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Showing posts from August 17, 2008

Title agencies merge

GREENE Albany-based New York Bankers Title Agency East LLC and Binghamton-based NBT Settlement Services LLC formed a strategic alliance and merged July 31, the companies announced.

The new agency is called Land Record Services LLC, headquartered at 116 Everett Road in Albany. The business also will operate from branches in Greene and Friendsville, Pa.Title insurance will continue to be underwritten by Northeast Investors Title Insurance Co. and Investors Title Insurance Co.My-Ly Nguyen

Title firm ready to do battle

By Susan Chandler |Chicago Tribune reporter

It could be the tip of an iceberg.

Ticor Title, one of the largest title insurance firms in the country, is suing Countrywide Home Loans, the nation's largest home lender, saying it shouldn't have to pay out on a title policy because of Countrywide's gross negligence.

The suit, filed last month in Cook County Chancery Court, concerns just one Chicago mortgage made by Countrywide in 2007, but the implications are enormous, say real estate and title insurance experts.

If title insurers refuse to honor their policies, "You would have chaos," predicts Chicago real estate attorney Tom McNulty of Neal, Gerber & Eisenberg. The fate of tens of thousands of troubled properties around the country would be thrown into limbo while lenders and title insurers duke it out. Other deals would be held up because buyers and sellers would be reluctant to move forward without title insurance to protect their investment.

When it works smoothl…