Bank of America has agreed to sell the lender-placed and voluntary property and casualty insurance assets and liabilities of Balboa Insurance Company to QBE Insurance Group of Australia. BofA inherited Balboa Insurance when it purchased Countrywide Financial Corp. Bank of America and its affiliates are expected to receive an upfront cash payment of approximately $700 million for the deal with QBE, as well as additional future payments.
Read More »Sterling National Acquires Seattle Specialty Insurance Services
Sterling National Corporation, headquartered in Atlanta, Georgia, has acquired Everett, Washington-based Seattle Specialty Insurance Services, Inc., an insurance services provider to financial institutions. Founder, president, and CEO, Rick Pedack, will continue to lead the company as it operates as a wholly owned subsidiary of Sterling National.
Read More »Sterling National Rolls Out Escrow Admin Solution for Small Lenders
Sterling National Corporation recently introduced Sterling Total Escrow Solutions - an escrow administration solution for small lenders who have been struggling to comply with new Real Estate Settlement Procedures Act provisions. According to Sterling National, this new offering is the industry's only complete escrow solution, and it allows small lenders to quickly order escrow administration services for new loans and generate the initial escrow disclosure statement online via TotalEscrowServicing.com.
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