According to an article posted last night on azcentral.com, escrows that were being processed at Arizona Title have been shifted to First American Title.
The article cited at Houston Chronicle article that said Mercury Cos., the parent company for Arizona Title here and United Title in Texas, had stopped the funding to force the closure.
United Title had 27 offices in Texas, Arizona Title has 15 offices here.
“This decision was precipitated by an unexpected, and in our opinion, unwarranted and unjustified act by our syndicate of banks, which deprived us of the cash we needed to sustain and to continue those operations,” the newspaper reported the Denver-based company said in a memo to employees Wednesday.
Both Arizona Title and United Title are subsidiaries of Mercury, which also owns title agencies in California, Colorado, Oregon and Nevada.
Title insurance ultimately was being handled by First American, thus the move to FATCO.
[tags]Phoenix real estate, Arizona Title[/tags]
Mercury said it is coordinating with its underwriter, First American, “to ensure that all escrows are safe and all closings through the Arizona, Texas and California offices will take place,” the memo said.