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TRID implementation not without its challenges
Posted Date: Sunday, December 20, 2015
Given recent reports, industry participants might believe the implementation of the TILA-RESPA Integrated Disclosure rule has caused the sky to fall on the mortgage lending industry. But to hear it from speakers in a session titled, “TRID/Best Practices: How has it impacted your business?” at the Louisiana Land Title Association (LLTA) annual convention, the new rules have not caused lending to stop. Keep reading to learn more.
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Conversations with the C-Suite: Stewart making agents’ lives easier
Posted Date: Sunday, December 6, 2015
Welcome to the first Conversations with the C-Suite feature, exclusive to The Title Report. In these features, we will be talking to the leaders of the industry about their thoughts on the industry, plans for the future and what title agents need to know to succeed. For our inaugural edition, editor Tara Quinn spoke with the leaders at Stewart.
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Wells Fargo celebrates milestone in latest newsletter
Posted Date: Friday, December 18, 2015
In its latest quarterly newsletter to settlement agents, Wells Fargo detailed problems since the implementation of the TILA-RESPA Integrated Disclosure rule and asked agents to comply with the rules Wells set forth – which Wells said hasn’t been regularly happening. Read on to find out what the lender says have been the problems and how to fix them.
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Update: Report says nearly all TRID loans out of compliance
Posted Date: Thursday, December 10, 2015
A month after an exclusive October Research, LLC series exposed some flaws in early TRID closings, a new report says a third-party review of TRID loans found more than 90 percent of all loans had compliance violations. How did the Consumer Financial Protection Bureau respond, and does Rep. French Hill believe the findings bolster the hold-harmless bill he has sponsored? Read on for the details.
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GSE Reform Act passes in Omnibus bill
Posted Date: Tuesday, December 22, 2015
A provision of the Jumpstart GSE Reform Act was included in the fiscal year 2016 Omnibus appropriations bill that passed through Congress. The industry seems to be reacting positively. Read on to learn more.
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Fed raises interest rates for first time in nine years
Posted Date: Thursday, December 17, 2015
Federal Reserve Chairwoman Janet Yellen announced interest rates were raised a quarter of a percent Wednesday during a press conference. It is the first time that the Fed has raised rates since June 2006, and the first time the rates have gone above near-zero since December 2008. Read on to learn more.
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Closing wait longest in two years, Ellie Mae says
Posted Date: Thursday, December 17, 2015
The average time to close a loan increased in November to the longest time to close since February 2013, according to the latest Origination Insight Report released by Ellie Mae. The increase could be because lenders are adjusting to the new RESPA-TILA (Know Before You Owe) regulations, Ellie Mae’s CEO said. Read on to learn more.
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Equity National details customer delight process
Posted Date: Sunday, December 20, 2015
As part of its follow-up with customers after a closing, Equity National Title sends out a survey asking for feedback. President Jim O’Donnell said as part of the company’s quality control, he wants to hear from the consumers. In addition to asking about the service of their closing professional, however, Equity also asks about the service of the loan officer as part of the value-add for the lender. Read on to learn more.
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Title Alliance renews focus on training
Posted Date: Sunday, December 6, 2015
Title Alliance Ltd. is renewing its focus on developing soft skills, in addition to continuing software and industry training. Training Director Michael Warner told The Title Report he hopes this will help employees forge strong relationships with their clients and produce high quality work. Read on to learn more.
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TitleConnect partnership adds new member
Posted Date: Sunday, December 6, 2015
Law Office David P. Modell has aligned with the TitleConnect platform. The partnership will offer title insurance and settlement services throughout northern Virginia, the District of Columbia and Maryland. Keep reading to learn more.
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Riverway Title Co. acquired
Posted Date: Sunday, December 13, 2015
Riverway Title Co., LLC, a Houston-based Texas title insurance agency, has been bought. The company provides commercial title insurance closing and escrow services. Keep reading to learn more about the new owner.
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Capital strength in title industry strong, Fitch says
Posted Date: Thursday, December 3, 2015
Fitch Ratings Director Gerry Glombicki told The Title Report that the title insurance industry has strong capital levels. This follows the release of the Fitch’s U.S. Title Industry 2016 Outlook. Read on to learn more.
