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Title industry embraces internal control standards
Posted Date: Tuesday, January 21, 2014
In response to their customers’ demands, title agencies are announcing the completion of the Statement on Standards for Attestation Engagements 16 and Service Organization Control audits. This achievement provides a marketing advantage over competitors and differentiates them from the competition. Customers can feel confident in the overall control environment at the agency and that their non-public information is safeguarded. It’s also an independent verification the controls are in place.
The Title Report spoke with Raja Paranjothi of Mayer, Hoffman and McCann regarding these reports to find out what they are and how they are helpful to the industry.
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Refinance transactions take downward turn going into new year Part II
Posted Date: Tuesday, January 14, 2014
The refinance market and activity has dropped precipitously from the middle of last year to the end of the year according to Craig Muldoon, executive vice president and co-founder of RedVision. He told The Title Report that RedVision’s customers have seen anywhere from a 30-60 percent drop-off in business. The agencies that suffered the most were those that were more reliant on the refinance side of the industry.
In Part II of this series see how this trend has affected agents across the country.
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Disaster Recovery plans crucial according to industry experts
Posted Date: Friday, January 3, 2014
It has been estimated that 2 percent of data loss is caused by natural disasters. More than half of all data is lost because of hardware or computer system problems. Nine percent of data loss is from software corruption or programming and 26 percent is because of human error. One of those errors is not having a disaster recovery plan in place according to experts from the Pioneer Technology Group (PTG) and Security Compliance Associates.
Peter Johnson, vice president of sales and marketing for the Pioneer Technology Group along with Jim Braham and Rick Woods from Security Compliance Associates sat down with The Title Report to discuss how agents can be prepared.
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Southern Title Insurance headed for liquidation
Posted Date: Friday, January 10, 2014
Southern Title Insurance Corp. (STIC), a Richmond-based insurer that wrote title insurance coverage, is headed for liquidation. Notices of objection to the proceedings and related deadlines had to be filed by Jan. 6. A hearing on the Deputy Receiver’s application is scheduled to begin Feb. 4. The applications for liquidation requests are due by Aug. 4. After that, the claim will not be paid.
Read on for the history of this company.
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Home Affordable Refinance Program seen as useful, but unknown
Posted Date: Friday, January 17, 2014
The Home Affordable Refinance Program helps homeowners who are underwater on their mortgages. Although millions have benefitted from HARP loans, many still don’t know much about the program or how it can help them. In response, the Federal Housing Finance Agency launched a national education campaign last year.
The Title Report asked mortgage professionals about the popularity of HARP loans in their part of the country.
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FNF forms Black Knight Financial Services
Posted Date: Tuesday, January 7, 2014
Fidelity National Financial reorganized the former Lender Processing Services Inc. (LPS) businesses and formed a wholly-owned subsidiary called Black Knight Financial Services Inc.
Thirty-five percent interest in Black Knight’s two operating subsidiaries, ServiceLink Holdings, LLC and Black Knight Financial Services, LLC (BKFS) went to funds affiliated with Thomas H. Lee Partners L.P., a private equity firm. The firm invests in growth-oriented global businesses in consumer and healthcare, media and information, services and business, and financial services.
Black Knight, through ServiceLink and BKFS, now owns and operates the former LPS businesses and FNF’s ServiceLink businesses. Read on to see BKFS' primary products and services.
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RamQuest to bring new functionality to the marketplace
Posted Date: Friday, January 3, 2014
The issuance of the final rule signaled the starting bell for the race to build the next generation of software solutions according to Mary Schuster, vice president of legislative affairs for RamQuest. She said the title industry and its technology providers were in the starting gate for months speculating about what the new rule would contain and what solutions would be built.
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ResWare™ focuses on integrations with third-party services in 2014
Posted Date: Tuesday, January 7, 2014
ResWare, powered by Adeptive, has been making changes to adapt to the changes in the industry.
Bryan Buus, president of Adeptive said, “Now that we have the final ruling, we’ve begun the programming changes necessary to comply with the new forms and fields that will be required of ResWare and partner-related integrations. We’re still working through the timeline, but we should have it ready well before the end of the year so that customers will have plenty of time to get comfortable with the new forms.”
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Two family-owned companies join forces in Florida
Posted Date: Tuesday, January 14, 2014
Hillsborough Title acquired Paramount Title Corp. operations and staff, putting the Hillsborough Title family of companies in the top 1 percent of title agencies in the state of Florida for transaction volume. Read on to learn how these companies have come together.
