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Black Knight Financial Services announced higher revenues and adjusted earnings for the first quarter from a year ago, and talked about the status of its Closing Insight portal. Read on for all the details.
Industry communications with the Consumer Financial Protection Bureau (CFPB) appear to have paid off. Nearly seven months after the implementation of the CFPB’s TILA-RESPA Integrated Disclosure (TRID) rule, the bureau announced that it would reopen rulemaking, with a notice of proposed rulemaking expected to be released by late July.
Iberiabank Corp., which has 22 title insurance offices within its financial holding company, reported its title revenue in the first quarter of 2016 rose from a year earlier.However, title revenues did slow nearly 13 percent from the fourth quarter of 2015. Keep reading to learn more.
Ernst Publishing Co. announced an industry veteran has joined the company as director of the project management office. He will manage project management company-wide. Read on to learn more.
NextDeal named a vice president of NextDeal Consulting. CEO Robert Reich said he is a true technology in the title industry, with years of hands-on experience. Keep reading to learn more.
Title Alliance’s Greater Maryland Title named a director of sales and marketing. She will assist with real estate related legal questions to conduct closings, teach classes and lead lunch and learns while keeping their clients abreast of industry/legal updates. Read on to learn more.
Williston Financial Group (WFG) is the sixth-largest title insurer by market share, according to 2015 data compiled by the American Land Title Association, and the company recently released its State of the Company Report. The report details WFG’s focus on compliance, its top five risks targeted by management, and its dedication to information technology. Read on for details from the report.
Mortgage Contracting Services, LLC (MCS) has formed MCS Solutions to incorporate the company’s valuations, title services and steel security product line. The company’s former senior vice president was promoted to chief operation officer of the new division. Read on to learn more.
Corporation Service Co. (CSC) is now an approved eRecording vendor for the Beauregard Parish Clerk’s office. Clerk of Court Brian Lestage said he always is looking for better, more efficient way to serve the citizens. Read on to learn more.
Freddie Mac released its monthly Outlook for April showing that although recent data darkened the growth outlook for the first quarter, housing is expected to maintain its momentum in 2016 and be an economic engine of growth. Keep reading to learn more.
The Department of Housing and Urban Development and the U.S. Census Bureau released their report on new residential sales in March. The median sales price of new houses sold in March 2016 was $288,000. Read on to learn more.
During the merger and acquisition (M&A) process, companies look at the financials and corporate cultures during the transaction. CrowdStrike Director of Proactive Services Justin Weissert told The Title Report that boards of directors are beginning to understand cyberrisk and are being proactive, but he doesn’t see that attention on the M&A side. Keep reading to learn more.
First American Financial Corp. announced financial results for the first quarter 2016. Total revenue for the first quarter of 2016 was $1.2 billion, an increase of 8 percent relative to the first quarter of 2015, but profits grew much more than that. Keep reading to learn more about how the company performed.
Bolstered by big gains in the Northeast and Midwest, existing-home sales bounced back in March and remained slightly up from a year ago, according to the National Association of Realtors. Sales rose in all four major regions last month and are up modestly from March 2015. Read on to learn more.
Berkshire Hathaway HomeServices released results of its latest Homeowner Sentiment Survey. It indicated current and prospective homeowners are increasingly optimistic about U.S. real estate. Keep reading to learn more.
The title insurance industry generated $13.1 billion in title insurance premiums in 2015, up nearly 16 percent from 2014, according to the American Land Title Association’s (ALTA) 2015 year-end and fourth-quarter Market Share Analysis. Read on to learn more.
When the industry gathers in Charlotte, N.C., June 6-8 for the National Settlement Services Summit, it will have a chance to hear from a host of top underwriter and lender executives in three panels. Read on to find out who will be featured, and what to expect from some of the most dynamic sessions at the conference.
After months of longer closing times, the latest Ellie Mae Origination Insight Report shows that closing time decreased in March. Read on to find out how much faster closings got in the month.
Three title agents who filled out our Voice of the Title Agent survey have been selected as winners of subscriptions to The Title Report. Read on to find out who the lucking winners are this year.
The industry changed in 2015 like few times in its history. The TILA-RESPA Integrated Disclosure (TRID) rule took effect and altered the way the industry worked together in the homebuying process. A continued focus on government regulations brought scrutiny to areas from affiliated businesses to marketing services agreements, vetting to cybersecurity.
Stewart Information Services Corp. released its earnings for the first quarter. CEO Matt Morris discussed a recent restructure of the company as well as the completion of the delinquent loan servicing wind down. Read on to learn more.
