Tag Archives: Fidelity National Financial

Commerce Velocity, a member of the Fidelity National Financial family of companies, has enhanced its Optimizer solution to help achieve the new requirements for the Quality Right Party Contact (QRPC) standard outlined by Fannie Mae and Freddie Mac as part of the GSEs' servicing alignment initiative. The new enhancements are designed to arm servicers with technology to document communication to the borrower regarding the resolution of their delinquent mortgage, as required by QRPC.

Title insurance companies wrote $2.30 billion in premiums throughout the second quarter of 2011, down from $2.33 billion in the second quarter of 2010, according to the American Land Title Association's (ALTA) preliminary 2011 second-quarter market share analysis. At the same time, premiums increased in 21 states and Washington, D.C. The biggest premium gains were seen in Iowa and South Dakota. Fidelity underwriters claimed the largest market share, with more than a third of the new business.

Commerce Velocity, a member of the Fidelity National Financial family of companies, recently released its Loss Mitigation Borrower Portal. The portal supports the federal requirement instituted by regulators under the consent orders issued to servicers in April for communicating with borrowers via a single point-of-contact (SPOC). It also provides borrowers with a place to review the status of a loan, upload financial documents.

Title insurers are voicing their confidence in mortgage servicers' ability to correct foreclosure paperwork problems. They've decided not to require banks to consent to agreements vouching for the validity of foreclosures, after talks between the two groups reportedly fell through surrounding large-scale indemnity arrangements. A blanket indemnity agreement to cover insurers against ""robo-signed"" foreclosures had been drafted, but title insurers say banks' actions to remediate deficiencies make it unnecessary.

Fidelity National Financial, the nation's largest title insurer, will soon begin requiring lenders to provide the company with an indemnity agreement that guarantees the accuracy of their foreclosure documentation before Fidelity will insure the title of a repossessed home. The new policy was prompted by the recent foreclosure freezes enacted by at least five major mortgage servicers and disclosures of errors made in the processing of foreclosure paperwork, and is effective for all foreclosure sales closing on or after November 1.

Bank of America and Fidelity National Financial have come to an agreement regarding the foreclosure paperwork issues that have plagued several of the largest lenders in the past weeks. Fidelity will continue to provide title insurance for BofA's foreclosed properties and defend new homeowners in court if title issues arise. The bank has agreed to cover all court related costs and settlements resulting from lawsuits surrounding title issues. The news comes just as Bank of America has announced that it will resume foreclosures in 23 judicial states beginning October 25th.

ServiceLink reports dramatically reduced short sale approval and closing timelines, thanks to the company's short sale business model. The Fidelity National subsidiary cites completed package and contract acceptance in less than 30 days, a far cry from the industry's 90-day delays just a year ago. ServiceLink also reports a total short sale completion time of fewer than 75 days, a process that once took more than five months.