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Dear Readers, The last few years, and particularly the last several months, have seen an increase in eClosings. With the increase in eClosings, and changing landscape, many in the industry have questions. October Research LLC recently held a webinar to answer some of these questions. Two industry experts answered some additional questions here. Mark Ladd, vice president, regulatory and industry affairs, ICE Mortgage Technology, and Scott Gillen, senior vice president, national agents, Stewart Title Guaranty Co., answered some of those remaining questions. We shared those additional questions and answers on our website, but I thought I’d share just one of [...]

Dear Readers, Sometimes, the headlines don’t seem to change, especially in the title industry. As you’ll see in this issue, despite the coronavirus pandemic, the earnings momentum for title companies and underwriters seems to continue unabated. This issue contains detailed reports of the thirdquarter earnings of Stewart, Fidelity, First American and Realogy. All have benefitted from low interest rates which have spurred a deluge of refinances, for sure. But it would be overly simplistic to attribute all the momentum to low interest rates. Many companies in our space have embraced technology driven efficiencies which constantly improve the closing process and [...]

Dear Readers, With the arrival of the 2020 edition of “Voice of the Appraiser,” Valuation Review reached a milestone with its 10th publication of this special report. And with the COVID-19 pandemic drastically changing the way appraisers do their business, we were anxiously awaiting opinions from our respondents as to how they were surviving with so many restrictions. Appraisers shared thoughts that reflected the virus not bringing just change but an anxiety in the profession. But through this year’s survey, in addition to the many appraisers, businesses and organizations we’ve interviewed regarding COVID-19, a resiliency came about that has, perhaps, [...]

Dear Readers, A change in our print edition schedule caused me to wait until after Thanksgiving to send out my annual holiday “Editor’s Note.” I offer you these sentiments during what has truly been difficult times for so many individuals, both personally and professionally. A few days ago, we all gathered at the Thanksgiving dinner table enjoying valuable time and special moments with family, loved ones and friends, while satisfying all of our hunger needs with the consumption of traditional turkey, stuffing, mashed potatoes, and of course, a piece of holiday pie. Sadly, though, for many, the opportunity to enjoy [...]

Dear Readers, The Consumer Financial Protection Bureau (CFPB) had a busy month. First, they released the five-year assessment on the impact TRID has had on consumers, businesses and the market. Then, they issued a policy statement on exceptional circumstances that allow for terminating an administrative consent order early. Next, they published a set of Frequently Asked Questions about RESPA Section 8 compliance in general, gifts and promotional activities under RESPA and marketing services agreements (MSAs). CFPB Director Kathy Kraninger also made a surprise announcement at the MBA Annual Conference that the bureau was extending the GSE patch. But the pièce [...]

Dear Readers, The recent tragedies plaguing the country calls to mind the need for eliminating bias judgements. And such a notion has drawn the attention of the presidents from the Appraisal Institute (AI) and The Appraisal Foundation (TAF). TAF President Dave Bunton spelled out specific new initiatives to increase diversity and combat bias in the appraisal profession in an article he wrote titled “Combating Discrimination in the Appraisal Profession.” “There is no place for discrimination in the appraisal profession,” Bunton wrote. “This has been the goal since The Appraisal Foundation began writing national standards for real estate appraisers more than [...]

Dear Readers, There is an old expression I am sure everyone is familiar with. It has to do with one not being able to take no for an answer. Such appears to be the case and could easily be applied to the apparent transaction that saw Cannae Holdings Inc. and Senator Investment Group LP making a proposal to acquire CoreLogic for $65 per share, which tantamounted to $7 billion dollars. The proposal was initiated June 26. The companies said that the all-cash offer is compelling because they offered a premium and transaction multiple well above those customarily seen in this [...]

Dear Readers, Happy birthday! We are celebrating 20 years in publication and I am excited to mark this milestone. The last 20 years have seen changes in every facet of how the industry operates. From the first sparks of eClosings to RESPA reform, the housing market crash to the launch of the Consumer Financial Protection Bureau, TRID to RON, the industry doesn’t look like it did when The Legal Description launched. Through all of these changes, the industry has risen to the challenge. This year in particular has seen the industry need to pivot to meet the needs of its [...]

Washington, D.C.-area Federal Title & Escrow Co. recently noticed a trend that should alarm folks in our industry: An increasing number of homebuyers foregoing title insurance. To combat the issue, Federal Title launched a campaign to educate the public about the importance of title insurance and the inherent risks of waiving coverage. The company’s “Protect What’s Most Precious” campaign appears on Federal Title’s social media channels and targets real estate agents and consumers. The campaign highlights true claims stories, provides statistics, addresses common questions and offers additional insights from other real estate professionals. “It’s a disconcerting trend because these buyers [...]

Dear Readers, One of the things that has helped the industry in these crazy times was low interest rates, leading many to refinance their mortgages. Needless to say, when the Federal Housing Finance Agency directed Fannie Mae and Freddie Mac to implement an adverse market refinance fee, the entire industry was concerned. A coalition of real estate trade groups, including the American Land Title Association, Mortgage Bankers Association, National Association of Realtors and Real Estate Services Providers Council issued a statement against the action. The associations noted that the mortgage market has been able to withstand many of the severe [...]