During his presentation at ALTA Business Strategies Chief Cybersecurity Business Strategist Renault Ross of Symantec Americas Strategic Programs said, by far, small-to-medium-sized businesses are the most targeted by cyberattackers. He said you can patch a computer, but you can’t patch a person. Read on to learn more.
WFG Lender Services named a national sales director. He will work to grow the WFGLS client base, while also serving as a resource for existing clients. Read on to learn more.
Coast Title Insurance Agency announced the addition of a closing processor. Its owner said the newest member of the team is a good fit for the business and also gives back and cares about the community. Keep reading to learn more.
RealtyTrac’s latest home sales report shows that sellers made out well in March, with gains from their sale at levels unseen since the start of the Great Recession. Read on to find out how much sellers made and what was behind the leap from a month earlier.
Knight Barry announced that it has opened its second office in Door County, Wisc. The company said the new office will work together with the company’s existing office in Sturgeon Bay to grow the business in the county. Read on for the details.
This year at the National Settlement Services Summit (NS3) June 6-8 October Research, LLC will be offering an all-new feature called the Lender Oversight PACE Lap. It will feature four high-impact sessions examining a range of third-party compliance issues. One of these speakers, Brent Laliberte gave The Title Report a preview of the sessions. Keep reading to learn more.
Economic growth stalled during the first quarter of 2016 but the full-year outlook remains little changed, according to Fannie Mae’s Economic & Strategic Research Group’s April 2016 Economic and Housing Outlook. The ESR Group does not view weakness in the first quarter as the start of deteriorating economic activity, and expects slightly better growth in the second quarter. Keep reading to learn more.
Safe Systems announced the availability of its Enhanced Cybersecurity Assessment Tool for financial institutions. The application is designed to help them complete the complex FFIEC Cybersecurity Assessment Tool. Read on to learn more.
RealtyTrac launched its enhanced Application Program Interface (API) product. It features streamlined enterprise-level access to its nationwide public record property data for more than 150 million U.S. parcels. Read on to learn more.
Professional Lien Search (PLS), a property intelligence company, announced it welcomed a new member to its account executive team. He said he was attracted to PLS because the company is growing steadily and he wants to help the innovative company continue to change the face of the industry. Read on to learn more.
First International Title expanded its operations into New York. This latest move, along with the 2015 purchase of First Western Title in Texas, now provides the company with operations in three of the top four states in premiums written. Read on to learn more.
Welcome to the latest Conversations with the C-Suite, exclusive to The Title Report. In these features we talk to the leaders of the industry about their business priorities, plans for the future and what title agents need to know to succeed. In this edition, Editor Tara Quinn spoke with Agents National Title Insurance Co. CEO and President David Townsend. He said after two years of focusing on compliance, Agents once again is concentrating on business development.
Data Trace Information Services introduced 12 new title plants in Texas. Data Trace President Robert Karraa told The Title Report the company is continuing its expansion nationally and in Texas. Keep reading to learn more.
The National Association of Independent Land Title Agents (NAILTA) is rebuilding and expanding. President Van Winton told The Title Report its mission is to show how independent agents benefit the consumer’s settlement experience. Read on to learn more.
The Mortgage Bankers Association Builder Application Survey data for March 2016 shows mortgage applications for new-home purchases increased by 17 percent from the previous month. The survey tracks application volume from mortgage subsidiaries of home builders across the country. Read on to learn more.
The Title Report attended the, “Pack of Portals: Choosing Wisely” session at ALTA’s Business Strategies conference. The panel said collaboration portals are designed to offer secure communications and efficiencies. Keep reading to learn more about their use and implementation.
According to RealtyTrac’s Q1 and March 2016 U.S. Foreclosure Market Report, foreclosure activity in most markets continues to trend lower and back toward healthy. Keep reading to learn more.
Entitle Direct Group appointed a vice president of title services business development, Western Division. She will further EnTitle Insurance Co.’s expansion in the Southern California market. Read on to learn more.
The TILA-RESPA Integrated Disclosure (TRID) rule, part of the Consumer Financial Protection Bureau’s (CFPB) Know Before You Owe initiative, marked its six-month anniversary to mixed reviews. Although the industry is pushing through implementation there are still issues with technology, the disclosure of fees and general confusion. Read on to learn what professionals in the industry have to say about implementation.
Expansion continued in the real estate and construction markets, according to the latest report from the Federal Reserve. Read on to find out what the Fed’s Beige Book had to say about these activities in its latest reporting period.
