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The Title Report Print Edition
August 25, 2014
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Disaster recovery dependent on preparation
Posted Date: Monday, August 18, 2014
Disaster recovery preparation needs to be about more than preparing for hurricanes and tornadoes according to Agility Recovery experts Bob Boyd, Mark Norton and Scott Teel. Man-made disasters are far more common and can cause a significant interruption in business. Keep reading to learn how your business can be prepared for all kinds of disasters.
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Disaster recovery dependent on preparation (Pt. 2)
Posted Date: Tuesday, August 19, 2014
Disaster recovery preparation needs to be about more than preparing for hurricanes and tornadoes, according to Agility Recovery experts Bob Boyd, Mark Norton and Scott Teel. Man-made disasters are far more common and can cause a significant interruption in business. In Part 2 of this two-part series, the experts explain how to get started.
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NS3 panel brings title industry out of Stone Age, into creative new revenue streams
Posted Date: Thursday, July 24, 2014
“The Stone Age didn’t end because humanity ran out of stones,” Ronald Bailey, a well-known American libertarian science writer, once said.
The quote is now posted in the offices of Winged Foot Title LLC in Fort Myers, Fl., and the company’s owner and attorney, Chris Black, recently led a panel discussion at October Research LLC’s National Settlement Services (NS3) conference in New Orleans, where he added to the statement: “It ended because people innovated.”
The topics of innovation and creativity were the theme of Black’s presentation during a session at the 10th annual conference titled, “Partnerships, Cooperation and Creative Thinking: Encountering Ways to Add to Your Revenue Stream.”
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Dan Miller tells title industry about their biggest clients
Posted Date: Tuesday, July 22, 2014
October Research, LLC recently hosted its 2014 National Settlement Services Summit in New Orleans where Dan Miller, chief executive officer at RightNow Consulting, gave title agents insights on how to meet the needs of their best customers.
“The next five to seven years are going to be the most exciting and opportunistic years in your business,” Miller said.
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Jackie Hoyt discusses growth, expansion of Hillsboro Title in Missouri
Posted Date: Monday, July 21, 2014
Jackie Hoyt bought the assets of Hillsboro Title Co. two years ago and changed its corporate name to KWYK Inc. – Know What You Know Inc. She was working for the company through the housing collapse when the company went from 14 offices to four. The owners started looking for buyers and Hoyt raised her hand.
“I didn’t want to see someone from out of town or venture capitalists come in and purchase the company,” she told The Title Report.
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Title Alliance eager for Florida opportunities
Posted Date: Monday, August 11, 2014
Title Alliance has opened its first title agency partnership in Florida with the Keller Williams Marco Island Market Center of Marco Island, Fla. This is the 38th joint venture title office for the company, and its 19th partnership with Keller Williams.
Title Alliance opens first joint venture in Indiana
“Our particular niche is different from most out there,” Jim Campbell, partner at Title Alliance told The Title Report
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Lenders report positive expectations, project modest growth
Posted Date: Friday, August 8, 2014
Results collected during the inaugural quarterly Mortgage Lender Sentiment Survey show greater consumer mortgage demand in the second quarter of the year along with a steady and positive near-term mortgage demand outlook, and a divergence between larger and smaller lenders in underwriting credit standards.
This new industry research initiative tracks insights into current lending activities and market expectations among senior mortgage executives at Fannie Mae’s lending institution partners.
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Fitch’s Glombicki analyzes the big four
Posted Date: Tuesday, August 12, 2014
Title insurers in the U.S. reported a meaningful reduction in first half 2014 profits versus the prior year. The decline is because of a weak first quarter with negative effects from severe winter weather on economic activity and higher interest rates on mortgage refinancing volume. Favorably, commercial activity remains robust, although unlikely to fully offset other unfavorable trends.
The title insurance industry is dominated by four large publicly traded companies: Fidelity National Financial (Fidelity), First American Financial Corp. (First American), Old Republic International (Old Republic) and Stewart Information Services Corp (Stewart).
