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LAKEWOOD, NJ-The New Jersey Department of Banking and Insurance has approved a new venture under which Madison Title Agency, based here, and the Windsor, NJ-based First Washington State Bank will join to form the Windsor Title Agency LP. The venture, which will be co-located with Madison title, will provide title insurance for commercial and residential real estate transactions.

Legislation enabling such ventures was signed late last year by then-Gov. Christie Whitman. Madison Title president Joseph I. Rosenbaum had been one of the leading proponents of the legislation, which effectively allowed New Jersey’s state and federally chartered banks, savings banks and S&Ls to be licensed as title insurance producers in the state.

According to First Washington chairman Abraham Opatut, “this is an opportunity for us to provide added value to our borrowers, making the mortgage process more efficient. If we can streamline the process, it will definitely benefit our customers.”

“It was First Washington State Bank that gave me my initial SBA loan to establish Madison Title to begin with,” notes Rosenbaum. “So we have a great relationship.”

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