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The Title Report Print Edition
May 19, 2014
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Accurate and Brookfield RPS join forces in title joint venture
Posted Date: Thursday, May 1, 2014
The newly named president of BRPS Title, Howard Turk served as senior vice president of business development and strategic initiatives for the Accurate Group. In his position, he said it was his responsibility to look for new opportunities. He had connections within the Brookfield family of companies and thought the two would make a perfect match.
“When I looked at the Brookfield businesses in the United States, it seemed obvious to me there was a big need for them to be in the title business,” Turk said.
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NATIC to expand to all 50 states by 2017
Posted Date: Thursday, May 8, 2014
Emilio Fernandez, president of North American Title Insurance Co., told The Title Report that the underwriter intends to implement a 50-state solution by 2017. Already in 36 states, the latest being Rhode Island, NATIC has plans to complete its expansion in New England and focus on further growth in the Pacific Northwest.
In states where NATIC is already licensed, many of its independent agents do business in multiple states. NATIC’s expansion allows its customers to continue to work with them no matter where the deal is closing.
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Quinn Stufflebeam discusses expanding Title Financial footprint
Posted Date: Tuesday, May 6, 2014
Title Financial Corp. (TFC), an Idaho based company, expanded further into Wyoming and added another office in Idaho. The new acquisition increases TFC’s coverage area to a total of 58 counties in Idaho, Montana, Washington and Wyoming. Chief Executive Officer Quinn Stufflebeam told The Title Report the company will continue to grow its market share in existing markets and acquire existing businesses outside its current footprint.
“Expansion has been part of our culture for the past 40 years,” Stufflebeam said. “TFC will continue to move into new markets that fit our core competencies. Our goal is to provide all of our clients with a world class experience in our existing footprint and all new areas that we move into.”
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AmeriCal Title Co. now licensed statewide in California
Posted Date: Friday, May 9, 2014
AmeriCal Title Co., a wholly owned subsidiary of national title insurer Linear Title and Closing, is now licensed in all 58 counties in California. Linear Title acquired AmeriCal in 2012 and has been writing title policies in Orange County since that time.
“California is home to some of the largest and most active real estate markets in the country,” said Chief Executive Officer Nick Liuzza.
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First American Financial shows strength in commercial business in first quarter
Posted Date: Friday, April 25, 2014
First American Financial, a provider of title insurance, settlement services and risk solutions for real estate transactions, announced financial results for the first quarter. Total revenue was down 12 percent compared to last year, refinance closed orders were down 64 percent, but commercial revenues totaled $115.7 million, up 25 percent compared with last year. Read on to learn more.
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Old Republic CEO says title business a powerful Q1 earnings contributor
Posted Date: Friday, April 25, 2014
Old Republic International Corp. reported financial results for the first quarter 2014. Operating profits for the quarter were marked by moderately improved performance in general insurance and by the condition of a strong turnaround in the run-off mortgage guaranty line. While title insurance operations remained profitable, a transitory real estate and mortgage market downturn halted the fast-paced earnings progress of the past three years.
Mark Bilbrey, president of Old Republic Title Insurance Co., said earnings were positive in the title group at $4.7 million despite the significant downturn.
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Fidelity reports increase in commercial revenue, hope for residential market
Posted Date: Thursday, May 1, 2014
Fidelity National Financial (FNF), a provider of title insurance, technology and transaction service to the real estate and mortgage industries, announced its first quarter earnings. FNF said the refinance market took a hit, but the purchase market is steady and commercial revenue is going up.
Fidelity conference call: Market predictions for 2013, effects on staffing
“There was a lot of financial noise in the first quarter,” said Chairman of the Board William Foley. “We accomplished a number of things. Despite a seasonally slow real estate market and a very significant decline in refinance volumes from the prior year, we were still able to generate the 5.5 percent pre-tax margin in our title business. Overall, we expect operating margins to improve in all of our core businesses as we move through the year as the impact of increased synergies becomes apparent in those core businesses, and we also enter the traditionally stronger spring and summer real estate seasons."
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Stewart’s Matthew Morris reports hope for spring market
Posted Date: Friday, April 25, 2014
Stewart Information Service Corp. reported mortgage originations and closed title orders fell to their lowest levels in more than 15 years in the first quarter 2014 earnings report. Chief Executive Officer Matthew Morris said volume declined much more rapidly than anticipated, but Stewart has stake steps to reduce costs and implement new initiatives. Keep reading to learn more.
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Investors Title Co. achieves record first quarter revenues
Posted Date: Friday, May 9, 2014
Investors Title Company, an issuer and underwriter of title insurance policies, reported a record first quarter with revenues totaling $28,454,074, an increase of 6 percent versus the prior year period, resulting primarily from increases in premium volumes and realized gains on investments. In February, Chairman Allen Fine, reported record levels of revenue and net income for 2013 in the fourth quarter. He said total assets had reached an all-time high.
