Closing Complex Loans Faster With a Digitized Client Workflow

Join us for a discussion on changes in market demographics, suppliers and how focusing on customer experience and a few simple steps during the mortgage loan process can close deals 3x faster.

engage.marketing event: All eyes on purchase

To help power your business forward, we’re bringing together the smartest minds in purchase mortgage marketing to share the insights, tactics and strategies that set leaders apart.

Home appraisal’s ugly history and uncertain future

This is Part I of a deep dive into the home appraisal industry. Today we explore the origins of the appraisal industry and its current lack of diversity.

2021 Agent Rankings now live

Today RealTrends + Tom Ferry announce the 16th annual The Thousand of America's top 1,000 real estate sales and professionals and teams.

Closing

First American exits property and casualty business

Expects deal to be complete by 2022

“Big Four” title insurer First American Financial Corp. announced Monday that it has reached an agreement to sell its property and casualty subsidiaries.

The sales – known as “book transfer agreements” in accounting parlance –  were made with Safeco Insurance, a Liberty Mutual company, and Heritage Insurance Holdings. First American said the decision will help it focus on its core title business.

The title insurer on Monday said that the agreements provide qualifying First American property and casualty insurance agents and customers an opportunity to efficiently transfer their policies to Safeco or, in certain circumstances, Heritage.

First American first announced its intent to exit its property and casualty business in October 2020. It expects the transfer to be completed by the end of the third quarter of 2022.

“Safeco and Heritage are leaders in book transfer arrangements and have a strong commitment to serving independent agents,” First American CEO Dennis Gilmore said in a statement. “These agreements allow us to exit our property and casualty operations, while providing a valuable option for many of our agents and customers to move forward with established and well-respected carriers.”


Here’s what lenders should look for in a title provider

HousingWire recently spoke with Susan Falsetti, managing director of Origination Title and Close at ServiceLink, about the state of the title industry.

Presented by: ServiceLink

Merger & Acquisition Services served as the sole financial advisor to First American.

Even as the company is exiting this section of its business, it continues to double down on its digital closing tech. At the end of last year, First American Docutech announced a new integration with Encompass LOS by Ellie Mae.

According to First American Docutech, the integration would allow Encompass lenders to implement First American Docutech’s suite of digital mortgage and closing solutions, including updating key disclosure tracking fields and automatically delivering documents into Encompass.

And its title insurance continues to grow. Overall title insurance premium volume surged 17.6% for the entire market in the third quarter. And First American grew its market share by one basis point from the second to the third quarter.

Leave a comment

Most Popular Articles

Mortgage forbearance drops as expiration date nears

Mortgages in forbearance fell for the 15th consecutive week last week to 4.04% of servicers’ portfolio volume ― a 12 basis point decline, according to a survey from the Mortgage Bankers Association.

Jun 14, 2021 By

Latest Articles

Title Alliance opens second branch in Washington

Pennsylvania-based Title Alliance Ltd. has added a second office in Washington, expanding its presence in the Pacific Northwest.

Jun 16, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please