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Atlantis National Services joins forces with crowdfunding, Sharestates.com
Posted Date: Monday, January 13, 2014
The Altantis Organization joined forces with the crowdfunding site, Sharestates.com, as the exclusive National Title Insurance and Escrow provider. Owners of Atlantis, Radni and Raymond Davoodi, opened Ameristract, a title insurance underwriter, in New York just last year and will now be working with Sharestates.com to make real estate investment opportunities more available to the public.
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First National Title doubles earnings, enhances website
Posted Date: Friday, January 10, 2014
First National Title Insurance Co. (FNTI) reported that revenues through September 2013 reached a level that is two times the total revenue reported for year-end 2012. In a release, the company credited this achievement to the growing number of independent agents representing FNTI and the markets in which it is licensed.
The Title Report took a look to see what else First National is doing to raise revenues and expand its market share.
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TitleVest expands into Lower Hudson Valley
Posted Date: Monday, January 13, 2014
TitleVest, a provider of title insurance and real estate services, expanded its operations into the Lower Hudson Valley with two new real estate professionals.
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Title Alliance of Maine announces management appointments
Posted Date: Monday, January 13, 2014
Title Alliance Ltd. added a new president and operations manager of Title Alliance of Maine in Portland, Maine. This is the company’s first venture in Maine and the 18th venture with Keller Williams.
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Old Republic announces change in leadership
Posted Date: Friday, January 10, 2014
The Old Republic Title Insurance Group appointed a new senior vice president and chief financial officer who will be responsible for all internal and external financial reporting, company audits and examinations, financial analysis and internal control procedures.
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Home prices rise by 11.8 percent year over year in November
Posted Date: Friday, January 17, 2014
CoreLogic, a residential property information, analytics and services provider, released its November CoreLogic Home Price Index report. Year over year, home prices nationwide, including distressed sales, increased 11.8 percent in November 2013 compared to November 2012.
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Lennar reports fourth quarter earnings
Posted Date: Friday, January 17, 2014
Lennar Corp., one of the nation's largest homebuilders, reported results for its fourth quarter and fiscal year ended Nov. 30, 2013. Fourth quarter net earnings attributable to Lennar in 2013 were $164.1 million, or $0.73 per diluted share.
Read on for more details.
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Wells Fargo CEO calls 2013 outstanding
Posted Date: Friday, January 17, 2014
Wells Fargo Chairman and Chief Executive Officer John Stumpf called 2013 an outstanding year during his fourth quarter earnings conference call.
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Refinance transactions take downward turn going into new year Part 1
Posted Date: Monday, January 13, 2014
The Title Report spoke with Craig Muldoon, executive vice president and co-founder of RedVision, for this two part series on the state of the refinance market. He said RedVision's customers have seen anywhere from a 30-60 percent drop-off in business. The agencies that suffered the most were those that were more reliant on the refinance side of the industry.
Read on to see how this change in trends has affected title agents nationwide.
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Indecomm mortgage licenses now active in 40 states
Posted Date: Friday, January 10, 2014
Indecomm Global Services expanded its mortgage licensing to 40 states with the addition of Arizona and Mississippi. In these states, Indecomm was granted a mortgage broker or lender license, or state exemption as a third-party support services provider.
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Voice of the Title Agent 2014 survey open - Make your voice heard
Posted Date: Friday, January 10, 2014
The Title Report's 2014 edition of Voice of the Title Agent survey is now open! This anonymous survey is meant to capture the mood of title agents in 2014 on topics ranging from the economy and marketplace to escrow security, technology, vetting concerns and more. Please take the next 5 to 10 minutes to answer honestly, thoughtfully and provide us with any additional commentary you find necessary. This is your industry, and we want to know how you feel about it.
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WFG names new Orange County Manager
Posted Date: Tuesday, January 7, 2014
WFG Title Co. of California seeks to continue its growth in the Golden State market by naming a new senior vice president, Orange County manager.
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Consumer Financial Protection Bureau seeks input from closing agents, industry professionals
Posted Date: Tuesday, January 7, 2014
The Consumer Financial Protection Bureau (CFPB) released a Federal Register notice asking for input on the mortgage closing process from closing and settlement agents, consumers, lenders, housing finance professionals, brokers, real estate agents, advocates and other interested parties. The notice said the agency wants to hear from those who work closely with consumers during the closing process. The stories provided will be used to research and test solutions that address some of the biggest “pain points” associated with closing on a mortgage. All comments must be received by Feb. 7 and will be published as public record.
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