Segment 2: Patrick Stone, President and CEO of Williston Financial Group (WFG) and WFG National Title Insurance Company, and Brian Bushlach discuss the mortgage industry and if we can expect to see write-downs.  Listen Now!

Segment 2: Economic expert Patrick Stone speaks with Brian Buschlach about interest rates, where he thinks we’re headed, and the power of rental properties today. Listen now!

Segment 2: Economic expert Patrick Stone speaks with Brian Buschlach about the state of the housing market and the foreclosure backlog. Listen now!

Kelly will help grow the insurer’s New York agent base as well as providing underwriting support for the agency operation in that state. He comes to WFG National Title with over 35 years of industry experience, most recently serving as Senior Agency Counsel, New York for one of the nation’s largest underwriters. Before that, he held similar positions with two more of the industry’s largest title insurers. He began his career in 1972 as a continuation clerk, attending law school during the evening at St. John’s University, NY (J.D. in 1978) while searching titles during the day. Kelly was admitted to the Bar in the State of New York in 1978. He is a member of the New York State Bar Association Real Property Law Committee and also serves on the Select Committee for the Unauthorized Practice of Law. Kelly received his bachelor’s degree from St. Lawrence University in Canton, New York. He was also a member of the U.S. Army Military Police during the Vietnam War (1969 – 1970).

“Mike understands the nuances of good, compliant title work in New York,” said Joseph Drum, Esq., Executive Vice President for WFG National Title. “More important, he knows what our New York agencies will need from their underwriter to succeed. Mike will be yet another solid resource for our New York agents as they work to differentiate themselves in that market.”

Segment 2: Economic expert Patrick Stone speaks with Brian Buschlach about the state of the economy, $25B bank settlement, and the effect on the real estate market.  Hear what he has to say about what’s in store for the next several years. Listen now!

Segment 2: Economic expert Patrick Stone speaks with Brian Buschlach about the upcoming election season and the U.S. recovery over the next several years. Listen Now!

Segment 2 – Real estate expert Patrick Stone speaks with Brian Buschlach about the end of 2011 and the forecast for the market turnaround. Hear what he says about the strength of the current resale and refinance markets. Listen now!

In her new position, Anderson will be responsible for the daily oversight of the growth, development and maintenance of the group’s production and processing functions. She comes to WFG National Title with 12 years of industry experience, most recently with the California arm of a large national title underwriter as its associate vice president and operations manager, where she worked for eight years. 

“Ashley understands that efficiency in default services production begins with our adaptation to each client’s process,” said Morgan Harris, executive vice president overseeing the Default Services group. “She is resourceful, driven, innovative and, above all, client focused. Our clients will appreciate her ability to quickly and effectively meet their needs.”

The Williston Financial Group family of title insurers is currently licensed and operating in 40 jurisdictions nationwide.

Segment 2 – Economic expert Patrick Stone speaks with Brian Buschlach about the market on the home front in respect to Treasury Secretary Tim Geithner’s recent quote in the New York Times. Hear Pat’s take on the obstacles the nation needs to overcome. Listen now!

TitleNet, a division of WFG National Title, is a national provider of title, closing and settlement services comprised of a national network of independent providers using a centralized technology platform.  The operation processes residential and commercial transactions, as well as loss mitigation, default and REO transactions.

Bapodra will oversee the growth of TitleNet and maintain its relationship with its network of independent providers and clients. He comes to WFG National Title and TitleNet with 13 years of industry experience.  He was most recently VP, Default Product Services with one of the nation’s largest title underwriters. He has spent the majority of his career in executive positions with two other large national underwriters. He received his bachelor’s degree from the University of California, Riverside.

“Ravi excels at harnessing the strength of independent businesses, and connecting them to national and regional banks, REO firms, GSEs and other companies to meet or exceed their performance standards,  the concept at the core of the TitleNet model,” said Joseph Drum, Esq., Executive Vice President for WFG National Title. “His role will be to allow our independent agencies to do what they do best, while supplementing them with top-flight resources, guidance and coordination.  Our agencies will quickly find Ravi and TitleNet to be outstanding assets.”

Ravi Bapodra can be reached at RBapodra@wfgnationaltitle.com.

For more information, go to www.WFGNationalTitle.com.

About WFG National Title Insurance Company

WFG National Title Insurance Company, a Williston Financial Group Company, is a national provider of premium title insurance and settlement services to the real estate and mortgage industry.  The company also delivers a wide variety of residential and commercial mortgage lender services, including default and real estate owned transactions.  The company enjoys a Financial Stability Rating of A’ (A prime) as assigned by Demotech, Inc.  Built around the directive to “communicate, collaborate, coexist,” WFG National Title Insurance Company is committed to applying a new philosophy to the traditional mortgage and real estate industry, working to meet the changing needs of its clients, agents and associates.  For more information, please go to www.WFGNationalTitle.com.

Segment 2 – Economic expert Patrick Stone speaks with Brian Buschlach about Obama’s plan to rewrite the refinance bill. Listen now!

Predicting the future of the mortgage industry is a dicey proposition at best. There are an endless confluence of factors: market trends and shifts; market and regulatory reaction to the events of the past several years; adjustments to these events by industry participants; fundamental changes to the way the industry is regulated; and even basic demographics…

Click here to read the full article that appeared in Mortgage Banking’s October 2011 issue.

Losquadro joins WFG National Title with 15 years of experience in the settlement services industry. He most recently held a role in agency sales with one of the nation’s largest title insurance companies, spending almost 10 years between two divisions in that position.
From 1996 to 2002, he served as agency auditor for the same national insurer. With WFG National Title, Losquadro will serve as an agency representative. He will work to build new agency relationships in New York and New Jersey, as well as serving as a resource for existing customers.

“Manny brings a thorough understanding of the title industry, and what it takes for an independent agency to thrive,” said Joseph Drum, executive vice president for WFG National Title. “He also has a number of good relationships in the region and will be another strong partner to WFG National Title’s east coast agencies.”

Losquadro is a graduate of SUNY College at Old Westbury, where he received a bachelor’s degree in finance.

Santa Barbara, CA - September 26, 2011 – WFG National Title Insurance Company (“WFG National Title”) has maintained its Financial Stability Rating® of A’ (A Prime), Unsurpassed, from Demotech, Inc.  WFG National Title is a national, full service provider of title insurance and real estate settlement services for lender, commercial and residential transactions. The Williston Financial Group family of title insurers is currently licensed and operating in 40 jurisdictions nationwide.

This is the second consecutive year in which WFG National Title has been assigned a Financial Stability Rating® of A’ (A Prime), Unsurpassed. “WFG National Title has worked very hard to maintain its financial stability in a very uncertain market,” said Executive Vice President, Joseph Drum, Esq.  “Our highest priority is to serve as a reliable resource for our partners and agencies, and we have done so by making careful decisions and employing sound strategy in our financial planning.”

A Financial Stability Rating® (FSR) is a leading indicator of an insurer’s financial stability. FSRs are based upon a series of quantitative ratios and considerations which together comprise Demotech’s Financial Stability Analysis Model. FSRs are accepted by several government sponsored enterprises, including Fannie Mae, Freddie Mac and various programs of the United States Department of Housing and Urban Development (HUD), mortgage lenders, as well as a number of umbrella and agents errors and omissions insurance markets.

For more information, go to www.WFGNationalTitle.com or www.Demotech.com.

About WFG National Title Insurance Company
WFG National Title Insurance Company, a Williston Financial Group Company, is a national provider of premium title insurance and settlement services to the real estate and mortgage industry.  The company also delivers a wide variety of residential and commercial mortgage lender services, including default and real estate owned transactions.  The company enjoys a Financial Stability Rating® of A′ (A prime) as assigned by Demotech, Inc.  Built around the directive to “communicate, collaborate, coexist,” WFG National Title Insurance Company is committed to applying a new philosophy to the traditional mortgage and real estate industry, working to meet the changing needs of its clients, agents and associates.  For more information, please go to www.WFGNationalTitle.com.

About Williston Financial Group, LLC
Williston Financial Group, LLC is a holding company and the parent of multiple real estate and mortgage services firms.  Wholly-owned subsidiary WFG Lender Services provides title, closing and settlement services for mortgage lenders nationwide.  Wholly-owned subsidiary, WFG National Title Insurance Company, is a national provider of premium title insurance and settlement services to the real estate and mortgage industry.  The company also delivers a wide variety of residential and commercial mortgage lender services, including default and real estate owned transactions.  The company enjoys a Financial Stability Rating® of A′ (A prime) as assigned by Demotech, Inc.  Built around the directive to “communicate, collaborate, co-exist,” WFG National Title Insurance Company is committed to applying a new philosophy to the traditional mortgage and real estate industry, taking the time and cost out of real estate transactions in order to best meet the changing needs of its clients, agents and associates.  For more information, please go to www.WFGNationalTitle.com.

Segment 2 – Economic expert Patrick Stone speaks with Brian Buschlach about the budget deficit as well as his thoughts on federal taxation for the rich. Listen now!

Sams has spent 15 years in the mortgage and real estate industry, working most recently in the secondary market with Fannie Mae. Before that, she was a title and escrow specialist for a national servicer. Previously, she was the title and escrow manager with a California-based title company. During her tenure with those firms, she successfully managed over 10,000 closings in 35 states. Sams holds an advanced degree in business and project management.

“Brandy comes to WFG’s Default Services group with a wide understanding of the transaction from several different perspectives,” said Morgan Harris, executive vice president overseeing the default services division. “She communicates with her clients at an unparalleled level and excels at bridging potential gaps between parties, making her an ideal addition for WFG’s default services clients.”

WFG National Title Insurance Company has appointed Barry Owens as its new SVP and national sales manager within the firm’s default services division.

As part of the WFG National Title Default Services team, Owens is charged with growing the company’s market for all default-related services and products, including owners and encumbrances reports, trustee sale guarantee and trustee work, and default title and escrow services.

He joins WFG National Title with 21 years in the mortgage and default servicing industry, most recently having served seven years as national sales executive for US Real Estate Services (USRES). Owens also has experience on the origination side of the business.

“Barry understands that customer relationships begin with a willingness to work within the client’s process,” said Morgan Harris, the company’s EVP overseeing the default services division. “He is comfortable adapting our products and services to fit the needs of our clients, and will be a superior resource for us and our clientele in this rapidly changing market.”

WFG National Title has also added Wendy Lunt to its ranks as VP of sales and marketing for its newly acquired Puget Sound division. Her role is to grow the company’s footprint in the Puget Sound region, which includes the Seattle and Tacoma, Washington markets.

Lunt has 10 years of experience in the title, escrow, and real estate services industry, having worked with one of the nation’s largest national underwriters in the western Pierce County community.Before that, she was a Realtor in the North Tacoma marketplace. She remains a member of the Tacoma Pierce County Association of Realtors and is the chair-elect for the affiliate counsel there.

“Wendy personifies WFG’s approach to collaborating with our customers, and she will be a strong presence in our market,” said Lynn Riedel, president and manager of the Puget Sound division. “She has a knack for hearing what the customer needs, and working within the customer’s framework to fulfill those requests.

WFG National Title Insurance Company has appointed Barry Owens as its new SVP and national sales manager within the firm’s default services division.

As part of the WFG National Title Default Services team, Owens is charged with growing the company’s market for all default-related services and products, including owners and encumbrances reports, trustee sale guarantee and trustee work, and default title and escrow services.

He joins WFG National Title with 21 years in the mortgage and default servicing industry, most recently having served seven years as national sales executive for US Real Estate Services (USRES). Owens also has experience on the origination side of the business.

“Barry understands that customer relationships begin with a willingness to work within the client’s process,” said Morgan Harris, the company’s EVP overseeing the default services division. “He is comfortable adapting our products and services to fit the needs of our clients, and will be a superior resource for us and our clientele in this rapidly changing market.”

WFG National Title has also added Wendy Lunt to its ranks as VP of sales and marketing for its newly acquired Puget Sound division. Her role is to grow the company’s footprint in the Puget Sound region, which includes the Seattle and Tacoma, Washington markets.

Lunt has 10 years of experience in the title, escrow, and real estate services industry, having worked with one of the nation’s largest national underwriters in the western Pierce County community.

Before that, she was a Realtor in the North Tacoma marketplace. She remains a member of the Tacoma Pierce County Association of Realtors and is the chair-elect for the affiliate counsel there.

“Wendy personifies WFG’s approach to collaborating with our customers, and she will be a strong presence in our market,” said Lynn Riedel, president and manager of the Puget Sound division. “She has a knack for hearing what the customer needs, and working within the customer’s framework to fulfill those requests.”

Santa Barbara, CA – August 25, 2011 – WFG National Title Insurance Company (“WFG National Title”) has announced that Ed Trope will serve as State Underwriting Counsel for agents in Virginia and Maryland.  WFG National Title is a national, full service provider of title insurance and real estate settlement services for lender, commercial and residential transactions. The Williston Financial Group family of title insurers is currently licensed and operating in 40 jurisdictions nationwide.

Trope will support WFG National Title’s agencies in Maryland and Virginia on underwriting matters.  He comes to the company with 33 years of legal experience focusing on the settlement services and real estate industry, most recently as the owner and manager of his own law firm for 11 years.  Trope previously spent ten years as Vice President, Counsel and Agency manager for one of the industry’s largest underwriters, managing operations for the company’s Richmond agency office.  He earned his J.D. at T.C. Williams School of Law, University of Richmond; and holds a Bachelor’s Degree from the University of Virginia.  He is a long-time member of the Virginia State Bar and Virginia State Bar Association, as well as the Richmond Bar Association; and is a member in the Real Estate and Business sections of both the Virginia State Bar and Richmond Bar Association.

