Old Republic National Title Insurance Company Launches National Default Services Division
September 5, 2006
In response to the expected increase and need for default services, Old Republic National Title Insurance Company recently launched the National Default Services Division. The new division will operate under the purview of the Company’s National Services Group (NSG) 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/ REO arena.
James B. Stokes, Vice President, 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, Manager, National Services Group. “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 Connor.
Source: The Old Republic Title Insurance Group