Investors Title Co. announces fourth quarter, fiscal year 2013 results
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IBERIABANK Corp.’s first quarter results exceeds expectations
Posted Date: Thursday, May 1, 2014
IBERIABANK Corp., a financial holding company with 21 title insurance offices, reported operating results for the first quarter ended March 31, 2014. For the quarter, the company reported income available to common shareholders of $22 million or $0.75 fully diluted earnings per share.
In the first quarter of 2014, the company incurred non-operating costs equal to $1.2 million on an after-tax basis or $0.04 per share. In addition, the company reported $1.7 million in after-tax non-operating income, or $0.06 per share.
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Michael Bradley discusses new market indicators
Posted Date: Thursday, May 8, 2014
CoreLogic, a global property information, analytics and data-enabled services provider, has augmented the CoreLogic HPI and CoreLogic HPI forecasts with the addition of Market Condition Indicators, enhanced analytics that identify individual geographic markets as “overvalued,” “at value” and “undervalued.”
“The approach is widely used in the market industry by academics,” Bradley said. “We have a model that relates house prices to underlying fundamentals like per-capita disposable income, construction costs and migration."
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Commercial and multifamily originations down almost half from fourth quarter
Posted Date: Thursday, May 8, 2014
According to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/ Multifamily Mortgage Bankers Originations, first quarter commercial and multifamily mortgage loan originations were 1 percent lower than during the same period last year and 45 percent lower that fourth quarter of 2013. However, there doesn't seem to be reason to panic: The first quarter is often slow according to Jamie Woodwell, MBA’s vice president of commercial real estate research.
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First National launches FIRST App Mobile application
Posted Date: Thursday, May 1, 2014
First National Title Insurance launched a new FIRST App mobile application for iPhone and Android. This marks the first of several new developments the company will be rolling out in 2014 for their agents. Keep reading to learn more.
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CertainSafe, Clear to Close partner to offer compliant, secure data
Posted Date: Friday, April 25, 2014
CertainSafe expanded into the title insurance industry through the signing of Clear to Close Services, a Virginia-based title and settlement sourcing provider. Read on to see how the partnership will offer greater security to the title insurance industry.
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Stewart Title adds top level executives in Texas, California
Posted Date: Thursday, May 8, 2014
Stewart Title of California promoted Loretta Granger Medrano to division president of the company’s southern California operations. Doug Jordan was appointed to the new division president of Stewart Title’s Lubbock operations in Texas. Read on to learn more about these newly appointed executives.
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Florida poised to offer tax relief for jobs in title insurance
Posted Date: Tuesday, May 13, 2014
The State of Florida may offer a premium tax exemption for title insurers on all portions of title insurance premiums retained by title agents and agencies over the next two years. In exchange, the state would require the industry to add at least 600 Florida-based employees between July 1, 2014 and July 1, 2016.
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Democrats spurn Johnson-Crapo bill for GSE reform
Posted Date: Tuesday, May 13, 2014
Senate Bill 1217, also known as the Johnson-Crapo housing reform bill, lost support in the Senate Banking Committee now that six senators have rejected it. Those senators reportedly include Elizabeth Warren of Massachusetts, Charles Schumer of New York, Sherrod Brown of Ohio, Jeff Markley of Oregon, Robert Menendez of New Jersey and Jack Reed of Rhode Island. The committee is made up of 22 members.
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NS3 Preview: Keynote to stress changing expectations for third-party vendors
Posted Date: Tuesday, May 13, 2014
The Consumer Financial Protection Bureau’s efforts to streamline mortgage disclosures and the closing process will likely demand heightened cooperation between lenders and settlement services providers in the coming months. However, regulators’ vendor management expectations are already having an impact on the lender/service provider relationship. In a keynote speech at October Research, LLC’s 2014 National Settlement Services Summit in June, Mike Flynn, executive vice president and general counsel with Flagstar Bank, will describe what lenders need from their settlement services providers to remain compliant.
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WFG adds to sales and underwriting teams
Posted Date: Tuesday, May 13, 2014
WFG has added a new agency underwriting counsel and sales consultant. WFG National Title is a full service provider of title insurance and real estate settlement services for commercial and residential transactions nationwide. Keep reading to learn more about these additions to the WFG team.
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Certus integrates with Adeptive
Posted Date: Tuesday, May 13, 2014
Adeptive, the privately-owned developer of ResWare, integrated with Certus Recording. Certus was developed to protect lenders and title agents from taking losses on real estate transactions due to incorrect fees and other document issues. Keep reading to learn more about this partnership.