“Ed Trope is recognized in the mid-Atlantic region as an astute attorney and a valued counselor for title agents,” said Thomas Klein, Senior Vice President, Agency, Southeast Region.  “Our agents have told us repeatedly that they look to their national underwriters for information and support when the regulatory climate becomes volatile.  Our addition of Ed confirms our commitment to collaborate with our independent agencies and support them in whatever ways they need.”

Ed Trope can be reached by e-mail at  trope@edtrope.com; his office line at (804) 521 5721, or via cell phone, (804) 426 9950.

For more information, go to www.WFGNationalTitle.com.

About WFG National Title Insurance Company

WFG National Title Insurance Company, a Williston Financial Group Company, is a national provider of premium title insurance and settlement services to the real estate and mortgage industry.  The company also delivers a wide variety of residential and commercial mortgage lender services, including default and real estate owned transactions.  The company enjoys a Financial Stability Rating of A’ (A prime) as assigned by Demotech, Inc.  Built around the directive to “communicate, collaborate, coexist,” WFG National Title Insurance Company is committed to applying a new philosophy to the traditional mortgage and real estate industry, working to meet the changing needs of its clients, agents and associates.  For more information, please go to www.WFGNationalTitle.com.

Segment 3: Pat Stone’s insight into the new federal legislation passed to help people with mortgages and home loans backed by Fannie Mae and Freddie Mac. Listen Now!

Segment 4: Pat Stone’s take on uncertainty with the global economy as well as local business and thoughts on future growth. Listen Now!

Lunt’s role with WFG National Title will be to grow the footprint of the national underwriter in the Puget Sound region, including the Seattle and Tacoma markets. She will also work to service and maintain existing relationships. Lunt comes to the company with 10 years of experience in the title, escrow and real estate services industry, having worked with one of the nation’s largest national underwriters in the western Pierce County community. Before that, she was a Realtor in the North Tacoma marketplace. She remains a member of the Tacoma Pierce County Association of Realtors, and is the chair elect for the affiliate counsel there. She received her bachelor’s degree from Concordia College in Wisconsin.

“Wendy personifies WFG’s approach to collaborating with our customers, and she will be a strong presence in our market” said Lynn Riedel, president and manager of the Puget Sound division. “She has a knack for hearing what the customer needs, and working within the customer’s framework to fulfill those requests.”

Riedel will oversee the former Northpoint Escrow & Title operation, acquired by WFG in July 2011. She is responsible for the growth and maintenance of the full service title, escrow, and settlement services company serving Puget Sound, Snohomish, King, and Pierce counties in Washington, including the Seattle and Tacoma metropolitan areas.

Riedel has over 33 years’ experience in the title and escrow industry, most recently having served as a VP with Northpoint Escrow & Title. Prior to joining Northpoint in 2009, she served as EVP and Northwest regional leader for two large national underwriters, with direct responsibility for operations in Washington, Oregon, Idaho, Alaska, Colorado, Utah, and Northern California.

“Lynn is an ideal choice to represent the client-oriented approach of WFG National Title in the Seattle and Tacoma markets,” said Patrick Stone, WFG president and CEO.

“Throughout her career, she has demonstrated a passion for communicating and collaborating with her clients,” Stone continued. “As such, we are comfortable that our increased presence in the Puget Sound markets will be led by someone in whom businesses there are already confident.”

WFG is the parent company of wholly-owned subsidiaries WFG National Title Insurance Company, WFG Lender Services, and WFG Title Insurance Company, and is a national provider of title insurance and real estate settlement services for lender, commercial, and residential transactions.

The Williston Financial Group family of title insurers is currently licensed and operating in 40 jurisdictions nationwide.

Segment 4: Insight into recent Wall Street Journal article “A Home Is a Lousy Investment” by Robert Bridges. Listen Now!

Unfortunately, trailing averages don’t fully convey market or component differentiations.

For example, in Multnomah County, Oregon (Portland), there is an ever widening gap between the average price of “equity” sales (occupied owned resale) versus the average price of REO sales (bank owned). The first graph below shows monthly price trends for both, and surprisingly to most, it indicates that equity sales in Multnomah County have seen strong price appreciation this summer.

Tracking the percent discount is another way of focusing on the dichotomy of pricing. The second graph shows the ever increasing discount, as banks offer incentives to move the growing number of REOs.

Historically, normal markets witness a discount of 15 to 25%, but as the graph indicates, the discount in June, was close to 43%. The amount discounted obviously depends on the supply of foreclosed homes , local market conditions and the urgency the bank feels in disposing of the property.

Is Multnomah County an extraordinary example? Not at all. This phenomena is being repeated to varying degrees everywhere. In some markets it is more pronounced, in some less so. However, the basic premise remains the same; real estate is market driven, right down to the neighborhood level,  the type of product being  sold, the motivation for selling and the location of the property. There are no national averages… 

- Article submitted by Patrick F. Stone, President & CEO, Williston Financial Group

The company said Sklamba will serve as a vice president and Louisiana underwriting counsel for the Louisiana agency group. In this role, he will assist WFG agencies on all underwriting matters. He will be based in New Orleans.

Sklamba is a lifelong resident of New Orleans, who has practiced as an attorney in the New Orleans area for 40 years. His law practice focused on real estate, title insurance, probate, bankruptcy, creditors’ rights and
consumer credit laws. He served as Louisiana underwriting counsel for several major title insurers during the past 20 years and has been a director on the board of the Louisiana Land Title Association since 1992 and is
also a past LLTA President.

Pecoraro will serve as Louisiana state sales manager and be responsible for growing and maintaining relationships with WFG title agents in that state, as well as Mississippi. She will be based in Baton Rouge.

Pecoraro comes to the company after spending 15 years as an agency manager with one of the industry’s largest title underwriters. Before that, she was a branch office supervisor for six years with Norwest, which is now a part of Wells Fargo Corp. She began her career with 12 years in the legal industry. Pecoraro is a state notary in Louisiana, as well as a state signing agent.

Sklamba and Pecoraro will both report to Charles Cain, senior vice president and agency manager for the Midwest region.

“Stephen and Liz are well established and highly regarded by a wide number of independent agencies in Louisiana,” Cain said. “They understand the power and importance of the independent title agent in today’s market, and work as hard as anybody in the industry to support the success of those agents. They are welcome additions to the WFG National Title team.”

Lake Oswego, OR - July 6, 2011 – Williston Financial Group, LLC (“WFG”) has acquired Northpoint Escrow & Title (“Northpoint”), an established, title, escrow and settlement services company serving Puget Sound, Snohomish, King and Pierce counties in Washington, including the Seattle and Tacoma metropolitan areas.  WFG is the parent company of wholly-owned subsidiaries WFG National Title Insurance Company, WFG Lender Services and WFG Title Insurance Company, and is a national, full service provider of title insurance and real estate settlement services for lender, commercial and residential transactions. The Williston Financial Group family of title insurers is currently licensed and operating in 39 jurisdictions nationwide. The acquisition of Northpoint solidifies WFG’s geographic footprint within the greater Northwest. 

WFG President and CEO Patrick Stone praised the acquisition, noting Northpoint’s strong presence in the greater Seattle region, including offices in Bellevue, Everett, Kirkland, Northgate (Seattle) and Puyallup. “WFG has already established itself in the Northwest, and this transaction solidifies our presence and service capabilities in greater Seattle and Tacoma, regions which constitute over 50% of the Washington mortgage market.” he said. 

Stone asserts that WFG will continue to expand nationwide. “We have aggressively established our presence in Washington and Oregon because they are markets which have at times been challenging for major mortgage lenders to access without strong partners present in those regions. We also plan to maintain our aggressive expansion nationwide, as the market remains favorable for cost-effective acquisition. We are pleased with our reception so far in the national market, and remain convinced that now is an optimal time to reach out to customers disaffected by the industry’s internal focus of the past several years.”   

Northpoint will be absorbed into the WFG National Title Insurance Company corporate brand shortly after the finalization of the transaction, said Stone.

For more information, go to www.WFGNationalTitle.com.

About WFG National Title Insurance Company
WFG National Title Insurance Company, a Williston Financial Group Company, is a national provider of premium title insurance and settlement services to the real estate and mortgage industry.  The company also delivers a wide variety of residential and commercial mortgage lender services, including default and real estate owned transactions.  The company enjoys a Financial Stability Rating of A’ (A prime) as assigned by Demotech, Inc.  Built around the directive to “communicate, collaborate, coexist,” WFG National Title Insurance Company is committed to applying a new philosophy to the traditional mortgage and real estate industry, working to meet the changing needs of its clients, agents and associates.  For more information, please go to www.WFGNationalTitle.com .

About Williston Financial Group, LLC
Williston Financial Group, LLC is a holding company and the parent of multiple real estate and mortgage services firms.  Wholly-owned subsidiary WFG Lender Services provides title, closing and settlement services for mortgage lenders nationwide.  Wholly-owned subsidiary, WFG National Title Insurance Company, is a national provider of premium title insurance and settlement services to the real estate and mortgage industry.  The company also delivers a wide variety of residential and commercial mortgage lender services, including default and real estate owned transactions.  The company enjoys a Financial Stability Rating of A’ (A prime) as assigned by Demotech, Inc.  Built around the directive to “communicate, collaborate, co-exist,” WFG National Title Insurance Company is committed to applying a new philosophy to the traditional mortgage and real estate industry, taking the time and cost out of real estate transactions in order to best meet the changing needs of its clients, agents and associates.  For more information, please go to www.WFGNationalTitle.com.

CONTACT:      
Brian Rieger                       
True Impact Communications on behalf of Williston Financial Group                       
p.         (330) 348-1678
e.         Brian@TrueImpactCommunications.com
w.        www.WFGNationalTitle.com

Where do we go from here? 

Let’s detail the issues and make some assumptions;

• QE 2:  Expired this morning. While bond yields trended down significantly over the last two months, they have increased significantly this week (over 30 bps). The question being asked is did QE 2 work, and what will happen to the treasury market without the Fed being a big buyer.
• European Debt Crises:  The Greek government passed austerity measures yesterday, and seems to have met the criteria for significant IMF aid. Portugal, Italy, Ireland and Spain still seem problematic.
• Japanese Production:   This week witnessed an encouraging increase in Japanese production numbers, but energy constraints will curtail a rapid recovery from the earthquake and tsunami related damage.
• Arab Spring:  The NATO intervention in Libya continues, as does repression in Syria, Yemen and other Arab nations. The potential for disruption to oil flows remain, although the willingness to tap into strategic oil reserves appears to have mitigated the problem.
• US Debt Ceiling:  The August 2^nd deadline nears without any clear willingness to compromise on the part of either political party.
• Unemployment:  Continues to be stuck at a maddeningly high rate of near 9%
• Dodd-Frank Regulatory Reform:  The rule making is bogged down, resulting in a continued lack of clarity for lending institutions. Loans to small business and mortgage underwriting remain tight.
• Chinese Inflation:  The Chinese banking system has raised rates four times this year, and the government keeps raising capital and reserve requirements for its lending institutions.

Upon first review of the above, one might pause and wonder if the Mayans were a year too late in their prediction of the world’s demise. However, if one looks at the incredible resiliency being shown by the world’s economies despite the above issues, hope for improvement seems logical. There is an incredible amount of capital ready to be deployed in the US economy. Rule making under Dodd-Frank has taken a turn towards a more rational approach as testimony and comments have provided regulators with an increasing awareness of what constitutes practical reform. We should witness some clarity by year end, and 2012 will see an environment where lenders understand the rules of the game and make loans with some financial certitude. Debt ceiling resolution and a long term strategy to achieve a more balanced budget will occur. This morning, the US Senate announced that it was canceling the week long July 4^th vacation so that it could engage the budget resolution debates in earnest. The President seems to have focused on the problem, and golf games aside, the dialog between Republicans and Democrats will increasingly be more focused on compromise and less on ideology. Personally, I think QE 2 was necessary and that it worked. Personal opinions aside, rates will be much more dependent on budget resolution than the continued participation of the Fed in the treasury market.   There are plenty of buyers for US treasuries…..as long as the full faith and credit of the US continues to mean something.

The Arab Spring will ultimately be beneficial as this part of the world desperately needs more open economies. It will be awhile before demonstrations and unrest subside, but the willingness to tap the strategic oil reserve has mitigated the economic impact of the problem. Oil will trade between $90 to $100 per barrel and gas prices should stabilize between $3.50 to $4 per gallon. The Chinese tightening credit is ultimately good for everyone, but it will slow down their growth. Coupled with the Japanese situation, it will result in Asia joining Europe and North America in slower paced economic growth.

Finally, unemployment will be a problem for the next three years.   It will come down, but slowly. Economic growth will be in the 2.5 to 3.5% range over the next three years, and unemployment will trend down to a more historical rate by 2015.

So, how does all this add up to an inflection point?  

This writer has come to believe that our collective ability to grow despite numerous challenging events bodes well for improvement over the next three to five years. Yes, there are issues to be resolved, and yes there are other threats that could emerge, but the world has enough synergistic growth that we are no longer as vulnerable to unsettling issues. There is a growing confidence that the world economy is now truly a “World” economy, and that the result is that emerging market demand and capital accumulation in the developed nations will result in sustainable economic growth.  We are at a point in time that will prove this thesis.

- Article submitted by Patrick F. Stone, President & CEO, Williston Financial Group

Segment 2:  Pat Stone on the current economy and how it affects real estate in the US and in the Portland market.  And a quick overview & update on the Dodd-Frank bill. Listen now!

The Williston Financial Group family of title insurers is currently licensed and operating in 39 jurisdictions nationwide. The company is a full service provider of title insurance and real estate settlement services for lender, commercial and residential transactions nationwide.

As the head of the company’s default services division, Harris will oversee the growth of the division nationwide. The default services group will be headquartered in Simi Valley, Calif. Harris will be responsible for the strategic direction of the division, as well as the oversight and management of all aspects of sales and production.

