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Stewart purchases LandSafe Title from Bank of America
Posted Date: Tuesday, April 15, 2014
Stewart has reached an agreement with Bank of America to purchase its LandSafe Title businesses. The purchase of these operations is consistent with Stewart’s strategies to expand Stewart’s mortgage and title operations and enhance the service Stewart offers its mortgage customers. Read on to learn more about this acquisition.
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Title underwriters report improved profitability, capitalization in 2013
Posted Date: Thursday, April 17, 2014
Exclusive excerpt from the 2014 Edition of Demotech Performance of Title Insurance Companies
By Douglas Powell, senior financial analyst, Demotech, Inc. and Paul Osborne, senior financial analyst, Demotech, Inc.
A major determinant of the financial stability of a title underwriter is an evaluation of critical financial stability ratios benchmarked against financial stability tests and the representative historical operating results of the insurer. Based upon a review of these key metrics and rating indicators, title underwriters collectively improved their overall financial stability in 2013. The underwriting and overall profitability of title underwriters has improved when comparing 2013 to the most recent reported years. Equally as important to note, title underwriters have continued to maintain a sufficient level of policyholders’ surplus and are adequately capitalized as a whole.
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CFPB releases mortgage disclosure guide
Posted Date: Wednesday, April 23, 2014
The Consumer Financial Protection Bureau (CFPB) released a 96-page guide to provide instructions for completing the bureau’s new Loan Estimate and Closing Disclosure, mortgage disclosure forms that take effect in August 2015.
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Stewart’s chief economist forecasts housing market
Posted Date: Tuesday, April 22, 2014
Ted C. Jones senior vice president and chief economist for Stewart Title Guaranty Co., shared his observations and forecasts for the housing market and title insurance industry during his presentation at the Tennessee Land Title Association’s Annual Convention April 10. October Research, LLC attended the presentation to hear what this title insurance industry economist had to say about a spike in rentals and how he expects interest rates to affect the housing market.
He said there has been a spike in the amount of renters versus homebuyers recently. This is a consequence of two factors. First, the Qualified Mortgage rule encourages a large down payment and high credit scores. College loans are also delaying home purchases.
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Recently opened New York underwriter lowers prices with new business model
Posted Date: Thursday, April 24, 2014
OneTitle National Guaranty Co. is the newest licensed underwriter in the State of New York. Founder and Chief Executive Officer Daniel Price and Senior Vice President and General Counsel Vincent Danzi spoke with The Title Report about how OneTitle’s new direct model offers savings in reduced policy rates and fees.
OneTitle was officially formed in 2013, but opened to the public earlier this year.
“We saw a real opportunity in the market to provide a superior level of service with a different business model and to drive significant savings—including lower filed rates and lower fees for all transactions—to our policyholders and partners including lenders, attorneys, developers and others,” said Dan Price, founder and chief executive officer.
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Zodiac Title takes commercial title insurance national
Posted Date: Tuesday, April 15, 2014
Zodiac Title Services announced its plans to further develop its national commercial title insurance accounts. The three-year old agency has offices in New York City and Melville, N.Y., and provides commercial and residential title insurance products and services. President Bill Purschke said the company intends to grow in the commercial title insurance sector.
When asked how he plans to expand the Zodiac Title footprint, he said the company will grow its commercial title insurance market share by attracting national talent and building more relationships across the country.
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Equity Pointe transfers select accounts to Old Republic Default Management Services
Posted Date: Friday, April 18, 2014
Old Republic Default Management Services (ORDMS) and Equity Pointe Asset Services Inc. managed the transfer of select Equity Pointe customer accounts to Old Republic. ORDMS provides national default coordination through direct fulfillment and partner affiliates. Customized solutions are designed to integrate with existing workflows to streamlines processes, shorten timelines and improve quality.
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WFG expands Florida agency presence
Posted Date: Thursday, April 17, 2014
Cary Williams has joined WFG National Title Insurance Co. as a vice president and sales manager for the company’s agency team in Central Florida. WFG National Title is a full service provider of title insurance and real estate settlement services for commercial and residential transactions nationwide. Keep reading to see how he will help the agency grow its agency presence in Florida.
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Alliant National Title expands with new office
Posted Date: Tuesday, April 15, 2014
Alliant National Title Insurance Co. opened a new Florida office in Oviedo to grow its services. The title insurance underwriter, which helps independent agents improve their business, also announced an increase in personnel. Keep reading to learn more about this expansion.
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Fitch raises Old Republic International rating
Posted Date: Thursday, April 24, 2014
Fitch Ratings has upgraded the Insurer Financial Strength (IFS) ratings of Old Republic International Corp.'s (ORI) insurance subsidiaries to 'A' from 'A-'. Fitch has also affirmed ORI's holding company ratings, including the senior debt rating at 'BBB-'. The Rating Outlook is stable.
