Wire fraud prevention firm CertifID and big four title firm Old Republic have entered into a strategic agreement to prevent mortgage payoff fraud, according to an announcement on Thursday.
Mortgage payoff fraud occurs when a title company mistakenly sends payoff funds to a fraudulent bank account after receiving wire instructions that appear to be from the mortgage servicer. The instructions, however, are actually from fraudsters.
“Old Republic Title continues to focus on innovation to enable the success of our direct and agency operations,” Carolyn Monroe, the president and CEO of Old Republic National Title Holding Co., said in a statement. “We are excited to leverage the comprehensive approach to fraud prevention that CertifID provides, inclusive of software, insurance, and recovery and support services, to help prevent fraud and create the best experiences for our agents and customers, and all parties involved in real estate transactions.”
Although fewer home sale transactions closed in 2023, fraudsters continued to be active, with the FBI reporting that fraud loss in the real estate sector reached $446 million in 2023.
Data from CertifID shows that mortgage payoff fraud has become the largest source of losses among title firms, with the median loss coming in at $257,000 in 2023. Additionally, a study by the American Land Title Association found that roughly 17% of title companies have sent money to an incorrect account due to fraud, and 49% of those organizations have done so more than once.
In a statement, CertifID CEO Tyler Adams said that he applauds Old Republic for taking the initiative to help reduce the risk of mortgage payoff fraud.
“We look forward to working together to truly solve the issue of payoff fraud seen across the industry,” Adams added.
In 2023, Old Republic’s title segment reported net fee and premium earnings of $2.563 billion, down 33.2% compared to 2022, and a pretax income of $133.5 million, a drop of 56.7%.
Old Republic President and CEO Craig Smiddy commented on the divestment, “We are pleased to announce this definitive exit from the mortgage insurance business. Since placing this business in run-off in 2011, we have been able to preserve significant value for shareholders.” Read more: Mortgage market blues – how to weather the storm Smiddy also … [Read more…]
Despite the economic headwinds, the title industry remains strong, according to Fitch Ratings’ title industry September 2023 Peer Review.
According to Fitch, the Big Four title companies, Stewart, First American, Fidelity and Old Republic, accounted for approximately 82% of all the title premiums written during the first quarter of the year. Fidelity recorded the largest market share at 29%, followed by First American at 26%, Old Republic at 16% and Stewart at 11%.
However, Fitch noted on Tuesday that premiums were down 37% year-over-year for the first half of 2023. Fitch attributed this decrease to macroeconomic headwinds, including rising mortgage rates and housing affordability challenges brought about by low inventory, which have greatly diminished origination volumes. The firm said it expects these headwinds to persist for the next 12 to 18 months, with refinance volumes remaining depressed. But, Fitch noted that it anticipates purchase order volumes will rebound slightly in 2024 thanks to the persistent high levels of housing demand.
In addition, Fitch said it “expects profitability to remain somewhat depressed as rates should remain elevated,” but it noted that the strength of home prices and a potential uptick in commercial order flow could result in better than anticipated results.
With premium volume down, title companies have cut expenses, resulting in the aggregate title operating margin for the Big Four rising 3% quarter-over-quarter in the second quarter of 2023. Fitch said it expects margins to continue to improve through the end of the year.
Overall, the industry’s aggregate 2022 risk-adjusted capital ratio (RAC) dropped to 168%, due to declines in statutory surplus and Fitch’s estimated statutory reserve redundancy. The 168% RAC score meets Fitch’s guidelines for the “A” rating category and the organization said it remains in support of the outstanding ratings. Fitch also noted that it does not anticipate further material declines this year.
Of the three national title underwriters Fitch rates, Stewart has the lowest company profile rating at an “A-,” while both Fidelity and First American hold “A” ratings.
Rising mortgage rates, lower homebuyer demand and fewer homeowners choosing to sell their homes caused the housing market to slow during the second half of 2022. In the title insurance industry this resulted in a drop in capital adequacy, according to a report released Friday by Fitch Ratings.
In 2022, the title industry’s aggregated risk-adjusted capital (RAC) ratio, which is a measure of resiliency of a financial institution’s balance sheet to endure an economic risk or recession, fell to 168%, compared to 182% in 2021. However, the 168% figure is consistent with Fitch’s guidelines for an “A” category rating.
According to Fitch, this shows that the headwinds faced in the second half of 2022 led to revenue and earnings weaknesses and it also adversely impacted capital levels at some underwriters.
Fitch attributed the decline in industry-wide aggregate RAC score to a drop of roughly 17% in adjusted policyholders’ surplus (APS), which was offset slightly by a decline in target policyholders’ surplus (TPS) due to a lower expense leverage and large loss charge.
