TheMReport — News and strategies for the evolving mortgage marketplace.
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TH E M R EP O RT | 3 CO NTE NTS 16 [NOT] ALL ORIGINATORS ARE CREATED EQUAL The Rise and Fall of Large Lenders and the Role of Non-Bank Mortgage Originators 20 MURKY TRID WATERS, EVERYWHERE How Some Companies Wading Through Heightened Regulations and Operational Barriers Are Navigating Their Way to Title and Closing Success 24 ON BATED BREATH PHH Corporation's appeal of the CFPB's ruling may not only clarify the CFPB's reach in interpreting statutes and doling out enforcement actions, but it also challenges the very structure of the bureau and its director. 28 THE ROI OF RULES-BASED DECISION ENGINES How the Lack of Smarter Logic Can Cut Directly Into Lender Profits SPECIAL SECTION 33 TITLE AND ESCROW GUIDE These tile and escrow companies are prepared adapt to a changing industry and partner for success to improve the mortgage process. DEPARTMENTS 4 MTECH Tech Collaborations Offer Opportunities to Improve Outcomes, Boost Efficiency Across Industry 8 TAKE 5 Joanne Gaskin, Senior Director, Scores & Analytics at FICO 10 MCROWD Who's moving on and who's moving up in the industry TH E M R EP O RT | 33 T I TLE AND ESCROW G U I DE Special Advertising Section KEY PERSONNEL Mark Myers CEO Andrew Drake SVP/Senior Counsel Laura Levi Francesconi SVP/Director of Corporate Development 866.996.8262 Ext. 4410 Brenda R. Flatter Executive Director of National Sales 866.996.8262 Ext. 3011 David Loyd National Operations Manager, National Account Services Division CONTACT INFORMATION 202 S. Michigan St., Suite 300 South Bend, IN 46601 Phone: 574.232.5845 Email: MTC@Meridiantitle.com National Account Services: 250 Monroe Ave. NW, Suite 400 Grand Rapids, MI 49503 Phone: 219.379.5625, 866.996.8262 Email: national@meridiantitle.com Meridian Title Corporation Corpor ate profile Meridian Title Corporation (MTC), a national title company with over 30 office locations, has been a leader in the title industry for more than 75 years. MTC has positioned itself as a mainstay by developing products, services, and specialty departments to better serve the changing and growing demands of the real estate industry, both locally and nationally. Through a large network of title professionals, MTC can coordinate escrow and closing services and facilitate transactions in all 50 states. Competitive advantage Meridian Title has assembled a seasoned team of knowledgeable and reliable attorneys, title, and escrow professionals. MTC is dedicated to providing customers top-tier service and its commitment to communication is something it takes seriously. MTC has developed specialized divisions to complement its traditional services: default and REO, national investor relations, tax sale certification, RELO, national account services, and national commercial services Keys to suCCess Whether it is one or 10,000, Meridian Title is prepared to seamlessly handle your transactions across the nation. Meridian Title's success has been driven by listening to customer needs and creating forward-thinking and progressive solutions. added value to Clients Meridian Title Corporation offers its tax sale certification for customers who purchase properties at county tax sales. The product is suited primarily for residential properties and enables customers to potentially transfer title to their properties faster than going through a quiet title lawsuit. The Tax Sale Certification product is being offered, at this time, in the states of Arizona, Colorado, Florida, Georgia, Indiana, and Michigan with more states to follow. industry awards, aCColades, and milestones • SSAE 16 Certified • Over 75 years in business • Multiple local community and industry service awards Community Involvement • Habitat for Humanity • Alex's Lemonade Stand • Worthy Women Recovery Home • United Way • Go Red for Women • 4-H • Ronald McDonald House Charities • Boys & Girls Club • Center for the Homeless • Junior Achievement testimonials "I have been doing business with Meridian Title Corporation for 20-plus years. Turnaround time is top notch. Responsiveness is great. MTC stands behind their work. I highly recommend MTC" —Dennis V. Ferguson Partner, Bleecker, Brodey & Andrews "It has been great pleasure working with Brenda Flatter and her team at Meridian Title; state to state, Meridian Title has offered exceptional service to our team at Joyce Reid Capital no matter the circumstance. With a very minimal response time, excellent communication, and professional and highly educated staff with a variety of products, we are happy to have worked and continue to work with Brenda Flatter and the team at Meridian Title." —Brennan Reid CEO, Joyce Reid Capital TH E M R EP O RT | 31 T I TLE AND ESCROW G U I DE Special Advertising Section First Financial Title Agency of Minnesota, Inc. Corpor ate profile First Financial Title Agency of Minnesota, Inc. is a full-service title and abstracting company affili- ated 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 dynamic team of title attorneys, clos- ers, abstracters, examiners, and team members that excel in delivering quality title service. First Financial Title Agency's underwriters include Chicago Title, Fidelity, and First American. Business lines, serviCes, and produCts • Escrow and closing services • Title and abstract services • Title insurance • Name, assessment, and plat drawing searches • Deed-in-lieu • O & E Reports Competitive advantage First Financial Title Agency has specialized in REO transactions for 27 years. In addition to the com- pany's experienced and trained closers, examiners, and abstracters, First Financial Title Agency has ac- cess to nine of the most experienced and capable default servicing attorneys in Minnesota through its affiliation with the default servicing firm of Shapiro & Zielke. The teamwork and side by side representation of GSEs and all of the major mortgage servicers has created a dynamic partnership in "cradle-to-grave" representation from Shapiro & Zielke and First Financial Title Agency. First Financial Title Agency has a successful "title curative" process that is best in class, which in turn complements our experi- enced and results-driven closers. industry awards, aCColades, and milestones First Financial Title Agency has partnered with Shapiro & Zielke the past 10 years in its annual "White Christmas" fund raiser for local charities. Together, First Financial Title Agency and Shapiro & Zielke have donated $67,000 over the past nine years to a local nonprofit "360 Communities" in Burnsville, Minnesota. The proceeds have been utilized to support the local food shelf, a