The Title Report - May 2017 Issue

May 1, 2017

www.thetitlereport.com

Volume 18, No. 13

Stewart poised to grow independent agency network

INSIDE THIS EDITION Mother Lode launches Texas National Title Page 3

During the market downturn that began in 2007, Stewart Title Guaranty Co. reduced its network of independent title agencies and attorney agencies by 65 percent.

“At that time there were a lot of things going on in the market that were negative.

We really stepped back and took a hard look at our network, considered our risk tolerance and set out to develop standards that would define what a Stewart agent looked like going forward,” Stewart Agency Services President Pat Beall told The Title Report.

Fast forward to 2017.

Earlier this year, Stewart announced plans to expand its network of independent title agencies by between 20 percent and 25 percent. According to ALTA’s 2016 Market Share Analysis, Stewart had a 11.2 percent share among the major underwriter families last year.

Adding independent agencies is part of Stewart’s growth strategy. Thus far, more than 200 independent agencies have joined Stewart’s network this year. “We’re well on our way to hitting our target,” Beall said.

Former Stewart execs lead AmTrust’s Texas push Page 4 Federal hiring freeze lifted Page 5 Is a consent agreement an admission of guilt?

Page 7 Florida title company expands Page 8 Virginia title company expands through acquisition Page 9 NextDeal launches wire fraud prevention tool Page 11 Report details foreclosure crisis Page 14

But Beall stressed that Stewart isn’t looking for any agent or agency willing Continued on Page 3

Total U.S. foreclosure presale inventory rate: 0.88% Month-over-month change in foreclosure presale inventory rate: -4.60% States with the most non-current* loans: Mississippi, Louisiana, Alabama, New Jersey, West Virginia States with the fewest non-current* loans: Idaho, Montana, Minnesota, North Dakota, Colorado *Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state. Note: Totals are extrapolated based on Black Knight Financial Services’ loan-level database of mortgage assets.

QUOTABLE

KEY STATS

Month-over-month change in delinquency rate: -14.08%

“

We feel like that over the last three, four, five years, the market has definitely turned the corner as far as positive growth and the overall quality of independent agency operations is much more consistent.

Pat Beall, President, Stewart Agency Services

“

Total U.S. loan delinquency rate: 3.62%

ABOUT US

The Title Report is a production of October Research, LLC specializing in business news and analysis for the settlement services industry and is published 24 times a year.

Contact information: October Research, LLC ATTN: The Title Report 3046 Brecksville Road, Suite D Richſeld, OH 44286 Tel: (330) 659-6101 Fax: (330) 659-6102 Email: contactus@octoberresearch.com CEO & Publisher Erica Meyer Editorial & Publishing Editorial Director Chris Freeman Editors Mark Lowery, The Title Report Katherine Bercik, Esq., RESPA News Andrea Golby, The Legal Description Mike Holzheimer, Valuation Review Robert Rozboril, Dodd Frank Update Seminars and Webinars Tara Quinn, Director eCommerce Rick Harris, eCommerce Director Sales & Marketing Frank Carson, Senior Account Executive Sarah Harrington, Marketing Manager Jake Dean, Sales Support Circulation / Customer Service Kathy Hurley Business Ofſces Sam Warwar, Esq. Michelle Easter, Accounting

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Volume 18, Number 13 ISSN: 1937-3899 (print) 1397-3902 (online)

EDITOR'S NOTE What do HMOs, CFPB have in common?

Dear Readers, At some point in our not-so-distant history, health maintenance organizations (HMOs) became despised by many health care workers and consumers.

To many consumers, they’re seen as organizations that restrict choices of health care providers and services. To some health care workers, especially physicians, they’ve become entities that set strict limits on reimbursements for services and medications.

It’s understandable why some consumers and health care workers would prefer to see HMOs disappear, but what’s conveniently forgotten is why these organizations mushroomed in the mid-1970s. Congress’ intent when mandating that large employers offer such plans was to rein in out-of-control medical costs.

If you’re a baby boomer or older, you undoubtedly remember nightmare stories about patients being charged outrageous hospital fees for things such as aspirin or simple tests. Or stories of someone sticking their head into a hospital room, then submitting a huge bill for consulting. HMOs were given the role of saying: Enough already.

Those dreaming of, and actively plotting, the demise of the Consumer Financial Protection Bureau (CFPB) would do well to remember why Congress made it a component of the 2010 Dodd-Frank Act. For sure, the agency structure put in place by President Barack Obama clearly was flawed, as it placed too much power in a director who could not be easily removed. And the mandate given to the CFPB may have been too wide sweeping and ambitious.

But those dancing to the “repeal Dodd-Frank and get rid of the CFPB” drumbeat should not forget the unsavory practices that led to both. Some bad actors engaged in practices that led to the financial crisis of 2007-2008, the nationwide foreclosure epidemic and the subsequent Great Recession. Many Americans still have not recovered.

We’ll probably always need regulators to oversee business practices, curb excesses and advocate for consumers. A non-politicized CFPB that isn’t unnecessarily anti-business would serve us well.

Share your thoughts,

Mark Lowery Editor mlowery@octoberresearch.com

The Title Report

May 1, 2017

3

TOPSTORIES Continued from Cover

to join its team. Rather, it has criteria it uses to target and recruit agencies and agents it considers a good fit. Beall said the pool of agents available today is superior to what was available a decade ago.

“We feel like that over the last three, four, five years, the market has definitely turned the corner as far as positive growth and the overall quality of independent agency operations is much more consistent,” Beall said.

So where have the new agencies come from?

Beall said the new agencies are spread geographically across the country, and have been a combination of small and large agencies.

“Our footprint is global. So [our recruitment] effort is happening with the same amount of determination in California as it is in Florida,” he said.

“We generally have had success in pretty much every market. ... And the same goes for the difference between

large agent versus small agent. We’ve been equally successful,” he added.

What does that Stewart agent look like?

