In the news ... Tuesday, May 06, 2014

Mid-Atlantic Area



Three Glenhardie Corporate Center

1265 Drummers Lane, Suite 220

Wayne, PA  19087

(610) 687-8020

(800) 842-2080

(610) 687-6056 - fax


Calder Square

P.O. Box 10326

State College, PA  16805-0326

(814) 238-3600

(814) 238-3604 - fax


125 Technology Drive, Suite 101

Canonsburg, PA  15317

(866) 364-2777

(724) 746-5434 - fax



32 The Green

Dover, DE  19901

(302) 734-3570

(800) 722-0784

(302) 734-3254 - fax


The 800 King Street Building

800 King Street, Suite 304

Wilmington, DE  19801

(302) 661-1997

(302) 661-1996 - fax



Columbia Corporate Park

8850 Stanford Blvd., Suite 2900

Columbia, MD  21045

(410) 953-6763

(800) 664-8306

(410) 953-6761 - fax



9303 Center Street, Suite 101

Manassas, VA  20110-5547

(703) 365-2300

(800) 232-6817

(703) 365-2400 - fax


1503 Santa Rosa Road, Suite 233

Richmond, VA  23229

(804) 288-4090

(888) 859-922

(804) 288-4092 - fax


Fieldstone Mortgage Company (Fieldstone) issued a press release late in the day Wednesday announcing that the company is running out of cash and is no longer accepting loan applications.  The release said the company will continue to fund loans for which it has committed.  The company says it has access to lines of credit to fund additional loans. 

Accredited Home Lenders (Accredited) yesterday issued its long-delayed annual report in which it made several references to its questionable ability to continue in business if a pending merger with the Texas-based private equity firm, Lone Star Partners, is not completed soon. 

As a result of these disclosures, no Old Republic Title operations or agents should close any loans involving either Fieldstone or Accredited unless they have good funds in their escrow account for the loan.  For purposes of this Bulletin the term “good funds” should be construed to mean that the funds for the loan have actually been received by the bank and have been credited to the appropriate escrow account. 

Should you have any questions, please contact our underwriting counsel: Steve Gratman; Sue Swick or Dwight Edwards.


Please contact Sue Morgan at Old Republic Title with any questions
or give us a call at 610-687-8020 or 800-842-2080. 


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Old Republic Title Update is published by the Mid-Atlantic Area Office of Old Republic National Title Insurance Company in an effort to provide information relative to our industry on a timely basis. None of the materials included in this publication should be deemed legal or underwriting advice or should be acted upon without prior consultation with your underwriter or counsel.