Lancaster County woman convicted of fraud

By KEVIN HORAN

Daily Record/Sunday News

Updated: 09/14/2010 11:40:08 AM EDT

A 48-year-old Mount Joy, Lancaster County, woman was convicted of wire fraud last week after she defrauded a Jacobus real estate settlement firm and a real estate title insurance company out of more than $266,000, the U.S. Department of Justice said.

According to the department:

The woman, Shawn Chambers-Galis, diverted more than $273,000 from the escrow accounts of her Jacobus firm, Donegal Settlement Services, money which should have gone toward paying off mortgages at real estate closings. Commonwealth Land Title Insurance Company paid $266,309 to clear the properties’ titles.

Chambers-Galis deposited at least $142,691 of the diverted money into her personal checking account and used $22,500 more to buy a real estate agency franchise.

The jury acquitted Chambers-Galis on four related unlawful monetary transaction counts.

U.S. District Judge William W. Caldwell deferred sentencing pending preparation of a pre-sentence report.

via Lancaster County woman convicted of fraud – The York Daily Record.

—New Division Provides Title, Settlement and Valuation Solutions for Residential Originators—

SANTA ANA, Calif., Sept. 13 /PRNewswire-FirstCall/ — First American Title Insurance Company today announced the launch of its new Mortgage Services division, which is designed to address the title, settlement and valuation needs of residential originators with national retail platforms.

First American Title’s Mortgage Services division supports many of the nation’s largest financial institutions in pursuing a national strategy for residential origination that focuses on speed, efficiency, customer satisfaction and cost reduction by providing custom closing solutions, leveraging the strength of a national underwriter, applying proprietary technology and tapping into the extensive resources available within the First American family of companies.

via prnewswire.com

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Insurance News – Fitch Affirms Stewart’s Ratings; Outlook Remains Negative

September 15, 2010 admin

Fitch Affirms Stewart’s Ratings; Outlook Remains Negative

September 14, 2010 | Business Wire

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CHICAGO–(BUSINESS WIRE)– Fitch Ratings has affirmed the ‘BBB-‘ Issuer Default Rating (IDR) and ‘BB+’ senior unsecured debt rating of Stewart Information Services Corp. (SISCO). Fitch has also affirmed the ‘BBB+’ Insurer Financial Strength (IFS) ratings of Stewart Title Guaranty Company (STG) and its wholly owned subsidiary Stewart Title Insurance Company (STIC), collectively referred to as Stewart. The Rating Outlook for all ratings remains Negative.