“We prefer agents who have a lot of experience, who have a track record that we can take a look at and see the quality of their work, [and] volume doesn’t hurt,” Beall said.

Some of the new agents/agencies reached out to Stewart looking to join its network – Stewart targeted others and contacted them. Beall said joining Stewart’s network has its benefits for independent agents and agencies.

“We do work hard to differentiate ourselves from our competitors. We have a lot of strengths that we key on,” he said.

“We have some of the most knowledgeable and tenured underwriters in the industry, and our underwriting philosophy is built around solving title problems. We also provide strong field support for our agents and we offer very open access to our leadership,” he added.

Mother Lode launches Texas National Title Mother Lode Holding Co. (MLHC) is opening retail branches of its wholly owned subsidiary Texas National Title (TNT) in four markets in Texas, the company announced.

One of the largest independent title agencies in the West, MLHC also announced its hiring of industry veteran David Tandy as TNT’s president and CEO. “We are proud to launch Texas National Title, our newest endeavor, and pleased to bring David Tandy into our MLHC family to continue to serve the great state of Texas,” MLHC CEO Marsha A. Emmett said in a press release.

“David is an excellent leader and embodies our intense focus on employees first and foremost.”

Tandy has more than 35 years of experience in the real estate industry.

He previously served as CEO of Gracy Title, a Stewart company, where he oversaw the direct operations in Austin, Texas, and surrounding metropolitan areas.

“I am excited to launch Texas National Title. I have felt for a long time that there is a place for a large, well-capitalized independent agent in Texas,” Tandy said.

“Due to consolidation and legal and regulatory pressures, so many agents have been acquired by publicly traded companies and underwriters,” Tandy added.

“Looking at today’s landscape, we are pretty much down to small, mom-and-pop agents or publicly held title companies.”

Tandy described MLHC as a company with the capabilities and resources of a large national operation, but the flexibility, local control and employee orientation of an independently owned and operated company.

“MLHC is one of the largest agents in the country, with more than 800 employees. Yet, it retains and fiercely defends its culture of placing its employees first,” Tandy said.

“Looking at the history of MLHC, they have always been people driven. This drew me to the company. They believe in finding like-minded people who are the best in our business, much like my own leadership beliefs,” he said.

Initially, TNT will open retail branches in Austin, Houston, San Antonio and Dallas-Fort Worth.

The Austin branch will be the first to open.

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May 1, 2017

The Title Report

TOPSTORIES HomeServices acquires regional brokerage HomeServices of America has acquired Gloria Nilson & Co. Real Estate, the company announced.

Bell will continue to lead the company’s strategic planning and growth initiatives and manage day-to-day operations.

The company will retain its name.

Terms of the deal were not disclosed.

Headquartered in Monmouth County, N.J., Gloria Nilson is known for luxury representation and has more than 730 sales associates in six counties in Central New Jersey and Eastern Pennsylvania.

One of the leading real estate firms in the state, Gloria Nilson closed more than 3,700 units and nearly $1.5 billion in sales volume in 2016.

“Gloria Nilson & Co. is a premier company with excellent brand recognition, dedicated sales leadership and talented agents,” HomeServices Chairman and CEO Ron Peltier said in a press release.

“Their culture of service, integrity and community involvement closely aligns with our corporate vision and our emphasis on customer value and results,” Peltier added.

Gloria Nilson Chairman Dick Schlott and President Pat

“We are proud to be part of the HomeServices of America family,” Schlott said. “We are joining an outstanding organization not only known for its exceptional strength and stability but one that shares our commitment to delivering the highest levels of personalized service and support, making this transaction a win/win for our clients, agents and employees.”

HomeServices has approximately 30,000 real estate professionals in nearly 600 offices across 28 states.

In 2016, the company closed more than $94 billion in residential real estate sales.

Gloria Nilson is the third company in the New York/New Jersey/Pennsylvania region to join HomeServices this year.

In January, the company announced its acquisitions of Houlihan Lawrence and Berkshire Hathaway Berkshire Hathaway HomeServices New York Properties.

Former Stewart execs lead AmTrust’s Texas push AmTrust Title Insurance Co. has hired two industry veterans to lead the insurer’s expansion into Texas, where it plans to initially establish offices in Austin, Dallas and Houston, the company announced.

Randy Elkins was named AmTrust’s managing director/ counsel-Texas and E.D. (“Ed”) Lester was named the company’s vice president-Texas.

“We are very excited to welcome Randy and Ed aboard to expand AmTrust’s footprint in the great State of Texas, a crucial region for us in the Southwest,” AmTrust Senior Executive Vice President Steven Napolitano said in a press release.

“Both are extremely talented, creative, well-known and respected leaders in the industry with many years of experience.

“We are confident, given their respective track records, connections and achievements, that Randy and Ed will heighten awareness of our brand locally throughout the

region,” Napolitano added.

In his new role, Elkins is tasked with establishing offices in Houston, Dallas and Austin, and overseeing AmTrust’s growth throughout Texas. He has 40 years of experience in banking, legal, real estate and entrepreneurial endeavors.

He previously held several positions at Stewart Title, including senior vice president, counsel & division manager at Stewart Title Co. and vice president at Stewart Title Guaranty Co. As vice president-Texas, Lester’s primary responsibilities will be establishing AmTrust’s agency network and supporting client relations and business development efforts for direct operations.

Prior to joining AmTrust, Lester retired after 34 years at Stewart Title Co. There, he served as group senior vice president overseeing the company’s title operations in South Texas, New Mexico and Arizona. He also served as chairman/CEO of Stewart Title of Houston.

The Title Report

May 1, 2017

5

INDUSTRYNEWS Federal hiring freeze lifted President Donald Trump has issued an executive order lifting the federal hiring freeze that had been in place since late January.

However, Office of Management and Budget Director Mick Mulvaney said the hiring freeze will be replaced by a smarter, more strategic plan to reduce the executive branch of government. That plan requires government agencies to submit plans on making their departments more efficient by summer.