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SSI offers borrowers’ identity theft protection
Posted Date: Tuesday, August 5, 2014
Secure Settlements Inc., a data intelligence and risk analytics company for the mortgage industry, is now offering a new program enhancement in association with RFIB Group Ltd. and certain underwriters at Lloyd’s of London for Mortgage Settlement Insurance. MSI is an insurance policy that covers lenders utilizing SSI’s ClosingGuard service against losses arising at the closing table.
Secure Settlements Inc. enhances Closing Guard
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Sun Title to make commitments clear
Posted Date: Monday, July 21, 2014
Sun Title, a tech-savvy title agency in Michigan, is making the closing process easier for the consumer with its new EZ-Read Title Commitment. Sun Title President and Co-Owner Lawrence Duthler said it will save everyone time and energy from the very beginning of the transaction.
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Accurate Group launches EquityRenew Solution
Posted Date: Tuesday, August 5, 2014
Accurate Group, a provider of real estate appraisal, title and compliance services, launched its EquityRenew solution to help banks accelerate processing of home equity lines of credit that will reset over the next three years. Keep reading to learn more about this tool.
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New county tax deed sale system offered by Pioneer Technology Group
Posted Date: Thursday, July 31, 2014
The Pioneer Technology Group, a developer of software solutions and services, announced its County Tax Deed Sale System, TaxSmart, is now live in Hernando County, Fla. Policy and Project Specialist for the county, Samantha Haun, said she’s excited to have a product that streamlines tax deed processes. Keep reading to learn more.
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Ellie Mae to acquire AllRegs, launches new consumer direct solution
Posted Date: Monday, August 11, 2014
Elle Mae, a provider of innovative on-demand software solutions and services for the residential mortgage industry, has signed a definitive agreement to acquire AllRegs, an information provider for the mortgage industry, for $30 million in cash, subject to certain price adjustments.
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Ernst Publishing names new director of product management
Posted Date: Thursday, July 31, 2014
Ernst Publishing Co., a provider of technology and closing cost data for the real estate and finances industries, named a new director of product management. Keep reading for more information.
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eRecording popular, but not without barriers
Posted Date: Friday, August 15, 2014
eRecording is gaining in popularity across the country, but there are still some barriers to full acceptance of the technology. Simplifile's National Sales Manager Vicki DiPasquale and CSC President Karl Klessig spoke to The Title Report about these barriers and what's to come for this part of the industry.
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Foreclosures becoming fewer, farther between
Posted Date: Thursday, August 14, 2014
RealtyTrac, a source for comprehensive housing data, released its U.S. Foreclosure Market Report for July 2014. According to the report, foreclosures are decreasing in most areas of the country. Keep reading to learn more.
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North American grows in Northeast
Posted Date: Wednesday, August 13, 2014
North American Title Agency is growing its New Jersey and Northeast operations with new offices and people. Keep reading to learn more about this expansion.
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Blomquist: affordability peak may be past
Posted Date: Tuesday, August 12, 2014
RealtyTrac, a provider of real estate data and analytics, released a report Aug. 7 that shows housing affordability for many median-income households has dropped below historical averages. What the report shows is that while there might not be a need to sound the alarm for dangerously low affordability in most markets at the moment, there has been a shift away from the peak buying climate that some areas have enjoyed over the last several years.
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FHA commish to step down
Posted Date: Tuesday, August 12, 2014
Federal Housing Administration Commissioner Carol Galante will step down from her position at the end of this calendar year to accept a position at the University of California Berkley. She will have served two years.
As commissioner she had direct responsibility for oversight and administration of the FHA’s trillion dollar insurance portfolio, which includes single family and multifamily housing as well as insured health care facilities.
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Delinquency, foreclosure rates decrease
Posted Date: Tuesday, August 12, 2014
The Mortgage Banker’s Association recently released its National Delinquency Survey for the first half of 2014. According to its data, delinquency rates fell to their lowest level in more than six years. Keep reading to learn more.
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Pioneer Technology adds director of business development
Posted Date: Tuesday, August 12, 2014
Pioneer Technology Group announced a new director of business development with more than 15 years of experience in land records and court systems. Keep reading to learn about the company’s newest addition.
