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The Title Report Print Edition
March 10, 2014
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Lack of inventory leading to fewer transactions in winter months Part I
Posted Date: Friday, February 28, 2014
Despite a significant decrease in closings transactions across the country, many title industry professionals are optimistic about the spring market. Although some are blaming the weather – most seem to be crediting a lack of inventory. In Part I of this two-part series, several industry experts spoke with The Title Report about this and how they are adjusting their business model.
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reQuire and L2 Capital merge to provide expanded services
Posted Date: Tuesday, March 4, 2014
reQuire LLC entered into an investment partnership with L2 Capital Partners. Founder and Chief Executive Officer Daniel Morris told The Title Report it is an ideal partnership because L2 Capital understands the company’s mission and is eager to help it grow.
reQuire works with title agents, lenders and homeowners by tracking and verifying the payoffs and cancellation of prior mortgage accounts and liens after the closing. The failure to properly remove these liens has created an ongoing and costly issue for homeowners when they want to sell or refinance a property as well as a compliance and monitoring burden for mortgage and title insurance companies.
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Securing non-public, private information tough to implement, crucial for business Part 1
Posted Date: Tuesday, February 18, 2014
Securing non-public, private information is critical for attracting and keeping lender clients, yet many agents are still struggling with how and when to take this crucial step. The Title Report attended a presentation given by Pat Carney, chief strategy officer of reQuire; Scott Fairbanks, business development manager for GreenFolders; and Greg McDonald, founder and chief executive officer of Cloudstar at the first LandTitle Compliance and Technology Conference Feb. 7.
In Part I of this two-part series, we talk about why this is an important practice to adopt.
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WINDWARD Consulting advocates compliance by automation
Posted Date: Friday, February 21, 2014
Curt Szymanski, president of WINDWARD Consulting, the long-standing sales and marketing partner for ResWare, has a passion for combining technology and business processes together in order to improve the way that companies in the title industry do business. The Title Report attended his session, “2014: The Year of Automation” at the first LandTitle Compliance and Technology Conference.
Read on to learn how automating processes can help your business comply with regulations.
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Stewart Information Services announces value creation strategies
Posted Date: Tuesday, February 18, 2014
Stewart Information Services Corp. announced value creation strategies, including the nomination of two new independent directors, a cost savings initiative and a share repurchase program. The cost savings initiative extends Stewart’s ongoing streamlining efforts and is expected to generate annual run rate pre-tax savings of $25 million by year-end 2015. Keep reading for more details on Stewart’s new initiatives.
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Vista Abstract Inc. to accept Bitcoins for real estate transactions
Posted Date: Friday, February 21, 2014
Matt Einheber, president and owner of Vista Abstract Inc., announced that his company will be the first to accept Bitcoins for real estate transactions. He spoke with The Title Report about why he thinks cryptocurrency is a valuable and important technology.
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HARP loans celebrate milestone after launch of educational campaign
Posted Date: Thursday, February 20, 2014
More than 3 million homeowners refinanced their mortgages through the Home Affordable Refinance Program. The Federal Housing Finance Agency credits this to a recently launched educational campaign released in targeted markets to make homeowners aware of the program, which was relatively unknown until last year.
Read on to learn more about HARP loans and how Black Knight Financial Services is helping to streamline the process.
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Fitch Ratings highlights industry’s solid profitability
Posted Date: Friday, February 28, 2014
Fitch Ratings published its Dashboard Report for the U.S. title insurance sector, which discusses its outlook for title insurance and highlights the industry’s solid profitability and capitalization tied to an improved housing market. Read on to see how the industry ranks.
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Stewart expands Capital Markets Service offerings, partners with Butler & Hosch
Posted Date: Thursday, February 20, 2014
Stewart Lender Services, a Stewart company and provider of servicing and mortgage origination support services, announced the new Servicing Quality Control service offering for mortgage servicers through Stewart’s Capital Markets Group. The program’s goal is to satisfy regulators’ and investors’ requirements and provides stakeholders with an objective assessment of a servicer’s performance.
