News By Edition

Eyal Stern, chief operating officer and co-founder of Florida-based real estate technology provider DONO AI, spoke with The Title Report from his native Israel about the company’s new AI-driven title search platform.

Stern details what it has taken to maintain an end-of-year platform launch schedule as he works to keep loved ones safe amid a war.

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CATIC released its second annual “State of All Things Cybersecurity” report, showing significant year-over-year jumps in ransomware attacks and the amount of funds demanded in such instances.

Data also shows a continued rise in other title and real estate industry threats such as wire fraud, email phishing, vacant lot scams and overpayment scams.

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Fathom Realty, a subsidiary of Fathom Holdings, Inc. has acquired a Louisiana real estate firm that will pave way for Fathom’s footprint in the state.

The deal marks the second acquisition under Fathom’s umbrella in the past few months, after a Texas deal allowed for expansion in that state earlier in the fall.

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A third quarter earnings report from Stewart Information Services Corp. showed year-over-year declines overall but also quarterly jumps in both companywide and title segment earnings.

Companywide revenue for the third quarter came in at $601.7 million, up from $549.2 million in the second quarter but down year-over-year from $716.4 million.

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RamQuest and Pavaso, subsidiaries of Old Republic Title Tech, recently earned their SOC 2 Type 2 certification.

SOC 2 Type 2 certification signals that an organization’s cybersecurity and control measures meet all requirements outlined by the American Institute of Certified Public Accountants (AICPA), as verified by an independent auditor.

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Westcor Land Title Insurance Co.’s new underwriting counsel for its New England region has nearly 40 years of industry experience.

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LodeStar has integrated its closing fee compliance tools into nCino’s Mortgage Suite, making LodeStar the first independent closing fee tech provider to do so.

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A record percentage of homesellers are dropping their asking prices amid continued high interest rates and other economic stresses, according to Redfin.

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Sessions at ALTA ONE 2023 included “Prosperity or Destruction: The Potential of AI,” led by Fidelity National Financial Chief Privacy Officer Elizabeth Reilly and Stewart Title Guaranty Co. Chief Information Security Officer Genady Vishnevetsky.

Both speakers delved into ’artificial intelligence’s potential to revolutionize the title industry, sharing positive and negative ramifications, including voice cloning.

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Open Title Texas is open for business in the Lone Star State, led by a pair of title industry veterans with more than 20 years of experience.

The new firm is set to offer title searches and escrow services as well as title insurance and closings. Leaders said they will also put forth educational opportunities.

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Almost half of small business owners struggled to hire in October, with more than 40 percent (seasonally adjusted) reporting a job they could not fill, according to the National Federation of Independent Business.

Labor costs reported as the single most important problem for business owners were unchanged at 9 percent, four points below the highest reading of 13 percent in December 2021.

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The Clearing House has brought on a new chief product officer who will help lead initiatives including the RTP Network, CHIPS, ACH (EPN) and check clearing.

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The Closing Exchange has integrated with ICE Mortgage Technology’s Simplifile eSign Events, providing users access to remote online notarization and mobile closing appointments.

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A recent Zillow survey found that 35 percent of prospective buyers would buy a house they perceive to be haunted if it cost less than other homes and met other criteria.

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Tennessee-based Mid South Title Services has expanded into Florida through its acquisition of two Sunshine State firms that are more than 100 years old.

The acquisitions extend Mid South Title’s geographic footprint to include Tennessee, Mississippi, Louisiana and Florida. All newly acquired companies will now operate under the Mid South brand.

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First American Financial Corp. recently announced its third quarter earnings, showing title segment revenue that’s equal to the second quarter and higher than the first.

Total revenues for the segment during the third quarter were $1.5 billion, down 19 percent compared with the same quarter of 2022. Leadership attributes those results to challenging market conditions.

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Zillow Group’s acquisition of the Follow Up Boss customer relationship management platform will further help teams and agents deliver great customer experiences and boost productivity, leaders said.

