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The Title Report Print Edition
April 21, 2014
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Title and lender partnership key to future success
Posted Date: Monday, April 21, 2014
Title agents must be proactive in easing the regulatory “fear” currently felt by their lender partners if they want to maintain and grow these crucial business relationships.
That is just one of the key takeaways from a presentation by Michelle Korsmo, chief executive officer for the American Land Title Association, at the annual SoftPro User Group Conference. October Research, LLC was in attendance for live coverage of her presentation to learn more about strengthening the relationship between title agents and lenders.
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Democrats unveil housing finance reform legislation
Posted Date: Tuesday, April 1, 2014
For months, Waters worked with her committee colleagues, outside stakeholders, and consumer and affordable housing advocates to craft a measure that ends the incentives created by the ownership structure of the government-sponsored enterprises’ (GSEs) with the goal of preserving the role of small financial institutions, providing a more flexible approach to placing credit risk in the markets, and ensuring access to affordable rental housing for low-income families.
“Reforming a 10 trillion dollar housing finance market is an immense undertaking that must be carefully considered,” said Congresswoman Waters.
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Bill would ensure small business advocate in CFPB rule-making
Posted Date: Thursday, April 10, 2014
Congressmen Robert Pittenger, R-N.C., and Denny Heck, D-Wash., introduced bipartisan legislation to create a Small Business Advisory Board (SBAB) for the Consumer Financial Protection Bureau (CFPB).
Small businesses involved in financial services have no regular advocate at the CFPB, meaning new regulations can be developed without considering how they negatively impact small business owners and employees. Large banks already have the privilege of regular interaction with CFPB decision-makers.
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Old Republic receives stable rating from Moody's
Posted Date: Tuesday, April 1, 2014
Moody’s Investors Service has affirmed the Baa3 senior debt rating of Old Republic International Corp. Moody’s has also changed the rating outlook to stable from positive following the company’s announcement that it has cancelled its earlier recapitalization plan for its mortgage insurance business. This rating action did not affect the A2 insurance financial strength (IFS) ratings and stable outlook of the lead operating subsidiaries of Old Republic General and Old Republic Title nor the A3 IFS ratings and stable outlook of the group’s OMA subsidiaries.
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Wetzel Trott is second acquisition by Stewart in April
Posted Date: Tuesday, April 8, 2014
Wetzel Trott Inc. has joined the Stewart family, strengthening the company’s audit and due diligence offerings for the mortgage origination and servicing space. This is the second time this month Stewart has announced a major acquisition.
Wetzel Trott has specialized in quality control reviews for residential lenders since 1985 with hundreds of customers throughout the United States.
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Protecting title data beyond the certificate Part 1
Posted Date: Thursday, April 10, 2014
The Title Report attended the American Land Title Association’s Business Strategies Conference March 14 and listened to industry experts discuss hackers, data security and the technology used to protect that data. Gregory McDonald, CEO and founder of Cloudstar, Randall D’Arche, IT consultant at Cloudstar, Pat Carney, president of 360 STS, and Andy Maloney, president of Nashville Title Insurance Corp., hosted “You can handle the truth about NPI: Live Hack Session.”
In Part 1 of this two-part series they demonstrate how easy it is to hack into a computer system and review threats and preventative techniques.
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Protecting title data beyond the certificate Part II
Posted Date: Friday, April 11, 2014
The Title Report attended the American Land Title Association’s (ALTA) Business Strategies Conference March 14 and listened to industry experts discuss hackers, the importance of data security and the technology used to protect that data.
In Part II of this two-part series, ALTA President Rob Chapman says responsible adoption of security technology is key to protecting data
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As purchase transactions dominate, fraud risk increases
Posted Date: Friday, April 4, 2014
Jeff Moyer, president of Interthinx said there is an uptick in fraud risk over the past three years as purchase transactions continue to dominate the market. The annual Mortgage Fraud Risk Report for 2013 found that Greeley, Colo., was the riskiest Metropolitan Statistical Area for occupancy fraud risk.
“What this year’s report clearly demonstrates is the effect of changing markets on fraud operations,” said Ashley Woodworth, vice president of business development and corporate strategy at Interthinx. “In previous years, when refinances dominated the market, we saw higher instances of employment and income fraud. Now that the market has shifted to the purchase arena, we’ve seen a corresponding increase in occupancy fraud.”
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Stewart acquires DataQuick’s title and collateral valuation lines
Posted Date: Thursday, April 3, 2014
Stewart announced it has entered into a definitive agreement with DataQuick Lending Solutions to acquire its collateral valuation and settlement services, as well as the company’s title and closing business operations.