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Ellie Mae launches new release of Encompass
Posted Date: Tuesday, December 15, 2015
Ellie Mae announced the 15.2 release of Ellie Mae’s Encompass all-in-one mortgage management solution. Encompass 15.2 offers compliance updates, overnight rate protection for secondary marketing and integrated AllRegs Investor guidelines for easy access to vital information. Read on to learn more.
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LodeStar releases Title Premium Breakdown
Posted Date: Thursday, December 10, 2015
LodeStar Software Solutions has released a new feature on its Loan Estimate Calculator to help title and mortgage professionals correctly disclose title insurance premiums on purchase transactions. Read on for details of the change.
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PYA releases tools to help comply with Best Practices
Posted Date: Sunday, December 13, 2015
PYA has announced two new online tools which make it easier for title and settlement agents as they work toward American Land Title Association’s Title Insurance and Settlement Company Best Practices implementation and compliance. Keep reading to learn more.
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Adeptive names new CEO
Posted Date: Thursday, December 17, 2015
Adeptive Software named a new CEO. He will focus on upholding ResWare’s reputation and assist the continued growth of the company. Keep reading to learn more.
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reQuire names new COO
Posted Date: Sunday, December 6, 2015
reQuire, LLC named a 20-year veteran as chief operating officer. He will drive strategic product development, strategic alliances and focus on expanding service offerings. Read on to learn more.
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First American: Title agents optimistic going into 2016
Posted Date: Tuesday, December 8, 2015
In a quarterly survey measuring title agent sentiment, First American’s Chief Economist Mark Fleming said title agents overwhelmingly agree that sales transactions will increase in the next year. More than 3,000 agents from all 50 states participated in the first two editions of the quarterly survey.
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Connecticut, Georgia and North Carolina expand eRecording
Posted Date: Sunday, December 27, 2015
Simplifile has announced more eRecording jurisdictions in Connecticut, Georgia and North Carolina. Title companies to banks, attorneys and lien filers, now can scan or upload and submit documents directly to these recording offices. Read on to learn more.
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Title Professionals’ Marion office moves
Posted Date: Sunday, December 27, 2015
Title Professionals, Inc. moved its Marion office. It still will offer all its title insurance services. Read on to learn more.
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Refinance, purchase applications up
Posted Date: Sunday, December 27, 2015
Mortgage applications increased 7.3 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending Dec. 18, 2015. Keep reading to learn more.
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Home sales reports show different November trends
Posted Date: Sunday, December 27, 2015
Two months into implementation of the TILA-RESPA Integrated Disclosure (TRID) rule, a pair of housing reports shows different trends in the marketplace. How strong sales of were new homes in November, and how did that differ from sales of existing homes for the month? Read on to see some early effects of TRID rule implementation.
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RealtyTrac releases new Home Disclosure report
Posted Date: Sunday, December 27, 2015
RealtyTrac has a new product, currently in beta, which provides information on more than 42 factors involving homeownership that are not available anywhere else all in one place, according to the announcement. It will be fully launched in early 2016. Read on to learn more.
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Don’t send annual privacy notice yet
Posted Date: Thursday, December 24, 2015
A change to the Gramm-Leach-Bliley Act (GLBA) that was signed into law by President Obama means title and settlement service providers who are planning to send out annual privacy notices at the start of 2016 might not have to do so, the Consumer Financial Protection Bureau (CFPB) told a credit union trade agency. Read on for the details.
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Title Alliance names new CEO
Posted Date: Tuesday, December 22, 2015
Title Alliance appointed a familiar face to the position of CEO. He said he is humbled to be leading a group of people who have the utmost integrity. Read on to learn more.
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A.M. Best affirms Old Republic ratings
Posted Date: Tuesday, December 22, 2015
A.M. Best affirmed the financial strength rating and the issuer credit rating for Old Republic Insurance Co. and most of its subsidiaries, including the Old Republic Title Insurance Group. Read on to learn more.
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MBA names VP residential policy, member engagement
Posted Date: Tuesday, December 22, 2015
The Mortgage Bankers Association (MBA) promoted one of its own to the position of vice president of residential policy and member engagement, effective Jan. 1. She will oversee MBA’s independent Mortgage Bankers Executive Council and several committees. Read on to learn more.
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Fidelity names top overall producer in 2015
Posted Date: Tuesday, December 22, 2015
A title insurance agency based in Chattanooga, Tenn., received the award for the top overall producer in 2015 from three of its underwriters: Fidelity, Chicago Title and Commonwealth Land Title Insurance Co. Read on to learn more.