The company also partnered with Butler & Hosch P.A., a residential mortgage law firm, to offer an expanded platform for nationwide REO title curative and settlement services.
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RealtyTrac releases new report on housing affordability
Posted Date: Tuesday, February 25, 2014
RealtyTrac, a source for comprehensive housing data, released a housing affordability analysis showing the estimated monthly house payment for a median-priced three-bedroom home purchased in the fourth quarter of 2013 increased an average of 21 percent from a year ago.
Daren Blomquist, vice president at RealtyTrac, spoke with The Title Report about why this information is valuable to professionals in the industry.
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First National Title releases 2013 year-end earnings
Posted Date: Tuesday, February 25, 2014
First National Title Insurance Co. reported revenues for the company’s first full year of operations of $26.55 million, representing a year-over-year net increase of 174 percent. The non-affiliated portion of First National Title’s revenue grew from less than 1 percent in 2012 to 25.5 percent in 2013.
Chief Executive Officer Chris Phillips said he expects non-affiliated revenue to grow substantially in 2014.
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Guaranteed Rate launches inaugural National Mortgage Data summary
Posted Date: Thursday, February 20, 2014
Guaranteed Rate, one of the 10 largest retail mortgage companies in the nation, issued its first national mortgage data summary, providing a snapshot of the U.S. mortgage market. The data is based on more than 55,000 loans funded by Guaranteed Rate coast to coast during 2013, totaling nearly $16 billion. The report said overall loan volume was up by 5 percent in 2013 on a year-over-year basis.
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MISMO releases Residential Reference Model 3.3
Posted Date: Friday, February 21, 2014
The Mortgage Industry Standards Maintenance Organization released its latest version of the MISMO Residential Reference Model in Candidate Recommendation status and for a 30-day intellectual property rights review.
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St. Johns County adopts Landmark Official Records system
Posted Date: Friday, February 28, 2014
St. Johns County upgraded to the Landmark recording system, improving public records access and expanding online services. The Pioneer Technology Group, creator of Landmark, is a developer of software solutions and services to governments and the private sector.
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North American Title Group appoints new senior vice president
Posted Date: Friday, February 28, 2014
North American Title Group appointed Tiffany Bertling to senior vice president, business systems and processes. She is responsible for identifying, developing and monitoring initiatives designed to improve overall business operations and realize systematic efficiencies. Read on for NATG President Tom Fischer’s comments.
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WFG National Title appoints senior vice president, state manager
Posted Date: Thursday, March 6, 2014
Lisa Aubrey joined WFG National Title Insurance Co. as a senior vice president and state manager for the company’s agency division in New Jersey and Pennsylvania. Aubrey has more than 20 years of experience in the field. Most recently, she served as a director of agency training for one of the industry’s largest title underwriters.
Joseph Drum, executive vice president, said she will use her background and skills to advance the company’s efforts. Read on to learn more about those efforts.
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Three counties in Michigan start e-recording with ePN
Posted Date: Thursday, March 6, 2014
E-recording Partners Network announced the addition of three new counties in Michigan to their e-recording network. Kalamazoo County, Kalkaska County and Livingston County have all begun accepting documents electronically for recording.
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DataQuick announces decrease in foreclosure, increase in home prices
Posted Date: Thursday, March 6, 2014
DataQuick, a provider of real estate information solutions powered by data, analytics and decisioning, reports foreclosures have decreased in 31 of the 42 reporting markets. Vice President Gordon Crawford said home prices continue to fluctuate but foreclosures have been consistently decreasing. Read on for more information.
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Lack of inventory leading to fewer transactions in winter months Part II
Posted Date: Tuesday, March 4, 2014
Despite a significant decrease in closings transactions across the country, many title industry professionals are optimistic about the spring market. Although some are blaming the weather – most seem to be crediting a lack of inventory. In Part II of this two-part series, Robert Reich, president of NextDeal says sales and marketing are crucial to survival.
