What about title insurance and refinancing?

SHOP SHOP SHOP SHOPGet the message?If you are in Pennsylvania and refinancing, you'll not get a better deal than our CHOOSE AND SAVE program.Most title companies use independent notaries and you'll end up paying a signing fee or closing fee of some kind. If you are in our market area, we'll come to you at no extra charge. We close 8 to 8 Monday thru Friday and 10 to 5 on Saturday.So, shop for

good article on Mercury

LINK

perfect title versus insurable title

We've chatted before about automation in title searching and I think you know that I tried the First American Eagle Search/Fast Web system for awhile and decided I don't like that kind of search.  I'm a hands on kinda examiner.  I want a full search and all the raw data to review for myself.  Anyway....Recently I recieved a call from an insured owner who we closed while using the automated search

using a power of attorney to convey

If you intend to sell real estate using a Power of Attorney, here are a few tips:Provide a legble copy to the buyer's title agent or attorney for review prior to closing.Be prepared to give the ORIGINAL power of attorney up at closing so it can be recorded prior to the deed.  If you wish, you may record the document yourself, however, you must do so well in advance of the closing so that the

roller coaster ride over...Fidelity purchase approved

Dec 19 (Reuters) - Fidelity National Financial Inc (FNF.N: Quote, Profile, Research, Stock Buzz) said it received approval under the Hart Scott Rodino Act for the purchase of two underwriting units from bankrupt title insurer, LandAmerica Financial Group Inc (LFGRQ.PK: Quote, Profile, Research, Stock Buzz). Read more...

money is on sale...time to buy or refi!!!

Check out our title premium calculator for Pennsylvania rates. Use our Choose and Save program and you'll get the most affordable title insurance and settlement service available in Pennsylvania.We are determined to give consumers the best in service and value. Here's our service area map. If you are buying or refinancing in our market, we'd sure like to give you a quote.  Don't just follow the

query: HUD-1 signing requirements on Sheriff's sale

In my neck of the woods, the Sheriff does not sign a HUD-1.  Most purchases at Sheriff's sale are for cash so there is no HUD-1.  If the buyers are getting a mortgage, there will be a HUD-1 prepared, however all costs will be on the buyer side.  The buyer needs to discuss this with their lender up front so the lender has had an opportunity to think through the issues.  When we do this kind of

had an interesting call today from a lady who didn't know where else to turn....

She was the executrix of an estate and had sold real estate in 2005 to a buyer who used a now closed title agent.  Follow?Anyway, I recognized the name of the agency as one of the regional multi-ABA machines.  You know the kind - one address - and fifteen million so-called title agencies under one roof?So, she has to file a revised inheritance tax return for reasons unrelated to the real estate

query: has title insurance ever paid off on an easement dispute

Easements are one of the most common exceptions to coverage - UNLESS - you see the words "together with" in the legal description. If you see "together with" or some other language citing the easement in the legal description in the policy, then the insurer has INSURED that you have rights to the easement. If the only reference to the easement is found in exceptions, it likely is not

okay, title folks, what do YOU think about this one...

Earlier this year we insured a purchase of property in a REO transaction.  The county tax claim bureau sent a tax certificate to the Sheriff's office but the Sheriff forgot to pay the taxes out of the proceeds.  Our abstractor noticed this and discussed it with the Sheriff's folks and they said sorry but the lenderr who bought back the property at the sale took it subject to the delinquent

I think we share the same goal but I have a differing view on the new RESPA rule.

ClosingCorp says:Under the Good Faith Estimate provision of the new rule, a mortgage lender can "guarantee" to its customers that the price of its designated vendors' settlement services will not increase by more than 10 percent at closing. If, however, borrowers elect to shop for their own real estate closing service providers, they have no such protection. "It should be no surprise that a

news alert on LandAm

On Monday, November 24, 2008, the Nebraska Department of Insurance filed petitions for rehabilitation for Commonwealth and Lawyers Title under the Nebraska Insurance Code. Hearings on the petitions are set for later today. The Company expects that rehabilitation orders will be entered quickly and that the rehabilitations will function as a

good general query via e-mail

Hi, I read your blog about title insurance. It is very helpful. I have 2 questions to ask: 1. I did not buy title insurance at the purchase. can I buy it now (later)? 2. My friend bought a house, and after closing he was noticed there was an unsettled mortgage made by previous owner against the house. The title company's search did not find and report the said mortgage. If my friend did have the

executive management memorandum to agents on the LandAmerica status...

