quarter and down 10 percent from Q2 2014. Read on to learn more.
CoreLogic released its April 2015 National Foreclosure Report. It showed foreclosure inventory declined by 24.9 percent. Read on to learn more.
North American Title’s Estero, Fla., branch will open in March 2016. In preparation, the company has hired a business consultant with 18 years of closing experience. Read on to learn more.