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 Market Snapshot: The West gains back market share after 2-month decline
Posted Date: Thursday, August 30, 2012
The Market Snapshot for September, brought to you by The Title Report
and eLynx, showed a jump in the number of closings in the West.
Subscribers, click through to view the map breakdown of closing
percentages. The sample in the Market Snapshot is based upon eLynx’s nationwide
settlement agent database and reports gathered from transactions
involving 100,000 settlement agents registered upon the eLynx network,
which collects information throughout the mortgage and settlement
document lifecycle.
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Data security challenges; data protection solutions
Posted Date: Thursday, August 30, 2012
Part one of our look at the data security threats that face your title
business discussed the 50,000-foot view of the problem and the role that
regulators and lenders now play. Today, we look deeper at the actual
data security challenges and how your title insurance business can start
to defend itself from attacks while also demonstrating compliance to
interested lenders and regulators.
Richard Purcell developed Microsoft’s first privacy program and became
chief privacy officer for the company
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The title industry’s next big problem: Data security
Posted Date: Wednesday, August 29, 2012
What do lenders, regulators and thieves have in common? Answer: These
three groups are all interested in your data — how it arrives, how it
moves, where it goes and how it is stored. Their motives vary, but to
keep those three entities from adversely affecting your title business,
it is time to seriously think about how you store and secure data.
Paul Schwartz,
professor of law and faculty director for the Berkeley Center for Law
& Technology, is a leading expert in privacy la
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Fidelity prices $400 million of notes due in 2022
Posted Date: Wednesday, August 22, 2012
Fidelity National Financial Inc. announced the price of its issuance of
$400 million of 5.5 percent notes due Sept. 1, 2022, through several
well-known joint book-running managers. Read on for the details.
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Wells Fargo forms homebuilder banking team as demand increases
Posted Date: Tuesday, August 21, 2012
Wells Fargo announced that it has formed a Homebuilder Banking team to
serve the needs of its residential developer clients on the East Coast,
Texas and in the Midwest. The team is comprised of 14 bankers located
across the country. Could this help you or your customers?
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Westcor adds operations director to Lender Services Group
Posted Date: Tuesday, August 21, 2012
Westcor Land Title Insurance Co. announced the hiring of an operations
director for its newly formed Lender Services Group. Westcor created
this group to merge its national underwriter capabilities with the
expertise of its local agents to deliver a consistent customer service
experience to the lender community.
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WebTitle Agency, partner companies finalize relocation
Posted Date: Tuesday, August 21, 2012
WebTitle Agency and partner companies Cascade Settlement Agency and
Customized Lender's Services have relocated their Western New York
corporate headquarters. Read on for the details.
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More details of North American’s new company; manager hired
Posted Date: Tuesday, August 21, 2012
North American Title Group’s National Title Solutions made its official
debut last week, and this week NTS announced that Brian Johns will lead
the company and take the role of division manager. Read on for more
about Johns and exactly what strategy the company will use to find its
niche in the industry and service both new customers and the NATIC
agency base.
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Stewart opens two new California offices
Posted Date: Monday, August 20, 2012
Stewart Title announced an expansion in California with the opening of
new offices in Watsonville and Redlands. Read on for more information
regarding coverage areas and the positioning of these two new locations.
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Building permits, builder confidence both continue to rise
Posted Date: Friday, August 17, 2012
Nationwide housing production edged down 1.1 percent in July, but
confidence of homebuilders hasn’t been higher since February 2007,
mostly riding on the single best month for housing permits since 2008.
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D.R. Horton acquires Alabama, Mississippi-based builder
Posted Date: Friday, August 17, 2012
D.R. Horton, a Texas-based homebuilder, acquired the homebuilding
operations of Breland Homes. Breland operates in Alabama and
Mississippi. Read on for more details of the acquisition.
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Entitle Direct receives $19M infusion from new investor, goes agent-less in Ohio
Posted Date: Friday, August 17, 2012
Entitle Direct Group, the sole shareholder for EnTitle Insurance Co.,
has entered into an investment agreement with a global reinsurance
company located in Bermuda. In addition to that, sources have confirmed
that Entitle is moving away from the agent model in Ohio. Read on for
all of the details on these two moves for the company.
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Dual authorization app promises extra online protection
Posted Date: Thursday, August 16, 2012
IT and Internet industry experts are increasingly calling for two-factor
authentication to replace weak password security as each passing week
brings more high profile data breach incidents. Authentify is debuting a
new solution for companies looking to add dual authentication password
protection for its online services or processes. Read on for more.