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Stewart names commercial services leaders
Posted Date: Tuesday, December 22, 2015
Stewart announced the addition of three members to its commercial services team across the country. All are veterans of the industry. Read on to learn more.
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Alliant names Midwest regional agency representative
Posted Date: Sunday, December 20, 2015
Alliant National Title Insurance Co. named a new Midwest regional agency representative. He will represent the company in Kansas, Nebraska and Missouri. Read on to learn more.
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Realtors: Desire to buy strong despite concerns
Posted Date: Sunday, December 20, 2015
Although only half of surveyed households believe the economy is improving, nearly all young renters eventually want to buy a home, according to the National Association of Realtors’ new quarterly consumer survey. A majority still view homeownership as part of the American Dream. Read on to learn more.
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First American chief economist discusses home sales
Posted Date: Sunday, December 20, 2015
First American Financial Corp. released its proprietary Potential Home Sales model (previously called the Existing-Home Sales Capacity model) for November 2015. It provides a gauge on whether existing-home sales are under or over their long-run potential level based on current market fundamentals. Read on to see the results from November.
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WFG names new leader for Florida Agency operations
Posted Date: Thursday, December 17, 2015
WFG National Title Insurance Co. named a senior vice president, regional manager for its Florida Agency operations. He will oversee national initiatives involving agency support and risk management. Read on to learn more.
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Commercial real estate shows signs of slowing in Q3
Posted Date: Thursday, December 17, 2015
After an unexpected dip in Q2, deal volume continues to slow down across all CRE sectors, though it remains higher than one year ago, according to Auction.com. Total transaction volume across the five major CRE sectors dipped 6.5 percent on a quarter-over-quarter basis. Keep reading to learn more.
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More than 200,000 properties regain equity in Q3
Posted Date: Tuesday, December 15, 2015
A new report from CoreLogic shows that borrower equity in the U.S. has grown by more than $740 billion since a year ago. Read on for details of the equity gained and the number of homes that remain “underwater.”
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TitleVest grows business development branch
Posted Date: Tuesday, December 15, 2015
TitleVest, a New York City-based title company and member of the First American family of companies, announced that Timothy Oberweger has joined the team as managing director of business development and counsel. In this role, he will focus on generating title business in New York. Keep reading to learn more.
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Report leads industry push for TRID assistance
Posted Date: Monday, December 14, 2015
Experts from around the industry exclusively told The Title Report that, on the heels of Moody’s recent report that more than 90 percent of all TRID loans have compliance violations, the industry needs protection and assistance from regulators, legislators or both. Read on to see the strong responses from groups such as the Mortgage Bankers Association, the National Association of Realtors, the Independent Community Bankers of America and the Consumer Bankers Association.
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Mortgage Network opens new branch in Boston
Posted Date: Sunday, December 13, 2015
Mortgage Network, Inc. opened a new branch office in downtown Boston. Twelve veteran mortgage professionals were brought in to help borrowers take advantage of the rebounding housing market. Read on to learn more.
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Foreclosure starts at lowest level in 10 years, RealtyTrac says
Posted Date: Sunday, December 13, 2015
Foreclosure filings decreased 10 percent in the past month and 7 percent from a year ago, according to RealtyTrac’s latest report. Foreclosure starts have decreased on a monthly basis for seven of the last eight months. Read on to learn more.
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Title Alliance announces appointments
Posted Date: Sunday, December 13, 2015
Title Alliance has appointed three new leaders across its branches. Positions include a senior escrow and officer manager, HR generalist and corporate attorney. Read on to learn more.
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NATIC adds Midwest underwriting counsel
Posted Date: Sunday, December 13, 2015
North American Title Insurance Co. (NATIC) has added Gilbert Leigh Curry as its vice president, Midwest regional underwriting counsel. He will serve agents in Illinois, Indiana, Kentucky, Minnesota, Ohio and Wisconsin.
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New Penn Financial expands into Carolinas
Posted Date: Thursday, December 10, 2015
New Penn Financial, a national mortgage lender, opened three new branches across the Carolinas. It now has 96 locations across 29 states. Read on to learn more.
