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FNF title’s adjusted pre-tax earnings rise 82 percent
Posted Date: Wednesday, September 1, 2021
Fidelity National Financial (FNF) reported its total revenue in the second quarter rose to $3.9 billion from $2.4 billion in the second quarter of 2020, a 63 percent increase.
The company’s title segment produced $3 billion in the second quarter, and its adjusted pre-tax earnings rose from $378 million to a record $688 million year-over-year, an 82 percent increase.
Read on for more from FNF’s second-quarter earnings report.
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Old Republic agrees to end no-poach agreements
Posted Date: Tuesday, September 14, 2021
New York Attorney General Letitia James reached an agreement with Old Republic National Title Insurance Co. to end the company’s use of no-poach agreements.
Under the terms of the agreement, Old Republic will pay New York state $1 million, terminate any existing no-poach agreements, and cooperate with James’ ongoing investigations into no-poach agreements in the title insurance industry.
Read on for more about the agreement.
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Radian’s homegenius revenue up 48 percent year-over-year
Posted Date: Friday, September 10, 2021
Radian Group reported a GAAP net income of $155.2 million, or $0.80 per diluted share, for the second quarter, compared with net income of $0.64 per diluted share in the first quarter and a net loss of $0.15 per diluted share year-over-year.
Second-quarter revenue for its homegenius, or real estate, segment was $33.5 million, up 48 percent year-over-year.
Read on for more from Radian’s second-quarter earnings report.
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Schlimmer named CEO of Equity Real Estate Services
Posted Date: Friday, September 10, 2021
Equity Real Estate Services (E.R.E.S.) recently appointed James Schlimmer, former managing partner of Cottrell Title & Escrow, as its CEO. Schlimmer is charged with developing a line of innovative product offerings and generating the best real estate closing experience for its investors.
E.R.E.S. is an affiliate of Equity Trust Co., a national financial firm specializing in self-directed IRAs with clients investing in real estate.
Read on for more.
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BCHH expands escrow services in Washington state
Posted Date: Friday, September 10, 2021
National title and settlement services provider BCHH recently obtained its Washington escrow license, so it is now offering escrow and settlement services in addition to title solutions throughout the state.
The company said the licensing of BCHH Escrow of Washington, LLC, will help cover its growing order volume from national lender and investor clients.
Read on for more.
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bundle hires general counsel
Posted Date: Friday, September 10, 2021
Real estate document preparation service provider bundle recently hired general counsel. She will provide legal support as the company expands its offerings, according to founder Frank Dec.
Read on for more.
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Housing affordability continues decline
Posted Date: Friday, September 10, 2021
Housing affordability declined for the fourth month in a row, according to the First American Real House Price Index (RHPI). Real house prices are 42 percent below the housing boom peak in 2006, according to the RHPI.
Read on for more.
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Stewart to acquire Informative Research
Posted Date: Thursday, September 9, 2021
Stewart Information Services Corp. signed an agreement to acquire Informative Research (IR), a credit, consumer, real estate data and technology services provider.
IR, which serves more than 3,000 customers across the country with its proprietary platform designed to streamline the loan cycle, will continue operating as a standalone company.
Read on for more about the planned acquisition.
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Title Success Solutions teams with Bowe Digital
Posted Date: Thursday, September 9, 2021
Bowe Digital recently established a strategic alliance with Title Success Solutions to assist M&A clients. Together, the companies will provide services to title and real estate companies looking to be buyers or sellers.
Through the arrangement, Title Success Solutions will rebrand as “Title Success – Powered by Bowe Digital.”
Read on for more about the alliance.
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PropLogix secures investment from Accel-KKR
Posted Date: Thursday, September 9, 2021
PropLogix recently secured a strategic growth investment from technology-focused private equity firm Accel-KKR. The transformational partnership combines PropLogix ’s industry focus, innovation, and growth-oriented culture with Accel-KKR ’s successful track record helping software companies grow, according to the company.
With the investment, PropLogix said it will accelerate market expansion plans, scale product development, and pursue M&A opportunities.
Read on for more.
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ChainLogix launches property tax search platform
Posted Date: Thursday, September 9, 2021
ChainLogix Mortgage Solutions recently released a new platform called TaxLogix, designed to automate property tax research.
Read on for more about the new platform.