Follow Up Boss will remain an independent brand and will continue to build its client base as a standalone product offering while serving all existing clients.

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The American Land Title Association (ALTA) Good Deeds Foundation has appointed a long-time ALTA member to its board of directors.

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InspectHOA is joining National Independent Agency Solutions’ vendor/partner marketplace. Members are chosen based on their ability to assist title companies in lowering costs and boosting revenue.

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A third quarter report from property data curator ATTOM shows mixed results with nationwide home equity, with a sizeable quarterly drop in the share of mortgage homes considered equity-rich.

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First American Financial Corp. has agreed to pay a $4.5 million penalty after an investigation into no-poach policies by New York Attorney General Leticia James.

The penalty is the fourth for “Big Four” title insurance underwriters since the fall of 2021 and the second to be handed down this year.

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Old Republic International Corp. reported a third quarter increase in title segment earnings compared with both the first and second quarter of 2022.

Third quarter net premiums and fees amounted to $684.4 million, contributing to $1.917 billion brought in over the first nine months. Leaders said continued elevated mortgage rates have played into year-over-year title earnings declines.

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AM Best has handed strong financial strength and credit issuing ratings to Investors Title Co. and its title subsidiaries, pointing to a strong operating performance and return on equity.

Their operating performance “consistently outperforms the industry, driven by its lower-than-average loss and loss adjustment expense ratios,” AM Best said.

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Punctual Abstract of Louisiana has brought on a new executive director of business strategy and client success, tapping a 20-year title industry stalwart.

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Skyline Lien Search has integrated its full suite of products in the Qualia marketplace, allowing Qualia clientele to access all required services through a single portal.

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New listings have posted their first annual increase since July 2022 as some sellers tire of waiting for mortgage rates to come down and others worry that prices will decline, according to Redfin.

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TitleEQ, a tech-driven national title and settlement services provider, garnered $1.5 million in investment capital during a recent seed funding round, the company announced.

Clients served by TitleEQ include institutional buyers and funds, residential real estate teams, commercial real estate-related businesses seeking to build workshare or joint venture partnerships, lenders and homebuilders.

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Wholesale Title Solutions is joining the National Independent Agency Solutions (NIAS) marketplace thanks to a new partnership between the companies.

NIAS serves as a hub for independent offerings such as advisory and advocacy services, resources, and solutions tailored to agencies, insurers, Realtors, and lenders within the title industry.

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East Texas Title Companies promoted a pair of long-time employees to the respective positions of vice president of operations and vice president of partnerships.

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Title Alliance has employed technology from alanna.ai to create its new service chatbot, which will be available 24/7 to answer questions from Title Alliance clients.

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Typical home sale profit margins are up in the third quarter compared with April, May and June, according to a quarterly home sales report from property data curator ATTOM.

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Kentucky-based Millennial Title is partnering with a popular online learning resource for real estate agents and brokers, which comes amid significant 2023 growth.

Millennial Title President Chip Ridge talked with The Title Report about benefits of the new partnership, which include referral partners’ access to specialized courses with more than 1 million users on lead generation, marketing, sales, specialist programming, and more.

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Title marketing firm Bowe Digital has created Growth House, which will specialize in data leasing for small businesses striving to expand their customer bases and audiences.

Growth House leverages ZoomInfo to research authentic, verified email addresses and professional contact information for any job title or industry in any state or region.

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AM Best has affirmed excellent credit and financial strength ratings for First American Financial Corp., First American Title Insurance Co. and its title affiliates.

Ratings reflect First American Title’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

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Chris Flynn, head of product and strategy at First American Data & Analytics, offered advice on optimizing real estate data and analytics strategy to gain a competitive advantage.

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Georgia-based escrow reconciliation and settlement support services provider Positively Balanced has tapped a 23-year title industry veteran is its new senior auditor.

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Pagaya, an AI provider for the financial sector, has appointed a new president as its current president assumes another company role.

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New listings and pending home sales inched up in September as homeowners opted to cash out, but transaction cancellations also increased, according to Redfin.

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