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Acquisitions boom as companies look to expand
Posted Date: Monday, January 5, 2015
Title companies have a hard time growing organically, according to Capello Group Managing Director Gene Urcan. He said once title companies get to that $20 million to $30 million mark in revenues, they have a hard time growing beyond that without making acquisitions. There isn’t a standard formula for smaller agents because there are many factors at play other than the bottom line.
“You have some owners that are frustrated that would like to be much bigger and more profitable and the organic growth is just not working,” Urcan told The Title Report.
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First American’s John Hollenbeck discusses new disclosure forms
Posted Date: Tuesday, December 16, 2014
First American Executive Vice President John Hollenbeck recently spoke with The Title Report about the new Closing Disclosure forms. He said integrating the forms required under the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) is good.
“It will provide more clarity for consumers and permit them to shop more effectively,” Hollenbeck said.
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Developing Story: Wells Fargo addresses Closing Disclosure questions
Posted Date: Wednesday, December 10, 2014
Wells Fargo is addressing questions from title agents and other settlement services professionals about their plans for the Closing Disclosure, after the lender announced in September that it would deliver the Closing Disclosure to borrowers when the rules new take effect Aug. 1, 2015.
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HUD program left on cutting table
Posted Date: Monday, December 22, 2014
One of the staple programs in the Department of Housing and Urban Development’s “Blueprint for Access,” issued in May 2014 by the Federal Housing Administration, has been tabled for at least a year.
The Homeowners Armed with Knowledge (HAWK) pilot program was designed for new homebuyers to encourage housing counseling before buying a home, with the promise of lower payments from an FHA-insured loan.
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Title, closing agents face many closing hurdles
Posted Date: Tuesday, December 16, 2014
With numerous organizations and groups taking the lead on preparing the title insurance industry for the changes to come Aug. 1, 2015, when the Consumer Financial Protection Bureau’s (CFPB) RESPA-TILA rule takes effect,the title industry may very well be closing table entity that is the most prepared to handle the new forms and changes to the mortgage process — but there could be hundreds of scenarios that make complying with the new rule difficult which won’t be known until after implementation begins.
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New home purchases decreased by 22 percent
Posted Date: Thursday, December 11, 2014
The MBA reported that new mortgage applications for new home purchases decreased by 22 percent relative to the previous month. Keep reading to learn more.
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East Tennessee credit unions launch title company
Posted Date: Tuesday, December 23, 2014
CU Community and Credit Union Services of East Tennessee have teamed up to launch CU Community Title Co. LLC, effective Jan. 2, 2015. The joint venture represents a groundbreaking collaboration between subsidiaries of two East Tennessee credit unions, ORNL Federal Credit Union and Y-12 Federal Credit Union, both headquartered in Oak Ridge, Tenn., just outside of Knoxville.
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A.M. Best rates National Title Insurance of New York
Posted Date: Tuesday, December 23, 2014
National Title was acquired on Jan. 2 as part of the FNF’s acquisition of Lender Processing Services, Inc. National Title and FNF’s other domestic title insurance companies collectively are referred to as the Fidelity National Financial Group. The outlook for the ratings is stable.
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IBERIABANK to acquire Georgia Commerce Bancshares
Posted Date: Thursday, December 18, 2014
IBERIABANK Corp. (IBKC) and Georgia Commerce Bancshares Inc. signed a definitive agreement for IBKC to acquire Georgia Commerce via merger. The all-stock deal has been approved by the board of directors of both companies is expected to close in the first half of 2015.
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Illinois expands eRecording to Will County
Posted Date: Monday, December 22, 2014
The Will County Recorder’s office has implemented electronic recording through Simplifile, providing customers with a faster, more convenient way to record their documents.
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Federal Information Security Modernization Act passes Congress
Posted Date: Thursday, December 11, 2014
The Federal Information Security Modernization Act of 2014 is heading to President Barack Obama’s desk after passing the Senate and the House of Representatives. The bill updates a 12-year-old law to meet the federal government’s current cybersecurity needs, establishes real-time monitoring of federal computer networks, and enhances oversight of federal data breaches.
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New Jersey fraudster sentenced for mutli-million dollar scheme
Posted Date: Monday, December 15, 2014
Alex Schleider of Lakewood, N.J., was sentenced to one year and one day in prison for his part in a real estate investment fraud scheme that defrauded investors of more than $1 million. He previously had pled guilty before U.S. District Judge Joel Pisano to an information charging him with one count of wire fraud.
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MBA announces five year-end promotions
Posted Date: Monday, December 22, 2014
MBA President and CEO David Stevens announced the promotion of five MBA staff members. They will be effective Jan. 1, 2015.