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Refinance activity cools, mortgage applications decrease
Posted Date: Thursday, August 16, 2012
Mortgage applications decreased 4.5 percent from one week earlier,
according to data from the Mortgage Bankers Association’s Weekly
Mortgage Applications Survey for the week ending Aug. 10. Read on for
the rest of the weekly data from the MBA.
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Recovery sign? Housing affordability starts to dip as prices rise
Posted Date: Tuesday, August 14, 2012
Strengthening house prices in metro areas across the country contributed
to slightly lower housing affordability in the second quarter,
according to the latest Housing Opportunity Index. Read on for more
details from the report.
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Dunsmore, Kirchen head to WFG National Title
Posted Date: Tuesday, August 14, 2012
WFG National Title Insurance Co. has added industry veterans Steven Dunsmore and Dean Kirchen to manage its default services group. Read on for more background on these two WFG additions.
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CitiMortgage launches home rental program to help distressed borrowers
Posted Date: Tuesday, August 14, 2012
CitiMortgage announced the launch of the Home Rental Program to provide
an alternative to foreclosure and allow eligible borrowers to stay in
their homes by entering into a deed-for-lease home agreement and
establishing a lease. Read on for details of how this service would
work.
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North American launches company aimed at growing national customer base
Posted Date: Tuesday, August 14, 2012
North American Title Group launched a new company intent on providing
national customers with a streamlined process to take care of their
title production needs. The new company, known as North American
National Title Solutions, is built on a business model that allows for
orders to be opened and tracked from a centralized location, while
driving production to strategic teams at the point of closing.
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First American AgentNet system now available through RamQuest
Posted Date: Tuesday, August 14, 2012
RamQuest Inc. announced that its Closing Market digital
network is now integrated with First American Title Insurance Co.’s
AgentNet system. Read on for more information from the title production
software company.
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Report: Closing costs drop 7 percent across the country
Posted Date: Monday, August 13, 2012
Are closing costs dropping? Possibly, according to the eighth annual
Bankrate.com survey. The online publisher, aggregator and distributor of
personal finance content is reporting a 7 percent drop in the average
cost to close on a mortgage compared to its research the same time last
year. But as always with this list, there is some controversy.
Subscribers, read on for more.
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Indecomm reports 86 percent acceptance rate in Minnesota e-recording
Posted Date: Friday, August 10, 2012
Indecomm Global Services issued a release announcing an 86 percent
first-time acceptance rate for all documents submitted for e-recording
to Hennepin County, Minn., through the first half of 2012. Read on for
more from the company and the county.
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‘Major underwriter’ to adopt Ernst mobile app
Posted Date: Friday, August 10, 2012
Ernst Publishing Co., a provider of closing cost data for the real
estate and home finance industries, reported that a “major title
underwriter” will be using its fully customizable mobile apps to provide
closing data to its agents in the field. Read on for more from the
announcement.
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Chicago Title Commercial hires national closer
Posted Date: Friday, August 10, 2012
Chicago Title Commercial in Houston, Texas, announced that it has
brought aboard a new national commercial closer. Read on for more about
the announcement.
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LPS: Influence of HARP greatly increased high loan-to-value refis
Posted Date: Friday, August 10, 2012
The June Mortgage Monitor report released by Lender Processing Services
shows that while overall mortgage prepayment activity remains stable,
despite historically low rates, the federal government's Home Affordable
Refinance Program has seen considerable activity since the beginning of
2012.
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Foreclosure market statistics vary wildly across state lines
Posted Date: Friday, August 10, 2012
The overall foreclosure numbers for the country continue to steadily
decrease, but a closer look at the RealtryTrac data shows that depending
on the region, foreclosure activity might be on the way back up. Read
on for the latest monthly analysis for the foreclosure market.
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Mortgage stats: Refinances decrease; delinquency rate drops
Posted Date: Thursday, August 09, 2012
The Mortgage Bankers Association (MBA) reported that mortgage
applications decreased 1.8 percent from one week earlier and the
delinquency rate decreased 86 basis points for the second quarter year
over year. Read on for all of the mortgage stat updates.
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Interthinx: Mortgage fraud risk rises in second quarter
Posted Date: Thursday, August 09, 2012
Overall risk of mortgage fraud continued on an upward climb after a
one-quarter pause, according to the Mortgage Fraud Risk Report from
Interthinx, which moved up 7 percent from the first quarter of this
year. What areas carry higher risk these days? Read on for the details.
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Fidelity one step closer to acquiring next restaurant
Posted Date: Thursday, August 09, 2012
Fidelity National Financial Inc. moved a step closer to its next
restaurant acquisition, announcing the commencement of an all cash
tender offer through its indirect wholly-owned subsidiary, New Athena
Merger Sub Inc., for all of the outstanding shares of common stock of J.
