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Demotech responds to favorable results for title underwriters
Posted Date: Tuesday, April 1, 2014
Demotech’s Chief Ratings Officer Barry Koestler and Senior Financial Analyst Douglas Powell told The Title Report that title insurance underwriters are reporting positive financial results for 2013.
Financial information examined by Demotech includes the underwriters’ statutory information quarterly and annually, the statement of actuarial opinion as well as audited financials. Underwriters are encouraged to submit management discussions quarterly or annually with their statements. Demotech talks with the management of the company, examines industry trends and reviews the underwriter’s history.
“We also conduct an annual data call that looks at reinsurance as well as agency appointment information and defalcation prevention and procedures,” Koestler said. “That’s a critical piece, especially with title underwriters where that’s been an issue. This information is particularly relevant to reviewing smaller underwriters.”
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President Obama signs Homeowner Flood Insurance Affordability Act
Posted Date: Tuesday, March 25, 2014
President Barack Obama signed the Homeowner Flood Insurance Affordability Act into law on March 21. Congress passed the legislation in reaction to the unintended consequences of the Biggert-Waters Flood Insurance Reform Act, including premium spikes and the impact on the sale and construction of homes across the country. Keep reading for more information.
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Wells Fargo endorses ALTA Best Practices
Posted Date: Friday, March 7, 2014
Wells Fargo announced its support of the American Land Title Association’s Best Practices in its Settlement Agent Communications issued March 6. The lender said, although they may take time to implement, they are guidelines for sound business practices that should ideally already be in place for businesses providing title and closing services for its customers.
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Fifth Third says goodbye to wholesale lending business
Posted Date: Monday, March 17, 2014
Fifth Third announced it is exiting the wholesale lending business effective at the end of the year. Spokesperson Sean Parker told The Title Report the lender will still offer traditional mortgages and the company will focus more of its attention on the correspondent lending division.
The lender is not the first to take this strategic approach based on changes in the mortgage industry over the past several years. Parker said Wells Fargo, Liberty Mortgage Corp and AMTrust Bank have also exited this market.
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Old Republic cancels recapitalization plans
Posted Date: Thursday, March 20, 2014
Old Republic International Corp. cancelled a recapitalization plan by its Republic Mortgage Insurance Co. mortgage guaranty subsidiary. The decision is driven by a lack of success in attracting capital markets funding fully responsive to all the financial and other terms and conditions initially commissioned by RMICC. Al Zucaro, chairman and chief executive officer of Old Republic, said the outcome was “disappointing” but does not change the company’s long-term business objectives.
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Top title insurers report growth according to Fitch
Posted Date: Monday, March 24, 2014
Fitch Ratings released its review of U.S. Title Insurer operating performance in a special report entitled “Title Insurance Industry 2013 GAAP Financial Results.” Gerry Glombicki, director at Fitch Ratings and Title Insurance Sector head said the five publicly traded U.S. title insurers reported 8 percent growth at year-end 2013. Read on to see what factors contributed to that growth.
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WFG creates compliance management system for title agents
Posted Date: Tuesday, March 11, 2014
WFG National Title Insurance Co. introduced technology that will enable title agents to implement key compliance safeguards as well as demonstrate to the agents’ clients that they have done so. Senior Vice Presidents Chuck Cain and Rick Diamond told The Title Report that this not only provides agents with a compliance management system but documents their compliance as well.
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Industry leader says it’s time to talk sales
Posted Date: Thursday, March 27, 2014
Cynthia McGovern, founder of Orange Leaf Consulting, said it’s time for title agents to have a serious dialogue about sales during her presentation at the annual ALTA Business Strategies Conference. She said everyone in the industry should be doing sales, but too many overlook this crucial step. Everyone should be included in the sales dialogue, not just the sales staff, but everyone else, from the escrow officers to the receptionists.
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Michael Carus shares benefits of flexible workplace
Posted Date: Monday, March 10, 2014
Michael Carus, president and chief operating officer of RedVision, instituted the Flexpert program in 2010 in response to a fluctuation in the market. The company wanted to create a flexible workforce where not everyone is a full-time employee. RedVision wanted to know if there was a demand from employees for part-time opportunities.