In addition, Fitch estimates that the level of redundant statutory loss reserves fell 14% year over year, also contributing to the lower RAC ratio, and that 81% of reported statutory reserves ($5.1 billion) were used in the 2022 RAC ratio and just over 100% of Schedule P reserves ($4.1 billion). Fitch noted that based on Schedule P reporting, recent underwriting periods continue to generate low reported loss ratios compared to historical averages.
The industry base RAC score also fell, dropping 13 percentage points compared to the year prior to 136% at the end of 2022.
When broken down by company, of the Big Four, Fidelity National Financial had the lowest RAC ratio at the end of 2022, after it fell 13 percentage points year over year to 129%, with the largest driver of the decrease being an increase in the large loss and ceded reinsurance risk charge and an almost 32% decline in APS.
Old Republic had the second lowest RAC at 158%, six percentage points lower than a year ago. Fitch attributed this decrease to a 9% drop in surplus and an increase in large loss and ceded reinsurance charges, which was partially offset by a decrease in expense leverage and agency risk charges. First American ranked third, with a RAC ration of 186%, a slight increase compared to a year prior, keeping the firm in line with Fitch’s “A” rating guidelines. The slight increase was driven by an 18% drop in TPS, due to a drop in large loss and ceded reinsurance charges, despite a drop in surplus.
Stewart had the highest RAC at 221%, remaining essentially unchanged compared to a year ago, keeping the firm in line with Fitch’s “AA’ rating guidelines. Fitch attributes Stewart’s results to a slight decline in surplus and a slight improvement in estimated reserve redundancy, as well as a slight decline in TPS. Stewart’s base RAC of 191% is the highest in Fitch’s universe.
Looking ahead, Fitch believes that we will start to see the impact of some of the title firms’ expense reduction measures in the second quarter of 2023 and that the industry should expect net profits for full-year 2023 to be “on par or slightly better than 2022 despite the slowdown in originations and home price declines.”
“The declines in premium volume and reduced operating expenses, with flat to modestly higher capital levels, will promote modest capital adequacy improvement in 2023,” the report reads.
“Title insurers are actively pursuing expense reductions in response to macroeconomic pressure, which coupled with lower premium volumes, will promote modest improvement in capital adequacy in 2023,” Gerry Glombicki, Fitch’s senior director, said in a statement.
In addition, Fitch also expects industry capital levels to, at best, move slightly higher in 2023, benefiting from recent expense reduction measures. However, Fitch Ratings also states the further expense reductions may be necessary if market conditions worsen.
While the confluence of higher mortgage rates, lower home prices and limited existing home inventory continues to put a strain on the industry, the industry-wide decline in operating expenses coupled with flat capital levels is expected to cause an increase in the title RAC ratio by the end of 2023.
First American Financial’s primary underwriting unit gained market share in the first quarter, while the three units of Fidelity National Financial combined had a lower percentage of the business versus the prior year, the latest American Land Title Association data found.
But the total dollar volume of premiums written fell about 44% from the prior year, to $3.37 billion from a revised $5.94 billion in the first quarter of 2022. That’s also lower than the $4.4 billion generated in the fourth quarter last year. For the publicly traded companies, the reduced premium activity affected first quarter earnings.
Given that title insurance activity is highly dependent on mortgage origination volume, that is not a surprise. Total mortgage production in the first quarter was $333 billion or 816,000 units, versus $398 billion (973,000 units) in the fourth quarter and $689 billion or 1.94 million units one year ago, the Mortgage Bankers Association said. The higher drop off in volume versus premiums written is due to the fact that title companies charge more for new-purchase policies, while most of the decline in originations is from refinancings.
First American’s primary underwriting unit, First American Title Insurance, did 23% of the first quarter total, with a second business, First American Title Guaranty, contributing 1.9%, ranking 11th overall, the ALTA data showed. This compared with 21.5% on a year-over-year basis for FATIC only.
The second largest individual underwriter remains Old Republic Title Insurance, whose 15.5% share in the period is slightly higher than the first quarter of 2022’s 15.2%.
In positions three and four are two units of Fidelity National Financial, which is the largest holding company by total premiums written by operating units.
Fidelity National Title Insurance reported 12.7% of all premiums written in the first quarter and Chicago Title did a 12.4% share; a third FNF underwriting business, Commonwealth Land Title, ended the period with a 3.3% share.
One year prior, Fidelity National did 14% of all title insurance premiums written and Chicago Title did 13.4%. Commonwealth failed to make the top 10 for the period.
In total, FNF did 28.4% versus 24.9% for First American in the first quarter. For the full year of 2022, FNF had 30.4% of the business, versus 22.1% for First American.
The smallest of the four large underwriters, Stewart Title Guaranty, gained share, rising to 9.6% from 8.9% for the first quarter of 2022.
While Westcor Land Title Insurance remains the largest independent underwriter, its share continues to slip. In the first quarter, it was 3.7%, versus 5.3% in the first quarter of 2022. For the full year, it had a 4.4%. As recently as the third quarter of 2020, Westcor had a 6% market share.
