0 minute readStewart Information Services Corp. said last week that an “agency defalcation” will cause it to widen its net loss for the first quarter, forcing it to restate earnings. The “found fraud” will lead to a $4.6 million pretax charge to earnings, the Houston-based title giant said, widening its first quarter loss to $25.2 million, or $1.40/share. Stewart had originally reported its first quarter loss at $22.3 million, or $1.24/share. For those of you not familiar with the title biz, “agency defalcation” refers to a title agent who misuses funds intended to be used to close insured transactions.
Articles written by HousingWire Staff are non-bylined, and typically involve press release coverage and aggregation of coverage appearing elsewhere. So who put all these together? Our entire staff does!see full bio
Most Popular Articles
Latest Articles
Test
The story for the housing market over the past three years has been, “Home sales are down, home prices are up.” Because inventory was so restricted after the pandemic, prices pushed higher even as demand weakened. That story may finally be inverting as unsold inventory of homes is now great enough that home prices are […]
-
Freddie Mac’s Donna Spencer on their Servicing Excellence initiative
-
Lower mortgage rates attracting more homebuyers
-
Rocket Pro TPO raises conforming loan limit to $802,650 ahead of FHFA’s decision
-
Show up, don’t show off: Laura O’Connor is redefining success in real estate
-
Between the lines: Understanding the nuances of the NAR settlement
Articles written by HousingWire Staff are non-bylined, and typically involve press release coverage and aggregation of coverage appearing elsewhere. So who put all these together? Our entire staff does!see full bio