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WFG promotes Thompson to SVP
Posted Date: Tuesday, August 12, 2014
Earle Thompson has been promoted to senior vice president, agency division with WFG National Title Insurance Company.
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U.S. Chamber encourages CFPB consumer complaint audit
Posted Date: Monday, August 11, 2014
The U.S. Chamber of Commerce recently wrote a letter to the inspector general (IG) for the Federal Reserve and Consumer Financial Protection Bureau (CFPB) addressing the bureau’s policy of publishing unverified consumer complaints and the IG’s upcoming audit of that database.
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Massachusetts man charged in mortgage fraud scheme
Posted Date: Friday, August 8, 2014
Christopher Chasse, 42, formerly of Foxboro, Mass., was charged in federal court in connection with fraudulent mortgage loans used to purchase residential properties. He was indicted on 10 counts of wire fraud.
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Closing costs continue to escalate
Posted Date: Friday, August 8, 2014
The average fees that consumers pay to close on a mortgage have increased for the second year in a row, according to Bankrate’s annual closing cost survey. Fees charged by third parties haven’t changed much. The increase is coming from lenders. Keep reading to learn more.
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Land Title and Escrow becomes TitleOne
Posted Date: Friday, August 8, 2014
Land Title and Escrow now is operating under the TitleOne brand as a result of being acquired by the company in March. Larry Roberts, the former president of Land Title and Escrow, said he’s excited about the change.
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CSC enhances ePrepare application
Posted Date: Friday, August 8, 2014
Corporation Service Co. launched new enhancements to its ePrepare electronic document preparation application. Keep reading to learn about this improved industry tool.
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Pauldie Howrigan joins Avenue 365 Lender Services
Posted Date: Friday, August 8, 2014
Avenue 365 Lender Services expanded its national sales team with the appointment of Pauldie Howrigan as vice president and national account manager. Keep reading to learn about the company’s newest hire.
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Entrust closes second merger in 2014
Posted Date: Tuesday, August 5, 2014
Entrust Solutions added a new executive vice president and opened an office in Birmingham, Ala., as a result of a merger. This is the company’s second merger in 2014. Keep reading to learn more about this company.
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Fidelity reports stable title business despite slow housing market
Posted Date: Thursday, July 31, 2014
Fidelity National Financial, a provider of title insurance, technology and transaction services to the real estate and mortgage industries, reports its operating results for the three-month and six month periods ending June 30.
Total revenues for core operations was $1.7 billion in the second quarter versus $1.6 billion in the second quarter of 2013. The second adjusted core diluted earnings per share (EPS) decreased from 67 cents in the second quarter of 2014 to 47 cents in the second quarter of 2014.
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Stewart reports revenue increase in mortgage services segment
Posted Date: Thursday, July 31, 2014
Stewart Information Services Corporation reported net earnings attributable to Stewart of $6.3 million, or $0.27 per diluted share, for the second quarter 2014, compared to earnings of $26.9 million, or $1.09 per diluted share, for the second quarter 2013.
Second quarter 2014 results included a charge of $10.5 million, or $0.42 per share, recorded in the title segment relating to a previously announced litigation settlement, as well as approximately $3.2 million, or $0.13 per share, of aggregate costs recorded in the corporate segment related primarily to acquisition-related costs.
Wetzel Trott is second acquisition by Stewart in April
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Old Republic reports nice profit rebound in second quarter
Posted Date: Monday, July 28, 2014
Rande Yeager, chairman and chief executive officer of Old Republic Title Insurance companies said the title company experienced a nice profit rebound in the second quarter during the second quarter earnings announcement. Read on to see how this part of the business performed.
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Housing shows modest rebound according to forecasts
Posted Date: Monday, July 28, 2014
The Fannie Mae Economic and Strategic Research Group said the economy showed growth in the remainder of 2014 won’t be strong enough to offset the weak activity from the first two quarters of the year. However, Fannie Mae Chief Economist Doug Duncan said housing data points to a continued but modest rebound in the housing market.
