Fidelity recently unveiled its newest fraud mitigation and compliance solution, which was created to help financial institutions comply with the Fair and Accurate Credit Transactions Act.

The company's white paper encourages title companies to endorse a Web-based, automation solution for conducting title searches rather than relying upon more traditional methods.

Stewart Title and the Asian Real Estate Association of America began a 12-month partnership to translate common real estate documents into Chinese, Korean and Vietnamese.

The North American Securities Administrators Association and the Securities and Exchange Commission reached a settlement with Bank of America over auction rate securities.

Weekly developments in the title insurance industry (October 4 - October 10, 2008)

Bankrate reported that mortgage rates remain volatile as heightened economic worries continue to stir fear; some feel the credit crunch will only create greater uncertainty in mortgage rates.

The charges against nine Florida residents who allegedly operated a mortgage fraud ring in South Florida could result in lengthy prison terms should they be found guilty.

The International Consortium of Real Estate Associations and SecondSpace recently formed a multi-year technology and marketing partnership to benefit their members.

The Bristol City Council voted in favor of using eminent domain to obtain construction easements for a pending sewer project if negotations with local property owners fail.

The American Land Title Association reported an operating loss of $204.7 million, compared to an operating gain of $64.1 million for same period in 2007.

The Market Composite Index rose 2.2 percent on both the seasonally adjusted basis and an unadjusted basis from the previous week. Yet, it remained 28.6 percent lower than it was one year ago.

A U.S. district judge sentenced a resident of St. Charles, Missouri to 18 months in prison following the man's June 2008 guilty plea to one felony count of wire fraud.

First American Title promoted Steven Presti has been promoted to direct operations manager for Texas. A veteran of the title industry, Presti has held many roles with various title companies.

Pending home sales activity surged as buyers took advantage of low home prices and affordable interest rates, according to the National Association of Realtors.

In response to the recent growth of the financial crisis, several of the world's leading banks, including the European Central Bank and the Federal Reserve, implemented reductions in policy interest rates.

Mortgage rates remained steady over the past week despite fears about the Stock Market both here and abroad, according to data gathered by Zillow for its weekly mortgage rate report.

The Federal Reserve Board created the facility to help provide liquidity to term funding markets and provide a liquidity backstop to U.S. issuers of commercial paper.

In addition to repaying restitution of $866,810, a federal judge ordered Dawn Kidder, the former operator of Northwest Missouri Title Company, to serve 50 months in federal prison.

Info Directions and First American Proxix Solutions together launched an integrated solution to help service providers improve the management of tax jurisdiction information in the back office.

TSS Software recently released TitleExpress Version 6.00H, which boasts an updated interface that the company claims makes it easier to navigate and more visually appealing.

Pennsylvania homebuyers may see a reduction in the price they pay for title insurance if they elect to buy their policies through Entitle Direct Group, a Cleveland-based title insurance provider.

A federal grand jury indicted three St. Louis residents on charges of bank, wire and mail fraud linked to the sale of 12 area properties whose total sales exceeded $2.7 million.

U.S. District Judge David Dowd, Jr. ordered Patrick O'Malley, the former county recorder for Cuyahoga County, Ohio to 15 months in jail for materials contained on the man's computer.

Stewart Title continued to serve the Houston and Gulf Coast area, as well as global operations in the wake of Hurricane Ike, due to its technology and telecommunications capabilities.

A real estate loan officer pled guilty to one count of bank fraud, two counts of wire fraud, and one count of money laundering involving the sale of a home in Woodburn, Oregon.

Fidelity National Financial intends to release the results of its third quarter 2008 earnings after the close of trading on October 22, 2008 with a conference call scheduled the following morning.

Less than 30 minutes after the House approved the $700 billion financial rescue plan, the President signed he measure into law that will effectively bail out the nation's banking industry.

E-Closing unveiled E-Closing Lite, a new product that provides a complete Web-based suite of title and escrow tools designed for small title operations, attorneys and start-ups.

The House of Representatives passed the $700 billion financial rescue plan earlier this afternoon in a vote of 263 Representatives favoring the measure and 171 opposing it.

Ellie Mae recently acquired the assets of Online Documents, one of the industry’s leading providers of guaranteed compliant mortgage documents from Stewart Lender Services.

The companies signed an agreement for the merger of the two entities including all of Wachovia's banking operations without any government-provided financial assistance.

The National Notary Association and Science Applications International Corporation recently formed a strategic alliance that provides a solution for validating digitally signed documents.

Weekly developments in the title insurance industry (September 27 - October 3, 2008)

The Ohio Association of Independent Title Agents filed a lawsuit with the Ohio Supreme Court against Mary Jo Hudson, the director of the Ohio Department of Insurance. The suit claims that the director and her department have failed to enforce currently existing rules prohibiting banks, Realtors and mortgage brokers and their subsidiaries, also known as controlled business arrangements, from engaging in the business of title insurance. The association seeks to prevent the spread of kickbacks and referral schemes in the real estate industry by asking the Ohio Supreme Court to compel Hudson's office to comply with current laws.

The PNC Economic Outlook released a report indicating that U.S. business owners are currently most concerned about energy prices, recession and credit availability.

The Senate passed the financial rescue plan by a vote of 74 to 25 after more than three hours of debate. Following its passage, the measure travels to the House where it's expected to voted upon shortly.

The site launched a new professional directory that links consumers to real estate professionals in their area who can assist them in selling, buying or renovating a home.

Bankrate.com reported that mortgage rates increased for the third consecutive week with the average 30-year fixed mortgage rate rising to 6.41 percent as the market continued to look bleak.

Mike Kreidler reached a settlement with Stewart Title of Snohomish County for $400,000. Initially, his office brought a $2 million fine against the firm for allegedly giving illegal gifts and incentives.

In an effort to unify its businesses under the same name, United Title Company, a subsidiary of LandAmerica Financial Group, is now conducting business as LandAmerica Title Company.

The Market Composite Index decreased 23.0 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index's decline was slightly higher at 23.4 percent.

The National Association of Realtors expressed extreme disappointment in the actions of the U.S. House of Representatives in failing to pass the Emergency Economic Stability Act of 2008.

Members of the U.S. Senate released statements and took to the airwaves today saying that they expected to vote on a modified version of the $700 billion financial rescue plan recently defeated in the House.