“The marketplace is extremely dynamic in terms of ups and downs and transaction swings,” Carus said. “If you staff to the peak and the peak is gone, you’re in trouble. If you staff to the trough, you’ll never get to a peak. That’s the dilemma of the world we live in. At RedVision, we try to create flexibility in our work environment.”
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DocuSign releases Spring Product update
Posted Date: Thursday, March 20, 2014
DocuSign spoke with The Title Report about its quarterly product release, including its new Carrier Grade Availability, the new DocuSign Experience and new mobile apps for Windows 8 and Windows Phone. Read on for more information.
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Title Alliance, Keller Williams partner in Maryland
Posted Date: Monday, March 17, 2014
Title Alliance Ltd. announced it will be expanding its geographical reach to Maryland with its most recent partnership with Keller Williams Greater Howard County Market Center. The renamed Greater Maryland Title LLC, will be available as a full-service title company offering a range of services. Keep reading for more details.
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Idaho’s TitleOne acquires Land Title and Escrow
Posted Date: Tuesday, March 18, 2014
TitleOne has solidified its position as the number one provider of title and escrow services in all of Idaho by acquiring the largest provider of those services in the southern part of the state. On March 17, TitleOne announced its acquisition of Land Title and Escrow based in Burley.
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North American adds Indiana to expansion plans
Posted Date: Tuesday, March 11, 2014
North American Title Co. expanded into Indiana with an office now open in Merrillville.
“In the process of growing the North American Title brand, we have been looking to open offices in a new state,” said Michael Montalvo, president, North American Title Co. “Indiana is a perfect fit. The close proximity to our Illinois offices will make it much easier to support and grow this new market."
This follows the recent announcement of plans to expand further into Florida, Texas and Colorado. Chief Executive Officer and President Tom Fischer said the company is looking at many opportunities and expanding strategically. North American also recently merged offices in Baltimore and named Edward Byrnes as an assistant vice president, branch manager. He has worked in the title industry for 30 years and conducted more than 15,000 closings.
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Stewart names new director of investor relations
Posted Date: Tuesday, March 25, 2014
Stewart Information Services Corp. named a new director of investor relations. Ted Jones will remain senior vice president and chief economist. Keep reading for more information on these strategic appointments.
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Stewart Abstract & Title of Oklahoma appoints new underwriting counsel
Posted Date: Tuesday, March 18, 2014
Stewart Abstract of Oklahoma has promoted one of its own to vice president and underwriting counsel for the company’s Oklahoma City office. She will provide title-based guidance and help with local underwriting issues. Read on for more details.
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First Nationwide Title Agency hires five new employees in two months
Posted Date: Monday, March 17, 2014
First Nationwide Title Agency has seen quite a bit of growth in the past two months, hiring five new key employees. President and Chief Executive Officer Steven Napolitano said the company is fortifying its ranks with experienced professionals.
“As the economy continues to recover and more and more commercial real estate acquisitions/dispositions are being transacted, the demand for our services has significantly risen,” Napolitano said. “Consequently, we are fortifying our ranks with experienced professionals in order to provide clients with the best underwriting experts in the business."
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HomeServices of America announces new title and escrow VP
Posted Date: Friday, March 21, 2014
HomeServices of America, a Berkshire Hathaway affiliate, announced Jim Lamphere has assumed the role of vice president of title and escrow services. He will report to Chief Operating Officer Robert Moline. The company also recently named Greg Mason as chief executive officer of Edina Realty Home Services.
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First Bergen Title Agency names new title officer
Posted Date: Friday, March 21, 2014
Janice Grutta was named title officer at First Bergen Title Agency in New Jersey. She will examine title searches and provide clearance on title issues as well as issue insurance policies to facilitate the efficient transfer of real estate. Keep reading for more information on First Bergen.
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Medallion Analytics’ new VP to increase focus on lender segment
Posted Date: Friday, March 14, 2014
Medallion Analytics, a provider of productivity and compliance tools for the mortgage industry, announced that John Contreras joined Medallion as vice president of sales. He brings more than 23 years of experience in the national title insurance industry serving the home equity, first mortgage refinance, loan modifications and Real Estate Owned (REO) markets.
