Financial Title Ceased Operations in California
Mortgage Insider » Mortgage Insurance » Financial Title Ceased Operations in California
Financial Title owned by parent company, Mercury Companies Inc. are ceasing operations in California. The Financial Title closings come after another title subsidiary, Alliance Title, closed all California offices in May.
According to Jim hailbun, President of United Title of Texas who said in the San Jose Business Journal,
“Mercury is closing all of its companies outside of Colorado, which includes Arizona, California, Oregon and Nevada”
This obviously includes the Financial Title the remaining title company in California owned by Mercury Companies.
Financial Title had 36 offices in California but no word on the number of employees who will left without a job.
Jim Hilburn also speculated the closing of both Financial Title and the others Title were caused by creditors pulling the parent company’s lines of credit.
Could it have also been the lawsuits Mercury Companies finds itself steeped in…read about that in my other post here.
I guess bank failures are not the only failures we have to worry about…
Good Luck!
Author: The Mortgage Insider
Date: July 30, 2008
Tags by Post Title Company, Title Insurance
Technorati Title Company, Title Insurance
All Posts In Category
Financial Title Ceased Operations in California
Hazard Insurance Overview
Lender Paid Mortgage Insurance - How Does it Really Work?
MBIA Inc - Another Bond Insurer Posts Unexpected Gain
Mortgage Insurance Deductibility Made Law
Mortgage Insurance Giants Collapse Could Trigger Stock Market Panic
Private Mortgage Insurance (PMI) Tutorial
TGIC - Triad Guaranty - Mortgage Insurer Down $198 Million
Title Insurance Explored
United Title Closing Texas Offices
Our Free Quote Service
Get 4 quotes (and only 4) from the nations best mortgage providers using our free, secure, quote service.
Unlike other online services, ours has a built-in "security measure" via an independent verification service that contacts you by phone to insure it was, in fact, you wanting the quotes. (So you must include a phone number for verification) Once confirmed, your request is passed on to the providers who will send you their offers by email (so you must include a valid email too!).
You then pick the best offer!
Reader Comments
How To Use Our Comment Section:
1. To comment on the article or post: Simply cursor down to the bottom and add your comment in the box, hit "Save". After moderation, your comment will appear next chronologically.
2. To comment on a comment (not on the post) or what is called a "nested" comment: Hit the "Reply" link at the bottom of the comment you'd like to reply to. A new comment box appears, you can add your comment to the box, hit save. After moderation, your comment will appear "nested" under the selected comment.
3. Do Not Use ALL CAPS. Use "Real" Names, No Keywords. Do Not Put Contact Info (ie. phone numbers, email addresses, etc.) In Comment Text.
At least Alliance employees got their final paychecks. Financial Title employees had to leave with nothing but the personal possessions in their desks. I wish I had a final paycheck to cash!
nope,
Thanks for the clarification and updates.
RKB
FYI – Financial Title Co was not the only remaining Mercury Company Inc. Title company in California. Lenders First Choice in Simi Valley closed their doors this morning, too, along with their offices in Texas and Florida. Employees were told to clean out their desks and that “we don’t know when or how you will be paid.” Based on the comments below, I plan on camping next to my mailbox until (hopefully) that check shows up. If, however, Mercury Companies decides to file bankruptcy, there will be no paychecks forthcoming.
Witheld,
Back an eon ago when I worked as a loan officer in other peoples companies, it was always good advice to cash your last pay check rather than deposit it…regardless of the circumstances.
Take heed…
EMPLOYEES BEWARE – CASH YOUR FINAL CHECKS! DO NOT DEPOSIT THEM. If this goes like Alliance, no vaca pay, no sick, no severance, your paycheck will be valid for about 24hrs and then the banks will cease to cash. Deposits usually require 48hr hold and will end up invalid. Move fast before the cash all dries up!