CoreLogic released its February 2016 National Foreclosure Report, showing the foreclosure inventory declined by 23.9 percent and completed foreclosures declined by 10 percent compared with February 2015. Read on to learn more.
Professional Title added three new employees. It is the oldest family-owned title agency in the Daytona Beach, Fla., area. Read on to learn more.
ComplianceEase appointed a former chairman of the Mortgage Bankers Association to the role of senior vice president of government and industry relations. In this role, he will oversee the company’s interactions with federal and state regulators, GSEs, capital markets participants and mortgage industry groups. Keep reading to learn more.
ALAW, a law firm providing litigation, collection, title and closing services for the mortgage banking industry, expanded into North Carolina. The firm also announced the addition of a managing attorney for the North Carolina expansion. Read on for the details.
With third-party auditing of companies becoming more important to lenders, title companies more often are looking into new, stricter standards, certifications and attestations. Among those audits are SSAE and ISO certifications, abbreviations that might not be well known. Read on to find out the nuts and bolts of these audits and why they matter, from title industry executives such as John Stauffer of Title Midwest, HDEP International’s Virenda Nath, and industry auditors Ken Johnson, Eric Ratcliffe and Dave Anders.
Consumer delinquencies in key home-related categories fell sharply in last year’s fourth quarter as home values steadily increased, according to results from the American Bankers Association’s Consumer Credit Delinquency Bulletin. ABA Chief Economist James Chessen said it’s been a long, rocky road, but home equity delinquencies finally have worked their way back to historical norms. Keep reading to learn more.
North American Title Group named a director of product management, a new position for the company. President Tom Fischer said he has an extensive background in title, underwriting and technology systems. Read on to learn more.
First International, an independent title agent in Florida, completed a rigorous third-part data security compliance assessment and has met the demanding requirements of the Service Organization Control (SOC) 1 standards. Read on to learn more.
First American Financial Chief Economist Mark Fleming released a whitepaper, “The State of Homeownership: Homeownership, Economic Mobility and the Challenges Facing the Nations Latino and African-American Communities.” He said homeownership is one of the most important forms of wealth creation for middle-class Americans. Keep reading to learn more.
The American Land Title Association (ALTA) has several priorities for 2016, including working with the Consumer Financial Protection Bureau (CFPB), cybersecurity, homebuyer awareness and its Best Practices. The TILA-RESPA Integrated Disclosures (TRID) rule is not quite in the rear-view mirror yet either, CEO Michelle Korsmo told The Title Report. Read on to learn what she had to say.
Entrust Solutions has ventured into the title search and abstracting field by launching Entrust Abstrax, LLC. It also appointed as chief title officer. Keep reading to learn more.
North American National Title Solutions recruited a 28-year veteran to serve as a national commercial business development representative. He is charged with expanding the division’s footprint on a national basis. Read on to learn more.
According to data from the latest Equifax National Consumer Credit Trends Report, the total balance of new first mortgages originated in 2015 increased 42.9 percent from 2014, while the total number of new first mortgages originated in that same time increased 31.6 percent. Read on for all the details.
reQuire, LLC acquired several business units of a Georgia risk management company in an asset purchase transaction. Through this agreement, reQuire adds the company’s residential, commercial, and technology business units to its existing release tracking and title curative businesses. Keep reading to learn more.
TransCounty Title Agency appointed a new director of operations for the Central Ohio region. She will be responsible for providing growth opportunities, operational excellence and an unbeatable customer experience during the closing process. Keep reading to learn more.
In a reply letter to Sen. Bob Corker, delivered Thursday before Consumer Financial Protection Bureau Director Richard Cordray appeared before the Senate Banking Committee, Cordray said that indemnification agreements between lenders and closing agents over mortgage transactions would not allow lenders to shift their liability for errors. Read on for all the details.
New jurisdictions began eRecording with CSC. Any document submitter with a computer, Internet connection and scanner/printer now can record electronically. Read on to learn more.
Home prices nationwide, including distressed sales, increased year-over-year by 6.8 percent in February 2016, according to CoreLogic’s Home Price Index. It showed home prices are up both year over year and month over month. Read on to learn more.
Welcome to the latest Conversations with the C-Suite, exclusive to The Title Report. In these features we talk to the leaders of the industry about their thoughts on the industry, plans for the future and what title agents need to know to succeed. In this edition, Editor Tara Quinn spoke with Connecticut Attorneys Title Insurance Co. (CATIC) President and CEO Jim Czapiga and Vice President of Business Development and Corporate Communications Chris Kallenbach.
First American Mortgage Solutions, LLC, a subsidiary of First American Financial Corp. acquired a national appraisal company to augment First American Mortgage Solutions’ existing valuation capabilities. Read on to learn more.