“The government hiring freeze will end with the release of this guidance. That does not mean – and I’ve made this very clear to all of the agency heads, the deputy chiefs, et cetera, for the last couple of days – that does not mean that the agencies will be free to hire willy-nilly,” Mulvaney said during a press briefing.

“What we’re doing tomorrow is replacing the across-theboard hiring freeze that we put into place on day one in office, and replacing it with a smarter plan, a more strategic plan, a more surgical plan,” Mulvaney said.

“And what that means specifically is that, consistent with the president’s priorities in the budget, certain agencies will end up hiring more people. Other agencies will end up paring their FTEs even greater than they would have had during the hiring freeze” Mulvaney added.

The hiring freeze did not include military, national security and public safety personnel. Even with the lifting of the freeze, many jobs in several government agencies are expected to either be eliminated or go unfilled as President Trump’s budget proposal includes substantial funding cuts to many agencies.

Mulvaney called the president’s restructuring plan a major accomplishment.

“It’s something we said we were going to do on day one, and we’re following through well within the end of the 100-day period,” he said. “That’s not unusual for any new management team to come in – to put into place when they come into an organization, whether it’s the private sector or a government.”

Majesty acquires Tampa-area title company Majesty Title Services, LLC has acquired Protected Title, LLC, the St. Petersburg, Fla., title operation of Boss Law, both companies announced.

Majesty will operate from Protected’s existing office until it opens its new office near downtown St. Petersburg.

Protected owner Christopher Boss will serve as general counsel for the Majesty team.

“St. Petersburg is one of the hottest developing areas in Florida and it’s a logical step for our expansion. The added bonus is with the acquisition of Protected Title, we have an immediate presence, as well as acquiring some amazing talent and clients,” Majesty Title Services CEO Vince Cassidy said in a press release.

“Chris joining our team is a huge win for us; he brings great knowledge and loyal clients. In addition, his role at Majesty allows us to gain entry to other clients that previously were only open to agencies with in-house counsel,” Cassidy added.

Boss called Majesty’s acquisition of Protected a win for both companies. “Joining Majesty Title allows our team to focus on growing and serving clients. Majesty is one of the

largest independently owned agencies in West Florida and is a perfect cultural fit for us,” Boss said.

“Their organization is well run, well respected and has the infrastructure in place to handle today’s evolving industry.

By joining up with Majesty we can channel our energies on growth and client satisfaction,” Boss added.

Majesty also announced that it has hired Carlotta Hall from Luxe Title to manage its St. Petersburg team. Also joining Majesty are Megan Lacombe as relationship manager, and Protected staff members Kelli Larsen, Callie Kuzmik and Gina Harvey.

“St. Petersburg is one of the hottest developing areas in Florida and it’s a logical step for our expansion.”

Vince Cassidy, CEO, Majesty Title Services

May 1, 2017

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The Title Report

INDUSTRYNEWS Weichert announces leadership appointments Weichert has announced three top-level executive appointments, including a new president, a new head of residential sales and a new vice president of acquisitions.

Bob Groody was named president of Weichert Financial Services.

He is a 25-year veteran of the residential insurance, mortgage and title industries. He replaces Fred Watkins, who retired.

“We are happy to welcome Bob as the new leader of the Weichert Financial Services team,” Weichert Companies Chief Operating Officer Aram Minnetian said in a press release.

“When we learned that Bob’s predecessor was retiring, we set out to find a replacement that would be as enthusiastic and passionate as Fred Watkins was.

“I am pleased to say that Bob, with his proven track record of success and an extensive background in our industry, is ideally suited to lead Weichert Financial Services through the next stage of its evolution and growth,” Minnetian added.

The company also announced that Mark Calabro has been named vice president of acquisitions, Weichert Development Co.

Calabro has more than 20 years of experience at the company.

He previously served as senior vice president for Weichert Commercial Brokerage.

“Mark is a seasoned professional, and I am confident in his ability to help continue growing our organization by working with our industry and municipal partners to identify acquisition opportunities,” Weichert Development Co. President John Udell said.

“His deep knowledge of both Weichert and the industry will be beneficial to Weichert Development Company as we implement our strategic goals,” Udell said.

Weichert also announced that Carlo Siracusa has been named head of residential sales for Weichert, Realtors.

Siracusa previously served as regional vice president for the Middlesex, Ocean and Monmouth County offices.

He joined the company in 2000.

“We are both proud and excited to promote Carlo to head of residential sales,” Weichert Companies co-President James Weichert Jr. said. “His proven track record of developing sales associates and sales managers into market leaders positions Carlo extremely well for growing Weichert’s residential real estate presence.”

North Dakota title group buys abstract company The Frontier Title Group has purchased Stutsman County Abstract & Guarantee Co., according to a published report.

Terms of the deal were not disclosed.

Located in Jamestown, N.D., Stutsman has been owned by the Bensch family since 1907, the Jamestown Sun reported.

The newspaper said Harold, Paul and Janis Bensch, as well as Stutsman’s other employees, will remain with the company.

The Frontier Group, owned by attorneys Chris Kennelly

and Brandon Pittenger, now consists of FM Title in Fargo, Innovative Title and Abstract in Wahpeton, Barnes County Abstract in Valley City, and Stutsman County Abstract in Jamestown.

Pittenger oversees the operations of the companies.

The Frontier Group provides closing and escrow services for a variety of real estate transactions in North Dakota and Minnesota, including residential, commercial, ag land and 1031 tax-free exchanges.

Subscriber Reminder: Download your copy of the Voice of the Title Agent special report today for the critical insight and information from those on the inside.

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The Title Report

May 1, 2017

7

INDUSTRYNEWS Is a consent agreement an admission of guilt?

The question of whether a consent order between the Consumer Financial Protection Bureau (CFPB) and a bank or another company constitutes an admission of guilt was debated during Director Richard Cordray’s recent appearance before the House Financial Services Committee.

