Mortgage Mess

You may remember a news item on ArkansasBusiness.com in mid-October about how the Arkansas Insurance Department issued an emergency license suspension against American Title & Escrow Inc. of Rogers.

American Title failed to make nearly $2 million worth of lien payoffs with money it received at closings, the order said. The Insurance Department said it will go after penalties and sanctions against American Title at a hearing.

Well, on Nov. 5, the U.S. Attorney Deborah Groom signed a notice of lis pendens against owners Billy Craig Underwood and his wife Rinda. They also operated American Mortgage and Eagle Realty.

Essentially, the government has put a freeze on any transaction on the building the businesses operated out of at 3606 Southern Hills Blvd. in Rogers, across the street from the former headquarters of ANB Financial.

Underwood, you may recall, is not the same Craig Underwood who is part of the Underwood’s Jewelers in Fayetteville.

The 11,988-SF, two-story building was last appraised at $1.87 million and was built in 2006. 

Again, we’ll keep you posted on developments.