Elmdale Partners

Elmdale Partners Announces Acquisition of Affinity Title Services, LLC

Elmdale Partners

Elmdale Partners is proud to announce the acquisition of Affinity Title Services, LLC., allowing for the immediate integration of Affinity’s innovative technology and streamlined process into all title operations.

CHICAGO, IL   MARCH 07, 2017

Elmdale Partners is proud to announce the acquisition of Affinity Title Services, LLC., allowing for the immediate integration of Affinity’s innovative technology and streamlined process into all title operations.

“The acquisition will expand our service offerings, while growing our network of brokerages, lenders and attorneys in the Midwest,” said Elmdale Partners principal and Affinity CEO Menash Zadik.

With the acquisition of Affinity Title, the company will be offering its customers advanced tools and additional services, such as requesting online ordering, reviewing and examining title, scheduling closings at the customer’s convenience, 24/7 access to the title management system, ordering surveys when needed and requesting clerking services. More services will be announced soon.
Additionally, customers will have access to six more office locations across Chicagoland. The headquarters of the company will be located in Des Plaines.

According to Mary-Sue Solley, Affinity Title’s Manager, the Affinity customer base “should be assured that the principles and values of the Affinity company will be enhanced by opportunities that the acquisition will bring.”

About Elmdale Partners

Elmdale Partners was established in 2010. The unique real estate platform includes real estate investments, a multi-state brokerage engaging 2200+ agents, property management, commercial financing, development and the first real estate tech accelerator: elmspring. Elmdale Partners conceives and grows successful companies with a focus on delivering strategic, innovative opportunities along the entire real estate value chain to investors, shareholders and employees.

3rd Annual Cubs Outing

3rd Annual Cubs Outing – August 11, 2016

CFPB Compliance Bulletin 2015-05

Cubs Outing 8-11-15 image 23

Affinity Title Annual Cubs Outing 2015

Affinity Title Hosts Chicago Cubs Outing

Affinity Title was pleased to host an outing to Wrigley Field for the Chicago Cubs game versus the Milwaukee Brewers on August 11, 2014.

Everyone that attended had a great time, even though the Brewers ended up winning 3-1.

 

TAN Pizza Party

TAN pizza party

Thank you to TAN (Title Action Network) for providing the delicious pizza lunch to Affinity Title for having 100% employee participation.

TAN Pizza Party

CFPB Cracking Down On Illegal Mortgage Referrals

This article is a repost from the NY Times

Cracking Down on Illegal Mortgage Referrals

By Lisa Prevost

A federal agency is aggressively going after mortgage, title and real estate companies that it believes are violating laws prohibiting payments or incentives for customer referrals.

The Consumer Financial Protection Bureau took over enforcement of the Real Estate Settlement Procedures Act — known as Respa — from the Department of Housing and Urban Development in July 2011. Since then, the bureau has racked up 11 Respa settlements and lawsuits, according to a spokesman.

HUD did not put much emphasis on Respa enforcement, but “the C.F.P.B. has taken it to a whole different level,” said Gary Lacefield, who worked as a Respa officer under HUD and now consults on Respa and fair housing compliance.

Last month, the bureau ordered RealtySouth, a major real estate company in Alabama, to pay a $500,000 penalty for failing to inform home buyers that they were under no obligation to use a title and closing service affiliate. RealtySouth consented to the terms of the order without admitting or denying the bureau’s findings.

Real estate companies are allowed to refer customers to affiliates like lenders and title services so long as they also provide a written disclosure that clearly explains that customers are not required to use the affiliate and have the right to shop around. In RealtySouth’s case, the firm’s printed purchase contracts explicitly directed buyers to its affiliate, TitleSouth, and buried the required disclosures in text about the benefits of its own services, according to the bureau.

“That’s Respa 101 of what not to do,” said Marx David Sterbcow, a New Orleans lawyer specializing in Respa issues. “You don’t write it into the contracts and basically steer customers to your affiliated company.”

Respa is intended to protect consumers from having to pay inflated costs for mortgage and closing services. In looking for violators, the bureau has shown that “they don’t care how big your company is,” Mr. Sterbcow said. “Nor do they care how small your company is.”

In October, the bureau filed a federal lawsuit against a family law firm in Louisville, Ky. The firm, run by J. David Borders and his two sons, provides real estate closing services. The bureau claims the firm illegally paid for referrals from real estate and mortgage broker companies through a network of shell companies. The firm denies the charges, and has argued in court documents that its affiliate arrangements met the law’s disclosure requirements. The case is still pending.

Mr. Lacefield questioned how much consumers have really benefited from the bureau’s Respa actions to date. “The focus seems to be, let’s go hammer the companies, but there is very little restitution for consumers,” he said.

All penalties collected by the bureau for violations of consumer-protection laws go into a civil penalty fund, which had a balance of $65 million as of December. While millions have been paid out from the fund as compensation to consumers, a bureau spokesman acknowledged that these payouts were not related to Respa violations.

Mr. Lacefield suggested that consumers would derive a much greater and more direct benefit if the bureau focused on the relationships between home builders and mortgage companies, especially in cases where buyers are offered upgrades or price discounts to use a preferred lender. HUD started to look at the issue in response to numerous consumer complaints, but the bureau has not made enforcement in this area a priority, according to Mr. Lacefield.

2014 Affinity Title Services, LLC Post Holiday Party

 

Thank You! to everyone who attended our annual Post Holiday Party for making it such a great event.

We love working with you all!