He brings to WFG National Title over 25 years of experience in the real estate and settlement services industry, having spent most of his recent career with three of the industry’s largest title insurers. Before that, he was the general manager for Rodeo Realty in Los Angeles, one of the region’s largest real estate brokerages.

“Default and REO services will continue to be an important element of mortgage and settlement services industry for years to come,” said WFG President and CEO Patrick Stone. “As such, Morgan is a premium addition to WFG. His deep understanding of his customers and the market will make him an excellent partner for our clients, and his knowledge of their processes will only strengthen our approach of tailoring our processes to fit theirs.”

Harris can be reached at (818) 585 9415 or mharris@wfgnationaltitle.com.  

Listen to: Segment 1  |  Segment 2

The reality is that the housing market is depressed, and will remain so until a few fundamental issues are resolved, such as: 

1.  Availability of Mortgage Financing:   As a result of Dodd-Frank, the regulators are busy formulating rules that will determine the lenders’ retention of risk and underlying capital requirements.  While lender balance sheets have improved over the last two years, until they know the rules of the road, their heightened underwriting requirements will make borrowing very difficult.
2. Disposition of REO and Distressed Properties:   It would surprise most people to know that resale properties have not witnessed the decline in average prices noted by national indexes.   Lenders offering REOs at significant discounts have caused overall prices to show meaningful drops, but that is because those REOs are being priced at up to a 40% discount to market.   Historically, incentives offered by lenders disposing of foreclosed homes typically ran from 15 to 25%.  With heightened volume, those discounts have grown significantly.   The result is a deflationary expectation that causes consumers to wait in anticipation of potentially lower asking prices.
3. Unoccupied Homes:  Finally, the glut caused by “over building” has created a tremendous inventory of unoccupied homes.   This excess has resulted in the most profound price correction since the great depression.   Fortunately, we are using up the excess unoccupied homes, and should achieve a closer to normal balance of supply/demand by the second half of 2013.  Historically, unoccupied homes have run between 1.5 – 1.7% of the total housing stock. Right now unoccupied homes represent about 2.6%.   As the economy gradually improves, household formation plus obsolescence exceeds new construction, and we come back into balance.

The point in detailing the three issues above is not to belittle its impact, but to frame the matters in functional terms.    If there is a bright spot to our current circumstances, it is that the issues are understandable and will be resolved.   Time will cure the uncertainty surrounding regulation, resulting in the disposition of REO properties and in doing so alleviating the glut of excess homes.   

- Article submitted by Patrick F. Stone, President & CEO, Williston Financial Group

Blauvelt’s role with WFG National Title will be to serve as state counsel for Florida, as well as help to develop and support agency relationships in several eastern states. He will also contribute to the WFG National Title national underwriting team.

Both Kent and Blauvelt will be based in WFG National Title’s Florida state headquarters (agency division) in Orlando. Blauvelt arrives at WFG with more than 30 years of experience in the title and mortgage industry, having most recently served as counsel of special issues for the Federal Deposit Insurance Corp. Before that, he served 24 years with one of the nation’s largest title underwriters, departing after seven years in the role of senior vice president, Northeast and Southeast regional counsel. He has also represented mortgage lenders and title insurance companies in private practice. He was the New Jersey Land Title Association’s president in 1987 and 1988.

“Roger is one of the most highly regarded title insurance attorneys in the industry,” said Joseph Drum, executive vice president with WFG National Title. “His experience, knowledge and skill set make him yet another excellent resource in WFG’s continuing efforts to support and collaborate with their independent agency partners.”

Kent joins WFG National Title after more 20 years in the settlement services industry, most recently serving 16 years with one of the industry’s largest title insurers as a senior title examiner. During that time, she was heavily involved with underwriting support for a wide range of residential, commercial and mixed-use transactions. She will provide high-level support for WFG National Title agents on a variety of transactional issues, including curing title defects.

“Lisa is well known among Florida agents,” said Gene Rebadow, senior vice president and Florida agency manager. “Her appointment represents our commitment to providing deep resources for our agents, who remain our number one focus.”

ORLANDO - May 12, 2011 – WFG National Title Insurance Company (“WFG National Title”) has appointed A. Roger Blauvelt as Vice President, Underwriting Counsel and Lisa Kent as Title Officer in its Florida agency group. The Williston Financial Group family of title insurers is currently licensed and operating in 38 jurisdictions nationwide.  The company is a full service provider of title insurance and real estate settlement services for lender, commercial and residential transactions nationwide.

Blauvelt’s role with WFG National Title will be to serve as state counsel for Florida, as well as helping to develop and support agency relationships in several eastern states.  He will also contribute to the WFG National Title national underwriting team.  Blauvelt comes to the firm with over 30 years of experience in the title and mortgage industry, having most recently served as Counsel—Special Issues for the Federal Deposit Insurance Corporation.  Before that, he served 24 years with one of the nation’s largest title underwriters, departing after seven years in the role of SVP, Northeast and Southeast Regional Counsel.  He has also represented mortgage lenders and title insurance companies in private practice.  He was the New Jersey Land Title Association’s president in 1987 and 1988.  Blauvelt received his Juris Doctorate from Fordham Law School, and his Bachelor’s Degree from Boston College. 

“Roger is one of the most highly regarded title insurance attorneys in the industry,” said Joseph Drum, Esq., Executive Vice President with WFG National Title.  “His experience, knowledge and skill set make him yet another excellent resource in WFG’s continuing efforts to support and collaborate with their independent agency partners.” 

Kent joins WFG National Title after over 20 years in the settlement services industry, most recently serving 16 years with one of the industry’s largest title insurers as a senior title examiner.   During that time, she was heavily involved with underwriting support for a wide range of residential, commercial and mixed-use transactions.  She will provide high-level support for WFG National Title agents on a variety of transactional issues, including curing title defects.

“Lisa is well-known among Florida agents,” said Gene Rebadow, SVP, Florida Agency Manager.  “Her appointment represents our commitment to providing deep resources for our agents, who remain our number one focus.”

Roger Blauvelt may be contacted at rblauvelt@willistonfinancial.com or (407) 562-1946.   Lisa Kent may be contacted at lkent@willistonfinancial.com.

About WFG National Title Insurance Company

WFG National Title Insurance Company, a Williston Financial Group Company, is a national provider of premium title insurance and settlement services to the real estate and mortgage industry.  The company also delivers a wide variety of residential and commercial mortgage lender services, including default and real estate owned transactions.  The company enjoys a Financial Stability Rating of A’ (A prime) as assigned by Demotech, Inc.  Built around the directive to “communicate, collaborate, coexist,” WFG National Title Insurance Company is committed to applying a new philosophy to the traditional mortgage and real estate industry, working to meet the changing needs of its clients, agents and associates.  For more information, please go to www.WillistonFinancial.com.

WFG National Title Insurance Co. has added Trevor Cheyne as AVP, manager commercial division and senior escrow officer. He will be based in WFG National Title’s NW Portland branch, but will work with commercial clients nationwide.

As manager of the commercial division, Cheyne will be charged with growing the company’s national commercial capability and customer base. The commercial department will emphasize WFG National Title’s client-focused approach, which includes offering a single point of contact for clients; rapid turnaround time on orders, and a flat administrative organization, allowing for quick response to client needs.

Cheyne comes to WFG National Title with 15 years of industry experience with one of the nation’s largest title insurance companies. He has 10 years of extensive commercial transactional background.

“Trevor’s appointment represents another point of growth for WFG National Title,” said Cindy Tucker, president, Oregon division. “While our Oregon clients will appreciate that all underwriting and decision-making is done here in Oregon, Trevor has extensive national experience and a wide range of industry relationships. He will be an asset for clients locally and nationwide as we grow our commercial business.”

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Wilson, who will be based in Atlanta, has 24 years of experience in the mortgage and settlement services industry, most recently serving as vice president of sales with Equifax Settlement Services. Before that, he spent six years with Lender’s First Choice, a national settlement services provider, as its executive vice president and chief marketing officer.  He also spent 17 years with national settlement services provider LSI, most recently as senior vice president of national sales. 

With New Millennium, Wilson will be charged with growing its national sales organization, including expanding the national client base as well as building and maintaining the company’s relationships at all levels.

“David is the consummate development executive and epitomizes the New Millennium focus on listening to our clients to customize the best fit for products and services,” said James Moody, executive vice president, Lender Services Division. “David is well regarded by lenders of all sizes, and brings a wealth of strong relationships with him. He will be the ideal sales leader for our growing client base.”

New Millennium operates in all 50 states and includes two national settlement services processing offices in California and Texas. The company delivers a wide range of settlement services directly to mortgage lenders, including title insurance and closing/escrow services, for both commercial and residential transactions.

Source:  The Title Report

McKnight will provide underwriting assistance, education and agency support for WFG National Title’s agencies throughout New Mexico. She comes to WFG National Title having most recently served as New Mexico state counsel with one of the industry’s largest title insurers. 

“Susan has a well-earned reputation for serving and collaborating with her agencies,” said Russell Sugg, senior vice president, agency division for the states of Texas, New Mexico and Oklahoma. “She has a long history of working with and for her agents, and she will continue that approach with WFG.”

Over the past 20 years, she has served as litigation counsel, claims counsel and underwriting counsel with two of the industry’s largest national title underwriters. She also has eight years experience in private legal practice in San Diego, where she represented several title insurers in claims investigation and litigation matters. 

“Our success is based on the success of our agencies,” said Lloyd Draper, senior vice president, agency division for the states of Texas, New Mexico and Oklahoma. “With her depth of experience and knowledge, McKnight will be an outstanding resource for our agents in New Mexico.”

In the 10 years prior to her graduation from law school, McKnight served as a real estate agent, worked with a mortgage processing and servicing firm, and then worked as an escrow officer. She received her law degree from California Western School and her undergraduate degree from the University of New Mexico. McKnight is admitted to practice law in California and New Mexico and is the former underwriter director of the New Mexico Land Title iAssociation. She has taught numerous continuing legal education courses for the California and New Mexico state bars, as well as for title insurance agents and their employees.

Source:  The Title Report

Listen to: Segment 6  |  Segment 7

Yarborough’s role will be to grow WFG National Title’s presence in South Carolina, with an emphasis on recruiting and serving as a resource for agencies there. He comes to WFG National Title from one of the industry’s largest title insurers, where he served as associate state counsel. Before that, he was underwriting and claims counsel for Atlantic Title Insurance Co., where he oversaw the underwriting and claims administration for all 13 states in which that firm was licensed. 

He also has extensive experience in private law practice, having served as the managing attorney for the REO and residential real estate department with a large, statewide firm. He received his bachelor’s degree from the College of Charleston, and his JD from the University of South Carolina. He presently serves as the treasurer of the Palmetto Land Title Association. He is admitted to practice in South Carolina, Georgia, the U.S. District Court (District of South Carolina) and the United States Supreme Court.

“Clint comes to WFG as a highly-regarded attorney with a penchant for serving his agency customers,” said Thomas Klein, WFG National Title senior vice president, Southeast region. “He understands law and compliance, and, even more importantly, he understands how important our agents are to us. They will find him to be an important resource.”

Source:  The Title Report

In his new position, Klein will focus on managing and growing the company’s agency support operations in Alabama, Delaware, District of Columbia, Georgia, Maryland, Mississippi, South Carolina, Virginia and West Virginia. He will be based in Richmond, Va. 

“WFG’s singular focus is its customer, without whom we simply do not exist” said WFG National Title executive vice president Joseph Drum. “Tom Klein understands the agency business and its challenges, and is dedicated to working with his customer, the title agent, for success. We believe our southeastern agencies will find him to be an invaluable resource.” 

Klein comes to WFG National Title having been in the settlement services industry for 30 years. He was most recently vice president with Alliance Solutions LLC, a national consulting firm specializing in business process and compliance consultation for title agencies and underwriters. Before that, Klein spent 22 years as an officer with one of the industry’s largest title insurance companies. There, he held a number of roles, including managing the Southeastern Virginia agency territory; concurrently managing a Northern Virginia subsidiary; and managing agency operations in Northern Virginia. Klein further initiated the insurer’s national agency operations and managed a group consulting with agents and company officials on affiliated business arrangement matters. 

Prior to working with the insurer, Klein was the president and founder of Virginia Escrow & Title Co., Richmond’s largest independent title agency when it was sold in 1987. He has also practiced real estate law with a private firm. 

Klein received his bachelor’s degree from the University of Virginia and his JD from the University of Richmond’s T.C. Williams School of Law. 

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Listen to: Segment 1  |  Segment 2

Downing will focus on growing and maintaining agency relationships in Ohio, Indiana and Illinois.

She comes to WFG National Title with 28 years of title experience, having spent the last 20 with one of the industry’s largest underwriters. Downing has extensive experience on the agency side, and has held significant roles with audit, commercial and retail branch positions as well. Downing serves on the membership committee for the Ohio Land Title Association, and will be based in Delaware, Ohio.

“Janell has a well-established reputation for putting the agent first,” said Charles Cain, WFG senior vice president, agency manager, Midwest region. “Her wide-ranging experience and passion for helping her customers will make her a go-to resource for our agencies.”

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Knight comes to WFG National Title after spending seven years in a similar position with one of the industry’s largest title insurers. He spent the previous 15 years serving in loss prevention and internal auditing manager positions with a number of firms. Knight has a degree in business administration and management from James Madison University in Virginia, and is a Certified Construction Auditor (CCA) and Certified Fraud Examiner (CFE).

Nolan has been in the real estate services industry for almost 15 years, most recently having served over ten years as a regional auditor for a large national underwriter. He has a bachelor of science/business administration from the University of Central Florida.

With WFG, Knight and Nolan will be responsible for all agency escrow audits. Their focus will be on using effective data reporting and tracking practices to ensure maximum service for and communication with WFG agencies.