Alexander’s Corp. Read on for more details of the offer.
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80 MSAs listed as improving markets in latest index
Posted Date: Thursday, August 09, 2012
First American and The National Association of Home Builders (NAHB)
reported that a total of 80 metropolitan statistical areas across 33
jurisdictions are now listed as improving housing markets. Read on for
more from the August report.
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Stewart ratings affirmed by financial firm
Posted Date: Thursday, August 09, 2012
On the heels of Stewart Information Services’ positive Q2 financial
results, Fitch Ratings has affirmed all of its ratings for the company
as well as a stable outlook. Fitch said the stable outlook reflects
Stewart’s continued improving performance with significant premium and
earnings growth. Read on for the complete analysis.
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Fannie, Freddie boast positive Q2 — have they stopped their demise?
Posted Date: Thursday, August 09, 2012
There is a running series in the Cleveland Plain Dealer called
“Whatever Happened to...” where it looks at news stories or city
projects that kind of came and went — stuff that was on the top of
people’s minds a decade ago, or even a few years ago, that isn’t even
thought of now. This is what I thought of reading about Fannie Mae and
Freddie Mac’s financial results for the second quarter.
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Fidelity’s major accounts team adds new VP
Posted Date: Wednesday, August 08, 2012
Vincent Andreucetti, a recent hire by Fidelity National Title as senior
vice president and sales manager for the major accounts team in San
Diego, is now adding to his team. Read on for more information about the
latest addition.
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Investors Title reports 110 percent gain in net income
Posted Date: Wednesday, August 08, 2012
The positive title underwriting results continue to post for the second
quarter as North Carolina-based Investors Title Co. reported a 110
percent gain in its net income. Read on for a closer look at the
company’s premium growth, favorable claims experience and a few of the
factors it cites for this 2012 success.
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Entrust Solutions adds former Southern Title account exec as counsel
Posted Date: Tuesday, August 07, 2012
Entrust Solutions, a title insurance servicing company known for its
back office solutions and new Nexus Program, expanded its footprint in
Georgia by adding an industry veteran as its Georgia state counsel. Read
on for more from Entrust.
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LPS reaches $2 million settlement over robo-signing claims
Posted Date: Tuesday, August 07, 2012
Missouri Attorney General Chris Koster reached a settlement agreement
with Lender Processing Services (LPS) over alleged robo-signing issues
involving now-closed LPS subsidiary DocX. Read on for the terms of the
settlement and what LPS had to say about the deal.
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Office manager admits to stealing $200,000 for personal expenses
Posted Date: Tuesday, August 07, 2012
An office manager of a title agent’s Virginia Beach, Va., office
admitted to using $200,000 in escrow funds to pay for personal expenses
between 2007 and 2010. Read on for details of the scheme according to
the court documents.
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Mortgage vets form new advocacy group in Washington
Posted Date: Tuesday, August 07, 2012
Now, maybe more than ever, the mortgage and settlement services
industries are feeling the heat from legislators and regulators on
issues that could dramatically alter business processes. It is that
climate that has brought together two mortgage industry veterans to
speak out on behalf of the industry. Read on for the views from these
two insiders and what the focus of this venture will be.
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Limit your risk under CFPB’s new whistleblower program
Posted Date: Tuesday, August 07, 2012
While the SEC has been busy since the inception of its new whistleblower
rule, the CFPB has also created a whistleblower program that affects
every company that is a covered entity under the new agency. What are
the CFPB’s new whistleblower provisions, what potential threats do they
pose to your company and what steps should you be taking now to avoid
trouble down the road?
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Editor’s Note: Our perceptions can make our situations worse
Posted Date: Monday, August 06, 2012
I’m someone who tries to sift through any seemingly terrible situation
and find the potential opportunities for something better, or at least a
less negative message. I try to maintain this outlook not because it’s
better to walk through life totally positive, but because often when I
step back from a situation, I realize the initial negativity all started
with my personal bias or subjective experience. Read on for a quick
Cleveland sports take (of course), and (hopefully) a takeaway for your
business.
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Trickle-down effect: How lender scrutiny will affect your title business
Posted Date: Monday, August 06, 2012
The government has told the major players in the mortgage industry to
have better control/supervision over their vendors to ensure that all
aspects of a default or mortgage transaction are performed well, fairly,
and to the benefit of consumers. Violators will face serious
consequences. The Title industry is a big part of this process. What are
they looking for from you?
