Old Republic National Title Insurance Co., Minneapolis, has created a new unit that will be dedicated to providing bundled services and pricing solutions to its network of independent agents and direct operations.The new unit is being branded as ORPAK, short for Old Republic Packaged Services. Headquartered in Akron, Ohio, it is an outgrowth of the Agency Services Department of Old Republic Title Residential Information Services. "As the business of this department grew, it became increasingly evident that eventually we needed to treat this department as a business in its own right, as opposed to a department within another business, whose mission, quite frankly, was diverging," said Rande Yeager, president and chief executive of Old Republic National. "The elevation of ORPAK to division status underscores the importance of bundling as a trend and the continuing importance of the local agent to the company's future." The new division will serve mortgage brokers, community banks, savings institutions, credit unions, and smaller mortgage bankers that are trying to figure out how to compete against big national lenders in offering bundled services.