In a highly politicized atmosphere that included Rep. Jeb Hensarling (R-Texas), the committee’s chairman, calling for Cordray’s resignation or removal by President Donald Trump, several committee members questioned whether consent orders signed by companies constitute an admission of liability – considering they contain legal language that neither admits nor denies liability (“without admitting or denying any of the findings of fact or conclusions of law, except that respondents admit the facts necessary to establish the bureau’s jurisdiction…”).

“It’s my understanding that parties entering into a consent order with the [CFPB] are not actually admitting guilt, correct?” Rep. Bill Huizenga (R-Mich.) asked.

After a back-and-forth, Cordray conceded that language in such agreements do not include an admission of guilt on the part of the companies.

“When we complete an action, it’s because we completed a thorough investigation of the facts.

“We know what the facts are, the company knows what the facts are, that’s why they end up [accepting the consent order],” Cordray said.

“I think the main reason why companies enter a consent decree is we’ve done a thorough investigation.

“We know the facts. They know the facts. They don’t have a leg to stand on, all right?” Corday added.

Huizenga suggested there may be other reasons that would force a company to accept a consent order.

“So you don’t believe that any of these companies that would sign a consent decree, would feel intimidation or maybe the fact that this could draw out for years? That maybe they’re too small to fight well, city hall or the CFPB at this point?” Huizenga asked.

Huizenga objected to the CFPB’s issuing statements and press releases that allege a company has violated the law when the company has not legally admitted guilt. He called it “trial by press release.”

“It doesn’t matter to me whether the company says they don’t admit or deny [guilt]. Does anybody doubt that Wells Fargo had the problem that we described when they fired 5,000 employees?” Cordray asked.

“So where this matters is whether facts are already established for follow on lawsuits by private plaintiffs’ attorneys. I don’t feel it’s my job to make that happen for them.”

Last year, the CFPB fined Wells Fargo Bank $100 million for the widespread illegal practice of secretly opening unauthorized deposit and credit card accounts.

Subsequently, it fired thousands of employees it said were involved in the practice.

Huizenga noted that CFPB itself has settled several claims of racial and sexual discrimination from its employees.

“And so, using your standard, the fact that you settled these cases means that you and your managers frankly are guilty of racial and sexual discrimination, correct?” Huizenga asked.

Cordray disagreed.

“So you’ve settled a number of actions with employees who have been treated unfairly by the CFPB. How would you feel if I issued a press release and said: Director Cordray today apologized and admitted responsibility for sex and racial discrimination against the employees and the rampant retaliation against employees,” Rep. David Trott (R-Mich.) asked.

“He will not change the behavior because none of the folks that were guilty of this conduct are going to be fired, but this is my press statement.”

“It doesn’t matter to me whether the company says they don’t admit or deny [guilt]. Does anybody doubt that Wells Fargo had the problem that we described when they fired 5,000 employees?”

Richard Cordray, Director, Consumer Financial Protection Bureau

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May 1, 2017

The Title Report

INDUSTRYNEWS Florida title company expands Consumers First Title Co. Inc. (CFT) has opened its third office in Florida, the company announced. Headquartered in Coral Springs, Fla., with a satellite office in West Palm Beach, Fla., CFT this month opened a new office in Miami Beach. The Miami Beach office will focus on international business and features a multilingual staff fluent in Spanish, Czech, French, Hungarian, Mandarin Chinese and Portuguese.

CFT Marketing Director Michele Streda told The Title Report the company did extensive research on the consumers buying in the Miami Beach-area prior to opening its newest office.

“We set out to build a team around that demographic,”

Streda said.

According to the National Association of Hispanic Real Estate Professionals, homeowner rates among Hispanics improved from 45.6 percent in 2015 to 46 percent in 2016 even as overall U.S. homeownership rates declined.

In addition to being a multilingual city, Miami has traditionally attracted international buyers.

“We are proud of the team we have put together for the Miami Beach office and look forward to bringing our expertise and excellent customer service to professionals and consumers in the area,” Consumers First Title President Thomas Streda said.

ALTA updates Best Practice materials ALTA has updated its supplemental materials for its title insurance and settlement company Best Practices, the organization announced.

Updates were made to the assessment readiness guides, which help companies assess their compliance with each pillar of the Best Practices; and to the compliance management report, which is designed to help companies communicate the results of the internal assessment they conducted.

“ALTA’s Best Practices is the clear choice among title and settlement companies to help develop policies and procedures that protect consumers, promote quality service,

provide for ongoing employee training, and meet legal and market requirements,” ALTA CEO Michelle Korsmo said in a press release. “The best practices also have become the blueprint used by many lenders to meet third-party vendor management regulatory requirements.”

“ALTA updated its best practices in October 2016 to improve and clarify the requirements. Following the introduction of these changes, ALTA’s Best Practices Task Force worked to update the supplemental materials to ensure that the industry receives consistent information about how to implement and comply with the best practices,” Korsmo added.

Holler Law Firm relocates Holler Law Firm, LLC, has relocated to a larger, 8,000 square-foot office in Milford, Conn., the company announced.

experienced incredible growth over the last year,” Holler Law Firm Founder and Managing Attorney George Holler said in a press release.

A multi-state real estate practice that provides title and closing services to buyers, sellers and borrowers, Holler Law Firm experienced 100 percent growth in the last year and expanded operations into additional states with additional product lines.

“Not only does the new office space allow us to accommodate more employees going forward, but we have also made upgrades to the overall work environment and employee experience through the addition of sit/stand desks and a lounge area, as well as privacy and training rooms,” Holler added.

The new office, located at 185 Plains Road, Suite 100W, can accommodate up to 55 employees.

“This move has been a long time coming as we have

The new office includes space for professional development and employee-led meditation sessions.

The Title Report

May 1, 2017

9

INDUSTRYNEWS LenderLive completes PHH transaction LenderLive Network, LLC has completed its transaction with PHH Mortgage Corp. (PHH), the company announced.

