HOUSTON (Aug. 17, 2004) - Stewart Mortgage Information (SMI) is now providing flood zone determinations on mortgage loans originated by R-G Mortgage, the second-largest mortgage loan originator and servicer in Puerto Rico.
SMI is a wholly owned subsidiary of Stewart Information Services Corp. (NYSE-STC), which also provides title insurance, escrow and closing services through its Stewart Title affiliates and agents.
"This is another example of how Stewart is expanding on the services it provides to the lending industry," said Pablo Dardet, president, San Juan Abstract Co., a Stewart Title affiliate. "We have worked with R-G Mortgage for title insurance and we are pleased to offer flood certificates to them as an affiliated service."
SMI's Flood Determination Services offers an Internet-based service for ordering flood determinations on specific properties. Lenders and other customers send orders for flood hazard analysis, which access a digital database containing the flood zone status of more than 130 million properties within the United States, Puerto Rico and the Virgin Islands. More than 85 percent of all orders are electronically fulfilled for customers within 60 seconds. SMI also provides Life of Loan management services.
"R-G Mortgage is a longtime customer of ours in Puerto Rico," said Harold Hickman, southeast region manager, Stewart Title. "We are excited to see our great relationship expand through their purchase of flood zone determinations. It's just another way our title offices throughout the nation can provide lenders with the products they need for their mortgage loan originations."
Stewart Information Services Corp. is a technology driven, strategically competitive, real estate information and transaction management company. Stewart provides title insurance and related information services through more than 7,700 issuing locations in the United States and several international markets. Stewart meets the needs of the real estate and mortgage industries through the delivery of information services required for settlement using e-commerce. These services include title reports, flood determinations, document preparation, property reports and background checks. Stewart also supplies post-closing services to lenders, automated county clerk land records, property and land ownership mapping, and GIS for governmental entities. Stewart provides expertise in tax-deferred exchanges. More information about Stewart can be found at http://www.stewart.com/.