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Analysts weigh coronavirus’ impact on industry
Posted Date: Friday, March 27, 2020
The title industry is “financially healthy” and possesses the means to address time gaps in insurance coverage associated with the closing or limited hours of county recorder offices nationwide, according to one ratings agency.
Another agency has revised its outlook for the industry to negative from stable, speculating that the economic damage caused by the coronavirus could adversely impact companies through 2021.
Read on learn what the analysts had to say.
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The Shaddock Companies acquires Denver agency
Posted Date: Monday, April 6, 2020
The Shaddock Companies has acquired a Colorado-based title agency which operates on a national platform in 36 states and has three offices in the greater Denver area.
CEO Bill Shaddock said the acquisition represents an important milestone “toward expanding our position as a nationwide title, title insurance and financial services company.”
Read on to learn more about the acquired company.
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LenderClose executes Iowa’s first RON
Posted Date: Monday, April 6, 2020
LenderClose recently executed the first remote online notarization to close a mortgage loan in Iowa, the company announced.
LenderClose said the closing followed an emergency declaration by the Iowa State Public Health Department suspending the state requirement for a notary to be physically present for the signing of real estate loan documents.
Read on for more details from the transaction.
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Bank Shot granted patent for money-transfer app
Posted Date: Monday, April 6, 2020
Technology provider Bank Shot has received a patent for a digitized mobile application it said will change the way Realtors and title companies transfer earnest money and other mobile payments.
The company said its app uses a cyber-secure process which confirms Check 21 standards, is encrypted, has two-factor authentication and rests on Amazon’s cloud.
Read on for more details.
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Alanna.ai names Davis to board
Posted Date: Monday, April 6, 2020
Technology company Alanna.ai has named Florida Agency Network CEO Aaron Davis to its board.
Read on for more details.
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eMortgageLaw rebrands as eClosePlus
Posted Date: Monday, April 6, 2020
Texas-based digital closing technology eMortgageLaw has rebranded as eClosePlus.
Read on for more details.
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Closing costs remained flat in 2019
Posted Date: Wednesday, April 1, 2020
Despite a significant increase in mortgage volume, average closing costs for single-family properties in 2019 remained flat, according to an analysis by ClosingCorp.
ClosingCorp CEO Bob Jennings attributed the cost control to increased use of technology by both lenders and settlement-services providers, which enabled the industry to scale up capacity while holding down costs.
Read on for more details from ClosingCorp’s analysis.
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Coronavirus impacting three-quarters of small businesses
Posted Date: Wednesday, April 1, 2020
A survey by the NFIB Research Center found 76 percent of small businesses have been negatively impacted by the Covid-19 outbreak.
The advocacy group said many small-business owners already have sought out financial help, and more are planning to do so in the near future.
Read on for more details from NFIB’s latest survey of small-business owners.
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DocMagic launches AutoPrep
Posted Date: Wednesday, April 1, 2020
DocMagic, Inc. has launched new technology that enables its Total eClose platform to accept documents from any source, including non-e-enabled documents.
Read on to learn more.
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SBA, Treasury detail Paycheck Program terms
Posted Date: Wednesday, April 1, 2020
Days before small businesses were allowed to submit requests for the Paycheck Protection Program, a $349 billion loan program administered by the Small Business Administration and authorized by the Coronavirus Aid, Relief, and Economic Security Act, the agency and the Treasury Department released key details of the program.
Among the major announcements – not all of the expenses which the stimulus bill said were eligible for loan forgiveness might be paid.
Read on for details from the agencies’ latest guidance.
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Stimulus package offers relief for small businesses
Posted Date: Monday, March 30, 2020
Within the recently passed $2 trillion stimulus and relief bill is a $349 billion fund to help small businesses continue to meet ongoing payroll and other critical needs during the COVID-19 pandemic.
SBA Administrator Jovita Carranza said stimulus package provides small businesses “with the resources they need to get them through this unprecedented time.”
Read on for details of the stimulus package.
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ALTA, others calling for housing-related offices to remain open
Posted Date: Monday, March 30, 2020
The American Land Title Association has joined with the Mortgage Bankers Association, the National Association of Realtors and the National Association of Home Builders in urging governors, mayors and county officials nationwide to keep offices vital to the settlement and financial industries open during the coronavirus pandemic.
The associations made their plea in a March 26 letter sent to groups including the National Governor’s Association.
Read on for more details from the letter.
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Government extends deadline for REAL ID
Posted Date: Monday, March 30, 2020
The federal government has extended the deadline for requiring the Real ID or enhanced license needed to board federally regulated commercial aircraft or accessing federal facilities and nuclear power plants.
The Department of Homeland Security said the forced closure of Department of Motor Vehicle offices across the country because of the coronavirus necessitated the delay.
Read on to learn the new deadline.
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February loan defects hit historical low
Posted Date: Monday, March 30, 2020
During February, loan defects reached the lowest level in the history of First American’s Loan Application Defect Index.
Read on for more details.
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Howard Hanna hires manager
Posted Date: Monday, March 30, 2020
Howard Hanna has appointed a manager for one of its offices in northeast Ohio.
