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


First Magnus Financial Corp (First Magnus) recently issued a press release announcing that the company will not fund any future mortgage loans and is no longer accepting loan applications or funding any mortgage loans previously originated and not yet funded.

Thornburg Mortgage's president told CNBC that "the mortgage lender is having problems raising financing" but that it will not be filing for Chapter 11 protection. Thornburg has so far been able to meet all of its obligations.

An update on HomeBanc an Atlanta mortgage banking company, announced it is bowing out of the lending business and announced its filing for Chap. 11 protection.

Many of you heard Countrywide in the news yesterday. Click here for an article on their situation.

With so many lenders in the news lately, we are strongly encouraging our agents to only accept wired funds from lenders to close transactions. While this is not an underwriting directive, we feel that it is best for your company to guarantee all funds are in your account prior to disbursing.

Should you have any questions, please contact our underwriting counsel Steve Gratman, Sue Swick or Dwight Edwards either via e-mail or call 800-842-2080.




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


To unsubscribe to this newsletter, please click here. 


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.