TheMReport — News and strategies for the evolving mortgage marketplace.
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Th e M Rep o RT | 3 Co nte nts 12 Turning a Tide in TiTle The new rules aren't so new any longer, but ambiguity remains for those in the title industry. 16 a new era for aMCs Regulatory oversight is nothing new, but appraisal management companies will have to adapt to this particular era of oversight if they want to have skin in the game. 20 The diChoToMy of PrudenT lending and CrediT availabiliTy In the post-crisis era, lenders face the challenge of striking a delicate balance between judicious lending practices and access to financing for creditworthy consumers. 24 all ThaT gliTTers isn'T sold The government continues to work toward a recovery, but how golden will it really be? sPeCial seCTion 27 TiTle guide This month's issue highlights the best and the brightest in the title industry. deParTMenTs 4 froM The sourCe Sourcing Success 5 soCial life Talk of the Town 6 on The web Touting Technology 8 Mdwell Luxury at its Finest 11 MCrowd See Who's Moving On and Moving Up in the Industry TH E M REP O RT | 31 Special Advertorial Section TITLE GUIDE COMPANY PROFILE Independence Title, the largest independent title agent in Texas,* offers the very best in title examination, underwriting resources, statewide connectivity, business tools, and brainpower, with all positions staffed locally for the best service and responsiveness. The company's focus is its customers—their transactions, their goals, and the ground they all stand on together. COMPANY HISTORY Independence Title is locally owned and headquartered in the heart of central Texas, founded in early 2005 by industry veterans Brian Pitman and Jay Southworth. With branch locations and resources in all four Texas Metro areas (Austin, San Antonio, Houston, Dallas/Fort Worth), Independence can handle transactions anywhere in the state. Since the company opened its doors in 2005, it has issued more than 200,000 title policies protecting Texas homeowners, investors and businesses, and moved more than $30 billion through the company's escrow accounts and into the local economy. BUSINESS SCOPE Independence Title offers a full menu of title research, examination, escrow, and settlement services. Independence can issue title policies on any of the major national underwriters, including Chicago, Commonwealth, Fidelity, First American, National Investors, Stewart, and Title Resources. GEOGRAPHICAL SCOPE/COVERAGE AREA Independence is a Texas company, with more than 50 branch offices across the state, and licensed directly in Atascosa, Bexar, Blanco, Brazoria, Burnet, Caldwell, Collin, Comal, Dallas, Denton, Fort Bend, Galveston, Guadalupe, Harris, Hays, Jefferson, Kendall, Llano, Medina, Montgomery, Tarrant, Travis, and Williamson counties. THE INDEPENDENCE DIFFERENCE Independence stands above the rest in service, convenience, and commitment to successful closings. In addition to stellar settlement and title examination services, Independence Title prides itself on developing the best in cutting-edge business tools and resources, including all of these and more: • Stellar title information guides to educate customers on all our processes, from title searches to closing • Robust guides on schools, taxing authorities, transportation, local attractions, entertainment, etc. • Desktop and mobile-friendly business tools, such as calculators and property information requests • In-house market analysts with access to the very best information on local trends, property data, and market projections • Live classroom education opportunities and online resources on the latest business practices and technology tools • Experts in federal and state regulations, advertising, branding, web development, business technologies, and more. INDUSTRY AWARDS/ACCOLADES Independence Title has consistently been a top title agent for several national underwriters and recognized for excellence by many industry organizations. Independence is the Austin Business Journal's No. 1 title company and the San Antonio Business Journal's top-ranked independent company. CLIENT TESTIMONIAL "There is real value to the client in our ability to make decisions right here on the ground. We can respond much more quickly to the needs of our customers and the opportunities in the market- place. Each metro market in Texas is a unique business and cultural environment. We understand that and we're better able to customize our ser- vices as a local company." —Brian Pitman, President/COO KEY PERSONNEL Brian Pitman President/COO Jay Southworth Chairman/CEO Judith Sullings SVP, Operations/Human Resources Terri Morrison SVP, Escrow Manager Kara McGregor SVP, Business Development STAFFING 304 employees CONTACT INFORMATION 5900 Shepherd Mountain Cove, Bldg II, Suite 200 Austin, Texas 78730 512.454.4500 BPitman@independencetitle.com IndependenceTitle.com Independence Title *Based on the most current statistical reports from the Texas Department of Insurance. 