“Keith and Mark will be living examples of WFG’s dedication to collaborating with and supporting its agency partners,” said WFG National Title Executive Vice President Joseph Drum. “In the current regulatory environment, it is critical that our partners have up-to-date information and guidance, and this will be a major part of the role Keith and Mark play.”

Knight will be based in Green Bay, Wisc., and Nolan will be based in Coral Springs, Fla. 

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Most recently, he was the founder, president and chief executive of Lender’s First Choice, which was shuttered because of the problems of its parent company Mercury Cos. in July 2008. 

New Millennium Title is already operating in all 50 states and offers a wide range of settlement services, including title insurance and closing/escrow services, for both commercial and residential transactions. It is headquartered in Simi Valley, Calif.  

“We are already serving a variety of large, medium and small national clients, and are pleased to see that flexibility, communication and responsiveness on the part of their settlement services partners are no longer luxuries in the eyes of mortgage lenders. They are now requirements,” Moody said.

WFG is headed up by title industry veteran Patrick Stone. The company is the parent of an underwriter, WFG National Title Insurance Co., Lake Oswego, Ore.

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WFG National Title Insurance Co. announced three more personnel moves this week. The company named Bebe Casey senior vice president, northern New England agency sales manager; Ward Graham as its senior underwriting counsel for New England; and Gael Uhlig as national agency counsel.

Uhlig has 18 years of title industry experience, most recently serving as general counsel for Mandrien Corp. Before that, he spent eight years as vice president and title counsel for one of the industry’s largest title insurers. During that period, Uhlig was responsible for legal compliance and policy, and authored several internal guides regarding state and federal laws pertaining to the consumer mortgage industry. Additionally, Uhlig was responsible for establishing state-by-state transactional and procedural underwriting policy.

He will oversee issues of national underwriting for WFG.

“Gael has a stellar reputation for his practical understanding of compliance issues facing title agents not just in Florida, but across the nation,” said WFG executive vice president Joseph Drum. “His integrity, work ethic and extraordinarily impressive skill sets have already made Gael another deep resource for WFG’s agents in this changing market.” Uhlig will also oversee WFG’s forms and rate filings nationwide.

Casey has been with the company since February. Casey came to WFG with 20 years of professional experience, 14 in the title industry. During that period, she has served with two of the nation’s largest underwriters, and as vice president, successfully helped her company break into the New England market. Throughout her career, her professional focus has been on agent service. She received her B.A. from Newcomb College of Tulane University. 

Casey is responsible for growing and developing WFG National Title’s agency base in the northern New England states, including Massachusetts. She is also charged with marketing the company in the region, as well as building the office’s sales organization.

“Bebe is well known in the New England states, having previously worked to successfully establish a national underwriter in that market” said WFG executive vice president Joseph Drum. “Bebe is committed to WFG’s approach of supporting its agents, and is a welcome resource for attorney agents throughout her region as her resourcefulness has always been singularly impressive.”

In March, Ward Graham joined the company as its senior underwriting counsel for the region. Graham joined the company after 26 years as a real estate attorney, including 23 years as a title insurance underwriter and17 years with additional responsibilities as a title insurance claims handler. He has spent the entirety of his title insurance career with three of the largest national underwriters. Prior to his real estate career, he has also served as a U.S. Naval Judge Advocate. Graham received his B.A. from Tufts University and his J.D. from Suffolk University Law School.

With WFG, Graham serves as a legal and educational resource to agent attorneys seeking to evaluate and cure a wide variety of real estate title matters. In addition to assisting agents and their staff with individual title matters, Graham is regularly involved in the drafting and presentation of educational and seminar materials for local bar associations, legal education companies and for WFG agents directly. He will also assist national counsel in the promulgation of memos and bulletins regarding urgent title insurance and real estate issues at the local level. Finally, he works directly with Casey in establishing, marketing and growing the company in the region.

“Ward is the consummate professional, and comes to us with a strong reputation among real estate attorneys and title agents in New England,” Casey said. “We are confident that his experience, integrity and enthusiasm for assisting attorney-agents will continue to be welcomed by our customers.”

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Uhlig has 18 years of title industry experience, most recently serving as General Counsel for Mandrien Corporation, a national consulting firm specializing in national agency administration and compliance for title agents and underwriters.  Before that, he spent eight years as Vice President and Title Counsel for one of the industry’s largest title insurers.  During that period, Uhlig was responsible for legal compliance and policy,  and authored several internal guides regarding state and federal laws pertaining to the consumer mortgage industry. Additionally, Uhlig was responsible for establishing state-by-state transactional and procedural underwriting policy.

Uhlig will oversee issues of national underwriting for WFG National Title’s national (multi-state) agencies.   “Gael has a stellar reputation for his practical understanding of compliance issues facing title agents not just in Florida, but across the nation,” said WFG National Title Executive Vice President Joseph Drum, Esq.  “His integrity, work ethic and extraordinarily impressive skill sets have already made Gael another deep resource for WFG’s agents in this changing market.”  Uhlig will also oversee WFG National Title’s forms and rate filings nationwide.

Gael Uhlig may be contacted at guhlig@willistonfinancial.com or 954-294-0823.

About WFG National Title Insurance Company

WFG National Title Insurance Company, a Williston Financial Group Company, is a national provider of premium title insurance and settlement services to the real estate and mortgage industry.  The company also delivers a wide variety of residential and commercial mortgage lender services, including default and real estate owned transactions.  The company enjoys a Financial Stability Rating of A’ (A prime) as assigned by Demotech, Inc.  Built around the directive to “communicate, collaborate, coexist,” WFG National Title Insurance Company is committed to applying a new philosophy to the traditional mortgage and real estate industry, working to meet the changing needs of its clients, agents and associates.  For more information, please go to www.WillistonFinancial.com. 

CONTACT:          

Brian Rieger
True Impact Communications on behalf of WFG National Title Insurance Company
p.            (330) 348-1678
e.            Brian@TrueImpactCommunications.com
w.           www.WillistonFinancial.com

Santa Barbara, CA – December 7, 2010 – WFG National Title Insurance Company (“WFG National Title”) has named Bebe Casey Senior Vice President, Northern New England Agency Sales Manager.  Ms. Casey has been with the company since February, 2010.  In March, 2010, Ward Graham, Esq. joined the company as its Senior Underwriting Counsel for the region. WFG National Title is a wholly-owned subsidiary of Oregon-based Williston Financial Group.  The Williston Financial Group family of title insurers is currently licensed and operating in 37 jurisdictions nationwide.  The company is a full service provider of title insurance and real estate settlement services for lender, commercial and residential transactions nationwide.

Ms. Casey came to WFG National Title with 20 years of professional experience, 14 in the title industry.  During that period, she has served with two of the nation’s largest underwriters, and as vice president, successfully helped her company break into the New England market.  Throughout her career, her professional focus has been on agent service.  She received her B.A. from Newcomb College of Tulane University.

Ms. Casey is responsible for growing and developing WFG National Title’s agency base in the northern New England states, including Massachusetts.  She is also charged with marketing the company in the region, as well as building the office’s sales organization.  “Bebe is well known in the New England states, having previously worked to successfully establish a national underwriter in that market” said WFG National Title Executive Vice President Joseph Drum, Esq.  “Bebe is committed to WFG’s approach of supporting, rather than competing with, its agents, and is a welcome resource for attorney agents throughout her region as her resourcefulness has always been singularly impressive.”

Mr. Graham joined the company after 26 years as a real estate attorney, including 23 years as a title insurance underwriter and 17 years with additional responsibilities as a title insurance claims handler.  He has spent the entirety of his title insurance career with three of the largest national underwriters.  Prior to his real estate career, he has also served as a U.S. Naval Judge Advocate.  Mr. Graham received his B.A. from Tufts University and his J.D. from Suffolk University Law School. 

With WFG National Title, Mr. Graham serves as a legal and educational resource to agent attorneys seeking to evaluate and cure a wide variety of real estate title matters.  In addition to assisting agents and their staff with individual title matters, Graham is regularly involved in the drafting and presentation of educational and seminar materials for local bar associations, legal education companies and for WFG agents directly.  He will also assist national counsel in the promulgation of memos and bulletins regarding urgent title insurance and real estate issues at the local level.  Finally, he works directly with Ms. Casey in establishing, marketing and growing the company in the region. 

“Ward is the consummate professional, and comes to us with a strong reputation among real estate attorneys and title agents in New England,” said Bebe Casey.  “We are confident that his experience, integrity and enthusiasm for assisting attorney-agents will continue to be welcomed by our customers.”

Bebe Casey may be contacted at bcasey@willistonfinancial.com. Ward Graham may be contacted at wgraham@willistonfinancial.com. Both may be contacted by phone at (781) 587-0172.

About WFG National Title Insurance Company

WFG National Title Insurance Company, a Williston Financial Group Company, is a national provider of premium title insurance and settlement services to the real estate and mortgage industry.  The company also delivers a wide variety of residential and commercial mortgage lender services, including default and real estate owned transactions.  The company enjoys a Financial Stability Rating of A’ (A prime) as assigned by Demotech, Inc.  Built around the directive to “communicate, collaborate, coexist,” WFG National Title Insurance Company is committed to applying a new philosophy to the traditional mortgage and real estate industry, working to meet the changing needs of its clients, agents and associates.  For more information, please go to www.WillistonFinancial.com. 

CONTACT:          

Brian Rieger
True Impact Communications on behalf of WFG National Title Insurance Company
p.            (330) 348-1678
e.            Brian@TrueImpactCommunications.com
w.           www.WillistonFinancial.com

National underwriter WFG National Title Insurance Co. recently named two new senior vice presidents in different levels of the organization.

Adrienne Mann was named senior vice president, national agency, and Charles Cain has been named senior vice president, agency manager for the Midwest region. WFG National Title is a wholly owned subsidiary of Oregon-based Williston Financial Group and is currently licensed in 37 jurisdictions.

Mann joins WFG with 22 years of industry experience. Most recently, Mann was founder and chief executive officer of Mandrien Corp., a national consulting firm specializing in national agency administration and compliance for title agents and underwriters. Prior to her time at Mandrien, she served 18 years with one of the industry’s largest underwriters, including an eight year stint as operations manager for its national agency division. She also has worked with a number of lenders as well.

With WFG, Mann will oversee the company’s national agency group, with a focus on growing and maintaining relationships with agencies producing in a multistate environment.

“Adrienne exemplifies the WFG National Title philosophy,” said WFG National Title Executive Vice President Joseph Drum. “She brings an infectious enthusiasm, a wealth of industry experience and, above all, a desire to serve as a resource for title agents.”

“I look forward to collaborating with title agents throughout the industry,” Mann said. “As the industry changes, it is critical that we work together with independent title agents, and serve as a support system for them. We are facing a real opportunity, and I’m pleased to embrace it.”

Cain has 30 years of experience in the title insurance industry. He has been a licensed title insurance agent for more than 25 years, was an owner-operator of his own agency for 18 years and corporate officer with a national title insurance company for more than 10 years. Most recently, he has served as president and founder of Alliance Solutions LLC, a national consulting firm specializing in business process and compliance consultation for title agencies and underwriters. He has also served of counsel with the Sterbcow Law Group in New Orleans.

Cain will be responsible for developing and managing relationships with title agencies in the Midwest region, including Ohio, Michigan, Indiana, Illinois, Kentucky, West Virginia, Tennessee, Wisconsin, Minnesota, North Dakota, South Dakota, Nebraska, Kansas and Missouri.

“Chuck is a familiar face to agents across the title industry, and his addition to WFG will be welcomed” Drum said. “He is very knowledgeable about the market, the territory and the unique issues facing Midwestern title agents, and will be an excellent resource for them.”

“WFG National Title embraces a philosophy to communicate, collaborate and co-exist with its agents,” Cain said. “Title agents are seeking an underwriter that returns to the days of supporting its agents, and it will be my pleasure to be a part of that process.” 

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Mann joins WFG National Title with 22 years of industry experience.  Most recently, Mann was founder and CEO of Mandrien Corporation, a national consulting firm specializing in national agency administration and compliance for title agents and underwriters.  Before that, she served 18 years with one of the industry’s largest underwriters, including an eight year stint as operations manager for its national agency division.   She has also worked with a number of lenders as well. 

With WFG National Title, Mann will oversee the company’s national agency group, with a focus on growing and maintaining relationships with agencies producing in a multi-state environment.   “Adrienne exemplifies the WFG National Title philosophy,” said WFG National Title Executive Vice President Joseph Drum, Esq.  “She brings an infectious enthusiasm, a wealth of industry experience and, above all, a desire to serve as a resource for title agents.”

“I look forward to collaborating with title agents throughout the industry,” said Mann.  “As the industry changes, it is critical that we work together with independent title agents, and serve as a support system for them.  We are facing a real opportunity, and I’m pleased to embrace it.”

Adrienne Mann may be contacted at amann@willistonfinancial.com or (954) 840-0843.  

About WFG National Title Insurance Company

WFG National Title Insurance Company, a Williston Financial Group Company, is a national provider of premium title insurance and settlement services to the real estate and mortgage industry.  The company also delivers a wide variety of residential and commercial mortgage lender services, including default and real estate owned transactions.  The company enjoys a Financial Stability Rating of A’ (A prime) as assigned by Demotech, Inc.  Built around the directive to “communicate, collaborate, coexist,” WFG National Title Insurance Company is committed to applying a new philosophy to the traditional mortgage and real estate industry, working to meet the changing needs of its clients, agents and associates.  For more information, please go to www.WillistonFinancial.com. 

