Old Republic Launches National Default Services Division
In response to the expected increase in the need for default services, Old Republic National Title Insurance Co. has created its National Default Services Division. The new division will operate under the purview of the company's National Services Group and be located in the National Residential Operations Center in Fairlawn, Ohio. It will provide specialized services to lenders in the loss mitigation, default services, foreclosure and REO management arena.
James Stokes, vice president of the National Default Service Division, will manage the newly formed division and be responsible for its growth with a special emphasis on maintaining customer relationships and meeting lender clients' default management needs. "Jim has a thorough understanding of the lenders' special default management needs," said Pat Connor, senior vice president and manager, National Services Group, in a news release. "He also understands the importance of relationships in this industry, and exemplifies the core Old Republic Title values of consistency and doing things the right way."
The division will have at its disposal the resources of a leading national underwriter, which differentiates it from many other default servicers. "The company's approach to default management services combines collateral assessments, default outsourcing, loan servicing, settlement services and title services to minimize default loss throughout the loan lifecycle. Strategically, it's an area that creates many opportunities for the company from a customer relationship, revenue and profitability viewpoint. We believe our new National Default Service Division will be able to effectively and efficiently work with loan servicers, who have become an underserved market segment," said Mr. Connor.
ORTIG, made up of Old Republic National Title Insurance Co., American Guaranty Title Insurance Co., Mississippi Valley Title Insurance Co. and Old Republic General Title Insurance Corp., is one of the nation's largest title insurance groups, operating in 49 states, the District of Columbia, and Puerto Rico through a network of company-owned offices, subsidiaries, authorized agents, and approved attorneys. It is a wholly owned subsidiary of Old Republic International Corp.
(c) 2006 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com