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The Title Report Print Edition
October 11, 2021
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Punctual Abstract families rode out Ida together in office
Posted Date: Tuesday, September 28, 2021
When companies prepare their continuity plan, they try to come up with every possible contingency. However, it’s doubtful anyone could anticipate 50 people, six dogs, 14 puppies and a pig living in their office.
That’s exactly what happened to Punctual Abstract, after Hurricane Ida walloped New Orleans and surrounding areas. Although some employees lost their homes to the storm, the company never ceased operations.
Read on for more.
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Radian’s titlegenius launches in five more states
Posted Date: Tuesday, September 28, 2021
Radian Group’s blockchain-enabled title insurance and closing services offering, titlegenius, launched in Arizona, California, Nevada, Ohio and Pennsylvania, following its initial debut in Florida. More states will be added in the coming months.
The online portal features easy-to-use tools that help homebuyers proceed through the closing process, increasing transparency, communication, and information security for agents.
Read on for more.
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Covius to acquire Nationwide Title Clearing
Posted Date: Friday, September 24, 2021
Covius Holdings reached an agreement to acquire Nationwide Title Clearing (NTC). The acquisition is expected to close early in the fourth quarter, subject to customary closing conditions. It will significantly expand Covius’ post-closing capabilities, according to the company’s CEO.
Upon the closing of the acquisition, approximately 670 NTC associates will join Covius, including the company’s senior management.
Read on for more about the acquisition.
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ALTA: Title premium volume up 56 percent
Posted Date: Friday, September 24, 2021
The title industry generated $6.5 billion in title insurance premiums during the second quarter, according to the latest market share analysis from The American Land Title Association (ALTA). That’s up 56.3 percent from the second quarter of 2020.
Net income increased 84.6 percent during the second quarter, resulting in the highest second quarter ever, according to ALTA.
Read on for more.
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House flipping increases while profit margins drop
Posted Date: Friday, September 24, 2021
The second-quarter home-flipping rate was 4.9 percent of all home sales, up from 3.5 percent in the first quarter and down from 6.8 percent a year ago, according to an ATTOM report. But as the flipping rate rose, profit margins dipped to a 10-year low.
Read on for more from the report.
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Acrisure acquires Tempo Title
Posted Date: Thursday, September 23, 2021
Acrisure acquired New York-based Tempo Title, one of the largest private title and settlement providers in the country. Through the acquisition, fintech company Acrisure will establish Acrisure Real Estate Services, a new division to provide a suite of real estate services to homeowners, lenders, and investors.
The rebranding of Tempo to Acrisure Real Estate Services will occur over the near term. Tempo’s operating partners will continue under their own names.
Read on for more.
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Compass to acquire LegacyTexas Title
Posted Date: Thursday, September 23, 2021
Real estate technology company Compass signed an agreement to acquire LegacyTexas Title Co., which serves the Dallas-Fort Worth area.
The acquisition will strengthen the company’s growing portfolio of title and escrow businesses, which operate in California, Florida, Washington state, Maryland, Virginia, Washington, D.C., and Texas, according to Compass.
Read on for more about the pending acquisition.
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NFIB: Half of small-business owners can’t fill openings
Posted Date: Thursday, September 23, 2021
The percentage of small-business owners reporting job openings they can’t fill continues to increase, according to the August National Federation of Independent Businesses (NFIB) monthly jobs report.
A record high 50 percent of owners said they have positions that they can’t fill, far above the 48-year historical average of 22 percent.
Read on for more from the jobs report.
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American Digital partners with Spruce on automated model
Posted Date: Thursday, September 23, 2021
American Digital Title Insurance Co. partnered with proptech Spruce to expand its automated underwriting title insurance model. The model utilizes AI and machine-learning technology to reduce the time of the title insurance process.
Read on for more.
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Fathom Holdings quarterly revenue more than doubles
Posted Date: Tuesday, September 21, 2021
Fathom Holdings Inc. total revenue for the second quarter rose 118 percent year-over-year, from $38.7 million to $84.2 million.
Fathom completed 10,100 real estate transactions, a 74 percent year-over-year increase. Its real estate agent network grew approximately 53 percent to 6,950 agents, up from 4,554 agents one year ago.
Read on for more from the company’s second-quarter earnings report.
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CATIC partners with Stavvy on closing platform features
Posted Date: Tuesday, September 21, 2021
CATIC launched new features in PrepExpress, the company’s closing software program, including eRemit and eSubmit. The features allow CATIC agents to electronically pay for and submit their policies and other documents.
The features are offered in partnership with Stavvy, which powers the payments through its secure platform.
Read on for more about the new offerings.
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Security 1st Title launches in Nevada
Posted Date: Tuesday, September 21, 2021
Security 1st Title expanded into Nevada, opening three offices in Boulder City, Las Vegas, and Pahrump. The company offers title insurance, closing services, escrow contract servicing and 1031 Exchange services.
Security 1st Title has more than 500 employees and 76 locations across Kansas, Missouri, and Nevada.
Read on for more about the company’s recent expansion.
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Stewart Title names New York agency SVP
Posted Date: Tuesday, September 21, 2021
Stewart Title hired a new senior vice president, agency services for New York. He will work with agency services representatives to grow existing relationships and add new agents.
Read on for more.
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Survey: Remote work continues to impact housing demand
Posted Date: Tuesday, September 21, 2021
Nearly two in five workers still don’t know if or how often they’ll be working in the office, according to a Zillow survey. More than one-third of those workers (35 percent) say that uncertainty affects their ability to make decisions about moving.
Read on for more about the survey.