The transaction represents a significant expansion of Stewart’s mortgage services offerings and centralized title operations, in addition to expanding Stewart Title operations by adding two additional processing centers in the U.S., a suite of complementary branch operations, a team of talented title and closing operations staff, and a platform upon which Stewart can continue to grow centralized title services.
Stewart Title also renamed its commercial division division to Stewart Title Commercial Services.
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Hillsborough Title acquires CornerStone Title
Posted Date: Thursday, April 3, 2014
Aaron Davis, president and chief executive officer of Hillsborough Title, announced the acquisition of CornerStone Title in Lakewood Ranch, Fla. This is the fourth acquisition in four months for the Tampa Bay-based title agency, marking its strategic expansion into the Sarasota-Bradenton area.
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Title Alliance receives RESPRO award
Posted Date: Monday, March 31, 2014
Title Alliance, a joint venture title insurance company in Pennsylvania, is a RESPRO 2013 Regulatory Achievement Program Award recipient. The company will be presented with a framed certificate that will be displayed in its office and will be recognized in RESPRO’s publications. Read on to learn how it earned this award.
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How to: Track consumer sentiment, address consumer complaints
Posted Date: Tuesday, April 1, 2014
Experts say that title agents are missing the opportunity to grow their business by neglecting the consumer experience. The Title Report attended “Improving the Consumer Experience at Closing” at the ALTA Business Strategies Conference held March 13 where a panel headed by Marvin Stone, senior vice president of business integration at Stewart Lender Services, discussed the importance of listening to the consumer. The panel included Krista Arce, business development manager at Rizolv, Chris Black, owner of Winged Foot Title and Tom Groom, senior vice president, business process at Stewart Title.
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SoftPro celebrates 30 years of innovation and service
Posted Date: Wednesday, April 9, 2014
Thirty years ago several North Carolina attorneys were seeking a software solution for preparing their real estate closing documents, so SoftPro developed a first-of-its-kind application that could scale to meet the needs of real estate attorneys as well as title and escrow companies. This year the company celebrates a milestone. Keep reading to learn more.
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Adeptive partners with Notary Direct
Posted Date: Tuesday, April 8, 2014
The integration between Adeptive, the privately owned creator of ResWare, and Notary Direct allows users of ResWare to post signing requests to Notary Direct via an automated tool. Shannon Seitzinger, president of Notary Direct Nationwide, said the partnership provides their clients with a safe and secure solution.
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Mississippi kicks off e-recording in Harrison County
Posted Date: Monday, March 31, 2014
Mississippi is the 43rd state to open its doors to electronic document recording, with Simplifile making the service available in Harrison County’s First and Second Judicial Districts. Keep reading learn the advantages enjoyed by Harrison County residents.
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Wells Fargo names CFO to head Wholesale Banking Group
Posted Date: Thursday, April 3, 2014
Wells Fargo named its current Chief Financial Officer, Timothy Sloan, as senior executive vice president. Sloan will become head of the company’s Wholesale Banking Group May 15, succeeding David Hoyt, a 32-year veteran of the company who has decided to retire.
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Marketing guru joins RealtyTrac leadership team
Posted Date: Friday, April 4, 2014
RealtyTrac has added veteran marketing and communications executive Darcy Patch to the company’s leadership team as vice president of marketing and operations. In this role, she will develop new ways for broker members to leverage the company’s broker network’s offerings and establish a strategic marketing plan to target prospective brokerages for network membership. Read on to learn more about the newest member of the leadership team.
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North American welcomes underwriting counsel
Posted Date: Friday, April 4, 2014
North American Title Insurance Co. named two new underwriting counsels. Michael Bates will serve as the new Southeast Region underwriting counsel, handling Tennessee, Alabama, Mississippi, North Carolina and South Carolina. Mark Heacock will replace Ronald Maas, who announced his retirement, as underwriter for the Mid-Atlantic region.
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Fowler Bell welcomes real estate and commercial counsel
Posted Date: Monday, March 31, 2014
Eric Chase has joined Fowler Bell as of counsel in the firm’s real estate and commercial litigation groups. He brings 15 years of experience representing lenders, buyers and sellers regarding title examinations, title insurance and real estate closings throughout Kentucky.
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Title Talk: Pat Carney talks about helping businesses stay in business
Posted Date: Tuesday, April 8, 2014
Since 2007, Pat Carney has been helping businesses stay in business. He has also served as director of product development and chief strategy officer of reQuire and as a performance consultant for Stewart Title. Recently, Carney left reQuire to run 360STS LLC. The Title Report asked him about his new venture and his years in the title industry.