Read on for more details.
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Cassina Group adds two Realtors
Posted Date: Monday, March 30, 2020
South Carolina-based The Cassina Group has added two Realtors to its team.
Read on for more details.
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Colorado title agency offering digital earnest-money transfers
Posted Date: Friday, March 27, 2020
A Denver-based title agency has partnered with a technology provider to offer digital transfers of earnest money deposits (EMDs) through the latter’s platform, the companies announced.
One of the title company’s executives said digital transfers of EMDs provide “a much-needed solution for real estate transactions to continue uninterrupted, from anywhere at any time.”
Read on for more details about the partnership.
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Granite Escrow earns SOC certifications
Posted Date: Friday, March 27, 2020
Newport Beach, Calif.-based Granite Escrow and Settlement Services recently passed its AICPA SSAE 18 SOC 1 Type 2, SOC 2 Type 2, and SOC 3 audits, the company announced.
Granite, which said it has earned those certifications for five consecutive years, said its policies and procedures, security principles and security procedures are designed to protect clients’ private information and assets.
Read on for more details.
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The least/most overleveraged cities
Posted Date: Friday, March 27, 2020
Residents in West Mifflin, Pa., have the lowest mortgage debt-to-income ratio, according to a report by the website WalletHub.
Read on for more details.
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LenderClose adds software engineers
Posted Date: Friday, March 27, 2020
LenderClose recently expanded its team with the addition of two software engineers.
Read on for more details.
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First-quarter home affordability improved
Posted Date: Friday, March 27, 2020
Median-price homes continue to be unaffordable for average wage earners in many places across the country, even as affordability overall improved in the first quarter.
Read on for more details.
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2020 Voice of The Title Agent survey winners announced
Posted Date: Thursday, March 26, 2020
The four winners of this year’s Voice of The Title Agent survey have been chosen. Thank you to everyone who took the time to participate in the survey.
Read on to learn who won.
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First American sells GreenFolders
Posted Date: Wednesday, March 25, 2020
First American Financial Corp. has sold its wholly owned digital office management software provider GreenFolders to a Salt Lake City-based provider of workflow automation software solutions. Terms of the deal were not disclosed.
The company that acquired GreenFolders said the pairing would provide real estate settlement customers with “a more powerful automated solution at their fingertips for all of their transactional needs.”
Read on for more details.
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Radian Group suspends share repurchases
Posted Date: Wednesday, March 25, 2020
In response to the COVID-19 pandemic, the Radian Group Inc. has suspended share repurchases and taken several other actions, the company announced.
Radian said its actions are intended to help ensure the well-being of the company’s customers, partners, investors and communities while safeguarding the health of its employees and their families.
Read on for more details.
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Evolve Mortgage, Pavaso partner
Posted Date: Wednesday, March 25, 2020
Texas-based Evolve Mortgage Services has adopted Pavaso’s eClosing platform that supports remote online notarization, the company announced.
Evolve Mortgage CEO Paul Anselmo said the coronavirus is reshaping how borrowers interact with the mortgage industry. Evolve said the partnership enables it to offer Pavaso’s electronic- or e-enabled documents, which allows borrowers to electronically sign closing documents.
Read on for more details.
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WFG adds sales managers
Posted Date: Wednesday, March 25, 2020
WFG National Title Insurance Co. has added two area sales managers.
Read on for more details.
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Video home-tour requests soar
Posted Date: Wednesday, March 25, 2020
As the real estate market adjusts to restrictions imposed by public health officials, one real estate brokerage said its requests for agent-led, video home tours have soared.
Read on for more details.
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Second iBuyer pauses home buying
Posted Date: Monday, March 23, 2020
Following in the footsteps of competitor Redfin, the Zillow Group, Inc. has halted its nationwide home buying in response to public health orders related to the coronavirus.
Zillow said pausing home buying in the 24 markets where Zillow Offers operates will help protect the safety and health of its employees, customers and partners.
Read on for more details.
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AM Best affirms CATIC’s credit ratings
Posted Date: Monday, March 23, 2020
AM Best has affirmed Connecticut Attorneys Title Insurance Co.’s (CATIC) financial strength rating of B++ (good) and its long-term issuer credit rating of “bbb,” the ratings agency announced.
AM Best said the credit ratings reflect CATIC’s strong balance sheet strength, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
Read on for more details.
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The Closing Exchange launches Curbside Closing
Posted Date: Monday, March 23, 2020
In attempt to continue facilitating closings during the coronavirus pandemic, The Closing Exchange is offering Curbside Closing as a signing option for title agents and lenders.
With Curbside Closing, the entire signing is held with a barrier between the signer and the notary signing agent, abiding by the CDC’s social distancing practices.
Read on for more details.
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Ellie: Refinances, closing rates up
Posted Date: Monday, March 23, 2020
During February the share of refinances increased and the average time to close loans decreased.
Read on for more information.
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Annual home growth rose in February
Posted Date: Monday, March 23, 2020
During February, home value growth accelerated in 23 of the 35 largest U.S. metros.
Read on for more details.
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