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Fitch Ratings expects title insurers’ profitability to continue
Posted Date: Thursday, September 9, 2021
Profitability for title insurers in the first half of the year is expected to continue to exceed rating expectations over the near term, according to Fitch Ratings. Pretax operating margins are expected to remain above long-term industry averages.
Read on for more.
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Oceanfront condo prices rise in second quarter
Posted Date: Thursday, September 9, 2021
Median condominium prices in half of the country’s oceanfront counties surpassed the typical $305,000 condo price nationwide in the second quarter, according to a report by ATTOM.
Read on for more from the report.
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Core Title Services accepts cryptocurrency
Posted Date: Tuesday, September 7, 2021
New York State-based Core Title Services can now accept Bitcoin and select other cryptocurrencies for commercial and residential real estate purchases. It said it is one of a few title companies nationwide with such capability.
The title insurance agency has engaged BitPay, the largest provider of cryptocurrency payment services in the world, to provide the service.
Read on for more.
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Investors Title Co. sets quarterly revenue records
Posted Date: Tuesday, September 7, 2021
Investors Title Co. set all-time quarterly records for total revenue, net premiums written and net income, according to its second-quarter earnings report.
The company reported a net income of $19.8 million, or $10.42 per diluted share, in the second quarter, compared with $14.5 million, or $7.65 per diluted share, a year ago.
Read on for more from the earnings report.
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Flueid expands Decision platform
Posted Date: Tuesday, September 7, 2021
Real estate technology company Flueid announced the pilot launch of its Purchase product via the company’s Flueid Decision platform.
The new product is designed to fuel decision-making and eliminate title-related closing delays in the homebuying process, expediting the production process to drive greater accuracy and reduce risk in generating the title commitment.
Read on for more about the new offering.
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FNTI national operations team to lead FLEX
Posted Date: Tuesday, September 7, 2021
First National Title Insurance Co. (FNTI) recently unveiled FLEX by FNTI, its revamped title production services. FLEX will be led by a newly named national operations team.
Read on for more.
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Millennial Title boosts Kentucky team
Posted Date: Tuesday, September 7, 2021
Millennial Title recently added three team members to its Florence and Louisville, Ky., offices.
Read on for more about the hires.
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More homesellers dropping prices
Posted Date: Tuesday, September 7, 2021
The share of for-sale homes with price drops passed the 5 percent mark in August, according to a recent Redfin report. That’s the highest since late 2019 and is occurring during a time of the year that is usually relatively flat.
Read on for more.
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NS3: Make a Child Smile helps cancer’s youngest victims
Posted Date: Wednesday, September 1, 2021
Attendees at this year’s National Settlement Services Summit in Naples, Fla., sought to ease the tremendous burden of childhood cancer during the 10th annual “Make a Child Smile” community service event.
Conference attendees compiled Bags Full of Sunshine for The Sunshine Kids Foundation, which strives to improve the quality of life to children with cancer by providing them with positive group activities.
Read on for more.
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NS3: OR awards target industry trailblazers
Posted Date: Wednesday, September 1, 2021
October Research, LLC, recognized trailblazers in the title industry with its annual awards for leadership, innovation, and philanthropy.
CEO and Publisher Erica Meyer presented the awards Wednesday at the 17th annual National Settlement Services Summit (NS3). The winners “truly reflect the best our industry has to offer in leadership, innovation and philanthropy,” Meyer said.
Read on to learn who won each award.
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ChainLogix appoints national sales executive
Posted Date: Wednesday, September 1, 2021
ChainLogix Mortgage Solutions appointed a national sales executive. The new hire will focus on developing the company’s title services business.
Read on for more.
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NATIC names national underwriting and expansion counsel
Posted Date: Wednesday, September 1, 2021
North American Title Insurance Co. (NATIC) has named an associate national underwriting and expansion counsel. The new counsel assists NATIC/Doma’s national underwriting and state expansion team with underwriting, regulatory and compliance matters.
Read on for more.
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First American: ‘Delta Dip’ boosts market potential
Posted Date: Wednesday, September 1, 2021
First American Chief Economist Mark Fleming attributes a 1.9 percent month-over-month increase in house-buying power to a ‘Delta Dip’ in mortgage rates, caused by economic and health uncertainty from the delta variant.
Read on for more from Fleming’s analysis of First American’s Potential Home Sales Model for July.