Doma remained ranked 10th among underwriters, growing its share to 2%, versus 1.1% on a year-over-year basis.
That growth is likely to halt, as the financially troubled company in May sold 22 retail title locations and operations centers in Northern and Central California to Williston Financial Group for $24.5 million. WFG ended the first quarter with a 2.5% share, down from 2.7% for the same period in 2022.
Also, Doma recently announced a one-for-25 reverse stock split scheduled for after the market closes on June 29. The stock closed at above 17 cents per share on June 23.
The company went public via special purpose acquisition company merger at the end of July 2021. It closed at $6.84 per share at that time and began sinking right away, slipping under $1 per share nearly a year later.
HomeServices of America, Berkshire Hathaway’s real estate brokerage business, has increased its ownership stake in Title Resources Group, an underwriter currently partially owned by Anywhere Real Estate.
Terms of the deal were not disclosed.
Anywhere, a competing real estate franchisor formerly known as Realogy, sold 70% of TRG to Centerbridge Partners in October 2021 for $210 million in cash.
Then in May 2022, HomeServices purchased its first stake in TRG, but the size and price were not disclosed. However, Anywhere reported it made a sale that quarter of a 4% share of its portion of the title company to an unnamed purchaser for a $4 million gain in a Securities and Exchange Commission filing.
More recently, iBuyer Opendoor Technologies took an ownership interest during March in the title insurance underwriter, but again, details were not provided. But in the SEC filing, Anywhere reported a further 1% reduction of its stake for a $1 million gain during the first quarter.
Title Resources Guaranty, TRG’s business unit, finished 2022 as the eighth largest underwriter by market share, with 2.5% of the premiums generated according to American Land Title Association data.
Industry-wide, title insurance premiums generated totaled $21 billion last year. Among the independent underwriters — those not affiliated with Fidelity National, First American, Old Republic and Stewart — TRG only trailed Westcor, which had a 4.4% share.
During 2021, TRG had a 2.4% share of the $26.2 billion of total title insurance premiums written.
“The team and I are thrilled about HomeServices of America’s decision to increase its ownership stake in our company,” Scott McCall, TRG’s president and CEO, said in a press release.” Our expanded relationship with HomeServices of America speaks volumes to the value we create for our customers and our best-in-class solutions.”
Messages were left with TRG and HomeServices to get further specifics about the transaction but not returned by press time.
“Our partnership has already created value for our operations,” Gino Blefari, CEO, HomeServices of America, in the same press release. “We look forward to continuing our collaboration and the positive impact we will have on the industry over the years to come.”
*This article may contain affiliate links. Read our disclosure policy.
One of the topics I keep coming back to on Bible Money Matters is the idea of finding ways to cut your regular recurring expenses. One of the big ways that we’ve saved was by cutting our mobile phone costs and home phone costs.
We cut our mobile phone bills substantially by moving to a no-contract cell phone provider several years ago. My wife and I both switched to Virgin Mobile pre-paid cell service. We’ve saved hundreds over the years by making the switch from our old traditional contract provider.
My wife has recently been complaining about how her old smartphone just isn’t working very well anymore. The GPS never seems to work despite being on, it’s always running out of storage and it’s just too slow and old to run some of the newest apps.
Since she isn’t on a contract I decided to see if we could find a better deal on a phone and plan than the one we’re on with Virgin Mobile – a $35/month plan that gets her basically all she needs. One provider that keeps coming up when I research low cost no contract cell providers is Republic Wireless. They have plans as low as $15/month! Today I thought I’d do a quick post talking about Republic Wireless, who they are, what they have to offer and how you can use them to save.
Save With Republic Wireless
Republic Wireless History
Republic Wireless is a wireless communications service provider and subsidiary of Bandwidth. Bandwidth is an internet and telephone service provider co-founded in 1999 by CEO David Morken in his spare bedroom. Morken is an avowed capitalist, but also is outspoken about his Christian faith, and he talks about how his Christian values help to inform the company’s focus on integrity and service:
It’s amazing when you can have an economic alignment with a service orientation and a service heart. You don’t just tell the truth because it’s going to have an economic benefit, you have to tell the truth when it’s going to cause economic harm as well.
Bandwidth’s expertise is in telephony and VOIP services, so a consumer focused VOIP cell service like Republic Wireless was a natural outgrowth of the company.
Republic Wireless was created in January of 2010 and first launched as a private beta service in November of 2011 with 2 available smartphones. A year later in 2012 they launched an open public beta. Finally in November of 2013 they came out of their beta testing period and began offering several calling plans ranging anywhere from $5/month to $40/month depending on the level of service you buy. As of September of 2017 they will have 8 smartphone options available to purchase on their store. They range from the high end Samsung Galaxy S7 Edge ($599) to the mid level Moto G4 ($179) all the way to the entry-level Moto E ($99).