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Daren Blomquist talks about the impact of institutional investors
Posted Date: Friday, March 7, 2014
Daren Blomquist, vice president of RealtyTrac told The Title Report that institutional investors have a disproportionate impact on the housing market, especially in the markets where they are concentrated. Nationwide, only six percent of all purchases went to these institutional investors, but recently it’s increased to 7-8 percent nationwide. Read on to learn more about the impact of this group of homebuyers.
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The winners of The Legal Description’s St. Patrick’s Day giveaway are …
Posted Date: Monday, April 7, 2014
October Research wishes to thank all of our e-mail update readers who registered to win great prizes in our special St. Patrick’s Day Give-Away.
And congratulations to our prize winners!
Six-month digital subscriptions to The Legal Description
Mary Davis
SunTrust Mortgage
John McLean
BridgeTrust Title Group
Registrations to attend the recent October Research, LLC webinar, Mortgage Disclosure Forms: Restructuring, Reloading and Retooling to Meet the New Demands.
Jamie Corbin
ATS Secured
William Jones
Jones Gotcher
Rich Lipman
Accord Abstract, Ltd.
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Mortgage bankers report record-low profits in fourth quarter
Posted Date: Thursday, March 27, 2014
Independent mortgage bankers reported their lowest levels of profits since the inception of the Mortgage Bankers Association’s Quarterly Mortgage Bankers Performance Report in 2008, and production expenses were the highest recorded in any quarter. Keep reading for more information. One consolation was in mortgage servicing, where financial income improved according to Marina Walsh, MBA's vice president of industry analysis.
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RealtyTrac enters tax and mortgage data licensing business
Posted Date: Thursday, March 27, 2014
RealtyTrac, a source of housing data, entered the tax and mortgage data licensing business, making it the first new entrant in the business in more than a decade. Jamie Moyle, chief executive officer at RealtyTrac, said the company will continue to grow the aggregation department even further to make more data available. Read on to learn more about this exciting new venture.
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North American expands to Marina District
Posted Date: Thursday, March 27, 2014
North American Title Co. expanded with a new San Francisco office in the Marina District to serve its existing customer base and boost market share. Escrow Officer Liz Glazener said she wants the new office to be the neighborhood boutique office where customers prefer to do business. Keep reading for more information.
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Adeptive integrates with Entrinsik
Posted Date: Thursday, March 27, 2014
Adeptive Software, the privately owned creator of ResWare, announced the integration of ResWare and Entrinsik Informer, a reporting and business intelligence application used to deliver reports and dashboards. Director of Informer Services Tad Buck said he is excited to bring title software to the company.
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Home sales up from January
Posted Date: Thursday, March 27, 2014
DataQuick, a provider of real estate information solutions powered by data, analytics and decisioning, announced home sales increased in 29 of 42 reporting markets in February according to its Property Intelligence Report. However, overall sales have only increased in six markets over the last quarter and 16 of the 42 largest U.S. counties over the last year. Keep reading for more information.
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The Title Report hosts Mortgage Disclosure Forms webinar Part II
Posted Date: Tuesday, March 25, 2014
The Title Report hosted “Implementing New Mortgage Disclosure Forms. Restructuring, Reloading and Retooling to Meet the New Demands” moderated by Chuck Cain, senior vice president and agency manager for WFG National Title Insurance Co. The panel included Vincent Danzi, senior vice president and general counsel, One Title National Guaranty Co. Inc., Richard Horn, partner at Dentons US LLP and Leslie Wyatt, director of industry relations at SoftPro. In Part II of this two-part series Wyatt tells agents how they can prepare for the upcoming changes and Horn reviews the role of the Consumer Financial Protection Bureau.
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Title premiums increased 11.5 percent according to ALTA report
Posted Date: Tuesday, March 25, 2014
In its year-end report, the American Land Title Association announced an 11.5 percent increase in title insurance premiums written in 2013. The preliminary 2013 Year-end and Fourth-Quarter Market Share Analysis also showed $3 billion in title insurance premiums in the fourth quarter of 2013. Read on for a breakdown in market share.
