discounts - reissue and substitution rates

I just got off the phone with a mortgage broker called "Ideal something or other", closing a refinance transaction tomorrow, who is working with a title insurance agency who refuses to give his customer the reissue rate or substitution rate unless the customer proves that they bought an owner title insurance policy. I think the name of the title insurance agency is "Independence something or

an old mortgage underwriter talks about "new fangled" risk assessment

When I made the transition from loan originator to mortgage underwriter, I made some costly mistakes. They weren't costly to me personally - they were costly to my customers. You see, given the reins of the power to approve mortgages, I took risk. I approved some folks with higher ratios and with sad credit stories. These were the types of cases on whose behalf I had argued as a loan

If you don't believe people get arrested for "pretend" fraud

read this Fannie Mae report.

"pretend" "fake" "silent" seller second mortgages?????

I am truly trying to get some title work done today, so I will be back later to expound on this issue, but for now here's an interesting post.OK - Here I am , back to expound. ;)Let me divide “pretend”, “fake”, “silent” seller second mortgages into four categories:Seller lures buyer into collusion to defraud the first mortgage lender. Buyer lures seller into collusion to defraud the first

Mechanics Lien Law Changes Start Soon!

I'll be back on to finish this post but for now, please read this memo. Okay, I’m back. The memo is fairly clear and so I just want to add these comments:Construction mortgage lenders in Pennsylvania PLEASE have your legal counsel look into the new guidelines. You MUST make sure your construction mortgage instruments are the right ones to take advantage of the protection offered under the new

I respectfully disagree with Terrance R. Monnie.

Read this follow-up to a prior post. I disagree on two points. While every state is different, I can’t imagine that Ohio has no instances in which unfiled lienable items are valid clouds on title. The nuances of knowing which potential unfiled risks may affect title and where to find them make the title examination process tough. You must have an expert title examiner review title and make the

Builders put pressure on buyers to use their title company.

Here's an example. I couldn't figure out how to register to comment on this post, so here are my two cents. ;)I agree that the loan offered by Wells Fargo is not unusual in today's market and I wouldn't consider it predatory lending. Most predatory lending occurs in a brokered transaction. The focus of predatory practices is in the total fees earned per transaction and the total is regulated.

Homebuyer Guide - Before You Start, Assess Your Situation

PAYING CASH – If you are buying your new home without a mortgage, call The Closing Specialists® at 888-680-5177 first for an idea of transaction costs. If the property is not in our service area, call a few title insurance agents in your market. Shop around until you are sure you understand the customary transaction costs and who typically pays for them, buyer or seller. You'll want to have this

A seller, a municipal assessment, and a title insurance claim denial

Take a minute to read this article.You have to read it carefully to get to the real truth because I see three mistakes, but none by the title insurer.FIRST MISTAKE: Municipal authority failure to file a lien pursuant to statute.SECOND MISTAKE: Closing attorney or agent raising the municipal assessment as a condition of sale presumably without considering validity of the lien.THIRD MISTAKE: The

Act 52 of 2006 Mechanics' Lien Law Changes in PA

Mechanics’ Lien law changes taking effect with any contracts entered into on or after January 1, 2007. Mortgage lenders and builders should seek legal advice now on how these changes will impact their business practices.Here are a few of the changes:1. The filing period has been extended from 4 to 6 months.2. Another tier of potential claimants has been added – those contracted by

Impressive Real Estate Agents Read Title Insurance Commitment and Lose Sale to Protect the Buyer!

Great post. I’m impressed. I don’t think I have ever met a real estate agent here in Pennsylvania who routinely reviews title insurance commitments. In fact, I would guess most PA real estate agents have never read one. I’ll take that one step further and say that most PA title insurance agents don’t even mail a copy to the buyer for review before closing.The other important point in your story

Lawrence Walsh: Dirty deed has Baldwin couple up in arms

If you Google "The Closing Specialists" or "Diane Cipa", the link for this Post Gazette article will pop up. To my knowledge, Lawrence Walsh never did a follow-up piece. The claim was settled shortly after publication. Mr. Gruendl decided to accept the $650 offered by Al Watterson of Lawyers Title. A friend or acquaintance, after reading the article must have helped the Gruendl’s understand that

I am a title insurance agent.

Everyday I work with prevention of title claims prior to closing and correction of title problems that are discovered later. Over my morning coffee, these are the problems on my desk to work out this morning:1. File closed in 1999 with owner title policy. The insured just received notice of revival of a state tax lien from 1997 in the amount of $696. I’ll be reviewing our search file to see if

Is title insurance enough protection?

Human beings we are, and it’s “people” problems at the heart of it all. Humans make mistakes; some steal, and most are poor communicators. An owner title insurance policy will protect the homebuyer from many of the risks, but not all.A consumer should also buy a current up to date survey, making sure the surveyor actually does field work and research. The drawing should accurately show the

REAL LIFE TITLE INSURANCE COST COMPARISON

We occasionally collect HUD-1 Settlement Statements as proof of the sale of a residence to clear lender conditions. The following cost comparison is based on HUD-1 Settlement Statements prepared by three different title insurance agents for closings that took place in 2006. The fourth title agency quoted is The Closing Specialists® using our standard fee schedule. All quotes have been adjusted to

HOW DO YOU SHOP FOR A TITLE INSURANCE AGENT?

You should shop for your title insurance agent as you would any other consumer services, by comparing:CostsConvenience – when and where will you close?Service & expertise – how long will it take to process and how long have they been in business?How do you do a cost comparison? Any reputable title insurance agent will provide a quote in writing. The difference in cost may be negligible or

MARKETABLE AND INSURABLE TITLE

Marketability and insurability of title are subjective.The Pennsylvania Association of Realtors (PAR) sales agreement handles it this way: "The property will be conveyed with good and marketable title as is insurable by a reputable title insurance company at the regular rates......."I like this language. It leaves the insurability opinion in the hands of title insurance companies. The

TITLE SEARCH vs. ATTORNEY TITLE OPINION vs. OWNER TITLE INSURANCE

TITLE SEARCH vs. ATTORNEY TITLE OPINION vs. OWNER TITLE INSURANCE.....WHAT'S THE DIFFERENCE??The difference is level of risk. The purchase of real estate is typically a family's largest investment. If you are in a position to choose whether or not to buy an owners title insurance policy, you need to understand the difference between the products.TITLE SEARCH: I'm not sure about other states, but