News By Edition

The pandemic promises to have lasting effects on the title industry. Some of the changes fueled by COVID-19 protocols were discussed at the annual NS3 underwriter panel in Naples, Fla.

The panel included Old Republic Executive Vice President Jeff Bluhm; The FNF Family of Companies President, National Agency Operations, Steven Day; Stewart Group President, Agency Operations, Tara Smith, and First American Title Executive Vice President, Division President Agency Division, Evan Zanic.

Read on for their discussion.

Stewart Information Services Corp. reported a net income in the third quarter of $88.7 million, a 59 percent increase compared with $55.9 million a year ago.

Stewart’s title operating revenue grew $205.1 million, or 36 percent, year-over-year, according to the third-quarter earnings report. Direct title revenue grew $86.0 million, or 31 percent, and gross independent agency revenue increased $119.2 million, or 42 percent.

Read on for more from the earnings report.

Punctual Abstract acquired Slade Title Research in Mississippi. The merger solidifies Punctual Abstract’s footprint in Mississippi and creates the opportunity to offer extended products and services such as document recording and title production to customers in the state, according to the company.

The founder of Slade Title Research has been named Mississippi state manager for Punctual Abstract.

Read on for more about the acquisition.

Standard Title & Escrow, PLLC of Peabody, Mass., and Stelman Law of Danvers, Mass., announced a merger. Stelman Law and four employees will relocate to Standard Title & Escrow’s office.

The merger grows Standard Title & Escrow’s workforce to 25 employees. It was founded in  2019 by Jim Richards. 

Read on for more about the merger.

Florida title agency The Closing Agent is partnering with SentinelOne to provide real-time endpoint protection from hacking attacks.

Read on for more.

According to a recent Redfin report, 30.2 percent of Redfin.com users looked to move to a different metro area in the third quarter. That’s down from 31.1 percent in the second quarter.

Read on for more from the report.

Stewart Title acquired Rainier Title Co., a veteran title agency that has served the Pacific Northwest for more than 20 years.

By joining forces with Rainier, Stewart expands its footprint in the Pacific northwest. The acquisition creates additional growth opportunities for both teams, according to Stewart Group President Steve Lessack.

Read on for more about the acquisition.

Pacaso, a real estate platform that helps people buy and co-own a luxury second home, expanded its service to Aspen, Vail and Breckenridge, Colo.

The company’s data shows second-home mortgage rate locks increased 10.2 percent year-over-year in Summit County (Breckenridge) and 9.8 percent in Eagle County (Vail).

Read on for more about the expansion.

AM Best affirmed the financial strength rating of A (excellent) and long-term issuer credit rating (long-term ICR) of “a” (excellent) for Investors Title Co. (ITIC), which includes Investors Title Insurance Co. and National Investors Title Insurance Co.

AM Best also affirmed the long-term ICR of “bbb” (good) for ITIC.

Read on for more.

SoftPro recently released a new integration with Exacta Land Surveyor, LLC. It allows land surveys, field management services, utility and municipal lien searches, elevation certificates and estoppel reports to be ordered directly through SoftPro 360.

Read on for more.

Around 1.3 million, or 1.3 percent of residential properties across the country, sit vacant, according to ATTOM’s fourth-quarter 2021 Vacant Property and Zombie Foreclosure Report. The report also indicates that 223,256 residential properties are in the process of foreclosure, up 3.6 percent from the third quarter and 11.6 percent year-over-year.

Read on for more from the report.

Zillow Group announced during its third-quarter earnings report that it will shutter Zillow Offers, the company’s iBuying service in which Zillow acts as the primary purchaser and seller of homes.

The wind-down of Zillow Offers is expected to take several quarters and will include a reduction of a quarter of Zillow’s workforce.

Read on for more.

Realogy Holdings Corp. and real estate investor Home Partners of America appointed the first CEO of RealSure, their joint venture providing a differentiated cash offer residential real estate product.

The new CEO was named one of Fast Company’s Most Creative People and has co-founded and launched six startup companies over a decade.

Read on for more.

ICE Mortgage Technology announced MERSCORP Holdings Inc. is expanding its capabilities to include secure storage of remote online notarization (RON) videos for lenders, investors, and servicers.

Read on for more.

Alliant National Title Insurance Co. named a 25-year industry veteran as Florida underwriting counsel. He will primarily work with Alliant National agents, its searchers and other title professionals to insure real estate transactions.

Read on for more.