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Hillsborough Title and HomePlus Title join forces
Posted Date: Tuesday, March 25, 2014
Hillsborough Title acquired HomePlus Title to provide title service to Polk County, Fla., and further expand its coverage area. Aaron Davis, president and chief executive officer of Hillsborough Title, said he was excited about the merger of the two companies. Keep reading to see why.
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Independence Title partners with Zonability
Posted Date: Tuesday, March 25, 2014
Independence Title, a privately-held title company in the state of Texas, is licensing Zonability to gain faster access to useful, data-driven insights about thousands of parcels of land in seven central Texas cities. Zonability is a web application that converts multiple sources of data into innovative, graphically rich reports and interactive maps for PCS and mobile devices. Read on to see how they will utilize this technology.
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The Title Report hosts Mortgage Disclosure Forms webinar Part 1
Posted Date: Monday, March 24, 2014
The Title Report hosted “Implementing New Mortgage Disclosure Forms. Restructuring, Reloading and Retooling to Meet the New Demands” moderated by Chuck Cain, senior vice president and agency manager for WFG National Title Insurance Co. The panel included Vincent Danzi, senior vice president and general counsel, One Title National Guaranty Co. Inc., Richard Horn, partner at Dentons US LLP and Leslie Wyatt, director of industry relations at SoftPro. In Part 1 of this two-part series, Horn and Danzi review the new form and what changes can be expected.
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Benchmark receives CAPS approval for online case file collaboration
Posted Date: Friday, March 21, 2014
Pioneer Technology Group announced Benchmark Court Management System received CAPS approval for online case file collaboration. Benchmark became the first system approved for live, online court case management in the state of Florida.
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MBA honors nine industry innovators
Posted Date: Friday, March 21, 2014
The Mortgage Bankers Association awarded nine industry innovators with the Mortgage Banking Tech All-Stars Award at the association’s 2014 National Technology in Mortgage Banking Conference & Expo held in Los Angeles, Calif. Read on to see the list of winners.
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Lennar Corp. reports increases in Q1 earnings
Posted Date: Friday, March 21, 2014
Lennar Corp. Chief Executive Officer Stuart Miller said he was extremely pleased with the company’s operating results which included year-over-year increases in new orders, deliveries and average sales prices. Keep reading to see Lennar Corp. first quarter results.
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Hamilton National Title appoints new vice president
Posted Date: Thursday, March 20, 2014
Hamilton National Title LLC, a provider of national residential and commercial title insurance and escrow services, announced Jerry Torr as its new vice president of business development and member of the firm’s management committee. He has 30 years of experience in title insurance and served in the Indiana House of Representatives.
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Foreclosure activity at lowest level in more than 7 years
Posted Date: Thursday, March 20, 2014
Foreclosure filings decreased 10 percent from January to February and are down 27 percent from February 2013. This is the lowest monthly total since December 2006 according to RealtyTrac’s U.S. Foreclosure Market Report. Keep reading to see what the experts credit this to.
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Hendricks County, Ind., implements e-recording
Posted Date: Thursday, March 20, 2014
Simplifile, an e-recording service provider, implemented e-recording in Hendricks County, Ind. Title companies, banks and attorneys can now submit documents for recording via the internet. Keep reading for more information.
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Mountain America conducts first FHA e-closing
Posted Date: Tuesday, March 18, 2014
Stewart Title and Mountain America Credit Union have partnered to electronically close an FHA loan for the first time ever at a Utah title office. The companies conducted the closing using Mountain America’s eClosing platform powered by Stewart’s eClosingRoom technology, in conjunction with DocuMagic Inc. eSign compliant loan documents.
Glenn Clements, group president of direct operations for Texas-based Stewart, said his company was absolutely “thrilled” to join with Mountain America in making history.
“Today marks two very momentous transactions in Utah and for the real estate industry as a whole,” Clements said.