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Only 10 percent of homeowners in negative equity
Posted Date: Tuesday, May 13, 2014
According to Black Knight’s Mortgage Monitor Report the percentage of Americans in a negative equity position on their mortgage has declined considerably. Four years ago, 34 percent of borrowers were in a negative equity position. Today, that number has dropped to only 10 percent of active mortgage loans. Keep reading to learn more about this positive trend.
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How to access a good tech platform for QM/ATR compliance
Posted Date: Monday, May 12, 2014
In a fast-pace business world relying heavily on technology to conduct transactions, it is becoming more important than ever for banks and mortgage lending institutions to understand how technology plays a crucial rule in complying with state and federal laws and regulations. Knowing what your institution needs for smooth business processes and compliance assurance is a must. But what are the sticking points? What does your technology checklist entail? Are you using the right platform for your institution?
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New York expands eRecording with Ontario and Tomkins counties
Posted Date: Friday, May 9, 2014
PropertyInfo Corp., a Stewart Company and provider of end-to-end records management solutions, partnered with Tompkins and Ontario counties in New York to offer electronic recording services. Title insurance companies, lenders, financial institutions and national vendors will now be able to submit legal documents in those counties via eSecureFile.
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Stewart Title adds top level executives in Texas, California
Posted Date: Friday, May 9, 2014
Stewart Title of California promoted Loretta Granger Medrano to division president of the company’s southern California operations. Doug Jordan was appointed to the new division president of Stewart Title’s Lubbock operations in Texas. Read on to learn more about these newly appointed executives.
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Landmark goes live in Putnam County
Posted Date: Friday, May 9, 2014
Pioneer Technology Group announced its Landmark official records system is now live in Putnam County, Ohio. Putnam is the first county in Ohio to unveil official records technology. This improves public records access and increases operational efficiency in the records’ office.
“We are excited to be the first county in Ohio to go live with the Landmark recording system,” said Cathy Recker, Putnam County recorder and past president of the Ohio Recorders’ Association.
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Homeownership rate stable for first quarter 2014
Posted Date: Tuesday, May 6, 2014
The Department of Commerce’s Census Bureau released its Residential Vacancies and Homeownership in the First Quarter 2014, which states that national vacancy rates were 8.3 percent for rental housing and 2 percent for homeowner housing. Much of the data is consistent with first quarter 2013. To learn more about these statistics, read on.
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Florida title agent found guilty of conspiracy, fraud
Posted Date: Tuesday, May 6, 2014
A federal jury found title agent Stephanie Musselwhite, 52 of Daytona, Fla., guilty of one count of conspiracy, nine counts of bank fraud and one count of making false statements to a federally insured financial institution. James Fidel Sotolongo, 48 of Port Orange, Fla., was found guilty of one count of conspiracy and 11 counts of bank fraud. Keep reading to learn about their scheme.
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Lincoln Scoffield joins Old Republic team in Utah
Posted Date: Tuesday, May 6, 2014
Lincoln Scoffield joined Old Republic National Title Insurance Co. as vice president and Utah state manager. The former president and founder of Cornerstone Title Agency will be responsible for the company’s branch operations in Utah, including ensuring profitability and managing the various department managers.
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Simplifile adds e-recording to three more counties
Posted Date: Tuesday, May 6, 2014
Simplifile has added e-recording to Grundy County, Ill., and Citrus and Hernando Counties in Fla. Recorder Lana Phillips said that by going green, her office will reduce mailing costs and paper waste.
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Michael Ceppetelli named president of capital markets at CoreLogic
Posted Date: Tuesday, May 6, 2014
CoreLogic named Michael Ceppetelli, a financial services industry veteran, as senior vice president, capital markets. He will lead the sales and business development teams that focus on institutional investors and capital markets clients.
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CFPB awarded for loan estimate form
Posted Date: Thursday, May 1, 2014
The Consumer Financial Protection Bureau was honored by the Center for Plain Language’s Grand ClearMark Award for its creation of the loan estimate form. The center praised the form as the best example of clear, concise communication. Read on to learn more about this honor.
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Attorney’s Title Insurance Fund appoints new president, CEO
Posted Date: Thursday, May 1, 2014
The Fund, Florida’s premier bar-related title services provider appointed John Simmons as president and chief executive officer of Attorney’s Title Insurance Fund Inc. He served as interim president and chief executive officer since March 2013.
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Secure Settlements Inc. enhances Closing Guard
Posted Date: Friday, April 25, 2014
Secure Settlements Inc., a data intelligence and risk analytics company for the mortgage industry, made enhancements to its Closing Guard vendor management and risk monitoring product for mortgage lenders and banks. President Andrew Liput said the My Agent List and My Watch List tools will assist lenders with quality control and loan quality assurance.
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