After Southern Title was placed in to receivership, Willett and Kidwell joined Entrust with the intent of creating back office solutions to support independent title agencies and real estate attorneys.  Their knowledge also provides Underwriters with a unique “piece of mind” knowing that their knowledge can help assist agents with almost any operational structure.  Both are offering assistance in commitment and/or policy production as well as many other products.

We are thrilled to have them both on board with us.

123 Center Park Drive, Suite 223, Knoxville, TN   37922

2170 Highland Avenue S. Suite 121 Birmingham, AL 35205

There is a post on thetitleweb.com here

http://www.dsnews.com/articles/old-republic-will-no-longer-insure-jpmorgan-and-chase-2010-10-05

Old Republic Will No Longer Insure JPMorgan and GMAC REOs

By: Joy Leopold

Even more questions about the legality of foreclosure proceedings have prompted Minneapolis-based Old Republic National Title Insurance to decide it will no longer insure titles to homes foreclosed by JPMorgan Chase and GMAC Mortgage.

Chase and GMAC both halted foreclosure sales in 23 states and are reviewing legal filings that they say may have been signed without a notary’s presence or without verifying the supporting documents.

Most lenders will not issue a mortgage for a home without title insurance, which means even more homes will be sitting on banks’ books, empty but unable to be sold.

In addition to Chase and GMAC, Bank of America announced last week it will also stop foreclosures and examine documents in the 23 states that require court approval.

If it is shown that the servicers did not follow the law in preparing foreclosure documents, problems could arise from evicted homeowners claiming they still own their home even after someone else has bought the home.

An Outstanding Deposit / Wire (Deposits-in-Transit) are funds due to your company that have not been received. In some cases these are funds that you have posted in your software program and have yet to make the physical deposit at the bank. If a deposit is made after the cut-off time from the bank on the last day of the month, the deposit may not be credited until the first business day of the next month.

For example: You take a deposit for a file down to your bank at 3:00 PM on the last day of the month. Most bank cutoffs for same day deposits are 2:00 PM, so your deposit will be credited the next business day. The next business day is now in the next month; therefore your deposit that was posted in your software is not credited and is listed as outstanding.

The Outstanding Deposit / Wire report will identify the file in which funds are due. Even though the Trial Balance Report states this file has a zero balance, in reality the file is short the funds from the earnest money deposit.

!!!Note: Although an outstanding deposit is a positive value on the “3-way” reconciliation, in reality that particular file is short and utilizes other files funds to make up for the shortage.

The Outstanding Deposits / Wires Report are a part of the Adjusted Bank Balance that makes up the second part of a “3-way” reconciliation. This report is generated after reconciling the account and printing the designated reconciliation from your software program.

!!!Note: Not all software systems use the name “Outstanding Deposits Report.” This report maybe called other names such as “Outstanding Receipts Report” or “Deposits-in-Transit”.

Information and Follow-up:

I highly recommend agents to review their Outstanding Deposits / Wires Report after reconciling the account to reveal files that need follow-up in effort to avoid monetary loss.

In addition the agent will need to review:

• All outstanding deposits greater than 72 hours should be immediately reviewed to determine why the funds remain outstanding.
• The party from which the funds are due should be contacted and documentation of this correspondence should be kept in the file.
• Any outstanding deposits greater than 30 days should be immediately funded from operating. The agent can then collect the funds from the proper party and reimburse the operating account.

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