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September 02, 2015 5:49 PM ET

Insurance

Company Overview of Title Source, Inc.

Company Overview

Title Source, Inc. provides title insurance, property valuations, and settlement services to Fortune 100 companies and residential mortgage lending institutions in the United States. It offers title services to secure lien position; and property legal description and ownership information with insured coverage limits on 2nd lien home equity loan products. The company also provides informational report that includes judgments or liens of record on specifically named parties, current tax information on a specific property, UCC or financing statements of record on specifically named parties, current deed of record, open mortgages or encumbrances of record with mortgage or encumbrance holders’ a...

662 Woodward Avenue

Suite 400

Detroit, MI 48226

United States

Founded in 1997

Phone:

248-641-1865

Fax:

800-652-7033

Key Executives for Title Source, Inc.

Chief Executive Officer and President
Chief Operating Officer
Vice President of National Commercial Accounts
Corporate Counsel
Vice President of Commercial Underwriting
Compensation as of Fiscal Year 2015.

Title Source, Inc. Key Developments

The Fourth U.S. Circuit Court of Appeals Vacates an Order Remanding Mortgage Loan Borrowers' Action against Quicken Loans and Title Source

The Fourth U.S. Circuit Court of Appeals vacated an order remanding mortgage loan borrowers' action against Quicken Loans and a class of unnamed appraisers under the Class Action Fairness Act's (CAFA) local controversy exception. It was improper for the district court to consider absent members of the class of defendant appraisers in determining whether at least one defendant was a 'significant' defendant from whom significant relief was sought. Phillip Alig, Sara J. Alig, Roxanne Shea and Daniel V. Shea obtained mortgage loans from Quicken Loans Inc. They filed a class action lawsuit against Quicken Loans, Title Source Inc. and a class of defendant appraisers represented by Appraisals Unlimited Inc., Dewey Guida and Richard Hyett. The plaintiffs alleged the existence of a scheme by the defendants that resulted in borrowers closing on a loan that was underwater from the beginning. Before the appraisers conducted an appraisal, Quicken Loans allegedly provided them with a suggested appraisal value. According to the plaintiffs, the appraisers would then arrive at the same appraisal value as the suggested appraisal value. Quicken Loans removed the case to federal court. The plaintiffs filed a motion for remand, arguing the local controversy exception to CAFA applied. The district court granted the motion. Quicken Loans appealed. The local controversy exception requires that at least one defendant be a local defendant from whom members of the plaintiff class are seeking significant relief and whose conduct forms a significant basis for the plaintiffs' claims. The parties disputed whether the defendant appraisers qualified as a significant local defendant. Quicken Loans argued the at least 1 defendant requirement could not be satisfied by aggregating claims against multiple defendants. The Fourth Circuit found the term at least contemplated that more than one defendant could satisfy the relevant element of the local controversy exception. It was proper for the district court to aggregate the named defendant appraisers for purposes of the local controversy exception. They were citizens of the state in which the plaintiffs filed their action and the plaintiffs' alleged injuries arose. The district court erred, however, in considering absent members of the putative class in finding that the at least 1 defendant requirement was met. The Fourth Circuit reasoned that an unnamed member of an uncertified class is not a party to the litigation.

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