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Fidelity honors Baird & Warner Title Services
Posted Date: Tuesday, March 18, 2014
Baird & Warner Title Services has been named one of the top five title companies in Illinois by Fidelity National Title Group. This is the third year the company has been ranked in the top 10 and the first year ranked in the top five. Baird & Warner Title Services President Warren Habib said it is truly an honor. Keep reading for the rest of his comments.
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Flood insurance bill awaits president's signature
Posted Date: Tuesday, March 18, 2014
Congress has passed legislation to address what industry associations call the unintended consequences of the Biggert-Waters Flood Insurance Reform Act, including premium spikes and the impact on the sale and construction of homes across the country. The associations applauded the bill’s passage, saying it brings certainty to homeowners and financial stability to the National Flood Insurance Program.
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DPS chalks up first Ventura County e-recording
Posted Date: Tuesday, March 18, 2014
A California document recording service provider has completed the first-ever e-recording of real estate documents in Ventura County. Document Processing Solutions Inc. announced recently that its services were used to e-record at the Ventura County Recorder’s Office.
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First American Financial doubles quarterly cash dividend
Posted Date: Monday, March 17, 2014
First American Financial Corp. announced that its board of directors declared a quarterly cash dividend of 24 cents per common share, representing a 100 percent increase from the prior level of 12 cents per common share. Read on to see learn about changes to the share repurchase plan as well.
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First Bergen Title Agency insures $1.5 billion in one year
Posted Date: Monday, March 17, 2014
First Bergen Title Agency in New Jersey insured more than $1.5 billion of real estate financing and purchase transactions in the state in 2013. The residential real estate sector accounted for $1 billion. Read on for more details.
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Adeptive Software, integrates with City National Bank
Posted Date: Monday, March 17, 2014
Adeptive Software, the privately-owned developer of ResWare, now provides an integration service with Los Angeles-based City National Bank for the transmission of incoming and outgoing wires via City National EASI Link. Read on for more details.
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MBA survey shows mortgage applications down
Posted Date: Friday, March 14, 2014
Mortgage applications decreased 2.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending March 7. The refinance share of mortgage activity was reported at 57 percent of total applications. Read on for more.
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Tennessee county projects cost savings through e-recording
Posted Date: Friday, March 14, 2014
Rutherford County, Tenn., is now electronically recording documents with Simplifile. Heather Dawbarn, the county register of deeds, said the decision has been well received and hopes to e-record plats available within a year.
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Republic Title of Texas names new VP of residential sales
Posted Date: Friday, March 14, 2014
Janet Allen will be leading the residential sales and business development efforts of Republic Title of Texas Inc. in her new position as vice president of residential sales. She will also oversee customer relations and sales for all of the company’s residential branch locations.
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Latest housing scorecard shows progress
Posted Date: Friday, March 14, 2014
The U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury released the February edition of the Obama Administration’s Housing Scorecard. While the scorecard notes positive trends in the housing market, officials caution that the economy is still healing from the Great Recession. Read on for the latest on home purchases, foreclosure completions and house prices.
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Banking committee heads unveil agreement on housing finance reform
Posted Date: Friday, March 14, 2014
The leaders of the Senate Banking Committee released a joint announcement, saying they had reached an agreement on a housing finance reform proposal and will unveil legislative language soon. Read on for details and to find out what industry associations had to say in response.
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First American purchase of Interthinx finalized
Posted Date: Friday, March 14, 2014
First American Financial Corp., a leading global provider of title insurance, settlement services and risk solutions for real estate transactions, announced the completion of its acquisition of Interthinx Inc., a leading provider of loan quality analytics, decision support tools and loan review services for the mortgage industry, from Verisk Analytics Inc.
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RealtyTrac warns homebuyers of hazards, sex offenders
Posted Date: Tuesday, March 11, 2014
In the latest announcement of RealtyTrac’s expansion efforts, the company will now include environmental and local information for the 108 million property addresses searchable on its website. This information will include details on pollution as well as drug labs, sex offenders and building permit activity. Keep reading to learn more about RealtyTrac’s expansion efforts.