LenderLive has assumed PHH’s private label fulfillment operations in Jacksonville, Fla. LenderLive previously had announced that it hired a majority of the former PHH

employees in the related fulfillment areas.

A mortgage services provider, LenderLive is now processing, underwriting and closing loans on an outsourced basis for PHH fulfillment clients served out of the Jacksonville facility. The facility has been rebranded as LenderLive.

Virginia title company expands through acquisition River Title & Escrow LLC has finalized a deal to purchase Historyland Title & Escrow.

in order to offer high quality real estate title services in a cost competitive setting,” Simmons told the Rappahannock Record.

Terms of the deal were not disclosed.

Based in Warsaw, Va., Historyland previously was owned

by Cheryl B. Pierson, who sold the company following her election as clerk of the Richmond County Circuit Court in November 2015. Historyland will be managed by J. Rawleigh Simmons, managing member and co-owner of River Title & Escrow, which is based in White Stone, Va. River Title is owned by the law firm Dunton, Simmons and Dunton (DSD), where Simmons had worked for nearly three decades. He has resigned his position at the law firm.

“Personally, I am looking forward to using nearly three decades of legal experience with real estate transactions

DSD Managing Partner Ammon G. Dunton Jr. called Simmons’ departure “bittersweet.”

“Rawleigh’s departure is a bittersweet moment for us,” Dunton told the newspaper. “As investors in the new Historyland, we are very confident that Rawleigh will lead this venerable agency to new and even greater accomplishments.”

“At the same time, we will miss Rawleigh as a partner and a devoted friend whom we have come to depend upon every day. We feel very fortunate to continue our friendship and a business relationship with him at Historyland,” Dunton said.

Snapdocs expands ResWare integration Snapdocs, Inc. has expanded its integration with ResWare, the companies announced. An expanded integration syncs critical signing status updates from ResWare into Snapdocs.

It also provides new settings that enable ResWare users to offer client-specific signing workflows within Snapdocs.

“The Snapdocs-ResWare integration is an important development for title companies aiming to differentiate themselves from competitors on the technology front,” Snapdocs CEO Aaron King said in a press release.

“Forward-thinking title companies are taking greater control of the signing experience to gain a competitive advantage. Our integration with ResWare combines the convenience of completely outsourcing your signing operations with a new layer of transparency into critical signing milestones that was never before possible,” King added.

Snapdocs users now can automatically include clientspecific instructions to meet the specific needs of lenders and real estate agents. Without leaving ResWare, title companies now can initiate a new signing; automatically assign a highly-reviewed notary signing agent; connect all parties and securely distribute documents; and push completion status back into ResWare.

“The Snapdocs-ResWare integration substantially eases the management of remote mortgage closings, which have many moving parts,” said Jason Horwitz, president of All Star Title, a company which uses both Snapdocs and ResWare products.

“Creating a seamless workflow is invaluable to our business, as we strive to provide top-notch service and flawless execution for our prominent, national lender partners,” he added.

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The Title Report

TECHNOLOGY ePN adds to its eRecording network eRecording Partners Network (ePN) in March added nine jurisdictions to its eRecording network, the company announced.

The new counties are in Alabama, Arkansas, Connecticut, Georgia, South Carolina, Tennessee and Wisconsin.

“Our team enjoys working with and supporting counties as

they begin the electronic recording journey,” ePN President Jerry Lewallen said in a press release. “We want them to know they are not alone while working through the implementation process.” ePN’s eRecording network enables closing agents to upload scanned documents directly to county recording offices that are part of the network.

Westcor, RamQuest expand integration Westcor Land Title Insurance Co. has expanded its integration with RamQuest, Inc. to allow its agents to order policy jackets without leaving the latter’s Closing Market digital network, the companies announced.

The expansion of the integration between the two companies will reduce paper and decrease rekeying errors.

It will also make is easier for Westcor agents to access to closing protection letters, title search services and policy jackets.

“The integration with RamQuest will help Westcor agents streamline their day-to-day process,” Westcor Chief

Operating Officer Scott Chandler said in a press release.

Closing Market enables title agents, settlement agents and attorneys to order, exchange and market products and services required in the real estate closing process.

“We are happy to create a better experience for our mutual customers with the addition of policy jackets to the Westcor integration,” RamQuest Executive Vice President and Chief Strategy Officer Brooks Yeager said. “This is just another example of our commitment to ensure that RamQuest customers have the best integrated provider network in the industry.”

CSC integrates ISGN’s GATORS Corporation Service Company (CSC) has integrated its eRecording services with ISGN’s GATORS, the companies announced.

“As the industry’s leading eRecording service provider, we can say with confidence that this integration will streamline and make eRecording more efficient for ISGN customers.”

The integration will allow ISGN users to link with CSC’s web-based real estate eRecording services and transmit electronic documents to recording offices throughout the nation.

The integration also will automatically return recorded documents and the recording data to the client’s GATORS account.

“CSC is really excited to be a partner to ISGN’s GATORS solution,” CSC Vice President Mark Rosser said in a press release.

“ISGN GATORS enthusiastically announces this partnership with CSC and the efficiencies it offers to the GATORS client base,” ISGN Product Manager Andrea Heather Zubiate said.

Westcor integrates Qualia Westcor Land Title Insurance Co. has fully integrated Qualia’s title and closing software, the companies announced.

The integration will enable title companies and law firms to

issue Westcor policies, generate closing protection letters and calculate rates within Qualia.

“Westcor is committed to building strong, collaborative partnerships with our title agents. Integrations with leading

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CYBERAWARENESS title settlement platforms, like Qualia, help us support the continued success of our title agent partners,” Westcor Chief Operating Officer Scott Chandler said in a press release.

Qualia CEO Nate Baker said the integration will simplify the title and settlement process for title companies and law firms.

“Qualia’s main goal is to create a software platform that cuts out the unnecessary headaches currently involved in the title and settlement process,” Baker said.

