OLD REPUBLIC TITLE UPDATE

In the news ...   Wednesday, November 16, 2011
  

Allied Home Mortgage Corporation


TO:                  Pennsylvania Agents
FROM:            Underwriting Department
DATE:             November 16, 2011
RE:                  Allied Home Mortgage Corporation
.

 

On November 1, 2011 HUD issued a press release suspending Allied Home Mortgage Corporation from originating and underwriting new mortgages insured by the Federal Housing Administrator. In addition, the Government National Mortgage Association has also suspended the company from issuing any Mortgage backed Securities. The press release, a copy of which is attached, cites numerous violations of HUD/FHA requirements.

As a result of these announcements, Old Republic Title agents should not close any loans involving Allied Home Mortgage Corporation unless they have good funds in their escrow account for the loan.  For purposes of this Alert 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.  You should also contact your bank to ensure that no wired funds can be reversed without prior notification to you.

Should you have any questions, please contact our underwriting counsel: Steven Gratman; Bill Corrigan; Paula Mack or Dwight Edwards.


This Alert has been published for the sole purpose of meeting the Company’s predetermined underwriting criteria and should in no way be construed as slanderous or defamatory material against any of the parties named herein.




 

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

 

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Pennsylvania

1200 Liberty Ridge Drive

Suite 100

Wayne, PA  19087

(610) 251-1160

(800) 842-2080

(610) 644-1408 - fax

 

Calder Square

P.O. Box 10326

State College, PA  16805

(814) 238-3600

(814) 238-3604 - fax

 

790 Holiday Drive
Third Floor
Pittsburgh, PA 15220
877-596-1260
412-921-6417 - fax

Delaware

32 The Green

Dover, DE  19901

(302) 734-3570

(800) 722-0784

(302) 734-3254 - fax

 

920 N. King Street

Suite 414

Wilmington, DE  19801

(302) 661-1997

(302) 661-1996 - fax

Maryland

Columbia Corporate Park

8840 Stanford Blvd.

Suite 4500

Columbia, MD  21045

(410) 953-6763

(800) 664-8306

(410) 953-6761 - fax

Virginia

9303 Center Street

Suite 101

Manassas, VA  20110

(703) 365-2300

(800) 232-6817

(703) 365-2400 - fax

 

1245 Mall Drive
Richmond, VA 23235 (804) 897-5499

(804) 897-9679 - fax

 

 

 

1800 Bayberry Court

Suite 104

Richmond, VA  23226

(866) 232-2021

(804) 282-0865- fax

 

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.