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The Title Report Print Edition
June 10, 2019
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Financial firms spend $2,300 per employee on cybersecurity
Posted Date: Thursday, May 16, 2019
On average, financial institutions each year spend $2,300 per full-time employee on cybersecurity, according to a report released by Deloitte and the Financial Services Information Sharing and Analysis Center.
The report found that larger firms spend nearly one-fifth of their cybersecurity budget to identity and access management — nearly twice the percentage of midsize and smaller companies.
Read on for more details from the report.
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Glen Oaks closes bitcoin transaction
Posted Date: Tuesday, May 21, 2019
Glen Oaks Escrow recently closed a bitcoin transaction involving the purchase of a condo.
Read on for more details.
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TitleOne acquires Idaho agency
Posted Date: Monday, May 20, 2019
TitleOne has acquired an Idaho title agency that serves the Bonner County market, the company announced.
With its latest acquisition, TitleOne now serves Ada, Canyon, Blaine, Boise, Bonner, Bonneville, Butte, Gem, Kootenai, Minidoka, Cassia, Twin Falls, Jefferson, Jerome, Gooding and Lincoln counties in Idaho with 15 locations and more than 225 employees.
Read on for more details about the acquisition.
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Investor Title’s first-quarter profits increase
Posted Date: Monday, May 20, 2019
Investors Title Co.’s net income and revenues increased during the first quarter, according to the company’s latest earnings statement.
Chairman J. Allen Fine said Investors is optimistic declining interest rates and a recent uptick in mortgage applications “will result in another year of solid real estate activity.”
Read on for more details about Investor’s first-quarter performance.
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Small-business owners remain rosy about economy
Posted Date: Monday, May 20, 2019
Apparently unfazed by fluctuations on Wall Street or a possible trade war with China, optimism among small-business owners continued to climb during April, according to the National Federation of Independent Business (NFIB) latest index.
NFIB President and CEO Juanita Duggan said the nation’s economic boom partially is attributable to strong growth in the small business half of the economy.
Read on for more details.
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Simplifile adds 38 jurisdictions
Posted Date: Monday, May 20, 2019
Simplifile has added 38 recording jurisdictions in 12 states to its eRecording network.
Read on for more details.
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Freddie: Steady market growth expected
Posted Date: Monday, May 20, 2019
Freddie Mac is predicting low mortgage rates, a strong labor market and low unemployment to fuel steady growth in the housing market during 2019.
Read on for more details.
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Home prices rose in April
Posted Date: Monday, May 20, 2019
Redfin said April’s increase in home prices is a more sustainable level of price growth than home price increases seen early last year.
Read on for more details.
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PGP Title talks about strong first quarter
Posted Date: Thursday, May 16, 2019
Atlanta-based homebuilder PulteGroup, Inc.’s first-quarter title revenues increased by double-digits, according to the company’s latest earnings report.
A company vice president told The Title Report that the first-quarter increase can be attributed to an increase in the average sales price and a slight uptick in production volume.
Read on to learn more about PGP Title’s first-quarter performance.
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Southern Title adds new location
Posted Date: Thursday, May 16, 2019
Daytona Beach, Fla.-based Southern Title has opened a new location in Flagler County and announced an agent in charge for the new location.
In addition to the new location, the newly hired agent in charge also will oversee the company’s current Palm Coast team as well as the company’s satellite closing location on AIA in Flagler Beach.
Read on for more details.
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Foreclosure filings continue to decline
Posted Date: Thursday, May 16, 2019
The states with the highest foreclosure rates in April were New Jersey, Maryland, Delaware, Illinois and Florida.
Read on for more details.
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ePN adds Georgia county to its network
Posted Date: Thursday, May 16, 2019
eRecording Partners Network has expanded its eRecording network in Georgia with the addition of DeKalb County.
Read on for more details.
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Ransomware attack delaying Baltimore closings
Posted Date: Thursday, May 16, 2019
As a result of a ransomware attack, real estate closings in Baltimore have been delayed as the city’s computer systems that provide information about taxes owed, water bills and lien certificates are locked.
Title underwriters have stopped issuing title commitments and policies until Baltimore’s systems are back up and running, which means real estate closing are on hold.
Read on for more details about the situation.
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Xome announces executive leadership additions
Posted Date: Thursday, May 16, 2019
Dallas-based Xome Holdings LLC has announced several additions to its leadership team, including a new chief financial officer, a head of innovation and chief of staff, and senior vice presidents for its Title365 operation.
Xome is a real estate solutions provider that offers asset management, property disposition, title, closing, valuation and field services through an integrated, technology driven platform.
Read on to learn what industry veterans have joined Xome’s team.
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Builder confidence at highest level since October
Posted Date: Thursday, May 16, 2019
Builder confidence regarding newly built single-family homes rose in May, reaching its highest level since October 2018, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI).
However, NAHB Chairman Greg Ugalde warned that affordability challenges persist and remain a big impediment to stronger sales.
Read on for more details from latest HMI.
