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Conversational AI like ChatGPT has applications for title industry
Posted Date: Thursday, May 4, 2023
An in-house conversational artificial intelligence (AI) tool designed by Washington, D.C.-based Razi Title, Inc. is already benefiting several title companies before it’s made more widely available later this year.
Project leaders sat down with The Title Report to lay out how the technology will improve the industry in both the short term and long term, and what might be possible in the coming years.
Read on to find out more information.
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Experts weigh title production options, discuss AI and automation
Posted Date: Thursday, May 11, 2023
An expert panel at the 2023 Association for Title Information Management (ATIM) Excel conference spoke on the present and future of title production, measuring benefits of AI, outsourcing and keeping work in-house.
The Title Report sat in on this ATIM session full of personal business insights, stories of lessons learned and predictions for what the industry will look like over the next decade.
Read on to find out more information.
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Foundation Title & Escrow opens first Ohio office
Posted Date: Thursday, May 11, 2023
Foundation Title & Escrow expanded its multistate footprint into Ohio, opening the company’s first Buckeye State location just south of Cleveland, led by a team of industry veterans serving as president and vice president.
Offices are also located throughout Alabama, Florida, Georgia, Kentucky, Virginia and Tennessee, offering commercial and residential services.
Read on to find out more information.
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NFIB: Labor quality a bigger challenge than inflation
Posted Date: Thursday, May 11, 2023
According to new data from the National Federation of Independent Business, the share of small business owners expecting better conditions over the next six months declined in April.
Owners’ plans to fill open positions remain elevated, with a seasonally adjusted net 17 percent planning to create new jobs in the next three months.
Read on to find out more.
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Economist shares forecast on webinar
Posted Date: Thursday, May 11, 2023
A new installment of October Research’s Economic Forecast webinar series welcomes international real estate expert Dr. Ted C. Jones, who delved into numerous topics affecting the title industry, housing and the mortgage market.
Read on to find out more information.
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Doma appoints agency manager for west Texas, New Mexico
Posted Date: Thursday, May 11, 2023
Doma Title Insurance has appointed a long-time escrow agent and marketing specialist as its new agency manager for the company’s west Texas and New Mexico operations.
Read on to learn more.
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ALTA: Q4 title premium volume down 38 percent
Posted Date: Tuesday, May 9, 2023
The American Land Title Association’s latest market share analysis shows full-year 2022 title industry premium volume of $21 billion, down from 2021 but above results from 2020.
During the fourth quarter of 2022, title premium volume totaled $4.4 billion. This was down 38 percent from the $7.1 billion in title premium volume generated during the same quarter in 2021.
Read on to find out more information.
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EasyKnock acquires Ribbon Home
Posted Date: Tuesday, May 9, 2023
Real estate platform EasyKnock acquired powerbuying and cash offer solutions provider Ribbon Home, with company leaders citing benefits including simpler transaction experiences and competitive advantage for consumers.
Following the acquisition, both teams said they will work with strategic partners to bring their expanded product suite to key markets with an eye towards national expansion.
Read on to learn more.
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CLOSED Title opens new Oklahoma office
Posted Date: Tuesday, May 9, 2023
Florida-based CLOSED Title is opening its second office in Oklahoma after first making a footprint there last year. The new office will serve Edmond, Okla.
A promotion and pair of hires also are being made, with company leaders attributing those moves to expansion and increased demand. CLOSED Title was established in 2018.
Read on to find out more information.
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KL/ACE adds president of commercial services
Posted Date: Tuesday, May 9, 2023
Kriss Law/Atlantic Closing & Escrow has added a new president of its commercial services division. He will oversee nationwide commercial growth and be based at the company’s Massachusetts headquarters.
Read on to learn more.
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Better launches fully digital HELOC
Posted Date: Tuesday, May 9, 2023
Fintech lender Better said its new fully digital home equity line of credit can be completed in less than five minutes, leading to closing in as little as three days.
Read on to find out more.
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Redfin: Homes sell quickly as historic listings drop fuels competition
Posted Date: Tuesday, May 9, 2023
Nearly half of homes that sold during the four weeks ending April 30 went under contract within two weeks, down from 51 percent a year earlier but up from 46 percent a month earlier, according to new reporting from Redfin. Read on to learn more.
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First American Q1 title revenue down 32 percent
Posted Date: Friday, May 5, 2023
A first quarter earnings report from First American Financial Corp. shows title segment revenue down 32 percent and companywide revenue down 29 percent.
Pretax income for the title insurance and services segment was $88 million in the first quarter, compared with $220 million in the first quarter of 2022, according to the earnings report.
Read on to find out more.
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Transaction management system scaled up for larger title firms
Posted Date: Friday, May 5, 2023
Loop Information Systems, Inc. is introducing a software licensing option for its ClosingSite transaction management system, which has previously only been offered as software-as-a-service (SaaS).
The new product, called ClosingSite Enterprise, is geared toward larger title and closing firms with rigorous compliance and security needs, particularly public companies.
Read on for an exclusive interview with Loop Information Systems leadership.