Fitch's rationale for the upgrade of ORI's P/C and title insurance company ratings reflects continued earnings strength and solid capitalization in these segments, along with improved consolidated results.
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Tom Ridge says cybersecurity of banking data is a national duty
Posted Date: Tuesday, April 15, 2014
Tom Ridge, president and chief executive officer at Ridge Global and partner at Ridge | Schmidt Executive Cyber Solutions, said securing non-public private information (NPI) is everyone’s responsibility as a citizen. October Research attended his speech on cybersecurity in the banking industry at the Consumer Bankers Association’s annual conference April 1.
“The cyber environment is an ecosystem made up of many different components,” Ridge said. “In terms of the U.S. economy, there are many different sectors and segments. Each sector must do its part. This industry and the Consumer Bankers Association are committed to pulling their weight and is a leader on cyber security.”
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Ellie Mae confirms outage was not due to malicious attack
Posted Date: Thursday, April 17, 2014
Ellie Mae, a provider of enterprise level, on-demand automated solutions for the residential mortgage industry, concluded that the recent outage to its Encompass services was not a result of a malicious attack and confirmed that there was no breach of customer data.
The characteristics of the outage initially appeared to the company to be consistent with a distributed denial of service (DDoS) attack.
Ellie Mae reports outage caused by external attack
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TitleOne Corp. names new chief executive officer for title and escrow
Posted Date: Thursday, April 24, 2014
TitleOne Corp. President Mark Tidd has been appointed chief executive officer for the title and escrow company. He will continue to work with the senior management team on the company’s strategic direction and growth. Keep reading to learn about Tidd and his new position.
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Protecting yourself, your customers and your office with a compliant escrow office
Posted Date: Friday, April 25, 2014
It seems like every time you turn around, you hear about a new threat to your escrow accounts, or another escrow agency owner discovering that their trusted employee has been stealing escrow funds from behind their back. These threats are real and regulators and legislators are standing up and taking notice. In this environment, it’s more critical than ever to make sure you are operating a compliant escrow operation. At the 2014 National Settlement Services Summit, industry members and a seasoned regulator will provide the tools you need to protect your most valuable asset.
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CFPB announcement no surprise to title industry
Posted Date: Friday, April 25, 2014
The Consumer Financial Protection Bureau (CFPB) launched a new eClosing pilot program in order to explore new avenues to make closings less complex to consumers. Cindy Koebele, president and executive director at TitleSmart Inc., and Bill Anderson, vice president of legislative affairs at the National Notary Association told The Title Report they weren't surprised by the announcement.
Koebele said she hasn't received a large number of requests in the past for eClosings but has performed some at the request of lenders in the last few years.
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Stewart announces new commercial pricing director
Posted Date: Thursday, April 24, 2014
Benjamin Johnson will serve as the national commercial pricing director at Stewart Title Commercial Services. In this position, he will prepare and coordinate the pricing for Stewart’s commercial transaction throughout the U.S. Read on to learn about the newly appointed Stewart executive.
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BREAKING NEWS: CFPB unveils eClosing initiative
Posted Date: Wednesday, April 23, 2014
The Consumer Financial Protection Bureau (CFPB) met with the public Wednesday to discuss the mortgage closing process. The agency announced that it will launch a new electronic closing (eClosing) pilot program in order to explore new avenues to make closings less complex for consumers.
“As part of our Know Before You Owe initiative, we are making a commitment to work with the various stakeholders to use technology in order to improve the mortgage closing experience for consumers,” CFPB Director Richard Cordray said in his opening comments. “We strongly believe that electronic closing solutions — known as eClosings — can lead to more knowledgeable consumers and a much better process for everyone involved.”
Developing a more streamlined and efficient closing process is the next phase in the CFPB’s Know Before You Owe initiative that began in May 2011, when the bureau released its initial RESPA/Truth in Lending Act integrated mortgage disclosure prototypes.
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Wright tells title agents they can surpass limits
Posted Date: Tuesday, April 22, 2014
Greg Wright, president of The Wright Track Consulting Co., spoke with title insurance agents at the Tennessee Land Title Association’s Annual Convention April 11 about overcoming perceived barriers to success and returning to prospecting. October Research, LLC attended his presentation to learn how title insurance agents can push past their “walls” and grow their title insurance business.
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Wakulla County implements Landmark Official Records system
Posted Date: Tuesday, April 22, 2014
The Wakulla County Clerk’s office is the latest in Florida to complete implementation of Pioneer Technology Group’s new Landmark Official Records system. Wakulla County Clerk Brent Thurmond said Landmark was “head and shoulders above” the other systems he evaluated. Keep reading to learn why.
