LI-based title company Titleserv closes doors

TRD New York /
Apr.April 11, 2011 03:42 PM

One of the largest title agencies in the country, Titleserv, based in Woodbury, L.I., closed its doors this past Friday, an employee of the company said.

Calls and emails to Titleserv for further explanation were not returned. Company CEO James Conway could not be reached for comment, and Brian Pasley, a company senior vice president, said he could not comment.

The firm, founded in 1986, provided title services through large underwriters covering much of the country. The company has divisions such as Settlement Corp., that provide additional services at closings, such as holding funds in escrow to pay off sellers’ prior mortgages.

The firm was particularly strong in providing services for the closing of residential sales, industry insiders said.

The company ran into trouble with federal housing officials in 2002, but was later cleared.

The U.S. Housing and Urban Development raided the offices of Titleserv that year, on allegations of an illegal kickback scheme. But in October 2003 the federal agency closed the case against them without bringing charges.

Competing companies began hearing rumors of the closing last week, and were seeing some immediate impacts.

“We have been seeing a surge of business that has been redirected to us that had previously been with Titleserv, in the past few days,” said Brian Tormey, an executive vice president at Manhattan-based TitleVest Agency, an unrelated title firm.


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Governor Andrew Cuomo (Credit: Getty Images)

Cuomo rakes in real estate cash — but not from LLCs

From left: Savanna’s founding partners, Christopher Schlank and Nicholas Bienstock, Tokyo Trust Capital CEO Minoru Machida and 434 BroadwayFrom left: Savanna’s founding partners, Christopher Schlank and Nicholas Bienstock, Tokyo Trust Capital CEO Minoru Machida and 434 Broadway

Savanna sells Soho office building for $98M to Tokyo-based firm

An illustration of Ryan Serhant and the note sent to Silverback Development (Credit: Getty Images, iStock)

Why Ryan Serhant sent $10,000 “cash” to clients

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

Former REBNY president John Banks and current REBNY president Jim Whelan (Photo by Anuja Shakya)

Inside REBNY’s 2020 gala: slideshow

arrow_forward_ios
Loading...