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ValuAmerica integrates with Mercury Network
Posted Date: Thursday, December 10, 2015
ValuAmerica, a title agency that also has an AMC division, integrated into the Mercury Network vendor management platform. Read on to learn more about what the new integration will do for ValuAmerica clients.
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Wells Fargo survey: Previous gains in small business optimism erased
Posted Date: Thursday, December 10, 2015
After reaching a seven-year high in January, small business owners’ optimism has fallen, according to the latest Wells Fargo/Gallup Small Business Index. Owners are feeling less optimistic today than they were a year ago, and a major contributor to this year’s decline is a drop in the number of business owners reporting increases in company revenue. Read on to learn more.
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FirstClose integrates with Encompass
Posted Date: Thursday, December 10, 2015
First Lenders Data, Inc. has integrated its patent pending FirstClose Report into Ellie Mae’s Encompass Loan Origination System (LOS). Encompass users now can order a bundled report with several different pieces of information for the transaction. Read on to learn more.
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Title Midwest’s 52 offices complete SSAE 16 audit
Posted Date: Thursday, December 10, 2015
Title Midwest, Inc. announced that the 52 offices in its Missouri, Kansas, Minnesota, Texas and Nebraska locations successfully have completed the SSAE16 SOC1 Best Practices audit. Title Midwest is the parent company to several title insurance agencies. Read on to learn more.
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ALTA reaches out to CFPB regarding vendor management
Posted Date: Tuesday, December 8, 2015
The American Land Title Association (ALTA) wrote a letter to the Consumer Financial Protection Bureau (CFPB) Assistant Director of Mortgage Markets Patricia McClung regarding its concerns about third-party vendor management programs. It encouraged the bureau to take four specific actions to help supervised entities and service providers better understand what constitutes a sufficient vendor management program that will meet the bureau’s expectations.
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November existing home sales remain flat, Auction.com said
Posted Date: Tuesday, December 8, 2015
Auction.com, LLC released its latest Auction.com Residential Real Estate Nowcast projecting existing home sales for the month of November. Executive Vice President Rick Sharga said people looking to buy a home today face low inventory and tight credit. Keep reading to learn more.
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CW Solutions adds right-of-way guru
Posted Date: Tuesday, December 8, 2015
CW Solutions added a right-of-way and land research associate to the firm. He brings 20 years of experience in right-of-way and title examination industries. Read on to learn more.
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Alliant National Title passes SOC exam
Posted Date: Tuesday, December 8, 2015
Alliant National Title Insurance Co. announced the successful completion of the Service Organization Control (SOC) 1 SSAE 16 Type II examination for the second consecutive year. The report was issued without exceptions. Read on to learn more.
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Silk Abstract Co. hires business development chief
Posted Date: Sunday, December 6, 2015
Silk Abstract Co. named a new chief operating officer and executive vice president of business development. Company President Ronald Wilk said it’s time to take the Silk platform to the next level. Read on to learn more.
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Home prices reach peak in one-third of U.S.
Posted Date: Sunday, December 6, 2015
According to RealtyTrac’s U.S. Home Sales Report, 35 percent of housing markets reaching a new all-time home price peak in 2015. Median sales price for single family homes and condos was up 10 percent from a year ago. Read on to learn more.
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Economic activity increases, Beige Book says
Posted Date: Thursday, December 3, 2015
The 12 Federal Reserve District reports indicate that economic activity increased at a modest pace in most regions of the country since the previous Beige Book report in October. The real estate and construction fields along with banking and financial services also reported increases in activity. Read on to learn more.
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Florida Agency Network adds compliance officer
Posted Date: Thursday, December 3, 2015
The Florida Agency Network named a new compliance officer. She will monitor the application of compliance requirements throughout the FAN agencies. Keep reading to learn more.
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Six states add eRecording with Simplifile
Posted Date: Thursday, December 3, 2015
Simplifile’s eRecording service now is available in 10 more counties throughout New Jersey, North Carolina, Ohio, South Carolina, Tennessee and Virginia. Keep reading to learn more.
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CFPB creates supervisory appeals process
Posted Date: Thursday, December 3, 2015
The Consumer Financial Protection Bureau recently released guidance on how companies who dispute compliance ratings on their examination reports can appeal their scores. The process will be available for all entities supervised by the bureau, including title agencies. Read on for details about the process, as well as who the final arbiter of the appeals process will be.
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