ST. PETERSBURG, FLORIDA–(Marketwire – Jan. 20, 2011) – Title Consulting Services, Inc. DBA Accu Title Agency (PINK SHEETS:TITL) is providing this important update to its followers and shareholders.
Title Consulting Services (TITL) intends to acquire or complete a merger on a cash and stock basis with a US based IT web- software-company as a wholly owned secondary subsidiary. Dustin Secor, CEO of TITL said “TITL has a great business in the title services industry. We recently announced our expansion in the insurance sector with licensing rights in 9 States. TITL has a great balance sheet and we have been in business and operating the company for 15 years with consistent revenue in a recovering sector. We are looking to transform TITL into a small conglomerate encompassing real estate and technology sectors and possibly other sectors as opportunities present themselves. We believe that an expansion in the IT industry will deliver just that.”
We are working on two different scenarios that will complement one another:
Our first intention is to fuse technology with title services. An example of our outlook is to offer iPhone apps for our clients creating a mobile application platform in the Real Estate and Mortgage arena specifically designed for the Apple(R) iPhone(TM), iPod Touch(TM), iPad(TM) and other mobile platforms including the Android(TM) platform developed by Google(R). Chief Marketing Officer, Todd Jewett commented, “This app will be very beneficial and applicable to every Realtors and Mortgage Professionals in the industry. Once finalized, it will be deployed, as a marketing tool to keep the Accu Title brand in front of the decision makers who order title insurance services. The 2nd generation of this app would also have the ability to be private labelled for further distribution by the Realtors and Mortgage Professionals to their individual clients who are buying homes and refinancing their mortgages. In conclusion, the more decision makers we can put our name in front of, the greater the opportunity to grow our market share.
Our second intention is an acquisition of an established web-based company and we are currently reviewing several options. We want to acquire a company with revenues that can assist us in our business and industry and can add to our top and bottom line as we have an outlook of becoming a 15 to 20 million-dollar revenue company in the next few years. One of the companies that we are in communication with offers corporate solutions software with a live streaming video, whiteboarding, chat, sharing via webinars, presentation boards, and web conferencing on a web based platform. As the talks progress further TITL will shortly release the name of the targeted merger candidate and other relevant information.” said Secor, CEO.
The company will shortly add an IT section to its web site, followed by a launch of a new web site with the technology targeted company products and services.
The company intends to provide further updates and details to its followers on a timely basis.
Safe Harbor Statement
Information in this news release may contain statements about future expectations, plans, prospects or performance of Title Consulting Services, Inc. that constitute forward-looking statements for purposes of the Safe Harbor Provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases “can be”, “expects”, “may affect”, “believed”, “estimate”, “project” and similar words and phrases are intended to identify such forward-looking statements. Title Consulting Services, Inc. cautions you that any forward-looking information provided by or on behalf of Title Consulting Services, Inc. is not a guarantee of future performance. None of the information in this press release constitutes or is intended as an offer to sell securities or investment advice of any kind. Title Consulting Services, Inc.’s actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond Title Consulting Services, Inc.’s control. In addition to those discussed in Title Consulting Services, Inc.’s press releases, public filings, and statements by Title Consulting Services, Inc.’s management, including, but not limited to, Title Consulting Services, Inc.’s estimate of the sufficiency of its existing capital resources, Title Consulting Services, Inc.’s ability to raise additional capital to fund future operations, Title Consulting Services, Inc.’s ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities, and in identifying contracts which match Title Consulting Services, Inc.’s capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. Title Consulting Services, Inc. does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.