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HomeServices of America acquires Hudson Valley Properties
Posted Date: Friday, September 17, 2021
HomeServices of America, Inc., a Berkshire Hathaway affiliate, acquired New York-based Berkshire Hathaway HomeServices Hudson Valley Properties.
HomeServices Hudson Valley Properties includes more than 400 agents in 13 offices. For the 12 months ending in June 2021, Hudson Valley Properties closed nearly 4,300 units representing $1.53 billion in sales volume.
Read on for more about the acquisition.
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Survey: Only 1 in 5 homebuyers understand closing documents
Posted Date: Friday, September 17, 2021
According to Qualia’s Homebuyer Sentiment Index, only one in five homebuyers surveyed said they understood all the documents they signed at a closing.
With homebuyers acting quickly in a competitive market, the findings underscore the risks consumers take when they act too quickly without understanding the process or transaction costs involved, according to Qualia.
Read on for more from Qualia about the survey.
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First Source Title opens Texas office
Posted Date: Friday, September 17, 2021
Cleveland, Ohio-based First Source Title Agency recently celebrated the grand opening of its new office in Plano, Texas. The company moved to larger quarters earlier this year.
The company is licensed across the country, offering closing and refinances. The Plano office includes six employees working under a branch manager.
Read on for more about First Source Title Agency’s expansion.
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SnapClose launches expanded integration with Stewart
Posted Date: Friday, September 17, 2021
Real estate closing software company SnapClose rolled out an expanded integration with Stewart Title Guaranty Co. The integration generates policy jackets and closing protection letters directly from the SnapClose Pro platforms.
Read on for more.
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WFG adds South Texas regional manager
Posted Date: Friday, September 17, 2021
WFG National Title Insurance Co. hired a 20-year title industry veteran as its South Texas regional manager/Houston division president. She will head WFG’s expansion into three new Texas markets.
Read on for more.
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HomeLight secures $363 million in funding
Posted Date: Thursday, September 16, 2021
Proptech HomeLight recently secured $363 million in new funding. The round was led by Zeev Ventures, with participation from Group 11, STCAP, Menlo Ventures, and Lydia Jett of the SoftBank Vision Fund.
The funding round included $100 million of Series D equity and $263 million in debt financing.
Read on for more about HomeLight’s plans for the investment.
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Doma revenue up 29 percent in second quarter
Posted Date: Thursday, September 16, 2021
Doma Holdings, Inc. reported GAAP revenues in the second quarter of $130 million, up $30 million, or 29 percent, year-over-year. Retained premiums and fees of $65 million increased by $20 million, or 46 percent, compared with a year ago, according to the company’s second-quarter earnings report.
Closed orders for Doma Enterprise accounts increased by 519 percent year-over-year.
Read on for more from the company’s second-quarter earnings report.
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Blueprint raises $16 million, acquires underwriter
Posted Date: Thursday, September 16, 2021
Blueprint Holding Co., owner of Blueprint Title, raised $16 million in a Series B round, led by Forté Ventures and including new investors Avanta Ventures, Bull City Venture Partners, Greenlight Re Innovations, and Gaingels, as well as previous investors Mouro Capital, Tribeca Early Stage Partners, Liberty Mutual Strategic Ventures, and Mucker Capital.
The company also acquired underwriter Southwest Land Title Insurance Co.
Read on for more.
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Notarize partners with Snapdocs
Posted Date: Thursday, September 16, 2021
Remote online notarization (RON) provider Notarize and digital closing platform Snapdocs have joined forces. The integration will lead to faster closing times and easier cross-party workflows, according to the companies.
Read on for more about the partnership.
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Foreclosure activity up following end of moratorium
Posted Date: Thursday, September 16, 2021
The number of properties with foreclosure filings in August was up 27 percent from a month ago and 60 percent from a year ago, according to ATTOM’s August 2021 U.S. Foreclosure Market Report. Numbers reflect the first month since the government moratorium was lifted.
Read on for more from the report.
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Title Alliance launches podcast
Posted Date: Tuesday, September 14, 2021
Title Alliance Ltd. recently launched its podcast, Title Alliance LIVE.
Hosted by CEO Jim Campbell and Chief Strategy Officer Lindsay Smith, the podcast features a rotating cast of Title Alliance team members and industry veterans. It will highlight real estate trends, share the company’s story, and offer a platform for collaboration among industry professionals.
Read on for more about Title Alliance LIVE.
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RedfinNow launches in Atlanta, Nashville
Posted Date: Tuesday, September 14, 2021
RedfinNow, the iBuying service from Redfin, recently launched in the Atlanta and Nashville metro areas. Sellers can request a cash offer directly from Redfin.
So far this year, RedfinNow has expanded to nine markets and is now serving homeowners in 27 markets in 13 states and the District of Columbia.
Read on for more about the expansion.
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iBuyer sales hit all-time high in second quarter
Posted Date: Tuesday, September 14, 2021
Homeowners sold a record number of homes using an iBuyer service in the second quarter, according to Zillow analysis. Market share for iBuyers reached 1 percent of all home purchases for the first time.
Read on for more.
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Cook & James adds five attorneys to teams
Posted Date: Tuesday, September 14, 2021
Atlanta-area real estate law firm Cook & James recently added five attorneys in three states: Georgia, New York, and South Carolina.
Read on for more about the new team members.
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Pending home sales growth slows
Posted Date: Tuesday, September 14, 2021
Pending home sales rose 9 percent in August, the slowest growth since June 2020, according to a recent Redfin report.
Read on for more from the report.
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ROC Title adds Arizona vice president
Posted Date: Friday, September 10, 2021
ROC Title Agency recently hired a 30-year industry veteran as vice president, Arizona state manager to guide the company’s expansion throughout the state.
Read on for more about the new VP.
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