Among those named to new positions was Rick Hill, who will serve as vice president of industry technology.
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Pioneer Title Agency grows Phoenix team
Posted Date: Thursday, December 18, 2014
Pioneer Title Agency added an escrow officer and senior escrow officer to process and close escrow transactions and work closely with all parties. Keep reading to learn who got the job.
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RealtyTrac finds secret to investors’ success
Posted Date: Wednesday, December 17, 2014
RealtyTrac peered into the large institutional investor market and shared a glimpse of its findings with The Title Report. Vice President Daren Blomquist said he was getting a lot of questions from the media and Realtors concerning these institutional investors.
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GSE foreclosure prevention actions top 3.3 million
Posted Date: Tuesday, December 23, 2014
The FHFA released a report showing that Fannie Mae and Freddie Mac completed approximately 72,700 foreclosure prevention actions in the third quarter, bring the total to more than 3.3 million since the start of conservatorships in September 2008. Read on to learn more.
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Home sales rise little year-over-year
Posted Date: Tuesday, December 23, 2014
Auction.com’s Real Estate Nowcast predicts home sales will be up slightly from one year ago and essentially flat compared with November. Keep reading to learn more.
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Prosecutor warns of new real estate closing scheme
Posted Date: Tuesday, December 23, 2014
Prosecutor Fredric Knapp is issuing an alert to the members of the Morris County Bar Association regarding a real estate closing scheme — involving emailed wiring instructions for banking transactions.
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Mortgage debt reaches record high
Posted Date: Monday, December 22, 2014
The level of commercial/multifamily mortgage debt outstanding increased by $28.6 billion in the third quarter of 2014, as the four major investor groups increased their holdings, according to the Mortgage Bankers Association.
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Galveston woman sentenced for mortgage fraud
Posted Date: Monday, December 22, 2014
A Galveston, Texas, woman has been sentenced to federal prison for federal violations related to a mortgage fraud scheme in the Eastern District of Texas, U.S. Attorney John M. Bales announced.
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U.S. economy expanding at moderate pace, says FOMC
Posted Date: Monday, December 22, 2014
On balance, a range of labor market indicators suggests that underutilization of labor resources continues to diminish. Household spending is rising moderately and business fixed investment is advancing, while the recovery in the housing sector remains slow.
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Low rates fuel growth in refi volume
Posted Date: Thursday, December 18, 2014
Lenders’ share of mortgage refinancing volume rose for the fourth straight month in November as mortgage interest rates continued to fall, according to the latest Origination Insight Report released by Ellie Mae.
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Sixteen charged in telemarketing scheme involving Detroit homes
Posted Date: Thursday, December 18, 2014
Sixteen people have been charged for operating a fraudulent telemarketing scheme that involved losses of more than $20 million to more 290 victims in 46 states and Canada, including Michigan, United States Attorney Barbara McQuade announced.
McQuade was joined in the announcement by Paul Abbate, special agent in charge of the FBI Detroit Field Office.
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Beware of year-end cyber theft
Posted Date: Thursday, December 18, 2014
A new article by eDiscovery firm Secure Discovery LLC is warning corporations about the traditional end of year spike in corporate cyber theft, as some employees who are poised to start a new job in January with a competitor attempt to take confidential information along with them.
“Most employees wouldn't think of stealing client lists, formulas, manufacturing processes, plans, and other private information on their way out the door,” Secure Discovery LLC’s Chief Legal Officer Mason Evans said.
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Stewart Title adds division president to Vegas office
Posted Date: Tuesday, December 16, 2014
Stewart Title Co. added a new division president for its Las Vegas location. He will be responsible for the operations and continued growth for the southern Nevada location.
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Home prices appreciate in each state
Posted Date: Monday, December 15, 2014
CoreLogic reported that all states showed year-over-year home price appreciation in October. Read on to learn more.
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Title Talk: Jeffry Stein says his focus in on education and advocacy as the new president of the Florida Land Title Association
Posted Date: Monday, December 15, 2014
Jeffry Stein, Florida counsel and vice president for Alliant National Title Insurance Co., was elected to serve as the president of the Florida Land Title Association for 2015. He told The Title Report what the industry is missing from its education efforts and those of most insurers, is the basic level of training needed by people entering the industry. He said as president he hopes the FLTA can address that concern.
October Research, LLC attended the association’s 2014 Annual Convention and will be providing coverage from it and other state association conferences throughout 2015.
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Loan modification ringleader sentenced
Posted Date: Thursday, December 11, 2014
Jason Vitulano of Boca Raton, Fla., was sentenced to 132 months in prison, to be followed by three years of supervised release, and ordered to pay $5.9 million in restitution by U.S. District Judge Kenneth Marra.
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