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Kevin Kinerk joins Thomas Title and Escrow
Posted Date: Tuesday, April 22, 2014
Kevin Kinerk joined Thomas Title and Escrow as executive vice president. He will be responsible for the development, implementation and maintenance of the company’s sales, marketing and business development efforts in Arizona.
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Three new counties begin e-recording
Posted Date: Tuesday, April 22, 2014
Title companies, banks and attorneys are now submitting documents electronically in Citrus, Hernando and Ventura counties. Documents submitted for e-recording through Simplifile can be received, reviewed, stamped, recorded and returned back to the submitter in minutes.
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Hundreds of Hawaiians scammed by loan modification program
Posted Date: Friday, April 18, 2014
Hundreds of distressed homeowners facing foreclosure in Hawaii were likely misled by a loan modification program operated by the Homeowner Legal Assistance Association (HLAA), a Florida corporation, for approximately 17 months in 2009 and 2010, according to a state investigation. The Hawaii Department of Commerce and Consumer Affairs Office of Consumer Protection (OCP) believes more than 500 Hawaii homeowners may have claims against their New York-based attorneys and urges victims to file claims for reimbursement.
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Home equity returning at slower pace
Posted Date: Friday, April 18, 2014
The U.S. Home Equity and Underwater Report for the first quarter of 2014 shows 9.1 million U.S. residential properties were seriously underwater – where the combined loan amount secured by the property is at least 25 percent higher than the property’s estimated market value – representing 17 percent of all properties with a mortgage in the first year.
This follows industry trends according to RealtyTrac Vice President Daren Blomquist.
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MarketPulse: Loss of tax exemption may be hurting short sales
Posted Date: Friday, April 18, 2014
The loss of the tax exemption afforded by the now-expired Mortgage Forgiveness Debt Relief Act is probably one of the primary factors driving a precipitous drop in short sales in the housing market. That is one of the key findings of CoreLogic’s April MarketPulse report. Keep reading to see what the experts had to say about the short-sales “cliff” and whether rising interest rates and regained equity will drive home equity loan demand.
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Title Resources names new VP for southwest region
Posted Date: Friday, April 18, 2014
Title Resources has appointed a new executive charged with enhancing the local delivery of title, settlement and vendor management services to customers in Texas, Colorado, New Mexico and Louisiana. Jason Bragg, a veteran of the title and underwriting industry, has been named the company’s senior president, southwest regional manager. Read on to learn more about what this appointment means to the company’s increased emphasis on customer service at the local level.
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NBA record-holder to share journey from auto mechanic to All-Star
Posted Date: Thursday, April 17, 2014
At an age when most NBA All-Stars’ time in a garage is spent weighing what Lamborghini or Ferrari to add to their fleet, Mark Eaton was an auto mechanic talking to customers about whether they wanted regular or high-performance motor oil in their Fords and Chevys. However, the 7-foot-4-inch Eaton would go from a mechanic to a 12-year career with the Utah Jazz where he was named the NBA’s Two-Time Defensive Player of the Year and selected to play in the 1989 All-Star Game. Continue reading to see how Mark is bringing his lessons for personal and professional success to the 2014 National Settlement Services Summit (NS3) in June.
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Iberiabank names new director of treasury management services
Posted Date: Thursday, April 17, 2014
Iberiabank Corp. appointed Donna Kasmiersky as executive vice president and director of treasury management services. Iberiabank is a financial holding company with 267 combined offices, including 172 bank branch offices and four loan production offices and 21 title insurance offices. Keep reading to learn more about Kasmiersky and her new position.
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Archer integrates with Ellie Mae’s Encompass
Posted Date: Tuesday, April 15, 2014
Accurate integrated its proprietary vendor management and compliance software platform, Archer, with Ellie Mae’s Encompass mortgage management solution. The integration allows Ellie Mae’s Encompass users to access Accurate’s national title, closing and valuation solutions driven by the Archer platform.
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Denver now e-recording public records
Posted Date: Tuesday, April 15, 2014
PropertyInfo Corp., a Stewart company, completed the installation of its CountyFusion records management software system at the Denver Office of the Clerk and Recorder. This system allows for the filing of online marriage and civil union applications, which has helped reduce wait times by 300 percent.
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Heartbleed leaves title agents vulnerable
Posted Date: Tuesday, April 15, 2014
The recent “Heartbleed” bug is a computer security vulnerability that can reveal the contents of the server’s memory. Title agents who are victims of the Heartbleed bug can have private data such as user names, passwords and credit card information exposed.
The Better Business Bureau (BBB) recently sent out a release regarding the Heartbleed bug that includes warnings title agents need to heed. The BBB explained that the bug exploits a flaw in the Secure Sockets Layer (SSL) of popular open source software called OpenSSL.
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