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North American Title opens new offices, focuses on commercial
Posted Date: Tuesday, March 4, 2014
North American Title Chief Executive Officer Tom Fischer said North American is growing strategically. Fischer told The Title Report the company is adding new teams, expanding in its current markets, as well as in its commercial division. Read on more for information.
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Investors Title issues quarterly dividend
Posted Date: Tuesday, March 4, 2014
J. Allen Fine, chairman of the board of Investors Title Co., announced the quarterly cash dividend. Investors Title Co. is a publicly-held North Carolina company whose stock is traded on the NASDAQ Global Select Market. Read on for more information on the dividend and the company’s earnings statement for 2013.
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Foreclosures decrease 19 percent according to CoreLogic report
Posted Date: Tuesday, March 4, 2014
According to the January National Foreclosure report released by CoreLogic, there was a year-over-year decrease of 19 percent from January 2013 to January 2014. However, foreclosures increased 11.8 percent from December 2013 to January 2014. Keep reading to learn more.
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New Jersey expands e-recording to Hunterdon County
Posted Date: Tuesday, March 4, 2014
New Jersey added its newest electronic recording jurisdiction, Hunterdon County, with Simplifile. Title companies, real estate lawyers and banks, will now be able to submit documents electronically to the clerk’s office for recording. Customers can also securely send payments to the county to cover recording fees electronically. Read on for more details.
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SoftPro receives Gold Stevie in 2014 American Business Awards
Posted Date: Tuesday, March 4, 2014
SoftPro was presented with a Gold Stevie Award for National Sales Team of the Year at the Eighth Annual Stevie Awards Feb. 21. More than 1,500 nominations from organizations of all sizes and in virtually every industry were evaluated in this year’s competition. Finalists were determined by the average scores of 129 professionals worldwide, acting as preliminary judges.
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Fidelity National Title Group returns as Summit presenting sponsor
Posted Date: Friday, February 28, 2014
Erica Meyer, chief executive officer and publisher of October Research, LLC, announced today that Fidelity National Title Group (FNTG) has signed on as the presenting sponsor for the 10th Annual National Settlement Services Summit (NS3), making this the third consecutive year the company has taken on this central role.
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LandStar Title Agency appoints new chief financial officer
Posted Date: Friday, February 28, 2014
LandStar Title Agency appointed Dina Estrada, former senior financial manager, to chief financial officer. She will oversee the accounting department as well as supervise commercial funding and settlement services.
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Old Republic declares 33rd annual increase in cash dividend rate
Posted Date: Tuesday, February 25, 2014
The board of directors of Old Republic International Corp. declared a quarterly cash dividend on the common stock. It is payable March 14 to shareholders of record March 4. This latest dividend increase marks the 33rd consecutive year that Old Republic has boosted its cash dividend rate.
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WFG National Title announces new national escrow manager
Posted Date: Tuesday, February 25, 2014
WFG National Title Insurance Co. promoted Mickey Vandenberg to the position of senior vice president/national escrow manager. In her new position, Vandenberg will be responsible for the establishment and implementation of standardized escrow policies and procedures throughout the company nationwide.
Read on to learn more about this announcement.
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Fidelity National Title recognizes high-performing closing team
Posted Date: Tuesday, February 25, 2014
Fidelity National Title Major Accounts congratulated a sales executive for her recent sales in December 2013 of $559 million in national assets. The closing team at FNT is responsible for more than $3 billion in title insurance closings in the last three years, according to a company release.
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CoreLogic reveals key findings on credit availability in MarketPulse report
Posted Date: Tuesday, February 25, 2014
CoreLogic economists recently reviewed the residential mortgage financial performance that defined 2013 and discussed significant trends that could affect the industry in 2014. The economic analysis includes information on credit availability and cash sales.