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Secure Settlements ventures into mortgage settlement insurance
Posted Date: Monday, April 14, 2014
Secure Settlements Inc. is partnering with RFIB Group Ltd. and certain underwriters at Lloyd’s of London to offer a new mortgage settlement insurance product that will protect lenders utilizing SSI’s ClosingGuard service against losses arising at the closing table.
Andrew Liput, chief executive officer of SSI, told The Title Report he searched for the right opportunity for six years before partnering with RFIB to offer mortgage settlement insurance.
“Based on the effectiveness and success of our ClosingGuard service, the new [mortgage settlement insurance (MSI)] policy is able to offer more extensive coverage than other insurance products such as closing agent errors and omissions insurance,” Liput said. “This should become something that all retail mortgage lenders consider as they evaluate acceptable levels of risk and practice sound lending.”
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Vincent Cassidy talks about Majesty acquisition
Posted Date: Monday, April 14, 2014
Majesty Title Services is expanding by opening an office in the Carrollwood area of Tampa, Fla., in conjunction with its merger with Surety Land Title Co. Majesty Title Chief Executive Officer Vincent Cassidy spoke to The Title Report about the acquisition and marketing strategy behind the new office.
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Title companies now able to e-record in Medina County
Posted Date: Friday, April 11, 2014
Medina County, Ohio, is now accepting electronic documents for recording through Simplifile, an e-recording service provider.
“We’re so excited to have this new technology and to offer a more convenient, cost-effective way to record here at Medina County,” said Medina County Recorder Colleen Swedyk.
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First Team Real Estate joins RealtyTrac broker network
Posted Date: Friday, April 11, 2014
RealtyTrac selected First Team Real Estate as a member of the company’s broker network. First Team Real Estate, located in Southern California, offers services including residential and commercial real estate as well as title, escrow and mortgage operations. Keep reading to learn about the latest member of the RealtyTrac network.
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Vincent Cassidy talks about Majesty acquisition
Posted Date: Friday, April 11, 2014
Majesty Title Services is expanding by opening an office in the Carrollwood area of Tampa, Fla., in conjunction with its merger with Surety Land Title Co. Majesty Title Chief Executive Officer Vincent Cassidy spoke to The Title Report about the acquisition and marketing strategy behind the new office.
Cassidy said Majesty was investigating the Carrollwood area of Tampa for an expansion office since last fall.
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First American Title to provide automated title product orders with Clarifire
Posted Date: Friday, April 11, 2014
Clarifire, a provider of workflow automation products, partnered with First American Title Insurance Co.’s mortgage services division to allow Clarifire technology users to automate orders of First American title products.
“This new relationship is exciting because it makes our clients’ lives easier and more efficient,” said Clarifire Chief Executive Officer Jane Mason.
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Market continues to recover according to home builder index
Posted Date: Thursday, April 10, 2014
Of the approximately 350 metro markets nationwide, 59 returned to or exceeded their last normal levels of economic and housing activity, according to the National Association of Home Builders (NAHB)/First American Leading Markets Index (LMI). This represents a net gain of 11 metros year-over-year.
The index’s nationwide score ticked up to .88 from a March reading of .87. This means that based on current permit, price and employment data, the nationwide average is running at 88 percent of normal economic and housing activity.
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Foreclosure activity lowest since 2007
Posted Date: Thursday, April 10, 2014
RealtyTrac’s U.S. Foreclosure Market Report for March and the first quarter of 2014 showed a 4 percent increase from February, but a decrease of 23 percent from March 2013.
The monthly increase in foreclosure activity was driven by a 7 percent month-over-month increase in foreclosure starts — the initial public notice starting the foreclosure process — and a 6 percent monthly increase in scheduled foreclosure auctions.
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First American Financial announces Q1 earnings call
Posted Date: Thursday, April 10, 2014
First American Financial Corp., a global provider of title insurance, settlement services and risk solutions for real estate transactions, will host a conference call in conjunction with the release of the company’s first quarter earnings on April 24.
Last year, The Title Report reported First American Financial Corp. had increased its revenue and agent premiums, and a shift in order mix toward higher premium resale transaction, in its first quarter 2013 earnings report.
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Borrowers seeking new jumbo loan programs
Posted Date: Thursday, April 10, 2014
Mortgage credit availability increased slightly in March with lenders and investors providing more options to borrowers seeking higher loan amounts, according to the latest Mortgage Credit Availability Index (MCAI).
The report from the Mortgage Bankers Association (MBA) analyzes data from the AllRegs Market Clarity product.