Republic Wireless is an MVNO for the Sprint and T-Mobile networks depending on which plan you’re on, so they’ll have the same coverage as Sprint or T-Mobile. What sets them apart, however, is their new “Hybrid Calling” techonology that allows you to make phone calls over WiFi, or if WiFi isn’t available, via the cell networks as normal phones do. You’re even able to do mid-call handoff from calls started in WiFi, and pass it over to the cell networks with no call interruption.
Republic’s idea is to use WiFi data whenever possible to make cell service more affordable, since cellular data costs so much more to use. Here’s how they describe their service.
Our mission at Republic Wireless is simple: to make enjoying the features of a smartphone more affordable and accessible for everyone. Through Hybrid Calling technology (that’s WiFi + cellular), we’re able to offer our customers remarkable mobile service plans at unheard of rates. You see, WiFi is cheap and plentiful while cellular (especially data) is more scarce and much more expensive. By relying on our members to use the cheap and plentiful WiFi wherever it’s available, we’re making great progress on our mission—delivering a mind blowing total cost of ownership that’s leaving a lot of folks scratching their heads (happily!).
When the service first started I heard a lot of complaints about call quality, and problems handing off calls from WiFi to cell networks. Most of the more recent reviews I’ve read, however, have been much more positive about the quality of service.
Republic Wireless – How It Works
Making calls over WiFi is much more affordable for the wireless communications provider, so what Republic Wireless has created is a more affordable way to have cell service.
Their Hybrid Calling technology allows them to offer more affordable plans than many other providers just by giving WiFi calling priority over the cell calling. So if WiFi is available where you are, your call will be routed over the WiFi networks, and if it’s not, then calls will go over the Sprint or T-Mobile cell network (or Verizon’s network if Sprint is not available).
The more prevalent WiFi is where you typically go, the more likely you will be to choose one of their WiFi only plans, and save a ton of money!
What Phones Can I Get?
Currently there are 8 phones available for Republic Wireless, The Moto E4, Moto E4 Plus, Moto G5 plus, Huawei AScend 5W, Moto G4, Moto Z Play, Moto Z and Samsung Galaxy S7 Edge. Available phones are always subject to change, and often do. Go to the Republic Wireless site via the link below to see current options.
View Current Phones @ Republic Wireless
So what do you get with each of the phones?
Motorola Moto E4 – $99: This phone sports a 5″ HD display, with 16 GB of internal memory, 2 GB of RAM, 2800 mAh removable battery and a MicroSD slot.
Motorola Moto E4 Plus – $199: This phone has a 5.5″ HD display, with 32 GB of internal memory, 2 GB of RAM, 5000 mAh rapid charging battery and a MicroSD slot.
Motorola Moto G5 plus – $299: This phone has a 5.2″ HD display, with 32/64 GB of internal memory, 2/4 GB of RAM, 3000 mAh rapid charging battery and a MicroSD slot.
Huawei AScend 5W – $149: This phone has a 5.5″ HD display, with 16 GB of internal memory, 2 GB of RAM, 3000 mAh battery and a MicroSD slot.
Motorola Moto G4 – $179: This phone has a 5.5″ HD display, with 16/32 GB of internal memory, 2 GB of RAM, 3000 mAh Turbo Charge battery and a MicroSD slot.
Motorola Moto Z Play – $349: This phone has a 5.5″ AMOLED HD display, with 32 GB of internal memory, 3 GB of RAM, 3510 mAh 50 hr battery and a MicroSD slot expandable up to 200GB.
Motorola Moto Z – $499: This phone has a 5.5″ HD display, with 64 GB of internal memory, 4 GB of RAM, 2600 mAh battery and a MicroSD slot expandable up to 200GB.
Samsung Galaxy S7 Edge – $599: This phone has a 5.5″ Quad HD display, with 32 GB of internal memory, 4 GB of RAM, 3600 mAh 33 hr battery with wireless charging and a MicroSD slot expandable up to 200GB.
Here is an unboxing video of our older Moto X that we received a while back (which is no longer sold, but you can still find used).
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View this video on YouTube
When it comes down to it, all of their phones are going to be good phones, it just comes down to how much speed, memory and other bells and whistles that you want. The faster the processor, the more memory and better display, the more the phone will cost.
Available Monthly Plans
So what are the plans that are currently available on the Republic Wireless network?
Here are the new calling plans on the new Republic Wireless 3.0 plans:
The plan that most people use is the unlimited talk & text + 1GB of LTE data for just $20.
It is an amazing deal, and $5 cheaper than their old Republic Wireless 2.0 1GB data plan!