Property Debt Research, a municipal lien search company, appointed a new account executive. He will work directly with title agents, real estate attorneys, real estate paralegals and financial institutions to grow the company’s core business. Keep reading to learn more.
A Rhode Island-based title company announced that it has been acquired for as much as $96 million, subject to certain performance metrics. Keep reading to learn more about the deal and the valuation services provider which made the acquisition.
Forty-two years ago, founder and Chairman John Marconi opened of the first Orange County, Calif.-based title company, Orange Coast Title Co. (OCT). It started with 13 people and now employs more than 700 people in 48 states. President and Chief Operating Officer Rich Macaluso spoke with The Title Report about this milestone.
The Agency Group for WFG National Title Insurance Co. appointed a vice president and regional manager and underwriting counsel for the company’s new Chesapeake Region. The region is comprised of agents in Maryland, Delaware and Washington D.C. Keep reading to learn more.
Freddie Mac released its monthly Outlook for March, forecasting that total home sales, housing starts and house prices will reach their highest levels in years despite inventory and affordability challenges. Read on to learn more.
First Western Title, the Texas Division of First International Title, has named a new CEO. He said the company has incredibly talented people on staff and he looks forward to leading the title agency. Read on to learn more.
Nationwide Title Clearing (NTC) released a whitepaper, “The Evolution of eRecording from the County Recorder’s Perspective” by Vice President of Sales Danny Byrnes. In it, he says although eRecording is growing in popularity there are some common mistakes. Keep reading to learn more.
Commercial real estate activity reached a new cyclical high in the fourth quarter of 2015, according to the Ten-X Capital Trends report. The total deal volume for the five major CRE sectors reached $150.3 billion, which amounts to a 20.2 percent increase from a year ago. Read on to learn more.
First American Financial Corp. announced its Mortgage Solutions group has earned ISO 9001 certification, a standard that sets criteria for quality management systems (QMS). Securing independent third-party validation of continual improvement efforts sets a new precedent for the mortgage lending industry, First American Mortgage Solutions President Kevin Wall said.
RealtyTrac released its Q1 2016 Single Family Rental Market Report, which ranks the best markets for buying residential rental properties in 2016. The report analyzed single-family rental returns in 448 U.S. counties each with a population of at least 100,000 and sufficient rental and home price data. Keep reading to learn more.
A.M. Best’s latest quarterly survey results show that insurers, including title insurers, remain pessimistic on economic improvement in 2016, and that cyberrisk has become a prominent industry issue.
DocMagic, Inc. launched its fully integrated eClosing solution. It electronically transforms the entire mortgage process from initial eDisclosure to final eClosing through investor eDelivery. Keep reading to learn more.
Owners.com surveyed 1,000 potential homebuyers ahead of the spring real estate season. The survey indicates that consumers are confident in the economy and their own understanding of the homebuying process. Keep reading to learn more.
Ten-X projects a rebound in existing home sales for March following a rash of regulatory and weather-related closing delays. Ten-X Chief Economist Peter Muoio said though U.S. home sales have seen significant volatility in recent months, sales remain at a high overall level. Keep reading to learn more.
Kevin Kaczmarek, CFA senior financial analyst, Zelman and Associates analyzes the title insurance industry and provides an outlook for the short-term future in this piece exclusive to The Title Report. Read on to learn more about his insights into the industry and future market
Secure Insight (SSI) and Strategic Compliance Partners (SCP) have reached an agreement on a strategic business relationship. According to the announcement, this partnership presents an opportunity for each company to provide its clients with best-in-class complementary services. Read on to learn more.
ComplianceEase launched its new solution, ClosingXchange. It will enable lenders and settlement agents to maintain communications and exchange data security and seamlessly, helping to assure compliance with the TILA-RESPA Integrated Disclosure (TRID) rule. Read on to learn more.
Westcor Land Title Insurance Co. appointed an underwriting counsel for the Ohio Region, which includes the states of Indiana, Kentucky, Ohio and Michigan. She will be responsible for providing underwriting support for the region. Keep reading to learn more.
Providence Title Co. of Texas received a SOC 2 Type 1 report from HA&W and is certified compliant with the ALTA Best Practices. President John Kulasa said Providence Title strives to be a leader in the title industry. Keep reading to learn more.
North American Title has opened a commercial-only office in downtown Salt Lake City. North American Title Senior Vice President State Manager Michael Lewis cited the city’s reputation and its educated and motivated workforce in making the decision. Read on to learn more.