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NTC looks to expand, capitalize on training compliance requirements
Posted Date: Thursday, August 02, 2012
Nationwide Title Clearing Inc., a national firm that performs research
services and processes documents for the residential mortgage servicing
industry, announced it is hiring more than 30 new employees by year’s
end and has developed a new training program to meet changing compliance
requirements. Read on for more.
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CATIC receives stable outlook from insurance rating company
Posted Date: Thursday, August 02, 2012
A.M. Best Co. has assigned a financial strength rating and an issuer
credit rating to Connecticut Attorneys Title Insurance Co. Plenty has
been happening with the regional underwriter in recent months and A.M.
Best assesses what it all means. Subscribers, read on for the insurance
rating firm’s insight.
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Western Region Report: Phoenix market volatile but trending up
Posted Date: Thursday, August 02, 2012
The volume of total dollars insured in the Phoenix Metro Area has been
volatile over the past 12 months, but total dollars insured has trended
upward the past three months. Subscribers, read on for a comprehensive
look at the dollars insured, as well as the top gaining title agents in
the market.
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New-home sales decline in June from upwardly revised May pace
Posted Date: Thursday, August 02, 2012
Sales of newly built, single-family homes slowed 8.4 percent to a
seasonally adjusted annual rate of 350,000 units in June following an
upwardly revised, strong pace in the previous month, according to
figures released by HUD and the U.S. Census Bureau. Read on for more
information.
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Florida agent sentenced to 18 months for fraud
Posted Date: Wednesday, August 01, 2012
A former title agent from Jacksonville, Fla., was sentenced to 18 months
in federal prison for bank fraud related to a mortgage fraud scheme.
She was also ordered to pay restitution to the victims. Read on for more
details of the sentencing and the scheme itself.
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Big Four breakdown: Order comparisons, FAF sells CoreLogic stock, HARP business, more
Posted Date: Tuesday, July 31, 2012
The second quarter financial results are in, and the title insurance
industry — at least the Big Four — seem pleased with the numbers. Title
revenue and orders were up for Fidelity, First American, Old Republic
and Stewart. Reasons for the positive results ranged from refinance
activity, commercial transactions, market share gains, diminishing
claims and longer-term expense reduction initiatives. What else was said
of note during the conference calls? The Title Report has you covered. Subscribers,
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Alaska adopts electronic recording
Posted Date: Tuesday, July 31, 2012
The Anchorage District Recorder’s Office has begun electronically
recording land record documents such as deeds, mortgages and
reconveyances on a limited basis. Read on for more information.
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Fees up, claims down in Old Republic second quarter results
Posted Date: Thursday, July 26, 2012
Old Republic International Corp. reported its financial results
for the second quarter and first half of 2012, and a majority of the
focus was on the run-off of the Republic Financial Indemnity Group.
While that process paints the broader picture, our focus today is
looking at the title insurance segment of the company. Read on for
details from the earnings report.
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Stewart notes 319 percent increase in net earnings
Posted Date: Thursday, July 26, 2012
Stewart Information Services Corp. rode some positive momentum during
the second quarter to hit $24.9 million in net earnings, which is a
notable 319 percent increase from year ago. The first six months of 2012
shows net earnings of $12.8 million, which is an improvement of $17.1
million from the prior-year period. Read on for the rest of the national
underwriter’s operating results for Q2.
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reQuire adds Dodson as director of sales
Posted Date: Thursday, July 26, 2012
reQuire LLC, a release tracking company, announced that it has hired a
new director of sales. The director of sales will serve as mentor and
coach to all reQuire account management and sales training team members.
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Title Source to move 1,500 employees to downtown Detroit
Posted Date: Thursday, July 26, 2012
Michigan-based Title Source, a national provider of title insurance,
property valuation and settlement services, made a big splash this week,
announcing a move to downtown Detroit that will involve all 1,500 of
its employees.
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First American profits soar in second quarter
Posted Date: Thursday, July 26, 2012
First American Financial’s profits soared in the second quarter as the
company boasted its best results since 2005. Without the help of a
booming mortgage market, net income more than doubled, total revenue
jumped 18 percent and title margin came to 11.7 percent. Read on for
more coverage from the company’s second quarter earnings report.
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A.M. Best highlights First Am’s strengths in rating report
Posted Date: Thursday, July 26, 2012
On the eve of the national underwriter’s second quarter earnings
release, A.M. Best Co. has gone ahead and affirmed the financial
strength and issuer credit ratings for First American Title Insurance
Group’s six title underwriting entities. A.M. Best also affirmed the
credit rating for holding company First American Financial Corp. Read on
for more from the report.
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