They do have a bunch of other calling plans, however. The plans start at a $15/month for a plan with no data, all the way up to a $90/month 10GB plan:
$15 Unlimited Talk, Text, and WiFi Data
$20 Unlimited Talk, Text, and WiFi Data + 1GB of Cell Data
$30 Unlimited Talk, Text, and WiFi Data + 2GB of Cell Data
$45 Unlimited Talk, Text, and WiFi Data + 4GB of Cell Data
$60 Unlimited Talk, Text, and WiFi Data + 6GB of Cell Data
$90 Unlimited Talk, Text, and WiFi Data + 10GB of Cell Data
Depending on how much data you use in a typical month, or if you use data at all, the service can be extremely affordable. I know some people that don’t really use data that go with the $15/month plan, while others like me who use a small amount of data can go with the $20/month plan.
Switch Your Plan Up To 2X Per Month At No Extra Charge
One nice feature that Republic Wireless offers is the ability to switch your monthly plan up to twice per month. This will come in handy, for example, if you’re traveling one month and want to have more 4G LTE data access available on your phone.
So let’s say you’re on the $15/month plan with no cell data, and you want to switch your plan (right from your phone if you want!) to the $30/month 2GB data plan while you travel. You can switch it while you’re traveling, and then when you come back switch it back to the more affordable plan again.
How is it charged? You’ll pay the daily rate for each plan, for the days that you use it. So for the $15 plan you’d pay about $.50 a day, while the $30/month plan would be about $1 a day. Just figure out how many days of the month on each plan you used and you’ll figure out what your charges for that month will be. Piece of cake, and a great way to save!
Check Out Plans @ Republic Wireless
Pros & Cons
What are the pros and cons of cell service with Republic Wireless? Here are a few:
Pros
Low cost – affordable: Depending on your needs your service will be anywhere from $15-$45/month. Much cheaper than the average $96/month phone bill (according to J.D. Power).
Ability to switch plans up to 2x per month: If you want to switch your plan with Republic, for example, if you’re traveling and want to have 4G data access, you can do that up to 2x per month. So you can be on the $5 plan, and switch to the $40/month plan for the month – and then switch back.
Good phones available: The Samsung Galaxy S7 has received rave reviews and by all accounts it’s a great phone. The other phones that are available are good mid and entry level smartphones as well.
Roaming on other networks available: If you don’t have a T-Mobile tower in your area, the service will roam on another network for voice calls at no added cost.
Make calls on WiFi – even in your basement!: If you typically can’t make cell phone calls in your basement, or at your job – as long as you’ve got a WiFi signal you can now make calls!
Unlimited talk, text, data: All of the plans will give you unlimited talk, text and data if you’re on WiFi. You can also get unlimited talk and text via cell networks on the $15-45/month plans. No worries about going over your minutes or text limit!
Make international calls, as long as you have good WiFi: I remember paying through the nose for calling cards when my family took a cruise a few years back. Now, as long as you have WiFi you can make calls to the U.S., even if you’re overseas.
Port your existing number: You can port your existing phone number to the service as long as it’s compatible. Be sure to check beforehand, I did and my number is available to port.
30 day trial: You can try the phone for a no risk 30 day trial. Just be sure to read the caveats (like not opening accessories if you’re not sure you want to keep the phone, and that you’ll have to pay a $10 shipping charge).
Cons
Limited phone choices: There are currently only a limited number of phones you can buy on the Republic Wireless site. They are all great phones, but if you want something different like an iPhone for an example, you’re out of luck. Thankfully they do have some “bring your own phone” options as well.
Occasional phone service hiccups in WiFi/cell handoffs: Some people have noticed hiccups when moving from a WiFi connection to cell connection. This seems to have improved, however, and most people don’t have issues with this.
No short code support: As of this writing there is no support for short code messaging – in other words sending messages to 4-6 digit numbers services. (Example: text 32456 for a listing of movies) This is being changed however, and they anticipate support for short codes to be added soon. UPDATE: Republic Wireless announced on October 10th, 2014 that there is now support for short codes. One more thing to scratch off the cons list!
Overall Republic Wireless is a great non contract cell service option. It ends up being cheaper than most of the other services that I’ve looked into, and if you have good WiFi coverage like I do, it can be considerably cheaper. I’d definitely recommend checking it out if you’re looking to cut an out of control cell phone bill.
Are you using Republic Wireless? How has the service worked for you? How much are you saving?
Find out more about the service and sign up via the link below.
More Details About Republic Wireless
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One of the top-15 retail mortgage companies in the country goes by the name “American Pacific Mortgage,” or APM for short.
The NorCal-based company is big on experience, whether it’s the many years of work history their loan advisors have, or their goal in providing the best possible outcome for their customers.
They are also actively involved with hundreds of charities, and have donated more than $1.4 million via their APMCares non-profit division.
Additionally, American Pacific Mortgage has an Office of Diversity and has been named a Top Employer by Diversity Jobs, and features some of the top female originators in the country.
So it appears they’re a progressive company that also cares about social causes. Let’s learn more.
Licensed to do business in 49 states and the District of Columbia
Has roughly 200 branches and 1,400 loan advisors nationwide
Funded more than $22 billion in home loans last year
A top-15 retail mortgage company in the country by volume
Did an almost equal mix of home purchase and refinance loans last year
Most active in the states of California, Texas, and Washington
American Pacific Mortgage is an independent direct-to-consumer retail mortgage lender that has been around since 1996.
