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