“We are excited to partner with Westcor to help further that mission. With this integration, our mutual agents can complete all of their title work without ever leaving Qualia.”

NextDeal launches wire fraud prevention tool NextDeal has launched new technology designed to prevent wire fraud by allowing title and settlement service firms to securely send and receive opening packages to buyers and sellers, the company announced.

buyers and sellers.

The company’s preDOCS technology enables title and settlement agents to directly upload completed opening package documents and data to most software files to ensure safe delivery of personal data, including wire instructions.

“Our customers are seeing initial results showing nearly 40 percent of consumers successfully transmitting their completed documents and data to their escrow agent within 48 hours of file opening,” Reich said.

“Until now the title industry has relied primarily upon email to send and receive wire instructions. Because of the overwhelming wire fraud occurring in the industry, we saw a need to protect this process by providing a very secure system for wire instructions and legitimate subsequent changes to bank account and other information,” NextDeal CEO Robert Reich said in a press release. preDOCS automates the electronic delivery of opening packages for review, completion and eSignature by both

Users can track when the documents are received and opened with time-stamped information.

The technology also creates an interface between homebuyers and sellers that guides the consumer through questions whose answers are then populated in the settlement agent’s forms.

Non-notary documents such as disclosures and privacy statements can be included in preDOCS. “This may be the end of pre-closing handwritten forms sent by regular mail, fax or email to the settlement agent,” Reich added.

LandStar Title Agency hires counsel Julie B. Rubinberg has joined LandStar Title Agency as counsel, the company announced.

property law, cooperative and condominium and tax certiorari.

Rubinberg will be responsible for developing and growing LandStar’s regional and national accounts.

“I am excited to join the LandStar team. I believe that my extensive experience in New York real estate law is a perfect fit for LandStar’s growth strategies,” Rubinberg said.

“Having a well-respected attorney like Julie on board speaks volumes. She will play a pivotal role in our expansion and our commitment to being a leading title agency,” LandStar Senior Counsel and Senior Vice President Kenneth Warner said in a press release.

Rubinberg has been an attorney for Goldberg, Weprin & Ustin and has worked for several other law firms in New York.

She has experience in real estate law as well as real

“Having a well-respected attorney like Julie on board speaks volumes.”

Kenneth Warner, Senior Counsel and Senior Vice President, LandStar Title Agency

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PEOPLEONTHEMOVE NextAce adds vice president NextAce has hired David Daley as vice president, sales and account management, the company announced.

In his new role, NextAce said that Daley would work with current and prospective clients to implement and execute customer-focused title and real property data solutions.

“David and I have offered competing solutions to the title industry for over a decade.

“It is an honor to have him join our team to elevate our presence in the market,” NextAce President and CEO Don Cantral said in a press release.

“His honest and transparent nature and approach at business have served him well in his career and are a perfect fit with the NextAce culture, product offerings and go-to-market strategy.

“We look forward to the new and enhanced customer relationships that will come as a result of Dave’s addition to the team,” Cantral added.

Prior to joining NextAce, Daley was executive vice president of Realty Data Co. He was president and co-founder of DataChek, LLC.

AmTrust adds vice president AmTrust Title Insurance Co. has hired Frank Laisch as vice president, national agency sales, the company announced.

President Jason Gordon said in a press release.

“His extensive knowledge and expressive thinking ‘outside the box’ make him an invaluable asset to AmTrust Title.”

Laisch will be based in AmTrust’s Chicago office.

He is an industry veteran with sales and management experience in the real estate, insurance, mortgage settlement services and homebuilding industries.

Prior to joining AmTrust, Laisch served as senior business development manager at National General Insurance Co. A U.S. Marine Corp veteran, Laisch has created, managed and grown several insurance agencies across the country.

“We are proud to have Frank join our team,” AmTrust Title

NATIC hires regional underwriting counsel Sara Valenz has been named North American Title Insurance Co.’s (NATIC) vice president, regional underwriting counsel for Massachusetts and Pennsylvania.

In her new position, Valenz will provide legal and underwriting support to NATIC agents in those two states.

“Sara’s broad title insurance experience as both underwriting counsel as well as claims counsel, allows her to assist NATIC agents with the underwriting of their transaction from inception through closing and beyond,” NATIC Executive Vice President and Chief Underwriting Counsel Valerie Jahn-Grandin said in a press release.

“She thoroughly understands the problems our agents face in the field and helps them resolve issues seamlessly.”

Valenz was previously an associate senior underwriter for Stewart Title Guaranty Co. She joined Stewart in 2006 as claims counsel and eventually became underwriting counsel and Northeast regional counsel.

“I have had the opportunity to experience different roles during my 10-year tenure in the title insurance industry,” Valenz said.

“I enjoy the problem-solving involved with underwriting and helping to facilitate transactions. In addition, working as a claims counsel prior to being an underwriting counsel has been beneficial as it relates to the ability to assess risk when underwriting.”

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PEOPLEONTHEMOVE WFG hires agency representative WFG National Title Insurance Co. (WFG) has hired Bernadette Walsh as its Massachusetts agency representative, the company announced.

a decade and can attest to her wealth of title experience and industry knowledge.”

In her new role, Walsh will support WFG agents in Massachusetts and work to grow the company’s presence in New England.

“She always goes the extra mile for her agents. Her efforts are valued by them and reflected back to her in their loyalty and commitment. Her energy and effort make her an excellent fit with the WFG team here,” Supple added.

“Bernie is a longtime industry veteran and is well known to the New England conveyancing community,” WFG Vice President and Area Sales Manager Michael Supple said in a press release. “I’ve personally known Bernie for close to

Walsh has more than 30 years of experience in the industry.

She has served as a sales representative with both regional and national underwriters. Walsh has also held development roles with two national title insurance companies.

Central Florida Title appoints regional vice president Central Florida Title (CFT) promoted Richard Reina to regional vice president, the company announced.