They are headquartered in Roseville, California, which is located just Northeast of the state capital Sacramento.
APM has nearly 200 physical branches located throughout the country, along with a team of about 1,400 loan advisors.
Many of those branches operate under DBAs, such as Advanced Mortgage Group, Aligned Mortgage, Big Valley Mortgage, Element Mortgage, Guarantee Mortgage, Old Republic Mortgage, Preferred Rate, and several others.
Last year, the company mustered over $22 billion in total production, with about 56% of it home purchase lending and the rest refinance loans.
They were most active in their home state of California, where nearly 60% of overall volume was originated.
The company also does a fair amount of lending in the states of Texas and Washington.
Some 70% of their production was made up of conventional loans, with FHA and VA loans accounting for about half each of the remainder.
How to Apply at American Pacific Mortgage
They offer a digital mortgage application powered by ICE Mortgage Technology
Can apply online in minutes and complete most tasks electronically
Allows you to pause and resume where you left off and get status updates along the way
Borrowers can link financial accounts, scan/upload files, and eSign documents on the fly
To begin, you can either visit a physical American Pacific Mortgage branch if one is located near you, or simply call a local office.
It’s also possible to apply directly from their website if you’ve been referred already and/or know who you’d like to work with.
Additionally, their website features a branch directory where you can enter your location and find both offices and loan advisors near you.
From there, it’d be wise to get a mortgage rate quote to determine how competitive they are, and also if they have the specific loan program you’re looking for.
Regardless of how you get in touch, they offer a digital mortgage application that is powered by ICE Mortgage Technology (formerly Ellie Mae).
It allows you to fill out an app electronically and pause and resume where you left off so you can complete it on your own schedule.
Borrowers can link their financials like a bank account using login credentials, scan/upload necessary files, and eSign documents on the fly.
Once submitted, you’ll receive status updates as your loan progresses to the finish line.
Those looking to buy a home can take advantage of their Keys on Time program, which provides a full pre-approval before you shop for a home.
Then you can shop around knowing your financing is in place, and perhaps stand out among other offers if in a bidding war.
In fact, if you don’t close on time and have the Keys on Time approval, APM will give you or the seller $2,000 for your trouble.
Loan Programs Offered by American Pacific Mortgage
Home purchase financing
Refinance loans: rate and term, cash out, and streamline
Home renovation loans: FHA 203(k) and Fannie Mae HomeStyle
Construction loans
Reverse mortgages
Conforming loans backed by Fannie Mae and Freddie Mac
Jumbo home loans
FHA loans
USDA loans
VA loans
Specialty loans: self-employed borrowers and stated income
Fixed-rate and adjustable-rate options available
One plus to going with American Pacific Mortgage is their wide array of available loan programs.
They appear to offer just about anything you could ask for, and lend on all property types, whether it’s your first home, a vacation home, or 1-4 unit investment property.
You can get your hands on anything from a conforming loan backed by Fannie Mae to a jumbo loan or even a reverse mortgage, along with everything in between.
APM also offers a slew of different options in both fixed-rate and adjustable-rate varieties, such as a 30-year or 15-year fixed, or a 5/1 or 7/1 ARM.
There are even programs tailored to self-employed borrowers and those with unconventional loan scenarios who might prefer to state their income or use assets to qualify.
Ultimately, you shouldn’t face too many restrictions when it comes to loan choice with APM.
American Pacific Mortgage Rates
One area that keeps us guessing a bit is their mortgage rates. They don’t feature on their homepage or elsewhere on their website, so we don’t know where they stand.
As such, you’ll need to get in touch with a loan officer to discuss loan pricing and overall eligibility.
While you’re at it, don’t forget to ask about any applicable lender fees, such as a loan origination fee or an application fee.
Once you take the time to shop around with APM and other lenders, you can determine if their pricing is in-line with or better than the competition.
As an independent mortgage company, they may best the big banks but perhaps price slightly higher than the fully-online mortgage lenders. But I can’t say with certainty.
American Pacific Mortgage Reviews
On Zillow, American Pacific Mortgage has a nearly-perfect 4.98-star rating out of 5 from roughly 3,500 customer reviews.
That’s doubly impressive given the large number of reviews and their ability to maintain such a high score.
Many of the reviews on Zillow indicated an interest rate and/or closing costs below what had been expected, which gives us a clue about their loan pricing.
You can also check out individual loan officer reviews on Zillow, so take a moment to filter if you want to see how a particular advisor has performed in the past.
On Facebook, they have a 4.5-star rating from over 100 reviews, and on Google a 4.9-star rating from over 600 reviews.