“Recent housing activity picked up seasonally as we expected, yet many indicators remain near or below the levels for the same period last year,” Duncan said.
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New report to track cash and investors sales across country
Posted Date: Monday, July 28, 2014
CoreLogic unveiled two new product enhancements at its RiskSummit Client Conference. The company will now produce a new report, Cash Investor Trends to track and report on cash and investors sales and increase coverage of its CoreLogic Case-Shiller Indexes. Keep reading to learn more.
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First American CEO excited about 2014 acquisitions
Posted Date: Friday, July 25, 2014
First American Financial, a global provider of title insurance, settlement services and risk solutions for real estate transactions, announced its financial results for the second quarter and first half of 2014. Total revenue was down 11 percent compared to 2013, partly due to a 57 percent drop in refinance volume. This did stabilize in the first quarter and slightly increased in the second quarter.
Net income in the current quarter (second quarter) was $50.6 million, or 47 cents per diluted share, compared with net income of $34.7 million, or 31 cents per diluted share, in the second quarter of 2013.
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Industry mourns the loss of Todd Bjorklund
Posted Date: Thursday, July 24, 2014
Todd Bjorklund, a leader in the real estate and mortgage industries, passed away on July 19 at the age of 56. Bjorklund was an entrepreneur, having started his first business when he was only 18 years old.
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North American to centralize commercial work into one division
Posted Date: Thursday, July 24, 2014
North American Title Company recently announced the creation of its new national commercial division. John Shafer, newly appointed director of the division told The Title Report that the company hopes to make this division a one-stop shop for customers and expand nationwide.
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Avenue 365 expands national sales team
Posted Date: Tuesday, July 22, 2014
The new national account manager at Avenue 365 Lender services will aid the company is entering into strategic relationships with leading mid-tier lenders and credit unions. Read on to learn more.
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eRecording accepted in four more jurisdictions
Posted Date: Tuesday, July 22, 2014
Simplifile is offering eRecording services in four more jurisdictions across the country. Title companies, banks and attorneys will be able to electronically scan, upload, submit and track the status of documents sent to the county for recording via the internet. Read on to learn where.
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Should consumer complaint narratives be public? asks CFPB
Posted Date: Tuesday, July 22, 2014
The Consumer Financial Protection Bureau is proposing a new policy that would empower consumers to publicly voice their complaints about consumer financial products and services, according to a release sent out by the agency. Publishing consumer narratives would provide important context to the complaint, help the public to detect specific trends in the market, aid consumer decision-making and drive improved consumer service.
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MBA’s Joel Kan forecasts second half of 2014
Posted Date: Tuesday, July 22, 2014
Housing had a reprieve from its recent run of poor performance, as home sales, housing starts and credit availability picked up slightly in the May and June periods according to the Mortgage Bankers Association’s Forecast Commentary for July. However, a 42 percent decrease in overall mortgage originations is expected in 2014. Keep reading for more information.
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SoftPro now integrated with Fidelity National Title’s TitleWave
Posted Date: Monday, July 21, 2014
SoftPro, a title, closing and escrow software company, announced a new integration with Fidelity National Title’s TitleWave system. Through the SoftPro 360 exchange platform, agents of the Fidelity National Title family of underwriters can now seamlessly order and retrieve products from TitleWave, Fidelity’s online title search order and retrieval system, directly from SoftPro.
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Daren Blomquist forecasts foreclosure activity flat line in midyear report
Posted Date: Monday, July 21, 2014
RealtyTrac, an online marketplace for real estate data, released its Midyear 2014 U.S. Foreclosure Market Report, which shows a total of 613,874 U.S. properties with foreclosure filings in the first half of 2014, a 19 percent decrease from the previous six months and down 23 percent from the first half of 2013.
The report also includes new foreclosure activity data from June, when a total 107,194 U.S. properties had a foreclosure filing, down 2 percent from the previous month and down 16 percent from a year ago to lowest level since July 2006, before the housing price bubble burst.
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