CONTACT:          

Brian Rieger
True Impact Communications on behalf of WFG National Title Insurance Company
p.            (330) 348-1678
e.            Brian@TrueImpactCommunications.com
w.           www.WillistonFinancial.com

Cain has 30 years of experience in the title insurance industry. Cain has been a licensed title insurance agent for over 25 years, was an owner-operator of his own agency for 18 years and corporate officer with a national title insurance company for over 10 years.  Most recently, he has served as President and Founder of Alliance Solutions, LLC, a national consulting firm specializing in business process and compliance consultation for title agencies and underwriters.  He has also served of counsel with the Sterbcow Law Group in New Orleans.  He has spoken before many state land title associations, state and local bar associations, ALTA, RESPRO, the National Settlement Services Summit, Title Radio, and numerous other groups and classes on the topic of title insurance and compliance.

Cain will be responsible for developing and managing relationships with title agencies in the Midwest region, including Ohio, Michigan, Indiana, Illinois, Kentucky, West Virginia, Tennessee, Wisconsin, Minnesota, North Dakota, South Dakota, Nebraska, Kansas and Missouri.  “Chuck is a familiar face to agents across the title industry, and his addition to WFG will be welcomed” said WFG National Title Executive Vice President Joseph Drum, Esq.  “He is very knowledgeable about the market, the territory and the unique issues facing Midwestern title agents, and will be an excellent resource for them.”

“WFG National Title embraces a philosophy to communicate, collaborate and co-exist with its agents,” said Cain.  “Title agents are seeking an underwriter that returns to the days of supporting its agents, and it will be my pleasure to be a part of that process.”

Charles Cain may be contacted at ccain@willistonfinancial.com or (513)543-4545.  

About WFG National Title Insurance Company

WFG National Title Insurance Company, a Williston Financial Group Company, is a national provider of premium title insurance and settlement services to the real estate and mortgage industry.  The company also delivers a wide variety of residential and commercial mortgage lender services, including default and real estate owned transactions.  The company enjoys a Financial Stability Rating of A’ (A prime) as assigned by Demotech, Inc.  Built around the directive to “communicate, collaborate, coexist,” WFG National Title Insurance Company is committed to applying a new philosophy to the traditional mortgage and real estate industry, working to meet the changing needs of its clients, agents and associates.  For more information, please go to www.WillistonFinancial.com. 

CONTACT:          

Brian Rieger
True Impact Communications on behalf of WFG National Title Insurance Company
p.            (330) 348-1678
e.            Brian@TrueImpactCommunications.com
w.           www.WillistonFinancial.com

Williston Financial Group LLC (WFG) has appointed William Moody as executive vice president. Moody will lead wholly owned subsidiary New Millennium Title, WFG’s lender services division, from the division’s new headquarters in Simi Valley, Calif. Moody will also serve on the executive committee of WFG.

Moody has 34 years of experience in the mortgage and settlement services industry, most recently as founder, president and chief executive officer of national settlement services firm Lender’s First Choice. He also spent 11 years as a president of financial services with Coast Federal Bank.

“WFG and New Millennium Title are a great fit for this market,” Moody said. “We are already serving a variety of large, medium and small national clients, and are pleased to see that flexibility, communication and responsiveness on the part of their settlement services partners are no longer luxuries in the eyes of mortgage lenders. They are now requirements. This fits our business model, which centers on communication, collaboration and co-existence.”

New Millennium Title operates in all 50 states. The division handles a range of settlement services, including title insurance and closing/escrow services, for both commercial and residential transactions.

WFG President and Chief Executive Officer Patrick Stone said that Moody is an excellent match for the company’s approach to the market.

“Bill has tremendous experience on both the lending and settlement side of the real estate transaction,” Stone said. “He strives to adapt his services to meet the needs of the customer, rather than forcing the customer to fit his operation. At a time when mortgage lenders need flexibility and speed from their partners, Moody will be an asset to New Millennium’s clients.” 

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Rebadow and six other experienced industry professionals come to WFG National Title with a focus on growing the insurer’s title agency relationships across Florida. He is joined by Pat Neu, CLC, CLS, vice president, agency production; Tracy Stape Atkinson, Esq., vice president and area manager, West Florida; Rhonda Utecht, vice president, South Florida agency manager; Joey Elizabeth Grampa, agency representative, South Florida; Jennifer Giles, agency representative, Central Florida; Shannon Gott, Florida agency administrator.

Rebadow joins WFG National Title with 32 years of experience, eight in mortgage banking and the past 24 in title insurance. The majority of his experience is in agency management, having served lengthy tenures with two of the nation’s largest underwriters previously. With WFG National Title, he will be charged with overseeing and growing the entire Florida agency business.

“This is a great opportunity to participate in a truly agent-centric organization,” Rebadow said. “With the combined experience WFG National Title has assembled here in Florida, we look forward to serving as a go-to resource for our agents for years to come.”

Atkinson comes to WFG National Title having spent 15 years in the title insurance industry. She will be responsible for sales, business development and underwriting services for agents in the western Florida region, including Hillsborough, Pinellas, Sarasota, Lee and Collier counties. She has served with three of the nation’s largest underwriters, and received her J.D., with Honors, at the University of Florida.

Utecht joins the company with 35 years of industry experience with two of the industry’s largest title insurance companies. She will be responsible for managing and overseeing the addition of new agencies and the maintenance of existing agency relationships in the south Florida region.

Neu has 35 years of title experience, all with one of the nation’s largest title insurers. She will manage all title production operations for WFG National Title’s Florida agencies, and will also assist WFG National Title on production at the national level.

Grampa has six years of industry experience with two of the top five largest underwriters, and will serve as a resource for title agencies in the south Florida region, including Miami-Dade.

Giles brings with her seven years of title experience, having served most recently with one of the largest national underwriters. She will serve as a liaison and resource for agencies in the central Florida region, including Lake, Seminole, Volusia, Orange, Brevard and Osceola counties.

Gott has seven years of industry experience, all in customer service and business development roles with two of the industry’s largest national underwriters. She will serve as an internal and external resource, facilitating customer service and agency growth.

“There is no substitute for experience in the title industry, and WFG National Title has added several powerful resources for its Florida agencies with these appointments,” said Joseph Drum, Esq., Executive Vice President. “Gene and his team understand the complexities of the market, and will do an excellent job bringing the WFG approach of communication, collaboration and co-existence to our customers in Florida.” 

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New Millennium Title is already operating in all 50 states. The division delivers a wide range of settlement services, including title insurance and closing/escrow services, for both the commercial and residential transactions.

Moody has 34 years of experience in the mortgage and settlement services industry, most recently as founder, president and CEO of national settlement services firm Lender’s First Choice. He also spent 11 years as a president of financial services with Coast Federal Bank.

“WFG and New Millennium Title are a great fit for this market,” Moody said. “We are already serving a variety of large, medium and small national clients, and are pleased to see that flexibility, communication and responsiveness on the part of their settlement services partners are no longer luxuries in the eyes of mortgage lenders. They are now requirements.  This fits our business model, which centers on communication, collaboration and co-existence.”

WFG President and CEO Patrick Stone asserts that Moody is an excellent match for the company’s approach to the market.

“Bill has tremendous experience on both the lending and settlement side of the real estate transaction. He strives to adapt his services to meet the needs of the customer, rather than forcing the customer to fit his operation,” Stone said.  “At a time when mortgage lenders need flexibility and speed from their partners, Bill Moody will be an asset to New Millennium’s clients.”  

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By PATRICK F. STONE

Below are some thoughts on the Federal Reserve’s “Quantitative Easing 2″ plan (or QE2): the reasoning, size, objective and outcome. Please understand that my comments are conjecture, and do not represent inside information or unique thinking. I have had a lot of conversations with economists and Wall Street players, and while there is a uniform belief as to the rationale behind easing, there is no consensus as to the size or outcome.

I expect “Quantitative Easing 2″ (or QE2) will be implemented on a “stepped in” basis: perhaps$300 billion to $500 billion initially, followed by additional commitments as necessary. The impact will be meaningful for residential real estate, with at least a stabilization of prices through a rate-induced increase in demand (4 percent or lower 30-year-fixed mortgage rates).

If the Fed is committed to increasing inflation, and I believe it is, the resultant upward pressure in asset prices will impact real estate. Such an effect will cause an uptick in home prices and an increase in personal wealth, refinance and purchase activity, and finally, new construction when the overhang of inventory is absorbed.

While it is difficult to estimate the length of time necessary to create the impact, once inflation at or above 2 percent annually takes hold, the effects on real estate should start to take hold, and be magnified by time and increases in inflation.

REASONING: Deflationary trends in core Consumer Price Index and an uncomfortable emerging parallel with the Japanese experience. Fed Chairman Ben Bernanke is a student of the Great Depression, and of Japanese economic history, and does not want to see the U.S. replicate either experience. While some would argue that commodity prices (and gold) have escalated, and that there is more of a threat of inflation than deflation, those in the real estate industry seethe impact of “deflationary expectations” in the form of reluctant homebuyers who are waiting for values to fall further. (See attached slides. [1])

SIZE: This is the $64,000 question — or is it a $1.5 trillion question? Smart money says $500billion to start, and more as needed.

OBJECTIVE: Drive long-term rates down (short-term rates cannot go much lower). There is no stated goal as to how low the Fed wants to see long-term rates, but it is safe to assume that any meaningful change would cause 30-year-fixed rates to dip below 4 percent. Exactly how far is purely a guess. The question here is at what interest-rate level does mortgage lending become problematic in terms of profitability for originators or those holding the loans (the government-sponsored entities and banks). I can’t imagine too many people wanting to hold 30-year paper paying 3percent.

OUTCOME: As the driving rationale is to reinflate the economy, inflation of real assets is the desired outcome. We have seen meaningful increases in commodity prices and stock prices in anticipation of QE2.With the implementation of QE2, and the hoped-for inflation, house prices will stabilize and –depending on the degree of impact and length of impact — housing inflation is a logical byproduct. Any meaningful housing appreciation will have a tremendously positive impact on the economy by affecting the following:

1. It will increase homeowners’ perception of net worth (wealth).

2. It will stop deflationary expectations with regard to house prices, and with reported price increases it will very quickly turn fence-sitters into homebuyers.

3. It will tee up further refinancing, and continue to lower homeowners’ monthly payments … and by implication, increase their spending power and hopefully their consumption.

4. It will create a positive environment for new homes and result in new construction and meaningful gains in employment.

While it is doubtful that the Fed will come right out and say it, it appears that “fixing” residential real estate would be a desirable outcome, if not the most meaningful outcome, of QE2. The potential outcome of this strategy is hard to quantify, but getting inflation going will be difficult.

We have tremendous unused capacity in the economy, and as everyone knows, unemployment is very high. The correlation between the amount of money in the system and inflation is not as high as the correlation between capacity utilization and inflation.

Patrick F. Stone is president and CEO of Williston Financial Group [2], which operates WFG National Title Insurance Co., based in Lake Oswego, Ore. He is chairman of The Stone Group, a commercial brokerage and development company, and is a former president and chief operating officer and director for Fidelity National Financial.

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Patrick Stone, president and CEO of Williston Financial Group’s WFG National Title Insurance Co., Lake Oswego, Ore., discussed with MBA NewsLink his outlook for the residential mortgage industry, the housing market, processing transactions and their impact on the title business.

MBA NEWSLINK: This is the title industry, but it reflects the residential mortgage market. Do you see uncertainty because of new financial regulations and upcoming housing reform? Is that going to slow the market? How do you see it moving forward?

PATRICK STONE: I don’t see any significant change in the market for a couple of years, and our business model and plans take that into account. My guiding principle in evaluating the market is in vacant dwelling units and the vacancy rate typically runs about 1.5 percent. These are homes that could be sold–not necessarily for sale–but vacant homes that are supply on the market. For 50 years, it has run about 1.5 percent. It went up to 3 percent, but it has not corrected very quickly and it is about 2.7 percent right now. That has to be worked off, and it is going to take about two to three years to work that off until you see the market dramatically change.

In our business plan, we assume 2013 would be the first time we see a noticeable improvement in the market. Having said that, there is still going to be $9 billion to $10 billion in title premiums written this year, which is comparable to 2000 to 2001 and significantly more than the amount I have seen in two-thirds of my career. There is plenty of business to be done. It just does not require all the capacity that has been in the market.

NEWSLINK: Your residential real estate career has been a lengthy one. Isn’t this the worst situation you’ve seen in residential real estate during your career?

STONE: On a national basis, it is. But, there are some interesting data points. From a bubble point of view, the rate of appreciation and the amount of appreciation was probably in the late 1970s. The real estate bubble, inflation-driven at the time, occurred more quickly and dramatically than it did this time. The difference is the amount of dollars and homes involved this time has been astronomically more. The underlying debt structure created a situation that [an industry] does not quickly rebound from. Yes, this is the most difficult.

On a personal level, no it is not. I was managing an operation in Portland, Ore., when Mount St. Helens blew and interest rates were at 16 percent. There were no transactions.

NEWSLINK: Do you think the tax credit had a lot to do with the purchase volume that has taken place year-to-date?

STONE: It just pulled sales forward. Over the total year, it will not make much difference in total volume of transactions. It did pull transactions forward from May and the first half of June or a large part of June was pulled into April. But there is some recovery now in the market. There is at least stability and more interest in the market. It had more effect on pulling deals forward than changing the actual volume.

NEWSLINK: [Some] real estate agents still say there is uncertainty about the economy, worries about increased spending and purchasing a house means spending some money for it. Is that a concern going forward for real estate volume?

STONE: What was term [Federal Reserve Chairman Ben] Bernanke used? “Unusual uncertainty?” That’s probably true. I do not recall a time in which there was so much uncertainty economically. That has caused a lot of people to become cautious about deploying capital. Now, I do think that uncertainty will abate. Getting the financial reform legislation done–I’m sure it will be modified after the first year–but [Congress] got it done. We will get some resolution on whether the tax cuts are extended or modified and to what extent. We will have that cleared up. It appears that the European situation is gaining clarity. There is growth around the world.