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Posted via email from Title Insurance http://www.realtor.org/RMODaily.nsf/pages/News2011011201?OpenDocument Not surprising, four of the top five most direly-economically-stressed states include the four states with worst housing performance: And the fifth? Michigan. Again, no surprise. It’s amazing how well housing market performance in an area correlates to economic health. And the best? North Dakota (home of the latest energy boom), South Dakota (ditto), Nebraska and Vermont. For the full article go to: Ted C. Jones, PhD Posted via email from Title Insurance In the 1000 series (Reserves Deposited With Lender) of the HUD-1 Settlement Statement, amounts are calculated to be held by the lender for future payment of taxes, insurance and other items. The last line in the section is an accounting adjustment based on the difference between line item and aggregate accounting. It seems that there is a small difference between the results if the items are separately calculated rather than as a group. This adjustment will usually be a negative number. Here’s the language from the HUD document setting forth the calculation: “(d) Methods of escrow account analysis. Paragraph (c) of this section prescribes acceptable accounting methods. The following sets forth the steps servicers shall use to determine whether their use of an acceptable accounting method conforms with the limitations in Sec. 3500.17(c)(1). The steps set forth in this section derive maximum limits. Servicers may use accounting procedures that result in lower target balances. In particular, servicers may use a cushion less than the permissible cushion or no cushion at all. This section does not require the use of a cushion. Ok – this is the language from HUD. Can anybody explain “Aggregate Adjustment” in 25 words or less? Posted via email from Title Insurance
Continuing Ed for Title Agents
Economically-Stressed States
Continuing Ed for Title Agents
Aggregate Adjustment on HUD-1
(1) Aggregate analysis. (i) When a servicer uses aggregate analysis in conducting the escrow account analysis, the target balances may not exceed the balances computed according to the following arithmetic operations:
(A) The servicer first projects a trial balance for the account as a whole over the next computation year (a trial running balance). In doing so the servicer assumes that it will make estimated disbursements on or before the earlier of the deadline to take advantage of discounts, if available, or the deadline to avoid a penalty. The servicer does not use pre-accrual on these disbursement dates. The servicer also assumes that the borrower will make monthly payments equal to one-twelfth of the estimated total annual escrow account disbursements.
(B) The servicer then examines the monthly trial balances and adds to the first monthly balance an amount just sufficient to bring the lowest monthly trial balance to zero, and adjusts all other monthly balances accordingly.
(C) The servicer then adds to the monthly balances the permissible cushion. The cushion is two months of the borrower’s escrow payments to the servicer or a lesser amount specified by State law or the mortgage document (net of any increases or decreases because of prior year shortages or surpluses, respectively).
(ii) Lowest monthly balance. Under aggregate analysis, the lowest monthly target balance for the account shall be less than or equal to one-sixth of the estimated total annual escrow account disbursements or a lesser amount specified by State law or the mortgage document. The target balances that the servicer derives using these steps yield the maximum limit for the escrow account. Appendix E to this part illustrates these steps.
(2) Single-item or other non-aggregate analysis method. (i) When a servicer uses single-item analysis or any hybrid accounting method in conducting an escrow account analysis during the phase-in period, the target balances may not exceed the balances computed according to the following arithmetic operations:
(A) The servicer first projects a trial balance for each item over the next computation year (a trial running balance). In doing so the servicer assumes that it will make estimated disbursements on or before the earlier of the deadline to take advantage of discounts, if available, or the deadline to avoid a penalty. The servicer does not use pre-accrual on these disbursement dates. The servicer also assumes that the borrower will make periodic payments equal to one-twelfth of the estimated total annual escrow account disbursements.
(B) The servicer then examines the monthly trial balance for each escrow account item and adds to the first monthly balance for each separate item an amount just sufficient to bring the lowest monthly trial balance for that item to zero, and then adjusts all other monthly balances accordingly.
(C) The servicer then adds the permissible cushion, if any, to the monthly balance for the separate escrow account item. The permissible cushion is two months of escrow payments for the escrow account item (net of any increases or decreases because of prior year shortages or surpluses, respectively) or a lesser amount specified by State law or the mortgage document.
(D) The servicer then examines the balances for each item to make certain that the lowest monthly balance for that item is less than or equal to one-sixth of the estimated total annual escrow account disbursements for that item or a lesser amount specified by State law or the mortgage document.
(ii) In performing an escrow account analysis using single-item analysis, servicers may account for each escrow account item separately, but servicers shall not further divide accounts into sub-accounts, even if the payee of a disbursement requires installment payments. The target balances that the servicer derives using these steps yield the maximum limit for the escrow account. Appendix F to this part illustrates these steps.”
Continuing Ed for Title Agents
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