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Fidelity National Financial announces Q1 2014 earnings call
Posted Date: Tuesday, April 8, 2014
Fidelity National Financial Inc. (FNF) will release its first quarter 2014 earnings after the close of regular market trading on April 30. A conference call will follow at 8 a.m. ET, May 1.
Last year, The Title Report reported Fidelity’s highest first quarter per-tax margin in close to a decade. This was credited to a slight shift in business mix to purchase over refinance transactions, as well as a sharp increase in closed orders.
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Real estate sales steady, mortgage originations drop to 14-year low
Posted Date: Tuesday, April 8, 2014
Monthly mortgage originations dropped to the lowest level in at least 14 years, according to Black Knight’s latest Mortgage Monitor. However, Herb Blecher, senior vice president of Black Knight’s Data and Analytics division, pointed out that real estate sales have remained relatively steady, buoyed by a substantial number of cash transactions. In January, origination volume declined to its lowest point since 2008, with prepayment speeds pointing to further drops in refinance-related originations.
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LodeStar named Fidelity software partner vendor
Posted Date: Tuesday, April 8, 2014
LodeStar Software Solutions is officially a software partner vendor with the Fidelity National Title Group. This recognition comes as a result of LodeStar working with FNTG state offices on internal technology improvements as well as introducing its new mortgage solutions product line to FNTG agents.
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GSEs work together to form uniform language for closing disclosures
Posted Date: Monday, April 7, 2014
Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac recently published a Uniform Closing Dataset (UCD) to support the Consumer Financial Protection Bureau’s (CFPB) Closing Disclosure. Soon this information will be required of lenders and their settlement providers.
The UCD is a component of the Uniform Mortgage Data Program, an ongoing effort by the GSEs, at the direction of the Federal Housing Finance Agency (FHFA), to enhance the accuracy and quality of loan data.
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Ellie Mae reports outage caused by external attack
Posted Date: Friday, April 4, 2014
Ellie Mae has fully restored access to all Encompass services after suffering a system outage earlier this week. Sig Anderman, founder and chief executive officer of Ellie Mae Inc.', said the interruption was consistent with an “external, malicious distributed denial-of- service” attack.
Cloudstar founder and chief executive officer Gregory McDonald told The Title Report that these kinds of attacks are becoming more common.
“DDoS attacks are not new,” he said. “They've been around for a while, but they are gaining in popularity. The hackers are motivated by money and they want recognition. Often the company will receive a ransom call telling them to pay or they will shut them down. Stealing data isn't their goal. More often than not it’s for personal satisfaction.”
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Foreclosures and shadow inventories continue decline
Posted Date: Friday, April 4, 2014
CoreLogic reported a year-over-year decrease of 15 percent in foreclosures in its February 2014 National Foreclosure Report. This coincides with a 35 percent decrease in year-over-year decrease in shadow inventory. For more information on this trend, read on.
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Residential sales volume decreases in February
Posted Date: Thursday, April 3, 2014
RealtyTrac, released its February 2014 Residential & Foreclosure Sales Report, which shows that U.S. residential properties, including single family homes, condominiums and townhomes, sold at an estimated annual pace of 5,083,241 in February, a 0.2 percent decrease from the previous month but still up 7 percent from a year ago. February marked the fourth consecutive month where sales activity decreased.
The real estate information company found that the decrease in sales volume nationwide was driven by monthly decreases in 31 states. Meanwhile, sales volume decreased on a year-over-year basis in six states, including Massachusetts, California, Arizona and Nevada, and 21 of the nation’s 50 largest metro areas, including seven California markets along with Phoenix, Orlando, Las Vegas and Detroit.
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Mortgage Bankers Association names top mortgage originators
Posted Date: Thursday, April 3, 2014
According to a set of commercial/multifamily real estate finance league tables prepared by the Mortgage Bankers Association (MBA), Wells Fargo; J.P. Morgan Chase & Co.; Bank of America; Merrill Lynch; Eastdil Secured; KeyBank; PNC Real Estate; HFF L.P.; Meridian Capital Group LLC; CBRE Capital Markets; and Prudential Mortgage Capital Co. were the top commercial/multifamily mortgage originators in 2013.
The MBA study is the only one of its kind to present a comprehensive set of listings of 117 different commercial/multifamily mortgage originators, their 2013 volumes and the different roles they play. The MBA report, Commercial Real Estate/Multifamily Finance Firms - Annual Origination Volumes, presents origination volumes in more than 140 categories, including by role, by investor group, by property type, by financing structure type, and by the location of the originating office.
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