30 | TH E M REP O RT TITLE GUIDE Special Advertorial Section CORPORATE PROFILE First Financial Title Insurance Agency of Minnesota is a full-service title and abstracting company affiliated with the law firm of Shapiro & Zielke, LLP. It provides a complement of title search, insurance, and closing services for clients. The company was founded in 1989 by Gerald Shapiro and has been headed by current president Lawrence P. Zielke since January 2006. Since then, the company has grown into a team of eight closing agents and assistants along with 17 title examiners, production assistants, attorneys, and abstracters. First Financial Title's underwriters include Chicago Title, Fidelity, and First American. BUSINESS LINES/SERVICES OFFERED • Escrow and closing services • Title and abstract services • Title insurance • Name, assessment, and plat drawing searches • Deed-in-lieu COMPETITIVE ADVANTAGE First Financial Title Agency of Minnesota has specialized in REO transactions for 25 years. In addition to the company's experienced and trained closers, examiners, and abstracters, First Financial Title Agency of Minnesota has access to 13 of the most experienced and capable default servicing attorneys in Minnesota through its affiliation with the default servicing firm of Shapiro & Zielke, LLP. The teamwork and side by side representation of GSE's and all of the major Mortgage Servicer's has created a dynamic partnership in "cradle to grave" representation from Shapiro & Zielke, LLP and First Financial Title Agency of Minnesota, Inc. First Financial has a successful "title curative" process that is best in class, which in turn compliments our experienced and results driven closers. COMMUNITY INVOLVEMENT First Financial Title Agency has partnered with Shapiro & Zielke the past 8 years in its annual "White Christmas" fund raiser for local charities. In the past two years alone, FFT and SZ have donated $30,000.00 to a local nonprofit "360 Communities" in Burnsville, Minnesota. The proceeds have been utilized to support the local food shelf, a local women's and children's shelter, and a "school success" program aimed at intervention for at risk youth. GOALS First Financial Title's goal for 2014 is to continue to provide the best possible REO Title Service, in addition to growth and expansion into traditional non-default real estate transactions. First Financial Title Agency of Minnesota is upgrading its software and technology to be paperless and better integrated with cutting edge technologies. Additionally, FFT has also completed its initial production of the "7 pillars" of the "Best Practices" manual and will be ready for certification when it is available. ADDITIONAL INFO First Financial Title Agency of Minnesota is a member of the Better Business Bureau, Minnesota Land Title Association, American Land Title Association, Five Star Default Title Coalition, and the Burnsville Chamber of Commerce. TESTIMONIAL "I have been working with First Financial Title for 6 years. I've had nothing but good experiences work- ing with First Financial Title. I recommend them to all of my colleagues and clients. When a problem arises they handle the situation and do everything they can to get the property closed in a timely man- ner. Their professionalism is unmatched in the REO World of Minnesota." —Karissa White, ReMax Advantage Plus, Savage Minnesota First Financial Title Agency of Minnesota, Inc. KEY PERSONNEL Melissa Schwan Closing Manager Tami Weinman Production Manager Wayne Rotzien Abstracting Manager Lawrence P. Zielke President Diane Mach Vice President Cindy Hystad Operations Manager STAFFING 25 employees CONTACT INFORMATION 12550 W. Frontage Road Suite 200 Burnsville, Minnesota 55337 952.831.5010 firstfinancialtitleagency.com TITLE GUIDE Special Advertorial Section P R E S E N T S Title Guide The role Title agencies play in the housing market is not only critical, but continually evolving. As the housing industry rights itself on a path of sustainability, Title agencies are finding inventive ways to increase their service offerings. The companies listed in this guide are the premier companies in the Title industry. Flip through the pages to find out how these companies can keep you in perfect shape to improve your bottom line. TH E M REP O RT | 27