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NFIB: Job openings remain on Main Street
Posted Date: Friday, May 5, 2023
New data from the National Federation of Independent Business shows 92 percent of small-business owners reporting no qualified applicants for open positions.
Overall, 60 percent of owners reported hiring or trying to hire in April. Twenty-nine percent of owners reported few qualified applicants for their open positions and 26 percent reported none.
Read on to find out more.
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Redfin: Some home prices falling in pandemic boomtowns
Posted Date: Friday, May 5, 2023
Redfin reports prices have come down enough to offset rising mortgage rates in some pandemic boomtowns and expensive coastal markets such as Seattle and Austin, Texas.
Read on to find out more information.
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Fidelity title earnings down but in line with 2018 and 2019
Posted Date: Thursday, May 4, 2023
A first quarter earnings report from Fidelity National Financial, Inc. shows title segment revenue of $1.6 billion, down from highs of the past two years but in line with reports in 2018 and 2019.
Direct title premiums for the first quarter amounted to $428 million, a 44 percent decrease from the first quarter of 2022. Agency title premiums of $550 million were down 50 percent year-over-year.
Read on to learn more.
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Stavvy, WFG partner on eClosings
Posted Date: Thursday, May 4, 2023
Fintech company Stavvy partnered with WFG National Title Insurance Co. to provide WFG customers access to eClosing solutions.
The two companies had previously teamed up to offer remote online notarization services. Company leaders said eClosing will allow for increased customer service, transaction security as well as fraud protection.
Read on to find out more information.
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ATTOM breaks down best times to sell a home
Posted Date: Thursday, May 4, 2023
New data from ATTOM shows what months of the year bring the best returns for homesellers, with May standing out from the pack in terms day-by-day seller premiums.
Read on to find out more.
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Old Republic Title executive chairman announces retirement
Posted Date: Tuesday, May 2, 2023
Old Republic National Title Holding Co. Executive Chairman Rande Yeager announced his retirement, effective June 30.
Yeager has worked for Old Republic for 36 years out of a nearly 50-year title insurance industry career. Company leadership credited him with spearheading initiatives that promoted innovation and engaging in advocacy efforts to reinforce the industry’s reputation.
Read on to learn more.
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ClosingLock partners with CATIC
Posted Date: Tuesday, May 2, 2023
ClosingLock and CATIC announced a new partnership designed to bring heightened value, security and efficiency to title agents’ workflows.
According to company leaders, CATIC agents now receive preferred pricing on ClosingLock’s suite of tools that includes secure wire instructions, payoff verification, two-way documents, eSigning and identity verification.
Read on to find out more information.
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Old Republic cites raised interest rates for title revenue drop
Posted Date: Tuesday, May 2, 2023
A recent first quarter earnings call from Old Republic International Corp. showed title revenue from net premiums and fees down 41.6 percent compared with the first three months of 2022.
Company leaders said elevated interest rates continue to be the primary contributor to lower title segment performance. Old Republic Title brought in $583.2 million in the first quarter of 2023.
Read on to learn more.
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MMI appoints regional director of growth
Posted Date: Tuesday, May 2, 2023
Mobility Market Intelligence found a new regional director of growth, appointing a former customer success manager and inside account manager with roughly a decade of industry experience.
Read on to find out more.
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SoftPro releases NotaryLoop integration enhancements
Posted Date: Tuesday, May 2, 2023
SoftPro released new enhancements for NotaryLoop’s integration into SoftPro360, providing users access to a new loan information screen with loan type and lender drop-down fields, among other features.
Read on to learn more.
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Stewart title revenue down 37 percent year-over-year
Posted Date: Friday, April 28, 2023
A first quarter earnings report from Stewart Information Services Corp. shows significant revenue drops across the company and in its title segment compared with both last quarter and a year ago.
Title segment operating revenue came in at $456.9 million across the first quarter of 2023, down from $722 million. Company leaders attribute those results to ongoing market challenges and volume declines.
Read on to find out more.
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Report points to record high wire, title fraud in first quarter
Posted Date: Friday, April 28, 2023
A new report from FundingShield says wire and title fraud has reached record highs across the first quarter of 2023, with mid-size businesses especially vulnerable.
The FBI released its 2022 Internet Crime Report showing the number of reported real estate-related fraud complaints rose to 11,727 in 2022 from 11,578 in 2021.
Read on to find out more information.
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Iron Title expands operations and leadership team
Posted Date: Friday, April 28, 2023
Newly established Iron Title Insurance Agency hired a senior vice president of operations and filled other leadership positions while expanding its footprint with new locations.
Read on to find out more.
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DocMagic adds ADA-compliant loan documents
Posted Date: Friday, April 28, 2023
DocMagic added Americans with Disabilities Act-compliant loan documents to its digital services, with features including specific semantic instructions designed to make all text understandable via a text-to-speech engine.
Read on to find out more.
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Redfin: Out-of-town moves remain popular
Posted Date: Friday, April 28, 2023
Redfin.com home searches for out-of-town destinations have dropped 4 percent from a year ago, compared with a 16 percent drop for searches near home.
Read on to learn more information.
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