Formerly CFT’s real estate attorney, Reina will oversee the company’s operations. CFT has Florida offices in Orlando, Lake Mary, Lady Lake and Winter Garden.

“Richard is a very well respected title-industry veteran and has proven himself capable of this position through his

leadership of Central Florida Title’s Winter Garden office,” the company stated in a press release. “Central Florida Title is very excited about Richard leading the operations.”

Reina has more than 30 years of experience as a real estate attorney, with extensive experience in the title industry. He previously owned a real estate title agency in Louisiana and was a regional vice president with both North American Title and Fidelity National Title.

ATGF names associate general counsel Attorneys Title Guaranty Fund (ATGF), Inc. of Denver, Colo., has named Brian Phillips as its associate general counsel, the company announced.

In his new position, Phillips will act as senior underwriting and claims counsel for ATGF in Colorado and Utah.

“Brian brings a wealth of real estate and title insurance experience to our team. He’ll be a tremendous asset and resource for our agents” Attorneys Title Guaranty Fund, Inc. of Denver, Colo. President Eric Morgan said in a

press release.

Prior to joining ATGF, Phillips served as vice president and senior claims counsel for a national title insurer. He is licensed in Colorado and pursuing his license in Utah.

“Brian’s skills and experience are tremendous, and he’s a great fit for our culture of agent support and innovation. He’ll be a key contributor in shaping ongoing enhancements to the support services and technology we offer our agents,” Morgan said.

North American adds assistant county manager North American Title Co. (NATIC) has hired David “DJ” Downs as its assistant county manager for Santa Clara County, Calif. Downs has more than 10 years of sales and marketing experience. Prior to joining NATIC, he was a title account manager at another title insurance company.

He also has served as an entrepreneur and a director for several medical and fitness companies.

“DJ’s many years of national sales experience, along with sales management training and developing sales training systems and hiring processes, will bring excitement and drive to our Santa Clara operation,” NATIC Campbell/ Santa Clara County Manager Kevin Melberg said in a press release. “We are pleased to welcome him to our Campbell branch.”

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MARKETDATA Report details foreclosure crisis CoreLogic has released a 10-year retrospect of the residential foreclosure crisis in the U.S., examining the path of the crisis from the early 2000s to present day.

The report, United States Residential Foreclosure Crisis: 10 Years Later, revealed that the peak of the foreclosure crisis occurred in 2010 with approximately 1.2 million foreclosures; and that Florida, during June 2011, had the highest percent of homes in foreclosure (12.5 percent).

“The country experienced a wild ride in the mortgage market between 2008 and 2012, with the foreclosure peak occurring in 2010,” CoreLogic Chief Economist Frank Nothaft said.

“As we look back over 10 years of the foreclosure crisis, we cannot ignore the connection between jobs and homeownership. A healthy economy is driven by jobs coupled with consumer confidence that usually leads to homeownership,” he added.

CoreLogic’s in-depth analysis details the residential foreclosure crisis beginning in the early 2000s through 2016.

Presently, approximately 22,000 completed foreclosures are recorded each month nationwide. At the peak of the foreclosure crisis, Sept. 2010, 120,000 completed foreclosures were recorded.

from the early 2000s to the end of 2016.

At the end of 2016, 336,000 (0.9 percent) of all homes nationwide were in some stage of the foreclosure process.

During the peak of the crisis (September 2010), 1.4 million homes (3.3 percent) were in the foreclosure process.

Additionally, CoreLogic’s report found that 1 million mortgages (2.6 percent) were in serious delinquency (defined as 90 days or more past due) at the end of 2016.

That’s considerably less than the 3.7 million mortgages (8.6 percent) of homes that were in serious delinquency in January 2010.

The report also found: • From the peak in 2010, the completed foreclosures steadily declined each year, dropping by nearly 100,000 completed foreclosures per year through 2016.

• Of the 10 largest Core Based Statistical Areas, MiamiMiami Beach-Kendall, Fla. had the highest percent of all homes with a mortgage in the foreclosure inventory at its peak in February 2011.

“A healthy economy is driven by jobs coupled with consumer confidence that usually leads to homeownership.”

Frank Nothaft, Chief Economist CoreLogic

In addition to recorded foreclosures, the report analyzes foreclosure inventory and the serious delinquency rates

Ten-X releases spring market report A ranking of the top single-family housing markets for spring 2017 placed cities in the South, Midwest and West at the top of the list, with two of the top markets in Florida.

Ten-X’s “Top Single-Family Housing Markets Report for Spring” lists Tampa, Fla.; Dallas; Columbus, Ohio; Las Vegas; and Jacksonville, Fla.; as the top housing markets for spring 2017.

The ranking is based on demand, home price appreciation and economic and demographic growth. The rankings also weigh account pricing, sales, affordability and permit activity.

“This quarter’s housing report had a few surprises,

showing how a market’s housing outlook can ebb and flow depending on changes in some of the underlying fundamentals,” Ten-X Executive Vice President Rick Sharga said in a press release.

“For example, Columbus bucked the downward trend we’re seeing in many other Midwestern markets due to population and job growth, while cities that formerly ranked highly in our analysis, like Los Angeles and San Francisco, are beginning to show signs of weakness due to prices that have risen high enough to impact affordability.”

According to the report, Tampa had a 13.1 percent yearover-year home price growth and a 7.3 percent year-overyear increase in homes sales.

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MARKETDATA Its neighbor to the north, Jacksonville, had an 11.9 percent jump in home prices and a 7.3 percent increase in sales.

Dallas had a 10.6 percent increase in home prices and a 2.9 percent increase in sales.

Columbus, the lone Midwestern city in the top five, had a 9.6 percent increase in home prices and a 6.6 percent

increase in home sales.

Las Vegas posted a 9.7 percent increase in home prices and an 11.4 percent increase in home sales.

Ten-X’s report listed Los Angeles, San Francisco, Long Island, N.Y., Central New Jersey and Northern New Jersey as the lowest-ranked markets for spring 2017.