I hate to be “Pollyannaish,” but I am optimistic that we will get some resolution of the uncertainty. With that, people will make purchases. We are not talking about bouncing back to anything like we saw four or five years ago, but housing is shelter and if [someone] has an opportunity to get shelter to own at a comparable rate for shelter to rent, a young family will want to own. An existing or expanding family will want to move up. Some of the basic dynamics of shelter will reassert themselves in people’s behavior once the uncertainty abates.

NEWSLINK: How soon do we see that?

STONE: 2013. That’s my prediction.

NEWSLINK: You have mentioned in the past about the process of the real estate transaction and the unnecessary time and costs of a transaction. What do you think is wrong with the process?

STONE: I would still characterize it as being a terribly disjointed process. If you look at the cost of transferring a like-kind-dollar-amount of asset in real estate versus any other asset class, it takes infinitely longer and costs a lot more. Anybody will say that real estate laws differ in every state, business practices are different in every state and clarity or visibility to the underlying collateral is more difficult. But it is also because all of the participants have operated in a very independent manner. There have been varying attempts over time to change that, but nothing provides more motivation to change than economic stress.

The economic stress has caused [industry participants] to start looking at each other and see how they can do more to integrate their processes and exchange information without rekeying it. How can we push some of the processes to the front so that we can make decisions quicker and with greater clarity?

There are various initiatives by lenders, there are initiatives by realtors and initiatives by people in the real estate settlement services industry to attack this. I sense a growing focus on achieving greater efficiency. In our company, we are running a very flat organization. We consolidated all our lender services into two production centers. We are making sure each client has one contact person, and that one contact person is responsible for making sure that business is facilitated everywhere, problems are resolved and we have very strict service-level agreements to do that. Now, I don’t know if that is particularly unique, but we have management focused on not [messing] that up with layers of bureaucracy or competing territorial aims.

There is some outreach. Mortgage brokers I met with were wondering what kind of tools they could put on their web site to help them evaluate the personnel and collateral of a prospective applicant. These tools are available, but they are not easily available for people to use nor have they been consolidated in certain places. We will be working in a very compliant manner to see if we can do more integration and provide more information to the front end to help expedite the process.

NEWSLINK: You mentioned not having to rekey information. However, we now see technology in a tighter economic climate. What are you doing at WFG to determine how you use technology? Would you build it in-house or go to technology vendors? Do you have to be more cautious when you look at technology?

STONE: This is a lesson learned the hard way over many years–we will develop a minimal amount of technology. We will use established technology in place but we will be geared toward paperless technology, we will be geared toward technology that has established integrations or can be easily integrated. We have developed some proprietary systems for our agents, but our basic production systems and our vendor management systems will be modified existing systems that we will use because they are established; they are functional and we can add efficiencies to them without great capital expenditures.

NEWSLINK: In the past, so much money has been lost on technology that has not worked. How do you prevent that from happening where you are at now?

STONE: We will use established, existing technology to a large degree where we can cost-effectively add or modify that technology to gain value. I am not interested in reinventing the wheel or pioneering technology. I am interested in responding to needs and making modifications to meet those needs. There are some very good products out there that have a very low risk of failure or excess cost.

NEWSLINK: When you look at vendors, you’re looking at vendors from past experience?

STONE: From my own experience or, in one vendor, we did an extensive check with existing users to get a high level of comfort.

NEWSLINK: Then many of the processes at WFG will be streamlined?

STONE: One of the nice things about starting fresh is that we are not predisposed to maintain systems because it is always the way it has been done. We also have zero layers of management and we will do everything possible to maintain that absolutely flat management structure so that we can respond quickly.

NEWSLINK: Some of the work by title agencies today is in bankruptcy processes and trying to find different documentation. Do you see WFG playing a role in that?

STONE: As opportunities provide themselves, we will move into markets. Our main focus, right now, is principally a national lender and refinance work. In the Portland market, where we have a de novo direct operation, we are doing significant realtor work. One-third of the realtor work is distressed properties of one sort or another.

We will move into markets as we feel we can effectively capitalize on the opportunity. I am not anxious to try anything unless I am 100 percent sure that we can make money at them and that they are a logical next step for the company. One thing I said earlier about the market turning in 2013, to me that means we have three years to firmly establish our company. We are going to have a multitude of opportunities to do it. We need to be intelligent, logical, thoughtful and very methodical about how we go about it.

NEWSLINK: Do you see future consolidation in the title industry or is it as consolidated as it will be?

STONE: The market share in this industry is somewhat fluid. You will see more consolidation. There are probably 30 underwriters—second or third-tier underwriters. You will see some consolidation there. There will probably be consolidation of larger companies buying smaller companies. The market share is fluid because this is a service business. The pricing and products are essentially the same. While not completely a commodity, a company cannot differentiate itself by product and price. It differentiates itself by service and service is a fairly fluid market determinant.

NEWSLINK: When you speak of service, what are your top priorities?

STONE: At this company, we have tried formal and informal surveys to make sure that we align our priorities with our clients. We asked a group of clients about the most important factors they use to determine who they do business with. Number one was expertise and, only slightly behind, number two was responsiveness—that had double the importance of accessibility, adherence to agreements, common goals, alignment of purpose or anything else. What does that say? It says people are not getting their phone calls returned.

This is like Business 101. Return the phone calls. But, it is not happening. When digging down on it, because this is a difficult market and people have problems getting transactions done, there is no tolerance for waiting a day for someone to return a phone call. Everyone of my employees has heard this comment about 10 times now—you return the phone call at the earliest possible moment you can return the phone call.

The other question was: What are the points of pain? There are standard points of pain, but the one that was far and away the top was unexpected surprises. What does that mean? That means that every deal is difficult and because every deal is difficult, clients have a heightened degree of sensitivity for anything coming up at the last moment. Our job, then, is to anticipate any problems. We have our title department looking for anything they require or will be needed to issue a policy. We do not wait until closing to bring up these issues. The title department knows they have to alert the closing department to anything they see that may create a problem. The escrow officer closing the deal is required to look at the title report immediately upon receipt so that they know if there are any problems.

This sounds really basic but it all goes to not having unexpected surprises when [clients] close with us. Will they happen? Sure, they’ll happen occasionally, but we can mitigate that problem, and that problem is a real pain point right now because deals are difficult.

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Click here to listen to interview!

Williston Financial Group and its wholly owned subsidiary, WFG National Title Insurance Co., in June opened its national headquarters in Lake Oswego, Ore. WFG is currently licensed and operating in 33 states nationwide. The company is a full-service provider of title insurance and real estate settlement services for lender, commercial and residential transactions.

Patrick Stone, president and CEO of WFG, spoke with The Title Report recently about the launch of the new underwriter, what the vision was behind its development and the plans in place for the company that already employs 200 people in its six offices and is partnered with about 100 agents. Read on for the insight Stone shared on the company’s launch in the first of a two-part Q&A.

Q: Take me back to the beginning. When did you originally begin considering the possibility of launching an underwriter?

A: The first nickel of an idea probably started four or five years ago, but it was just a fancy at that time. It grew as I realized the industry wasn’t changing with the market, if you will. The one thing I’ve observed with this market contraction, more so than any other, is that the rest of the real estate services industry is undergoing some profound changes in the way they do business, the way they look at business and their long-term outlook toward the business. It struck me because of my various associations with the industry that the industry was not changing, it was contracting and reducing its expense exposure somewhat in a historical manner.

I became increasingly aware of what I thought was a distinct opportunity to look at the business differently. So I probably got really serious about it a year and a half ago. When I made the decision to actually embark upon trying to find money and look seriously at acquiring an underwriter, I resigned from the board of First American and launched the effort.

Q: Like you mentioned, with the market being what it is today, and underwriting in general being a tough environment with regionals holding a minute share of the business and the Big 4 dominating it, how did you come to be sure this was the move you wanted to make?

A: To give you perspective, I’ve been around the industry for 35 years. When I started, Pioneer National waste predominate company in the industry and we’ve gone through various companies that have been predominate in the industry. Market share is extremely fluid. It is dependent upon service, it is dependent on the energy and focus of the management of the companies involved and, in any case, the bulk of the market share always is agency-based. Most agents have more than one underwriter, so I would argue market share was probably the least of my worries or the lowest hurdle in terms of concerns.

Q: When you went through the development process, what was the vision that you had in mind and how have you worked to make that vision become a reality?

A: I do not think that 99 percent of clients can discern any difference between any of the major players. If you asked them to describe the difference between four of the major players, they would be hard-pressed to do so because the product and the pricing is essentially the same. We are a service industry. If you step back and get your corporate ego out of the way, and you say the client is not going to differentiate these based on products or pricing, how can you position yourself to be successful?

It struck me that one way you do it is by segmenting geographically, focusing on supporting agencies and having agents be a part of your distribution platform east of the Mississippi and focusing on having owned operations west of the Mississippi. You also must have a national lender platform because institutional business is becoming an ever-increasingly important part of the mix. So you need to be in that game. And then you should be trying to be a part of your clients’ team and using technology to facilitate the clients ‘interface with your company.

 I thought there was an opportunity to get in. This is a tremendous time to acquire companies. Obviously, you buy low and sell high, and it’s a wonderful time for making acquisitions. It struck me as an opportune time to enter the business, being able to buy at the low point or near the low point in the cycle and being able to segment the market in such a way that we’re participating the bulk of our agency effort in states with high splits, low loss ratios and agents that will welcome being a partner, and doing directs in states where you have automated title plants, good rate and regulatory environments and the ability to somewhat control your destiny because of the environment where you participate and have low-touch, low-cost production.

Q: Tell me about the moves you’ve made so far … the acquisitions and the team you’ve been able to put together.

A: We bought the two Transunion underwriters and we bought New Millennium Title Group. We are in serious negotiations about six other potential acquisitions. While it’s a good time to be a buyer, sometimes it’s not a good time to be a seller and we’re very respectful of trying to work a deal that makes sense for everybody involved. We hope to make additional acquisition announcements on a timely basis. In the interim, we’re building the agency.

Joe Drum is running our agency department. Joe worked with me before when I was at Fidelity and is a 35-year veteran. Bill Moody is running New Millennium, which is our lender services group. Bill built Lender’s First Choice, has a banking background and is very cognizant of what lenders look for in terms of service and follow-through. Joe McCabe Jr. is our general counsel. Joe has been around the industry a long time and was with Transunion when we bought it. Mike Gallaher is our CFO. Mike worked with us at Fidelity and was the CFO of United General Title Insurance Co. Marshall Haines is my COO and co-founder. Marshall came out of TPG Capital, which is a big private equity company. Before that, he was with Bain Capital. He is a very bright person who is a very sophisticated business modeler and financial professional.

Q: A lot of your team members you’ve worked with in one capacity or another over the years. Had you pinpointed some of them in your head before launching into this process?

A: I’ve been fortunate; I’ve worked with a lot of good people. And if and when some of these people are interested, I’d love to talk to them. I am very comfortable with our executive team. I’ve been around long enough that I know a lot of people. I genuinely like the business and the people in it. As opportunity presents itself, we will continue to grow

Q: Speaking of growth, it seems you are well on your way. My understanding is you do intend to compete nationally, is that correct?

A: Yes, but maybe in a different approach than the other players. We’re licensed in 33 states and will be licensed in the 34th in about a week. We believe will be approved and licensed in eight more states by the end of the year and 49 of the 50 states by the end of next year. We will have a national platform. As I mentioned earlier, will really focus agency growth in areas where can be a good partner to the agent and the relationship is sustainable and profitable for both parties. We’ll focus our direct growth in seven western states — that is about 14 metropolitan areas that have automated title plants and environments we want to compete in. We’ll be national, but we won’t have infrastructure and people in all 50 states.

We will have minimal agency representation in every state, but the bulk of agents in select areas and our directs in select areas. We’ll have a national footprint and be able to service people nationally, but we won’t have the overhead or infrastructure cost that goes with just seeking market share or revenue growth. We’re more interested in margin and profitability.

 
Q: When it comes to attracting agents, how do you plan to communicate what will set WFG apart from other underwriters?

A: In this downturn, there was a kind of “throw the baby out with the bathwater” kind of mentality. The underwriters reacted to losses in a contracting market. In all fairness, I don’t want to criticize the underwriters. They were dealing with a huge problem that was hard to define. We want to know every single agent we sign. We want to regard every agent we sign as a partner. We want to have an understanding that it is a partnership and that partnership includes us trying to provide them with opportunity in the form of referrals, support and anything we can do to make them more effective and profitable, in exchange for which we want to have some transparency in the relationship, some honesty in the relationship and we want to go down the road together. That takes a form of commitment for both managerial, legal and other sorts of support, but it also means we are not going to compete with the bulk of our agents. We will not have owned operations in the same markets. We are more than happy to refer business to our agents. We are more than happy to facilitate our agents referring business out of their market.

I think what’s happened with some of the large competitors is they’ve shut the door on agents in terms of business they can send to their own operations or that they can control nationally. That’s not in our model. Everything is easy to talk about; the proof is in the pudding. I believe our model and our intent is to have the agents be an extension of us in a lot of markets and not a competitor.

Questions/comments? Contact Jennifer Kovacs at mailto:jkovacs@octoberresearch.com.

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WFG President and CEO Patrick Stone recently spoke with The Title Report about the progress the company is making. In the first part of the interview, which appeared in the July 26 edition of The Title Report, Stone shared acquisition details, personnel appointments and expansion efforts. In the second part, Stone discusses the support WFG offers its agents and the efforts it’s made to structure the company in a way that insulates the company from head-to-head competition with its agents.

Q: Can you explain in more detail how you will avoid competing with your agents?

A: We are focused on having owned operations in seven western states. The only state in which we’ll have agents and owned operations will be Texas. The environment in Texas has been accommodating in terms of running owned operations and having agents. That’s the only state I know of in which all the underwriters successfully have agency networks and owned operations without a lot of conflict. Other than that, in the other six states where we’ll have owned operations, we’ll have a couple of national agents in them but those will be national agents. We will not be actively soliciting local agents in those states.

