CHICAGO, Feb. 18 /PRNewswire/ -- Chicago Title Insurance Co. (CTIC) today
announced that it has acquired the business of California-based Consolidated
Reconveyance Co., which provides foreclosure and reconveyance services.
Today's announcement was made jointly by Kenneth Carmona, president,
Consolidated Reconveyance Co., and John Rau, president and chief executive
officer, CTIC.
This acquisition follows on the heels of the purchase of Universal
Mortgage Services Inc. (to be known as Chicago Title Field Services
Inc.) by CTIC's parent company, Chicago Title and Trust Co. (CT&T).
Chicago Title Field Services Inc. provides property inspection, preservation
and maintenance services nationwide through offices in Cleveland and Salt Lake
City.
Together, these acquisitions represent CT&T's first major effort to
enter the servicing sector of the residential mortgage business.
"With the dramatic growth of home equity and refinance loans, many lending
institutions are outsourcing the reconveyance function, and we see this
acquisition as a way to broaden our services and increase revenues," said Rau.
"Our entry into the default management business will give us a hedge against
the cyclical nature of the real estate business. We are proud to add a
company with Consolidated's superior reputation to our Family of Companies."
Carmona said: "Consolidated's position in the marketplace will be
strengthened by our ability to offer services nationally through CT&T's vast
distribution network."
Consolidated Reconveyance Co. provides foreclosure and reconveyance
services for institutional lenders, title and escrow companies, governmental
agencies and individual investors. The company recently developed a national
reconveyance software package that improves the efficiency of processing
reconveyances and releases and will soon be available through CT&T's
CastleLink division.
CastleLink, formed in 1997, is CT&T's national sales and services
division delivering a complete package of real estate services to major
residential lenders.
The Chicago Title and Trust Family of Companies is the source of real
estate services, providing title insurance, escrow and closing services,
as well as property valuation, credit information and flood compliance
products through a network of more than 300 offices and approximately
3,700 agents nationwide. CT&T's title insurance subsidiaries --
including Chicago Title Insurance Co., Ticor Title Insurance Co. and
Security Union Title Insurance Co. -- issue approximately one in every
four title insurance policies in the United States with annual gross revenues
in excess of $1.3 billion. CT&T also is the parent company of
Chicago Title Field Services Inc. of Beachwood, Ohio; Chicago Title
Flood Services Inc. of Arlington, Texas; Chicago Title Credit Services
Inc. of Kingston, N.Y.; and Chicago Title-Market Intelligence Inc. of
Hopkinton, Mass.
SOURCE Chicago Title and Trust Co.
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Related links:
http://www.ctt.com
CONTACT:
Stephen Flanagan of Chicago Title Insurance
Co., 312-223-2959; or Kenneth Carmona of Consolidated
Reconveyance Co., 818-876-8444
CNOC: http://www.prnewswire.com or fax, 800-758-5804, ext.
117465
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