Riverside Abstract strips name from affiliate after Fannie Mae ban

Riverside Abstract appears to be seeking to distance itself from two prominent mortgage fraud cases.

In the latest sign that Riverside aims to rebrand, a subsidiary of the firm has changed its name. Riverside Filings, which helps real estate owners establish limited liability companies and “registered agent services,” is now calling itself Nuco Filings.  

Lakewood, New Jersey-based Riverside Abstract allegedly provided closing services in at least two deals involving real estate investors Boruch Drillman and Aron Puretz, who have pleaded guilty to mortgage fraud, according to the Department of Justice.

In response to the scandal, Fannie Mae has told lenders that it won’t buy loans from transactions involving Riverside — cutting off an essential component of the title insurer’s business.

Riverside, which is among the largest title insurers in the tri-state area, first downplayed the allegations as just rumors. The firm told employees it could serve as the title agency in any transaction. However, it also told employees that because of those rumors, Riverside would sell all of its assets to a nursing home magnate.

However, the company gave another reason for Riverside Filings’ name change.

“This decision comes as part of our strategic growth and rebranding efforts to better reflect our expanded family of services and commitment to excellence,” the company said in an email received by The Real Deal. The real estate newsletter The Promote first reported the news.

Nuco Filings chief operating officer Elliott Teitelbaum, who was a project manager at Riverside Filings, said on his LinkedIn page that Riverside Filings was founded in March 2021 as a division of Riverside Abstract.

“We realized that many of our clients in the real estate industry did not have anyone to make sure their LLC’s were being formed properly or remained compliant,” Teitelbaum wrote.

Nuco Filings’ first testimonial on its website came from Lakewood real estate investor Shaya Prager of Opal Holdings.

Prager happens to be engulfed in a few high-profile lawsuits. Most notably, a lender on a Fort Worth office tower accuses Prager of lying about secretly owning the property’s ground lease and the building to get an $83 million loan. Prager’s Opal is also facing foreclosure on a 450,000-square-foot office park in Arlington, Texas.

“We had a great experience working with Nuco Filings. Their team is quick, responsive, knowledgeable, and just a pleasure to work with. I would highly recommend,” Prager said.

After TRD reached out to Nuco for comment, Prager’s statement was removed from Nuco’s website. 

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