Q: With your entrance into the industry on a national level, do you see WFG as a competitor to the Big 4?

A: We are a very, very small player. Like everybody, I have an ego but I am not delusional. We are a minor nuisance at best. But we will be client-focused to a level that’s unseen in the industry right now. Our logo is three C’s — communicate, collaborate and coexist. It’s all about the client, constant communication and an effort to collaborate with the client in any manner that we can. We have a mantra — it’s a culture we’re developing and people are embracing it — and that is we do not exist without our client.

One self-delusional thing that happens to organizations is you grow and you start to think you’re an institution and somehow you are valid in and of yourself. This industry is part of the real estate services process. We need to align ourselves with the people who drive the process, be a part of their team and we believe that’s going to be a very effective culture in terms of getting client acceptance.

We’ve had a great deal of initial positive response from clients. If we don’t answer the phone, you get a return call as soon as possible. We’re all about figuring out what makes the client successful. If the client is successful, we’re successful. We believe that will allow us to be very competitive. Concerning how large we get, there are a lot of factors that play into that. We plan on being successful, but we’re not in the game of trying to have the largest market share. That’s not even on my radar. What’s on my radar is making money and doing a good job for the clients.

Q: Do you find that with the current environment we’re in right now, this is the kind of service agents are seeking from their underwriters?

A: What’s happened is when you contract from an expense point of view, you become inward-focused, and the clients have not received the level of enthusiastic support that they need. One of the things we tell our clients, and I say it over and over again and sometimes my employees go nuts when I say it, is if you’re happy with the service you’re getting, don’t change. If you’re happy with your escrow office, if you’re happy with your national lender group, don’t change. Business is tough right now and you want to have dependable, good-quality service.

If you’re not getting it or you think there is something left here, we’d like the chance to show you what we do. We tell them we’ll kill ourselves to make them happy, and they’re receptive to that because, by and large, most of them are not getting a high level of service and enthusiasm, as the industry is probably at an all-time low. It’s unfortunate. I’m not trying to criticize anybody; it’s a byproduct of the market we’re in.

Q: So what’s next? How does the rest of the year and beyond look for WFG?

A: We’re looking at acquisitions. We’re growing the Portland, Ore., operations. We’re very happy with the reception we’re getting for the national lender group. We’re happy with the amount of agents we’re talking to and the agents we’ve been able to sign. We’re growing as rapidly as we can to do so prudently. At all times, I think a good businessman must be cognizant of the fact that this is a tough environment and that you need to take steps you can sustain and support. As a company, we have zero debt and we’re going to be financially prudent as we grow. We’ll grow as rapidly as we can in a financially sound manner.

Read More – Part One of The Title Report’s two-part Q&A with WFG President and CEO Patrick Stone

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Q: Take me back to the beginning. When did you originally begin considering the possibility of launching an underwriter?

A: The first nickel of an idea probably started four or five years ago, but it was just a fancy at that time. It grew as I realized the industry wasn’t changing with the market, if you will. The one thing I’ve observed with this market contraction, more so than any other, is that the rest of the real estate services industry is undergoing some profound changes in the way they do business, the way they look at business and their long-term outlook toward the business. It struck me because of my various associations with the industry that the industry was not changing, it was contracting and reducing its expense exposure somewhat in ahistorical manner. I became increasingly aware of what I thought was a distinct opportunity to look at the business differently. So I probably got really serious about it a year and a half ago. When I made the decision to actually embark upon trying to find money and look seriously at acquiring an underwriter, I resigned from the board of First American and launched the effort.

Q: Like you mentioned, with the market being what it is today, and underwriting in general being a tough environment with regionals holding a minute share of the business and the Big 4dominating it, how did you come to be sure this was the move you wanted to make?

A: To give you perspective, I’ve been around the industry for 35 years. When I started, Pioneer National was the predominate company in the industry and we’ve gone through various companies that have been predominate in the industry. Market share is extremely fluid. It is dependent upon service, it is dependent on the energy and focus of the management of the companies involved and, in any case, the bulk of the market share always is agency-based. Most agents have more than one underwriter, so I would argue market share was probably the least of my worries or the lowest hurdle in terms of concerns.

Q: When you went through the development process, what was the vision that you had in mind and how have you worked to make that vision become a reality?

A: I do not think that 99 percent of clients can discern any difference between any of the major players. If you asked them to describe the difference between four of the major players, they would be hard-pressed to do so because the product and the pricing is essentially the same. We are a service industry. If you step back and get your corporate ego out of the way, and you say the client is not going to differentiate these companies based on products or pricing, how can you position yourself to be successful?

It struck me that one way you do it is by segmenting geographically, focusing on supporting agencies and having agents be a part of your distribution platform east of the Mississippi and focusing on having owned operations west of the Mississippi. You also must have a national lender platform because institutional business is becoming an ever-increasingly important part of the mix. So you need to be in that game. And then you should be trying to be a part of your clients’ team and using technology to facilitate the clients’ interface with your company.

 I thought there was an opportunity to get in. This is a tremendous time to acquire companies. Obviously, you buy low and sell high, and it’s a wonderful time for making acquisitions. It struck me as an opportune time to enter the business, being able to buy at the low point or near the low point in the cycle and being able to segment the market in such a way that we’re participating the bulk of our agency effort in states with high splits, low loss ratios and agents that will welcome being a partner, and doing directs in states where you have automated title plants, good rate and regulatory environments and the ability to somewhat control your destiny because of the environment where you participate and have low-touch, low-cost production.

Q: Tell me about the moves you’ve made so far … the acquisitions and the team you’ve been able to put together.

A: We bought the two Transunion underwriters and we bought New Millennium Title Group. We are in serious negotiations about six other potential acquisitions. While it’s a good time to be a buyer, sometimes it’s not a good time to be a seller and we’re very respectful of trying to work a deal that makes sense for everybody involved. We hope to make additional acquisition announcements on a timely basis. In the interim, we’re building the agency.

Joe Drum is running our agency department.  Joe worked with me before when I was at Fidelity and is a35-year veteran. Bill Moody is running New Millennium, which is our lender services group. Bill built Lender’s First Choice, has a banking background and is very cognizant of what lenders look for in terms of service and follow-through.  Joe McCabe Jr. is our general counsel. Joe has been around the industry along time and was with Transunion when we bought it. Mike Gallaher is our CFO. Mike worked with us at Fidelity and was the CFO of United General Title Insurance Co. Marshall Haines is my COO and co-founder. Marshall came out of TPG Capital, which is a big private equity company. Before that, he was with Bain Capital. He is a very bright person who is a very sophisticated business modeler and financial professional.

Q: A lot of your team members you’ve worked with in one capacity or another over the years. Had you pinpointed some of them in your head before launching into this process?

A: I’ve been fortunate; I’ve worked with a lot of good people. And if and when some of these people are interested, I’d love to talk to them. I am very comfortable with our executive team. I’ve been around long enough that I know a lot of people. I genuinely like the business and the people in it. As opportunity presents itself, we will continue to grow.

Q: Speaking of growth, it seems you are well on your way. My understanding is you do intend to compete nationally, is that correct?

A: Yes, but maybe in a different approach than the other players. We’re licensed in 33 states and will be licensed in the 34th in about a week. We believe will be approved and licensed in eight more states by the end of the year and 49 of the 50 states by the end of next year. We will have a national platform. As I mentioned earlier, will really focus agency growth in areas where can be a good partner to the agent and the relationship is sustainable and profitable for both parties. We’ll focus our direct growth in seven western states — that is about 14 metropolitan areas that have automated title plants and environments we want to compete in. We’ll be national, but we won’t have infrastructure and people in all 50 states.

We will have minimal agency representation in every state, but the bulk of agents in select areas and our directs in select areas. We’ll have a national footprint and be able to service people nationally, but we won’t have the overhead or infrastructure cost that goes with just seeking market share or revenue growth. We’re more interested in margin and profitability.

Q: When it comes to attracting agents, how do you plan to communicate what will set WFG apart from other underwriters?

A: In this downturn, there was a kind of “throw the baby out with the bathwater” kind of mentality. The underwriters reacted to losses in a contracting market. In all fairness, I don’t want to criticize the underwriters. They were dealing with a huge problem that was hard to define. We want to know every single agent we sign. We want to regard every agent we sign as a partner. We want to have an understanding that it is a partnership and that partnership includes us trying to provide them with opportunity in the form of referrals, support and anything we can do to make them more effective and profitable, in exchange for which we want to have some transparency in the relationship, some honesty in the relationship and we want to go down the road together. That takes a form of commitment for both managerial, legal and other sorts of support, but it also means we are not going to compete with the bulk of our agents. We will not have owned operations in the same markets. We are more than happy to refer business to our agents. We are more than happy to facilitate our agents referring business out of their market.

 I think what’s happened with some of the large competitors is they’ve shut the door on agents in terms of business they can send to their own operations or that they can control nationally. That’s not in our model. Everything is easy to talk about; the proof is in the pudding. I believe our model and our intent is to have the agents be an extension of us in a lot of markets and not a competitor.

Send questions/comments to mailto:jkovacs@octoberresearch.com.

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By Matt Carter, Inman News

There’s room for another national player in title insurance, according to Patrick Stone, president and CEO of a startup that aims to join the ranks of the big four title insurers before the end of the decade.

Based in Lake Oswego, Ore., WFG National Title Insurance Co. has grown rapidly by acquiring other companies, employing nearly 200 workers nationally. WFG was licensed to do business in 33states just six months after launch, and plans to be in more than 40 by the end of the year.

“The market is very underserved in the sense that the industry has not changed or adapted to market-driven changes that Realtors and lenders have had to adapt to,” Stone said.

“There’s an opportunity for a new player to come in and be client oriented and use technology to replace hierarchical management structures. I think there’s tremendous potential to be a fairly significant player in a five- to seven-year window.”

He declined to be more specific about exactly how WFG National Title Insurance plans to use technology to gain an edge over competitors. Established title insurance underwriters have made some changes to take advantage of new technologies, Stone acknowledged, but he thinks those companies remain burdened by sunken costs and committed to traditional operating standards.

And Stone should know. During the housing boom and bust, he spent time on the board of directors of what are today the nation’s top two title insurers: Fidelity National Financial, where he was a director from 2002 to 2004, and First American Corp., whose board he served on for one year.

Stone resigned from First American’s board on May 26, 2009, to pursue the new venture.

Stone’s resume also includes a stint as president and chief operating officer of Fidelity National Financial from 1997 to 2002, followed by two years as CEO of Fidelity National Information Systems (FNIS).

After stepping down as CEO of FNIS in 2004, Stone became vice chairman of Metrocities Mortgage Corp. More recently, he’s served as chairman of The Stone Group, a commercial real estate brokerage, and Wystein Capital LLC, a real estate and financial asset investment company. 

Last year, Stone and a group of other veteran title insurance managers, joined with a San Francisco-based private equity firm, Golden Gate Capital, to launch the new venture, WFG Title Insurance.

To get WFG off the ground, parent company Williston Financial Group LLC [1] in February closed a deal [2] to acquire South Carolina-based TransUnion National Title Insurance Co. for $7.6million.

That deal was followed by the acquisition of California-based underwriter, TransUnion Title Insurance Co., which closed in March.

WFG “will be seeking a few carefully selected non-affiliated underwritten title companies to appoint as agents to further grow premium revenue,” the company said in a filing with California insurance regulators [3].

The difficult real estate climate makes it a good time for WFG to be making acquisitions and forging relationships with independent title agents, Stone said.

There are also new rules [4] governing the provision of title insurance and settlement services under the Real Estate Settlement Procedures Act (RESPA), which are aimed at encouraging consumers to shop around. But Stone said it’s not RESPA that’s driving the opportunity he sees for a new industry player.

“Title insurance is still done in the traditional way,” Stone said. “If you ask 100 Realtors or lenders the difference between Fidelity and First American, they wouldn’t be able to tell you the difference. This industry’s product is a commodity — everybody has the same product, and everybody charges essentially the same price.

The key to winning market share in the title insurance business remains providing Realtors and lenders with easy access to fast, dependable service they can count on, Stone said.

WFG plans to provide that access through three separate business segments: direct-owned operations, in which agents employed by WFG write new policies; agency operations, where WFG underwrites policies written by independent title insurance agents; and a national lender group providing title insurance on refinancings.

“If you want to be a national player, you must have all three components,” Stone said.

West of the Mississippi, rates and regulations favor direct-owned operations, Stone said. East of the Mississippi, WFG will rely more heavily on agency operations, policies written by independent agents.

WFG acquired a turnkey lender group by purchasing New Millennium Title Group [5], which has offices in Minnesota, Nevada and Utah, and national processing centers in California, Texas and Wisconsin.

So far, WFG’s market share remains small. According to the latest figures from the American LandTitle Association, during the first three months of the year, WFG and the two Transunion underwriters it’s acquired to date wrote $4,434,390 in premiums, or about 0.2 percent of the $2.07billion total for the industry as a whole (New Millennium Title Group is not an underwriter).

But ALTA’s first-quarter market share statistics do show smaller companies have been making inroads at the expense of their larger competitors.

All told, 35 regional title companies claimed a combined market share of 10.7 percent market share during the first quarter of 2010, up from 7.8 percent in 2008.

Old Republic International Corp., the smallest of the “big four” title insurers, has also been growing rapidly, nearly doubling its market share from 5.7 percent in 2008 to more than 10 percent during the first three months of 2010.

Third-place Stewart Title has also made modest inroads, boosting its market share from 12.6percent in 2008 to nearly 14 percent in the first quarter of 2010.

The battle for market share among title insurers heated up in 2008, when LandAmerica Financial Group Inc. filed for bankruptcy and sold its underwriting subsidiaries to Fidelity National Financial Inc.