Additionally, they have a 5-star rating on Reach150 from over 700 reviews, and have been named a top mortgage lender by Scotsman Guide and a Best Military Lender by National Mortgage Professional Magazine.
Lastly, while not an accredited business with the Better Business Bureau, they do have an ‘A+’ rating based on complaint history.
In summary, American Pacific Mortgage could be a solid choice for both first-time home buyers and those looking to refinance an existing mortgage.
Their mix of technology and physical branch locations may appeal to those who prefer to know who they’re working with, as opposed to simply interacting with a website.
American Pacific Mortgage Pros and Cons
The Good
Offer a digital mortgage application powered by ICE Mortgage Technology
Lots of physical branches located throughout the country for those who prefer in-person consultation
Keys on Time program offers a full mortgage approval before you shop for a home
Tons of loan programs to choose from including reverse mortgages and specialty loans
Excellent customer reviews from thousands of past clients A+ BBB rating
Free smartphone app
Free mortgage calculators and how-to guides online
Dependable Home Warranty was founded in California in 1974. When they became a subsidiary of Old Republic International in 1982, they continued to provide reliable coverage to all of their customers.
They have since earned a spot among the top three home warranty companies in the country with an A+ rating from the Better Business Bureau.
Old Republic offers efficient and friendly service with comprehensive plans and straightforward pricing.
Their goal is to be a long-time service provider for your household by building a relationship with your family and earning your trust.
Old Republic Home Protection Review: Main Features
Table of Contents
Old Republic offers many ways to protect your investment by covering common home repairs to help keep your house safe and sound.
With Old Republic, you can expect to find a variety of plans tailored to meet your coverage needs. Across plans, there are a number of features that stand out.
The following are some of our favorite Old Republic coverage features included in all plans, features which put it on our list of top home warranty companies.
Heating System
Heating units not exceeding five tons are covered under all of Old Republic’s warranty plans, and they don’t limit the number of units you can cover.
Most companies only allow coverage for one unit, and you have to pay extra for additional units, so this is a really excellent coverage option.
If you have multiple heating units in a large house or you have an outbuilding you use for your hobbies and projects, this coverage provides you with a great solution. Heating system coverage includes parts like the heat pump, ducts, thermostat, floor heater, and drain pumps.
Plumbing System
When a part of your plumbing isn’t working, it can disrupt your entire routine from dishes to showers to bathroom breaks.
Old Republic’s plumbing system coverage includes the following:
Drain line stoppages
Toilet tanks
Pipe leaks
clogs/leaks: in your water heater, water dispenser, garbage disposal, sump pump, and water pressure regulator parts
Electrical System
You use your electrical system for almost every part of your day. Making toast for breakfast, watching TV in the afternoon, and playing games with your kids in the evening all require electricity.
To keep the lights on, Old Republic covers your outlets, switches, panels, breakers, wiring, fuses, fans, and more.
If something goes wrong with your electrical system, they’ll restore power quickly so you can keep moving.
Home Appliances
Old Republic covers home appliances like your oven, cooktop, range, dishwasher, exhaust fan, built-in microwave, and trash compactor.
Every component of these systems is included in the event you experience normal wear and tear or an unexpected outage.
With this coverage, you can keep your kitchen in proper working order to cook meals, do dishes, or gather with family and friends.
Old Republic Warranty Plans
Old Republic offers customizable warranty plans based on location. While there’s not a standard set of plans for you to preview, Old Republic has brochures available that detail the specific coverage in your area.
Old Republic offers location-based plans to provide better coverage based on common problems in your region.
For instance, you won’t pay for air conditioning coverage when your home doesn’t have an air conditioner.
They can provide superior options and more valuable service by segmenting their warranty plans this way. Experts servicing your location will be more knowledgeable about the problems you encounter and be able to fix them more quickly.
The Good – Old Republic Home Protection
Old Republic offers some benefits in addition to their exceptional features, giving you not only great coverage but fantastic conveniences that make your life easier. Here are just a few of our favorites.
Easy Quotes
You don’t have to call Old Republic to request a quote, and you won’t be hassled by their representatives.
They provide online brochures listing the coverage options in your area so you can do the research on your own and find what’s right for you.
The quoted estimate is highly accurate and lists the service call fee along with the warranty plan price.
Online Claims
Most of your home warranty claims can be handled online, adding convenience to the process. If you find faulty wiring in the basement and you can live without spending time in that space for a few days, the online option is easy to use and eliminates the need for you to pick up the phone.
You should always call instead of filing a claim online in the event of an emergency or if you need to make multiple requests like bringing up previous services or getting the status of an existing claim.
Great Reputation
Old Republic prides themselves on having an outstanding reputation, and they do everything they can to maintain it. They’re reliable, professional, and competent.
The company lists their values online so you can always see how important it is to them to provide you with the best possible service.
They value honesty, and they are always open with their customers. With this kind of transparency, you can rest assured they’ll do whatever they can to give you the best service at the best prices.