Survey: Renters in no hurry to buy A Freddie Mac survey found renters are more optimistic about their financial situations and expect to continue renting even if their rental prices increase The survey also found that a declining number of renters anticipate buying homes in the next few years.

“It would appear from our new survey that renters today feel better about their finances, like where they are living, and view renting favorably,” Freddie Mac Multifamily Executive Vice President David Brickman stated.

“This is consistent with findings from earlier surveys that show a steadily growing number of renters have a positive view of renting,” Brickman added.

Nationwide, 59 percent of survey respondents said they

expect to rent their next home compared with 55 percent in Freddie Mac’s survey in September 2016. Additionally, the percentage of renters who said they have enough money to last beyond each payday increased to 41 percent from 34 percent last September.

Renters who told Freddie Mac they can’t afford essentials decreased to 14 percent from 20 percent.

Even though an increasing percentage of renters felt better about their financial circumstances, renters who said they don’t know when they expect to move rose to 37 percent from 30 percent; and those who expect to move during the next two years fell to 33 percent from 38 percent.

Renters who said renting is a good choice rose to 52 percent from 46 percent since January 2016.

Average property tax bill $3,296 in 2016 The average annual property tax levied on single family homes in the U.S. in 2016 was 1.15 percent or $3,296, according to an analysis by ATTOM Data Solutions.

in Binghamton, N.Y. (3.10 percent); Rochester, N.Y. (2.99 percent); Rockford, Ill. (2.96 percent); Atlantic City, N.J. (2.77 percent); and Syracuse, N.Y. (2.67 percent).

ATTOM’s tax analysis of more than 84 million homes found the highest tax rates in New Jersey, Illinois, Texas, New Hampshire and Vermont. In total, more than $277 billion in property taxes were levied on single family homes last year.

The lowest property tax rates for large cities were found in were Honolulu (0.32 percent); Montgomery, Ala. (0.35 percent); Tuscaloosa, Ala. (0.36 percent); Florence, S.C. (0.44 percent); and Colorado Springs, Colo. (0.44 percent).

ATTOM’s report analyzed property tax data from county tax assessors across the country. It found the highest tax rates in New Jersey (2.31 percent); Illinois (2.13 percent); Texas (2.06 percent); New Hampshire (2.03 percent); and Vermont (2.02 percent).

States with the lowest property tax rates were Hawaii (0.32 percent); Alabama (0.48 percent); Colorado (0.52 percent); Tennessee (0.54 percent); and Delaware (0.56 percent).

The highest property tax rates for large cities were found

Nationwide, ATTOM’s analysis found nine counties with average annual property taxes above $10,000. They were Westchester, Rockland, and Nassau counties in N.Y.; Essex, Bergen, Union and Morris counties in N.J.; Marin County, Calif.; and Fairfield County, Conn.

The analysis also found that owner-occupied properties had higher average property taxes than investment properties, with an average rate of 1.21 percent being levied against owner-occupied single family homes compared with an average rate of 1.03 percent levied against non-owner occupied (investment) homes.

MARKETDATA Fannie: Housing confidence dipped in March The net share of Americans who said March was a good time to buy a home decreased, according to the Fannie Mae. Fannie Mae’s Home Purchase Sentiment Index (HPSI) decreased 3.8 percent in March to 84.5, with five of the six components measured by the index falling.

“Home purchase sentiment gave back some of the gains accumulated over the prior two months that sent the index to its survey high in February.

“Strong home price appreciation has turned into a doubleedged sword for the housing market as it boosted the net share of consumers saying it’s a good time to sell to a record high, surpassing the plunging good time to buy indicator for the first time in the history of the survey,” Fannie Mae Senior Vice President and Chief Economist Doug Duncan said in a press release.

“In addition, the net share of consumers who expect mortgage rates to rise over the next year exceeded that experienced during the 2013 taper tantrum. However, the housing market could get some tailwinds from a seasonal rise in for-sale inventory, particularly as some sellers seek to lock in profits from recent rapid home price gains. The market could also get a boost from homebuyers who decide to jump into the market before rates rise further,” Duncan added.

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The HPSI found that the net share of Americans who reported that now is a good time to buy fell 10 percent, while the net share reporting that now is a good time to sell increased 9 percent.

Consumer confidence about the stability of their jobs decreased (down 8 percent); as did the share of respondents reporting that household income is significantly higher than it was 12 months ago (down 8 percent).

Americans who say that mortgage rates will decrease over the next 12 months fell 5 percent to a new survey low.

Black Knight: Tappable equity highest since 2006 Black Knight Financial Services’ latest Mortgage Monitor Report (MMR) revealed the amount of equity available to borrowers before hitting a combined loan-to-value ratio of 80 percent hit $4.7 trillion in 2016.

That amount represents an equity growth of $570 billion throughout 2016 that pushed total equity to its highest level since 2006.

Nearly 40 million homeowners (39.5 million) now have a mortgage with tappable equity.

“Cash-out refinance data suggests that [homeowners] have been increasingly tapping that equity, though perhaps more conservatively than homeowners had in the past,” Black Knight Data & Analytics Executive Vice President Ben Graboske said in a press release.

“In Q4 2016, $31 billion in equity was extracted from the

market via first lien refinances.”

“While that was the most equity drawn in over eight years, borrowers are still tapping equity at less than a third of the rate they were back in 2005, and they’re doing so more prudently. In fact, the resulting post-cash-out loan-to-valueratio was 65.6 percent, the lowest on record,” Graboske added.

The MMR also found 68 percent of tappable equity belongs to borrowers with current interest rates below today’s 30year interest rate, and 78 percent of this equity belongs to 27 million borrowers with credit scores of 720 or higher.

According to the MMR, St. Louis, Mo. (17.4 percent) has the highest negative equity rate of any U.S. city. Chicago has the most properties (168,000) underwater; and Denver (0.3 percent) and Ft. Collins, Colo. (0.2 percent) have the lowest negative equity rates.