Fidelity’s acquisition of LandAmerica’s two primary underwriting subsidiaries — Lawyers Title Insurance Corp. and Commonwealth Land Title Insurance Co. — made it the nation’s largest title insurer.

When the deal closed [6] in December 2008, Fidelity owned a stable of companies that had collected nearly half of the more than $10 billion in premiums written that year (other companies under the Fidelity umbrella include Chicago Title, Ticor Title Insurance, and Security Union).

But since they were acquired by Fidelity, Lawyers and Commonwealth have lost considerable market share. While Fidelity remains the nation’s largest title insurance underwriter by a comfortable margin, it’s not as dominant as company executives might have hoped they would be when acquiring LandAmerica’s underwriting business.

By the first quarter of 2010, the combined market share of Lawyers and Commonwealth had slipped to 10.8 percent, according to statistics compiled by the American Land Title Association(ALTA). That left Fidelity with 36.9 percent of the market, instead of the 45 percent it would have commanded had it been able to keep all of LandAmerica’s business.

First American, the second-largest title insurance underwriter, has also seen its market share slip slightly, from 28.9 percent in 2008 to 28.3 percent in the first quarter of 2010.

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Williston Financial Group and its wholly owned subsidiary, WFG National Title Insurance Co., opened their national headquarters in Lake Oswego, Ore. WFG is currently licensed and operating in 33 states nationwide. The company is a full-service provider of title insurance and real estate settlement services for lender, commercial and residential transactions.

WFG President and CEO Patrick Stone said that the company is dedicated to taking time and cost out of real estate transactions. Much of this will come from focusing on the client and its processes. By enabling client processes, WFG expects to increase closing rates. And by minimizing corporate infrastructure, WFG aims avoid operating a costly hierarchical organization. Finally, Stone noted that WFG will take a collaborative approach to expediting the real estate transaction, empowering agents and industry professionals with information and technology.

In fewer than six months, WFG has already hired about200 employees nationally and the company plans to continue its growth.

“We will be growing rapidly, as it is the most opportune time in the market’s history to make cost-effective acquisitions. Moreover, the real estate settlement services industry has become internally focused, creating a disconnect with clients forced to adjust to a challenging market dynamic,” Stone said.

He added that WFG should have offices or agents in more than 40 states before the end of the year.

“We already retain some of the best and most experienced people in the industry,” he said, “and are actively processing a significant number of real estate transactions on behalf of our clients nationwide.

Stone pointed out that the WFG logo consists of three “C’s” — communication, collaboration and co-existence.

“We stress communication, seek opportunities for collaboration and do not exist without our clients”

Stone is an industry veteran who spent eight years with Fidelity National Financial Inc. as its president, chief operating officer and director. He also was the chief executive officer of Fidelity National Information Systems. He also was the vice-chairman of Metrocities Mortgage and served as a director for The First American Corp. prior to founding WFG.

He is a frequent speaker at a wide variety of industry conferences and appeared June 15 at October Research Corp.’s National Settlement Services Summit, hosted by The Title Report. For more on his session during the event, see the June 28 print edition of The Title Report.

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When it comes to pulling out the crystal ball, some industry members prefer to avoid it altogether.

However, Patrick Stone, industry veteran and president and chief executive officer of newly launched title insurance underwriter Williston Financial Group, dedicated an entire session to predicting the future of the title agent at the 2010 National Settlement Services Summit (NS3) held by The Title Report’s parent company, October Research Corp., June 15-16 in Cleveland.

Stone’s session “The Future of the Title Agent” touched upon a variety of questions, the answers to which he said will dictate to a reasonable degree where the industry is headed. To start with, he tackled a substantial indicator — the market and whether there is one.

“We are at or near the bottom of the market,” Stone said. “It is becoming at least somewhat predictable on a month-to-month basis and the size of the market is intriguing.”

Taking a look at dollar premiums since 1999, Stone said he realized that what has been reported so far in 2010 is close to what was noted in 2001. “I can remember 2001 wasn’t a fantastic year, but it was a pretty good year. So there is some relativity here, but what has changed is the mix of business,” he said.

With rental vacancies remaining high right alongside home vacancies, Stone said numbers indicate there is not enough demand for the supply of homes on the market, especially as fewer new households are created each year due to children remaining at home with their parents and waning immigration.

“It is going to take a while to run through this vacancy. You can talk about foreclosures, you can talk about employment, you can talk about all the factors, but if you get to the 50,000 foot level and look at this, it is simply a function of supply and demand. We have a lot of vacant housing units and it’s going to take a lot to use them up,” he said.

So while premiums are in line with the decent performance noted in 2001, Stone said the new business mix will also prevent significant absorption of those vacancies with about 50 percent of business today going to refinances, 25 percent to defaults and less than 5 percent to new home purchases.

“The mix is a lot different and each of you is confronting a different mix in your market. But it’s not the old business. It may be the same amount of title premium, but it’s a lot more institutional now and a lot less relationship-based,” he said.

On the negative side, Stone said credit remains tight and bank lending is down significantly from 2008. In addition to those factors, first-quarter household debt averaged 20 percent of total assets compared to 15 percent in the mid-90s, as the national debt skyrockets into the trillions.

On the positive end, however, Stone said that inflation remains at the lowest rate seen since the 1960s and interest rates are projected to stay at their own lows for a long time.

“If you can prosper in the next 18 months, you will own your market in 2015. If I can leave you with some really positive thoughts, think about prospering in the next 18 months. This is crunch time. This is the Super Bowl of the title insurance and settlement services industry,” he said.

Between now and 2013, Stone said title and settlement professionals should expect defaults and foreclosure work will become a permanent part of the market and need addressed appropriately through products and services.

However, by 2013, Stone said he believes volume will begin to change shape in a meaningful manner with a real turnaround in values by 2015.

Don’t miss the second installment from Patrick Stone’s NS3 session, in which he touches upon the future of the agent-underwriter relationship and the strategies that will be necessary for the industry to remain viable.

FSRs summarize Demotech’s opinion of the financial stability of an insurer regardless of general economic conditions or the phase of the underwriting cycle. FSRs utilize statutory financial data based on insurance accounting principles prescribed or permitted by the National Association of Insurance Commissioners (NAIC). Since 1989, FSRs of A or better have been accepted by the major participants in the secondary mortgage marketplace, including Fannie Mae, Freddie Mac and HUD.

About WFG National Title Insurance Company

WFG National Title Insurance Company, a Williston Financial Group Company, is a national provider of premium title insurance and settlement services to the real estate and mortgage industry. The company also delivers a wide variety of residential and commercial mortgage lender services, including default and real estate owned transactions. The company has been assigned a Financial Stability Rating® (FSR) of A′ (A Prime), Unsurpassed, by Demotech, Inc. Built around the directive to “communicate, collaborate, coexist,” WFG National Title Insurance Company is committed to applying a new philosophy to the traditional mortgage and real estate industry, taking the time and cost out of real estate transactions in order to best meet the changing needs of its clients, agents and associates. For more information, please go to www.WillistonFinancial.com.

About Demotech, Inc.

Demotech, Inc. is a financial analysis firm located in Columbus, Ohio. Since 1985, Demotech, Inc. has been serving the insurance industry by providing financial consulting and accurate and proven Financial Stability Ratings® (FSRs) for Property & Casualty insurance companies and Title underwriters. Financial Stability Ratings® (FSRs) are a leading indicator of the financial stability of a company. Our rating process provides an objective baseline and insight into the future solvency of a company. As an independent financial analysis and actuarial firm, Demotech has a proven track record of predicting financial stability in the insurance industry. As the first company to have its rating process formally reviewed and accepted by Fannie Mae, Freddie Mac and HUD, Demotech has been leveling the playing field by offering Financial Stability Ratings® (FSRs) to insurers of all sizes. Visit http://www.demotech.com for more information. 

Irisa Wasson, Client Services Coordinator
Tel: (800) 354-7207
Email: iwasson@demotech.com

WFG President and CEO Patrick Stone asserted the company is dedicated to taking time and cost out of real estate transactions. Much of this will come from focusing on the client and its processes. By enabling client processes, WFG will increase closing rates. By minimizing corporate infrastructure, WFG will avoid operating a costly hierarchical organization. Finally, Stone notes that WFG will take a collaborative approach to expediting the real estate transaction, empowering agents and industry professionals with information and technology. 

In less than six months, WFG has already hired almost 200 employees nationally. Stone notes that the company plans to continue its aggressive growth nationally. WFG has made three significant acquisitions since the end of 2009, acquiring New Millennium Title Group and two companies from TransUnion, TransUnion National Title Insurance Co. and TransUnion Title Insurance Co. According to a report, Stone said the company has seven letters of intent pending to acquire other operations.

“We will be growing rapidly, as it is the most opportune time in the market’s history to make cost effective acquisitions,“ he said. “Moreover, the real estate settlement services industry has become internally focused, creating a disconnect with clients forced to adjust to a challenging market dynamic.”

Stone is no stranger to the settlement services and mortgage lending industry. He completed a lengthy and distinguished career with underwriting giant Fidelity National Financial by serving eight years as its president, COO and director, and was also the CEO of Fidelity National Information Systems. He has also been the vice chairman of Metrocities Mortgage and served as a director for First American Corp. prior to founding WFG. He is also a frequent keynote speaker at a wide variety of industry conferences, including the 2010 ALTA Business Strategies Conference.

Stone indicates that WFG, which is backed by San Francisco-based private equity firm Golden Gate Capital, should have offices or agents in over 40 states before the end of the year.

”We already retain some of the best and most experienced people in the industry,” he said, “and are actively processing a significant number of real estate transactions on behalf of our clients nationwide.” 

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Six months after quietly opening its doors, title insurance startup WFG National Title Insurance Co. is up and running in 33 states and employs 200 people — 80 of them in Oregon. 

It’s on the acquisition trail and looking to quickly build a national footprint, said Patrick Stone, WFG’s chief executive. 

All this is happening from a headquarters in Lake Oswego. 

“It’s the right time to enter the market,” said Stone, who announced the company’s birth in a press release Wednesday and agreed to talk to The Oregonian. “The business hasn’t innovated much in recent years, which creates an opening for us. Plus, from a business valuation point of view, this is a great time.” 

The pain and uncertainty in the real estate industry continues at such a heightened level that related assets like title insurance companies are available relatively cheap. 

Locally, many title insurance offices have off staff and moved others to part-time in an effort to cut costs. 

“We’ve been able to recruit because of that,” Stone said. 

Stone was formerly CEO of Fidelity National Financial, of Irvine, Calif. The company had annual revenue in the $3 billion range in 2004, the year Stone retired. 

Since December, WFG has made three significant acquisitions. It bought New Millennium, an $8 million-a-year company in Minneapolis and it acquired two title insurance underwriters from TransUnion in Chicago. 

It has opened six title offices in Oregon. 

WFG wants more. Currently, the company has seven letters of intent pending to acquire other operations, Stone said. 

He declined to divulge how much WFG has spent in these deals. The company is backed by Golden Gate Capital, a San Francisco private equity firm. 

WFG chose to locate in Lake Oswego in part because Stone and his wife had retired here. But Stone said he and his backers were also attracted to the Portland area because of its “large population highly skilled and educated people seeking professional positions.” 

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Additionally, WFG National Title Insurance has established a new Oregon Division, with six offices in the Portland metropolitan area.   Under the direction of Cindy Tucker, the Oregon Division provides title and escrow services to facilitate real estate closings in Multnomah, Washington and Clackamas Counties.

WFG President and CEO Patrick Stone is headquartering the new company in Portland for three reasons.   First, Portland has a large population of highly skilled and educated people seeking professional positions.   To date, WFG has hired over 80 employees for its headquarters and local division, and anticipates adding significantly to that total over the next twelve months.   Second, the company’s senior management team is familiar with the regional market. The team intends to use its long-standing relationships in the market to stay current with issues and opportunities faced by their client base.   Finally, Portland offers WFG a location where its headquarters can closely associate with a producing operating subsidiary to facilitate innovation and operating enhancements. 

Stone notes that the company plans aggressive growth nationally, which will benefit the Portland area as well. “We will be growing rapidly, as it is the most opportune time in the market’s history to make cost effective acquisitions.    Moreover, the real estate settlement services industry has become internally focused, creating a disconnect with clients forced to adjust to a challenging market dynamic.”    Stone points out that the WFG logo consists of three “C’s”; Communication, Collaboration and Co-existence.   “We stress communication, seek opportunities for collaboration and do not exist without our clients”

Stone is no stranger to the settlement services and mortgage lending industry.   He completed a lengthy and distinguished career with underwriting giant Fidelity National Financial by serving eight years as its president, COO and director, and was also the CEO of Fidelity National Information Systems. He has also been the Vice Chairman of Metrocities Mortgage and served as a director for First American Corporation prior to founding WFG.

Stone indicates that WFG will continue its plans to grow, and that it should have offices or agents in over forty states before the end of the year. “We already retain some of the best and most experienced people in the industry,” he said, “and are actively processing a significant number of real estate transactions on behalf of our clients.”

About WFG National Title Insurance Company

WFG National Title Insurance Company, a Williston Financial Group Company, is a national provider of premium title insurance and settlement services to the real estate and mortgage industry. The company also delivers a wide variety of residential and commercial mortgagelender services, including default and real estate owned transactions. The company enjoys a Financial Stability Rating of A’ (A prime) as assigned by Demotech, Inc. Built around thedirective to “communicate, collaborate, coexist,” WFG National Title Insurance Company is committed to applying a new philosophy to the traditional mortgage and real estate industry, taking the time and cost out of real estate transactions in order to best meet the changing needs of its clients, agents and associates. For more information, please go to www.WillistonFinancial.com.

CONTACT:

Brian Rieger
True Impact Communications
p. (330) 348-1678
e. Brian@TrueImpactCommunications.com
w. www.WillistonFinancial.com