Online Resources
Old Republic’s website includes a number of educational tools that can help you make an informed home warranty purchase.
With a blog full of home improvement tips, real estate marketing tools, information about home warranties, and more, you’ll be able to find what you need quickly.
The FAQ page includes answers to the questions that customers ask Old Republic most frequently, so when you’re on the hunt for more information about the company or their plans, it’s all right there.
Real Estate Professional Options
For real estate professionals who prefer to add perks to their sales, Old Republic has packages just for you.
You can cover all of the homes you sell with a fantastic starter warranty, enticing your buyers and giving you an edge.
These plans include extensive tools like customizable e-cards and newsletters, open house kits, and other marketing items.
The Bad – Old Republic Home Protection
As with anything you buy, Old Republic has some downsides, none of which are too significant.
Coverage Areas
They don’t provide nationwide service, so their warranty plans aren’t available everywhere.
However, Old Republic has chosen to focus on areas where they feel they can offer the best value, so in the areas where service is available, it’s the best service you can get.
Customer Support
Old Republic doesn’t offer email or online support. Sometimes the most convenient thing you can do is hop online and chat with someone if you have a quick question.
Support Options Limited
The lack of online support forces you to call in a situation where it would typically be simpler to chat.
However, they do have phone representatives, and their online help section is more comprehensive than many other providers. They have an extensive FAQ section as well as a blog that provides even more advice and answers.
Pros
Cons
Comprehensive Coverage
Old Republic Home Protection offers a wide range of coverage options, including for major appliances, systems, and optional add-ons such as pool and spa coverage.
Ease of Use
Old Republic Home Protection makes it easy to request service and track claims online or through their mobile app. They also have a network of pre-screened contractors to provide service.
Strong Reputation
Old Republic Home Protection has been in business for over 45 years and has a strong reputation for customer service and claims handling.
Customizable Plans
Old Republic Home Protection offers a variety of plans and optional add-ons, allowing customers to tailor their coverage to their specific needs and budget.
Alternatives to Old Republic
Old Republic is one of several great home warranty companies. Take a look at the top alternatives below to decide which provider is best for you.
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The Bottom Line – Old Republic Home Insurance Review
While Old Republic doesn’t have online chat support or coverage in all areas, they do have a fabulous reputation for being honest and upfront with customers.
Their integrity standards are some of the best in the business, giving you peace of mind that your warranty coverage will be honored.
Their quotes are easy to find without having to reach out to a representative, they have a no-pressure sales process, and they offer location-specific coverage for more comprehensive plans and solutions.
When it comes to home warranty coverage, Old Republic provides excellent options for all of your home warranty needs.
FAQs – Old Republic Home Insurance
What does Old Republic Home Protection cover?
Old Republic Home Protection offers a range of coverage options, including for major appliances, heating and cooling systems, plumbing, and electrical systems. Optional add-ons, such as pool and spa coverage, are also available.
How does Old Republic Home Protection work?
If a covered item in your home breaks down, you can file a claim with Old Republic Home Protection either online or over the phone. Old Republic will then send a pre-screened contractor to your home to assess the problem and perform any necessary repairs.
How long does a contract with Old Republic Home Protection last?
Old Republic Home Protection requires a one-year contract. The contract automatically renews each year unless canceled.
Product Description: Old Republic Home Protection is a home warranty company that offers coverage for home systems and appliances.
Summary of Old Republic Home Protection
Old Republic Home Protection is a home warranty service that offers coverage for major repairs and replacements for important home systems and appliances. It provides coverage for items such as heating and cooling systems, plumbing, electrical, water heaters, and more. The company also offers additional services such as repair scheduling, 24/7 emergency service, online account management, and an annual maintenance plan.
Cost and Fees
Customer Service
User Experience
Product Offerings
Overall
3.9
Pros
Predictable Coverage: A one-year contract with automatic renewal means that homeowners can count on having coverage for a set period of time without having to worry about renewing the contract themselves.
Continuous Coverage: Automatic renewal ensures that there is no gap in coverage, which is especially important for homeowners who rely on their home systems and appliances.
Budgeting: With a one-year contract, homeowners can budget for the cost of the home warranty and plan accordingly for the renewal.
Cons
Long-Term Commitment: A one-year contract means that homeowners are locked into the service for a set period of time, even if they are dissatisfied with the coverage or service provided.
Cancellation Restrictions: Cancelling the contract before the end of the term may result in penalties or fees, depending on the terms of the contract.
Automatic Renewal: Automatic renewal means that the contract will renew automatically unless cancelled, which may catch some homeowners off-guard if they forget to cancel before the renewal date.
Title industry revenue dropped 19% year over year in 2022, according to data released Thursday by Fitch Ratings. This 19% decline is on a GAAP basis for the Fitch Ratings title universe which includes Fidelity National Financial, First American, Old Republic and Stewart. According to the Fitch report, the decline in revenue was driven by […]