Westcor Land Title Insurance Co. launched a new division specializing in investor services. It will deliver an end-to-end suite of products and services for institutional clients in the whole loan and single family rental markets. Keep reading to learn more.
Visionet Systems has appointed a title insurance industry veteran to the position of chief strategy officer. He said he’s thrilled to be part of the growing team. Keep reading to learn more.
There is a lot of news about cybersecurity putting individuals on alert regarding potential threats to their businesses. Cloudstar CEO Gregory McDonald told The Title Report what title agents need to know. The most important tip is, it can, and most likely will, happen to you.
The Advantage Group promoted in-house legal counselors to executive vice presidents of flagship company Advantage Title. President and CEO Joseph Willen said these well-deserved promotions acknowledge their contributions to the company. Read on to learn more.
Knight Barry Title has launched the first residential construction title rate calculator in Wisconsin. This tool will help lenders enter their information online and obtain the quite instantly. Keep reading to learn more.
ClosingCorp named a senior director of operations. She will be responsible for coordinating the design, implementation and maintenance of programs. Read on to learn more.
Passport Title Services, LLC announced its turn-key SSAE 16 SOC 2 compliant technology platform is offered to title agents as part of the company’s partnership model. Passport Title offers a solution to title agents who want to grow and who understand the importance of data-security in the technology they utilize according to the company’s announcement. Read on to learn more.
According to the annual SunTrust Banks, Inc. Business Pulse Survey, there is a significant shift in the growth strategies of middle-market and small businesses as they move forward with plans to fuel expansion in the next five years. Actions planned for the next five years include product innovation, capital investment and expanding to new consumer or business segments. Read on to learn more.
The Mortgage Bankers Association's (MBA) Research Institute for Housing America (RIHA) released a new report titled Cognition and the Housing Behavior of Older Americans. The report finds a strong correlation between housing behavior and the cognitive decline of older Americans. Keep reading to learn more.
The U.S. Department of Housing and Urban Development along with the U.S. Census Bureau reported the number of new residential sales in February. Read on to learn more.
International Title Partners has implemented ZOCCAM. This allows real estate agents to send earnest money and real estate contracts to the title company digitally. Read on to learn more.
Simplifile has announced its 1,400th eRecording county, Marion County, Ore., County Clerk Bill Burgess said eRecording benefits his county and customers with efficiency, accuracy, speed, convenience and security. Read on to learn more.
Alliant National Title Insurance Co. named an industry veteran as its new vice president of business development. He said he is blessed to be able to spend his days in service to the businesses and the causes of independent agents and helping them achieve new heights. Read on to learn more.
eLynx has integrated with Landtech Data enabling lenders utilizing eLynx’s Expedite ID compliance solution to exchange property, fee and loan data electronically with the 3,000 settlement service providers in 47 states using Landtech Data’s XML Real Estate Settlement System. Read on to learn more.
PYA, Real Estate Data Shield and Security Compliance Associates have come together to offer the title and settlement industry a single-source compliance solution, Certification+. It is designed to satisfy regulatory and compliance requirements set forth in ALTA Best Practices and Gramm-Leach-Bliley Act (GLBA.) Read on to learn more.
Demotech Inc.’s Senior Financial Analysts Douglas Powell and Paul Osborne provided an exclusive analysis to The Title Report regarding the performance of underwriters in the title insurance industry. They noted industry has experienced significant underwriter consolidation, but have remained vigilant in achieving overall profitability. Keep reading to learn more of their insights.
First American Financial Corp.’s Real Estate Sentiment Index is compiled based on a quarterly survey of independent title agents doing business with First American and measures title agent sentiment on a variety of key market metrics and industry issues. A modest decline in title agent expectations for market production was caused by concerns over transaction volume as opposed to slowing price appreciation according to Chief Economist Mark Fleming. Keep reading to learn more.
Pavaso, Inc. and SigniaDocs, Inc. have integrated its two platforms to facilitate an all-inclusive eClosing process. Pavaso Vice President of Business Relationships and Government Affairs Nancy Pratt said SigniaDocs’ technology is highly complementary to the Pavaso platform. Read on to learn more about this partnership.
For the first time since Oct. 3, a survey detailing the effects of implementation of the TILA-RESPA Integrated Disclosure (TRID) rule studied homebuyers who had gone through the mortgage lending process before and after the new forms were in place. What the ClosingCorp Home Buyers Study found was showed positive signs, such as buyers finding the new forms easier to understand and being able to save money by shopping for settlement services providers. However, challenges remain. See what ClosingCorp CEO Brian Benson told The Title Report about the findings.