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

 

6802 Paragon Place

Suite 410

Richmond, VA  23230

(804) 441-6112

(804) 441-6050 - fax


FDIC Insurance


In recent audits we have noticed that some agents still do not have their escrow account properly titled "Escrow" or "Trust" Account. Now more than ever you need to verify your account is titled properly to receive the coverage you need from the FDIC in the event something should happen to your lending institution. SIMPLY HAVING "ESCROW" OR "TRUST" PRINTED ON YOUR CHECKS IS NOT ENOUGH. If you're not sure, contact your bank representative to discuss the conditions of your account.

In addition, the Federal Deposit Insurance Corporation (FDIC) has received several inquiries from title companies concerning the amount of FDIC insurance which is available when: 1) a bank insured by the FDIC fails and: 2) the title company maintains an escrow account in which the funds of several customers have been deposited. 

The FDIC has developed a standard response to these inquiries; click here to review.  Any questions concerning this issue may be directed to the FDIC at the toll-free number or at the web site referenced in the attachment. 

Also, the FDIC increased the insured amount from $100,000 to $250,000. Click here for details.

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.