In September, 59 percent of home offers faced competition, a record low for 2021, according to a recent Redfin report. It was down from 60.8 percent in August and from a peak of 74.3 percent in April.

Read on for more from the report.

First American Financial Corp. reported third-quarter revenue of $2.6 billion, up 34 percent year-over-year.

In its title insurance and services segment, revenue was $2.1 billion, up 21 percent year-over-year, according to First American’s third quarter earnings report. Direct premiums and escrow fees were up 17 percent.

Read on for more from the earnings report.

Realogy Title Group and Ho’okele Title & Escrow announced a partnership enabling them to offer a full-service line of title and escrow services to the Hawaii market.

Through the joint venture, they introduced new technologies aimed at simplifying real estate closings, providing clients with increased transparency in the escrow process and establishing a new standard of communication reliability.

Read on for more about the partnership.

HomeLight is expanding its flagship financial products HomeLight Trade-In and HomeLight Cash Offer to Arizona. The expansion is fueled by a $363 million Series D funding round raised in September.

HomeLight is now headquartered in Scottsdale, Ariz., moving from San Francisco. The company plans to hire up to 300 employees in the region over the next year.

Read on for more.

According to a recent Redfin report, 44 percent more homes are pending sale than a year ago, but only 3 percent more homes recently hit the market. The imbalance means the market pace is picking up at a time when it typically slows, Redfin said.

Read on for more.

 

First American Financial Corp. completed its acquisition of mortgage subservicing company ServiceMac. The purchase will enhance First American’s ability to provide lenders and servicers with end-to-end mortgage, settlement, and post-closing service, according to the company.

ServiceMac’s management team will continue to lead the company as a wholly owned subsidiary of First American.

Read on for more about the acquisition.

Vista Title & Escrow purchased Stevens County Title Co. of Colville, Wash. The acquisition will accelerate the growth of Vista’s eastern Washington and north Idaho client base, according to the company.

The Stevens County operation will operate as a wholly owned division of Vista Title & Escrow and will change its name to Stevens County Title & Escrow.

Read on for more about the acquisition.

Multiple listing service (MLS) solution Remine was acquired by MLS Technology Holdings, LLC, an MLS-driven collaborative that includes ACTRIS MLS in Austin, Texas, First Multiple Listing Service in Atlanta, Heartland MLS in Kansas City, Mo., and MIAMI REALTORS.

Remine will remain an independent company under the new ownership. An interim CEO has been named while a search for a permanent CEO is underway.

Read on for more.

First National Title Insurance Co. (FNTI) named a 30-year veteran as its South Carolina underwriting counsel. He will work in the Southeast Region, one of the latest expansion areas for FNTI.

Read on for more.

The modest calming of the housing market that began in late summer has continued into early fall, according to a recent market report from Zillow. Buyers are finding slightly more selection, price cuts and more time to evaluate a home before it goes under contract. 

Read on for more from the report.

In September, the demand for second homes was up 60 percent from pre-pandemic levels, according to a recent Redfin report.

Read on for more from the report.

The NFIB (National Federation of Independent Business) Small Business Optimism Index fell 1 point in September to 99.1.

Labor shortages and inflation continue to impact business operations, as more than half of small businesses report having job openings they can’t fill, according to the NFIB. Owners expecting better business conditions over the next six months decreased 5 points to a net -33 percent.

Read on for more from the NFIB.

AM Best affirmed the financial strength rating (FSR) of “A” (Excellent) and the long-term issuer credit ratings (Long-Term ICRs) of “a” (Excellent) of First American Title Insurance Co, and its title affiliates. In addition, AM Best affirmed the Long-Term ICR of “bbb” (Good) of the parent holding company, First American Financial Corp.

The outlook of the ratings is stable.

Read on for more from AM Best.

Doma (formerly known as North American Title Insurance Co.) recently added two members to its Florida team. It named a 20-year industry veteran as regional agency manager and added an underwriting counsel.

Read on for more about the new team members.

Potential existing-home sales increased to a 6.24 million seasonally adjusted annualized rate (SAAR), a 0.4 percent month-over-month increase and 8.7 percent year-over-year increase, according to First American’s Potential Home Sales Model for September. The September rate also marks a 79 percent increase from the market potential low point in February 1993, according to First American.

Read on for more from the Potential Home Sales Model.

The median home sale price rose 14 percent year-over-year to $376,800 in September, the lowest growth rate since December 2020, according to a recent Redfin report. Closed home sales fell by 5 percent year-over-year, and new listings of homes fell by 9 percent.

Read on for more from the report.