Read on for the key findings of the company’s January MarketPulse report.
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Investors Title Co. announces fourth quarter, fiscal year 2013 results
Posted Date: Friday, February 21, 2014
Investors Title Co. announced its results for the fourth quarter and year ended Dec. 31, 2013. Chairman J. Allen Fine said he was pleased to report record levels of revenue and net income for 2013, even though refinance activity slowed from the prior year.
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Wingspan Portfolio Advisors says open to new acquisitions in 2014
Posted Date: Friday, February 21, 2014
Wingspan Portfolio Advisors, a diversified mortgage services company, made several high profile acquisitions in 2013 and says its open to more this year if the right opportunities present themselves. Last year the company expanded to Florida, California, Louisiana and Colorado.
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Title Resources promotes two executives
Posted Date: Friday, February 21, 2014
Title Resources promoted two executives. Juliann Hickey was appointed senior vice president and eastern regional manager and Mickey Godat was appointed vice president and eastern regional underwriting counsel. Both will be based out of the Title Resource’s Maitland, Fla., office.
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RealtyTrac’s U.S. Foreclosure Market Report shows decline in foreclosure activity
Posted Date: Thursday, February 20, 2014
RealtyTrac, a source for comprehensive housing data, released its U.S. Foreclosure Market Report for January 2014. The report shows foreclosure filings including default notices, scheduled auctions and bank repossessions. There was an eight percent increase from December but the total is still down 18 percent from January 2013. One in every 1,058 U.S. housing units had a foreclosure filing during the month.
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Former NS3 keynote speaker, Doug Smith, releases new book
Posted Date: Thursday, February 20, 2014
Former National Settlement Services Summit (NS3) keynote speaker, Doug Smith just released his new book entitled "Happiness: The Art of Living with Peace, Confidence and Joy." After much research and study, Smith recounts his journey to better understand and practice the skills of happiness. All proceeds from the sales of the book will go towards The James Cancer Center or the Leukemia and Lymphoma Society.
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Securing non-public, private information tough to implement, crucial for business Part II
Posted Date: Thursday, February 20, 2014
The Title Report attended a presentation given by Pat Carney, CSO of reQuire; Scott Fairbanks, business development manager for GreenFolders; and Greg McDonald, founder and CEO of Cloudstar at the first LandTitle Compliance and Technology Conference Feb. 7 regarding the importance of securing non-public, private information.
In Part II of this two-part series, we talk about how to implement this important practice.
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New home purchase up sharply in January 2014
Posted Date: Tuesday, February 18, 2014
The Mortgage Bankers Association estimates that sales of new single-family homes were running at a seasonally adjusted annual rate of 543,000 units in January 2014, based on data from its Builder Applications Survey. This represents an increase of 35 percent from December, however this increase follows a slow pace of sales in November and December.
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CSC adds optical character recognition to e-recording application
Posted Date: Tuesday, February 18, 2014
Corporation Service Company, a provider of electronic document recording for document submitters and government recording offices nationwide, added an optical character recognition enhancement to its e-recording application. Users can now select any amount of full-text data and copy it with ease.
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Statewide Abstract announces executive promotion, new hire
Posted Date: Tuesday, February 18, 2014
Statewide Abstract Corp., a family-owned title agency headquartered in White Plains, N.Y., kicked off its 35th year by announcing a promotion and new hires: Connie Alimena and Mari Anastos. Read on for the details.
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Technology and regional expertise both needed for a proper title search
Posted Date: Tuesday, February 18, 2014
Dolores Dios, founder of Accurate Abstracts, and Philip Peter Apter, of Eastland Title Services, spoke at the first LandTitle Compliance and Technology Conference Feb. 7, regarding the impact regulations have on the professionals actually searching for the title. Dios said it’s useful to use an online system but it has to be augmented by reliable regional experts with their boots on the ground and their noses in the books.
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