local wom- en's and children's shelter, and a "school success" program aimed at intervention for at-risk youth. goals and str ategies for the Coming year First Financial Title Agency's goal for 2016 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 has upgraded its software and technology to be paperless and better integrated with cutting-edge technologies. Additionally, First Financial Title Agency has also completed its production of the "Seven Pillars" of the "Best Practices" manual and is certified by an independent CPA firm of its compliance. additional info First Financial Title Agency is a member of the Better Business Bureau, Minneapolis Area Association of Realtors Minnesota Land Title Association, American Land Title Association, Five Star Title and Closing Coalition, the Burnsville Chamber of Commerce, and the Lakeville Area Chamber of Commerce. testimonial "I have been working with First Financial Title Agency for seven years. I've had nothing but good experiences working with First Financial Title Agency. 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 manner. Their professionalism is unmatched in the REO World of Minnesota." —Karissa White, Realtor, RE/MAX Advantage Plus KEY PERSONNEL Melissa Schwan Closing Manager Tracy Halliday Attorney/Examiner Wayne Rotzien Abstracting Manager Lawrence P. Zielke President Diane Mach VP Ali Hopper Business Development Associate STAFFING 25 employees CONTACT INFORMATION 12550 W. Frontage Road, Suite 200 Burnsville, Minnesota 55337 Phone: 952.831.5010 Web: FirstFinancialTitleAgency.com TH E M R EP O RT | 35 T I TLE AND ESCROW G U I DE Special Advertising Section KEY PERSONNEL Jim Potter SVP, Title and Settlement Services Tom Huddleston SVP, Business Development Brian Howell VP, Title Operations Jack Kozak VP, Compliance Counsel Lesa Wachter Manager, Curative Services Mark Kyser Manager, Closing Services Jennifer Moore Manager, Closing Services STAFFING 100 employees CONTACT INFORMATION 6200 Tennyson Parkway, #110 Plano, TX 75024 Phone: 888.835.7402 Email: information@carringtontss.com Web: CarringtonTitleServices.com Carrington Title Services Corpor ate profile Carrington Title Services, a national title agency, is a leading provider of title and settlement services and data products to the real estate community in connection with real estate purchases and refinancing, as well as REO, short sale, and lien release services. The company works with institutional clients and the real estate community to manage transactions quickly and smoothly via the high-touch service Carrington is known for. Title and settlement services offered includes title insurance, various search products, curative services, settlement services, and California Natural Hazard Disclosure (NHD). Carrington Title Services delivers value through its ability to support a wide variety of product solutions providing customized workflow technology to support key client objectives. The strength of the organization lies in its ability to support a broad variety of purchase and refinance transactions, as well as its sharp focus on managing the unique challenges associated with curative title. Operations are managed from three locations in California and Texas, supporting all 50 states and leveraging mobile enabled technology that provides transparency and efficient workflow solutions. As a subsidiary of Carrington Holding Company, LLC, Carrington Title Services has connections to the full continuum of services offered by the Carrington Companies. These connections provide firsthand knowledge regarding what is required by various organizations from a title, escrow, and insurance standpoint, making Carrington Title Services an ideal partner for lenders, brokers, real estate agents, servicers, and asset managers. Company History Carrington Title Services was established in 2009, and is part of a family of settlement services companies, which also include Carrington Escrow, Inc., a California-based licensed escrow company. Centralized processing centers in Anaheim, California; Houston, Texas; and Plano, Texas, were established to support national clients. The company was originally focused on providing support for institutional REO closings, and in recent years has greatly expanded both its product menu and client base. In addition to providing title and closing services, the company also provides data services including various title search products and a Natural Hazard Disclosure Report in the state of California. Competitive advantage Carrington Title Services has an enormous advantage as it is one of the only multi-state title operations with expertise in supporting both purchase and refinance transactions on a national scope. The deep knowledge rooted within the management team and staff allows the company to develop customized solutions, and enables Carrington to form valuable relationships with its institutional clients. Carrington Title Services has significant expertise with title curative which help assure client's closing timelines are achieved. The company works very closely with new and existing clients leveraging technology to create customized workflow solutions. The goal is to provide a superior level of customer satisfaction by creating efficiency within the management and execution of the real estate transaction. added value to Clients Carrington manages relationships with several of the nation's largest financial institutions, GSEs, asset managers, title underwriters, and the real estate community. The company provides a vast array of sophistication when launching a new client, providing project management, regulatory, and technology support to assure a smooth client launch and data security. Keys to suCCess Carrington is focused on being the first call a customer will make for their real estate needs. • Service-focused culture • Tenured management team with broad industry knowledge • Technology-driven focus • TRID compliant processing • System Integrations enhance productivity goals and str ategies for tHe Coming year Carrington Title Services is focused on aggressively expanding its business in 2016 through dedicated attention to its customers' needs, and by working in collaboration to exceed client goals and expectations. Significant market share growth is planned in all segments, including purchase, refinance, commercial, lien release, and non- insurance title data products. The company is dedicated to the continued enhancement of its title related products to meet the expanding needs of its client base. The company also has recently added to its team to sharpen the focus on managing the unique challenges associated with curative title services.