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NS3 Live: HomeServices’ Blefari launches first day
Posted Date: Tuesday, August 31, 2021
The National Settlement Services Summit (NS3) got off to a rousing start Tuesday with HomeServices of America CEO Gino Blefari addressing many topics and issues.
The day also featured a regulator panel, as well as sessions examining financial aspects of cannabis activities and how to turn partnerships with real estate agents and lenders into referrals.
Read on for more about the first day of NS3.
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WFG on track for another record year
Posted Date: Tuesday, August 31, 2021
After a record-breaking 2020, midyear 2021 numbers signal another record year for Portland-based Williston Financial Group (WFG).
After WFG National Title Insurance Co. experienced a 46 percent increase in revenue from 2019 to 2020, the company reports its 2021 gross revenues are on track to rise by another 50 percent over 2020.
Read on for more.
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Flueid platform awarded patent
Posted Date: Tuesday, August 31, 2021
Real estate technology company Flueid was issued a U.S. patent for its Flueid Decision platform.
Released in mid-2020, the platform is the only multi-tenant and agnostic system on the market, according to Flueid, allowing it to embed into operating systems to drive integration and streamline workflows across the entire digital real estate transaction process.
Read on for more about Flueid Decision.
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Finance of America Mortgage partners with Closepin
Posted Date: Tuesday, August 31, 2021
Home mortgage lender Finance of America Mortgage (FAM) selected Closepin’s cloud-based automated platform to streamline approvals and verifications of third-party settlement and closing agents.
Read on for more.
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Boston National Title adds EVP for Austin region
Posted Date: Tuesday, August 31, 2021
Boston National Title of Texas recently named a 30-year industry veteran as executive vice president of the Austin region. The new hire will focus on expanding the company’s footprint in central Texas.
Read on for more.
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Demand for vacation homes continues drop
Posted Date: Tuesday, August 31, 2021
Demand for second homes fell 21 percent year-over-year in July, according to a recent Redfin report. It was the second consecutive month of annual declines in mortgage-purchase locks, following 13 months of surging activity in second-home purchases.
Read on for more from the report.
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Alliance Title acquires Boundary Abstract
Posted Date: Wednesday, August 25, 2021
Futura Title & Escrow recently expanded its Alliance Title brand in Idaho with the acquisition of Boundary Abstract Co., Ltd. by Alliance Title & Escrow.
Boundary Abstract will rebrand as Alliance Title, and the manager and staff of the Bonners Ferry, Idaho, operation will join the Alliance Title team.
Read on for more about the acquisition.
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NFIB survey: High taxes continue burdening small business
Posted Date: Wednesday, August 25, 2021
A tax survey of small-business owners recently released by the National Federation of Independent Business (NFIB) Research Center indicates federal income and payroll taxes are significant cost and administrative burdens for small businesses.
Federal business income taxes were the highest financial and administrative burden for small-business owners, according to the survey.
Read on for more.
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AM Best affirms Stewart Title credit ratings
Posted Date: Wednesday, August 25, 2021
AM Best recently affirmed the financial strength rating of A- (excellent) and the long-term issuer credit ratings of a- (excellent) for the member companies of Stewart Title Group, which includes Stewart Title Guaranty Co., Stewart Title Insurance Co. and Stewart Title Limited.
The ratings reflect Stewart’s balance sheet strength, which AM Best assesses as very strong.
Read on for more.
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Landtech integrates with SearchCONNECT
Posted Date: Wednesday, August 25, 2021
AccuTitle’s Landtech recently integrated with SearchCONNECT, an affiliate of Investors Title and National Investors.
Read on for more about the integration.
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Surety names VP, director of sales training
Posted Date: Wednesday, August 25, 2021
Surety Family of Companies recently named a vice president, director of sales training. The new vice president will develop training and evaluation programs for the sales department that will enhance customer-focused initiatives.
Read on for more.
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Mortgage lending sees rare second-quarter decline
Posted Date: Wednesday, August 25, 2021
Close to 3.8 million residential mortgages were originated in the second quarter, down 3 percent from the first quarter, according to an ATTOM report. The quarterly decline in mortgage origination is the first drop from a first to second quarter since 2011.
Read on for more from the report.
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Stewart names Alabama state counsel
Posted Date: Monday, August 23, 2021
Stewart Title named a new state counsel in Alabama. The position also will serve as underwriting counsel in Alabama, Arkansas, and Mississippi.
Read on for more.
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