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Subscription winners for 2014 Voice of the Title Agent Survey are…
Posted Date: Tuesday, March 11, 2014
Thanks to everyone who participated in the 2014 Voice of the Title Agent survey. We greatly appreciate your time and thorough feedback provided. The collective insight gained from industry professionals like yourself is the reason we are able to produce a comprehensive overview of the title industry.
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IBERIABANK names new leadership in Texas offices
Posted Date: Tuesday, March 11, 2014
IBERIABANK Corp., a financial holding company with 21 title insurance offices, named a new regional president of Texas to oversee the Bank’s Texas markets and the energy lending division. The company also announced a new market president in Houston. In February, the company acquired First Private Holdings Inc., a holding company in Dallas.
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RedVision named to inaugural Build 100 list for its five-year job growth
Posted Date: Tuesday, March 11, 2014
Inc. Magazine named RedVision, the independent nationwide provider of real property title data, search examination and curative-ready solutions, to Build 100. This new business index honors an elite tier of companies that have expanded their employment in each of the past five years.
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Reduce disruption in your business operations by planning now for new forms
Posted Date: Monday, March 10, 2014
The title insurance and mortgage lending industry will begin to feel the sting of implementing the newly integrated mortgage disclosure forms soon enough. And while challenges always present themselves when dealing with new regulations, planning ahead and following the advice of industry experts can lead companies to a smooth transition and successful implementation. But title companies are urged to start now in order to manage pressure points and reduce the disruption in business operations when it comes time to comply. So what should you be doing?
The Title Report and sponsor WFG National Title Insurance Co. are offering an exclusive webinar on March 19, from 2-3:30 p.m. ET, to provide title companies instruction on implementing the Consumer Financial Protection Bureau’s mandated mortgage disclosure forms. Title professionals are encouraged to join us for Mortgage Disclosure Forms: Restructuring, Reloading and Retooling to Meet the New Demands as we hear from several industry leaders including: Richard Horn, who was instrumental in writing the final rule; Vincent Danzi of OneTitle National Guaranty Co. Inc.; and Leslie Wyatt, of SoftPro.
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More than 4 million residential properties return to positive equity
Posted Date: Monday, March 10, 2014
CoreLogic released a new analysis showing 4 million homes returned to positive equity in 2013, bringing the total number of mortgaged residential properties with equity to 42.7 million. Keep reading to learn more about this shift in homeownership.
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Mobile County, Ala. e-records first document with Simplifile
Posted Date: Monday, March 10, 2014
The Mobile County Probate Court recorded its first electronic document, a mortgage amendment, submitted through Simplifile. Mobile County is the fourth Alabama recording jurisdiction to make Simplifile’s e-recording service available, joining Elmore, Montgomery and Shelby counties.
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Commercial and multi-family delinquencies decline in fourth quarter
Posted Date: Monday, March 10, 2014
Delinquency rates for commercial and multifamily mortgage loans continued to decline in the fourth quarter of 2013, according to the Mortgage Bankers Association’s Commercial/Multifamily Delinquency Report. Read on for more details.
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Economic activities expand according to March Beige Book
Posted Date: Monday, March 10, 2014
Eight times a year each Federal Reserve Bank gathers anecdotal information on current economic conditions in its district. The report, commonly known as the Beige Book, summarizes the information by district and sector. On March 5, the report showed that economic conditions expanded in January and early February. Read on to see how the title insurance and real estate sector performed.
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Baird & Warner grows technological footprint with mobile technology
Posted Date: Thursday, March 6, 2014
Baird & Warner recently launched a new mobile application and began offering digital closings. The company offers independent residential real estate services in Chicagoland including mortgage financing and title insurance services. Read on for more details.
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Flood insurance bill passes with 18 percent cost cap
Posted Date: Thursday, March 6, 2014
The U.S. House of Representatives passed the Home Flood Insurance Affordability Act of 2014 by a vast majority. The legislation was crafted by Republic Rep. Michael Grimm of New York in response to premiums that had increased drastically in flood-prone areas. The National Association of Homebuilders said the bill would make the NFIP stronger and more effective for years to come.
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