Foreclosure Stop St Louis: Title Insurers Forego Guarantees

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St Louis Loan Audit and Foreclosure Stop News: Title Insurers Fore-go Guarantees On Paperwork Accuracy
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Title insurers are voicing their confidence in mortgage servicers’ ability to correct foreclosure paperwork problems.

They’ve decided not to require banks to consent to agreements vouching for the validity of foreclosure

documentation, after talks between the two industry groups reportedly fell through this week surrounding large-scale indemnity arrangements to cover insurers in the event of title claims.

Last week, Fidelity National Financial said it would begin requiring lenders to provide the company with an indemnity agreement that guarantees the accuracy of their foreclosure documentation before insuring the title of a repossessed home.

But the company has rescinded this requirement because of what it called servicers’ “heightened review” of foreclosure processing and legal procedures.

Dennis Gilmore, CEO of First American Financial had told the Wall Street Journal that his company had come to the conclusion that requiring banks to indemnify the title insurer from possible documentation errors was unnecessary “given the actions taken by lenders to remediate deficiencies and to improve their processes going forward.”

Stewart Title Guaranty said in a statement to its investors Thursday that it “stands ready to issue title insurance to purchasers of foreclosed properties from institutional lenders representing that they have followed all applicable legal processes.”

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