In the news ... Wednesday, April 09, 2014

Mid-Atlantic Area

 

Pennsylvania

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

 

Delaware

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

 

Maryland

Columbia Corporate Park

8850 Stanford Blvd., Suite 2900

Columbia, MD  21045

(410) 953-6763

(800) 664-8306

(410) 953-6761 - fax

 

Virginia

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

MULTIPLE LENDER ALERTS


On this last day of the month, we would like to bring to your attention some recent lender news. 

  • CIT Group, Inc. has closed its mortgage lending operations.

  • MortgageIT is no longer originating sub-prime loans.

  • Transnational Financial Network, Inc. announced it has suspended its wholesale mortgage lending operations due to the turmoil in the mortgage industry. However, Transnational said it would continue with its retail operations.

  • Quality Home Loans DBA Clear Credit Capital, Last Chance Home Loans, Last Option Lending and QHL Investments has filed for protection under Chapter 11 of the United States Bankruptcy Code and is “temporarily” unable to fund loans. 

  • The Money Store Financial, Inc. discontinued accepting applications for new loans.

  • Mortgage Investors Group is taking no new loan applications and has indicated it will fund no loans after September 14, 2007. 

  • Spectrum Financial Group is no longer accepting loan applications.

  • Chevy Chase Bank Correspondent is no longer accepting correspondent loans.

  • One of our agents notified me of a closing with BSM Financial that was not funded yesterday and the only information received from the lender was a suggestion to obtaining funding from another bank.

As a result of these disclosures, no Old Republic Title operations or agents should close any loans involving any of these lenders 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 or Sue Swick.  Dwight is on vacation until September 10.


 

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.