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First American, Taylor Morrison reach 500 eClosings
Posted Date: Thursday, May 16, 2019
First American Title Insurance Co. and Taylor Morrison Home Corp. have completed 500 hybrid eClosings using First American’s eClosing solution.
Read on for more details.
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Roostify integrates with Docutech
Posted Date: Thursday, May 16, 2019
Roostify has integrated Docutech’s eSign, eClose and print fulfilment technology into its lending platform.
Read on for more details.
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ComplianceEase integrates with PFS
Posted Date: Thursday, May 16, 2019
ComplianceEase has integrated its automated compliance solution with Promontory Fulfillment Services LLC’s white-label mortgage origination platform.
Read on for more details.
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Covius gains $20 million investment
Posted Date: Tuesday, May 14, 2019
A New York-based investment firm has agreed to invest $20 million in Covius Holdings Inc. for a minority share of the company, both companies announced.
Covius Chairman and CEO Rob Clements said the company intends to use the capital “to further enhance our offerings, invest in our technology platform and pursue complementary acquisitions.”
Read on for more details about the strategic investment.
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WFG Lender Services launches DecisionPoint
Posted Date: Tuesday, May 14, 2019
WFG Lender Services has launched a new product that promises to process title requests within seconds by using the borrower’s name and the property address.
The company said its new product uses a proprietary algorithm that delivers a full, detailed title report within five seconds, letting lenders know the title processing time as well as any curative steps needed.
Read on for more details.
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Passport Title Services enters Volunteer State
Posted Date: Tuesday, May 14, 2019
Rockville, Md.-based Passport Title Services, LLC has expanded into Tennessee.
Passport, which provides settlement processing, support operations, title insurance agency and compliance functions to attorneys and title agents, is licensed in the District of Columbia, Maryland, Pennsylvania, Tennessee, Virginia and West Virginia.
Read on to learn what President and CEO John R. H. Cotter said about the expansion.
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Spano Abstract expands team
Posted Date: Tuesday, May 14, 2019
Garden City, N.Y.-based Spano Abstract has expanded its team with the addition of a client relationship specialist and a clearance officer. Read on for more details.
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Modus launches digital earnest money feature
Posted Date: Tuesday, May 14, 2019
Real estate technology company Modus has launched a platform that enables users to directly access their account and securely submit funds to escrow.
Read on for more details.
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Fidelity’s first-quarter revenues improve slightly
Posted Date: Friday, May 10, 2019
Despite decreases in purchase, refinances and commercial closings, Fidelity National Financial, Inc. (FNF) reported a slight improvement in first-quarter title revenues, according to the company’s latest earnings statement.
FNF President Mike Nolan said the company is optimistic “stable or declining mortgage rates, slower home price appreciation and the possibility of increased residential supply” will spur a stronger residential purchase market.
Read on for more details about FNF’s first-quarter performance.
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Proper Title expands footprint
Posted Date: Friday, May 10, 2019
Palatine, Ill.-based Proper Title, LLC has expanded its footprint in Illinois with the expansion of its Chicago Loop office and the opening of a new location in St. Charles.
The Loop office has a clean, modern design with ebony conference tables in each closing room and floor-to-ceiling windows overlooking downtown Chicago.
Read on for more details about Proper Title’s expansion.
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Underwater properties on the rise
Posted Date: Friday, May 10, 2019
The states with the highest share of seriously underwater properties during the first quarter were Louisiana, Mississippi, Arkansas, West Virginia and Illinois.
Read on for more details.
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App enables remote bidding on foreclosures
Posted Date: Friday, May 10, 2019
An Atlanta-based fintech company has created an app that enables buyers to buy foreclosed property being auctioned at Georgia courthouses through their phones, tablets, or PCs.
Read on for more details.
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Zucaro retires as Old Republic’s CEO
Posted Date: Thursday, May 9, 2019
After 25 years at the helm of Old Republic International Corp., Aldo (Al) Zucaro will retire as the company’s CEO effective Oct.1, the company announced.
The company said its President and Chief Operating Officer Craig Smiddy will become the sixth CEO in the company’s 95-year history.
Read on to learn the other C-Suite announcement Old Republic made.
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WFG names president of Dallas-Fort Worth division
Posted Date: Wednesday, May 8, 2019
WFG National Title Insurance Co. has named a president of its Dallas-Fort Worth (DFW) division.
The company’s new president will manage the day-to-day administrative operations of the DFW market, including working with the WFG team to establish short and long-term goals, plans and strategies, as well as recruiting employees for company branches.
Read on to learn who WFG selected.
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Blockchain platform launches escrow software
Posted Date: Tuesday, April 30, 2019
A Blockchain-secured platform for real estate and title recordkeeping has launched software modules that it said enables reduced escrow overhead costs and mitigated risks.
The company’s founder and CEO said its escrow software modules are available to integrate into a title company’s existing workflow immediately, and was developed by experts in title insurance and escrow.
Read on for more details.
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