UofP - MBA580 - Individual Assignment - Week One - 09-02-06

UofP - MBA580 - Individual Assignment - Week One - 09-02-06...

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Strategic Planning 1 Strategic Planning: Stewart Title Company and Fidelity National Title Insurance Company Robert Sikes, MBA580 University of Phoenix September 2, 2006
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Strategic Planning 2 Abstract Stewart Information Services Corporation (NYSE: STC) is the parent of Stewart Title Company and Fidelity National Title Group, Inc. (NYSE: FNT) is the parent of Fidelity National Title Insurance Company. Both companies provide title, escrow, and other fiduciary services. This paper will primarily focus on the title services function of both companies and provide a business summary including (1) mission, vision, and value statements, (2) offered services and customers, and (3) strategic objectives and goals.
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Strategic Planning 3 Strategic Planning: Stewart Title Company and Fidelity National Title Insurance Company Title Examination and Insurance The purpose of a title examination is to ascertain the ownership of the property being transferred, what debts are owed on it, and what the title policy coverage will be (Business, 2006). This involves searching for and examining documents such as deeds, mortgages, wills, divorce decrees, court judgments, liens, and tax records (Stewart, 2006). At the closing, or settlement, the seller executes a deed to the new owner. The buyer signs new mortgage documents. Closing funds are then disbursed to the seller, the prior mortgage company, real estate brokers, the title company, and others (Wickell, 2006). The documents are then recorded in the public records. A title policy is generally issued both to the lender and to the new owner (Business, 2006). Lenders in the United States generally require title insurance as a condition of making a loan on real estate, including securitized lending (Wickell, 2006). This is to assure lenders of the priority of their lien position. The purchasers of the property want the assurance given in their policy against claims that may arise against their ownership (Stewart, 2006). Title insurance seeks to eliminate most risks through the examination and settlement process. Losses on policies may occur because of a title defect not discovered during the examination and settlement process (Stewart, 2006). Other reasons for losses include forgeries, misrepresentations, unrecorded construction liens, the failure to pay off existing liens, mishandling of settlement funds, issuance by agents of unauthorized coverages, and other legal issues (Wickell, 2006).
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Strategic Planning 4 Business Summary: Stewart Title Company Stewart Information Services Corporation (STC)—parent company of Stewart Title Company (Stewart)—is a real estate information and transaction management company that provides title insurance and related services. At the end of 2005, the company was issuing policies through more than 8,500 issuing locations, on homes and other real property located in all 50 states, the District of Columbia, and several foreign countries. STC also offers computer- related services and information, as well as mapping products and geographic information
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UofP - MBA580 - Individual Assignment - Week One - 09-02-06...

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