To our Agent Partners:Many of our customers, particularly our customers involved in commercial transactions, have been contacting us with questions about the financial strength of LandAmerica's two major title insurance companies, Commonwealth Land Title Insurance Company and Lawyers Title Insurance Corporation.It is important to remember that while an affiliate of these underwriters, LandAmerica

I am very happy to hear this.

The situation does not affect LandAmerica's title insurance subsidiaries, the company said. The assets of those "highly regulated companies" are "completely separate" from the 1031 exchange company, and are "more than sufficient" to meet obligations to policyholder and escrow customers.Read more....

There is an eerie silence today, isn't there?

Is there hope? I have hope.Here's what I think. I think the folks at the top of Fidelity, First Am, Old Rep, and Stewart ought to consider what the failure of a major underwriter means to THEM and then do something to stop it.Insurance is all about trust and stability. If an industry shows vulnerability beyond the capabilities of the public's ability to comprehend, the industry is

Here's a good article on the LandAmerica situation.

READ IT HERE.

plans off

Fidelity National Financial Inc. has called off its plan to acquire troubled rival LandAmerica Financial Group Inc., the companies said Friday, a development that casts doubt on LandAmerica's long-term prospects.Fidelity and LandAmerica both issued terse statements at 8 p.m. Eastern Time Friday saying Fidelity had exercised its right to back out of the deal during a due diligence period.Read more

NAMB ------- GET OVER IT

The National Association of Mortgage Brokers (NAMB) is up in arms over the recently updated Real Estate Settlement and Procedures Act (RESPA). The U.S. Department of Housing and Urban Development’s (HUD) revision to the Good Faith Estimate (GFE), a simplified three-paged document designed to help borrowers better understand the terms and conditions of their home loan, has the NAMB President Marc

foreclosure rescue - PLEASE resist the temptation to pay for this kind of help.

Here's a blurb from The Daily Mortgage Fraud News:In the following press release Illinois Attorney General Lisa Madigan today (11/18/200) announced that she has filed seven new lawsuits against so-called mortgage “rescue” companies and warned consumers about an alarming rise in these scams that prey on vulnerable homeowners on the verge of foreclosure. Madigan urged consumers to use caution when

Here it is.

WASHINGTON - For the first time in more than 30 years, the U.S. Department of Housing and Urban Development today issued long-anticipated mortgage reforms that will help consumers to shop for the lowest cost mortgage and avoid costly and potentially harmful loan offers. HUD will require, for the first time ever, that lenders and mortgage brokers provide consumers with a standard Good Faith

interesting, eh?

The Obama administration is likely to try to go well beyond the new Respa rules and look more comprehensively at disclosures lenders are required to make to borrowers, said Howard Glaser, a mortgage industry consultant who served as a senior HUD official in the Clinton administration. "This won't be viewed as sufficient to restore borrower confidence in the mortgage process," Mr. Glaser said.

On the FNF/LandAm merger...

FNF - of all the major title companies I have been watching - has done the best job of navigating rough financial seas and reorienting itself to a new way of doing business.  I have continued to be impressed with CyberHomes.It's no secret that I don't like automated title examination and outsourcing but I am enough of a realist to know that much of the consuming marketplace wants these kinds of

FNF buys LANDAM...thanks, Tim for heads up

Fidelity National Financial, Inc. and LandAmerica Financial Group, Inc. Announce the Signing of a Definitive Merger Agreement Jacksonville, Fla. and Richmond, VA -- (November 7, 2008) -- Fidelity National Financial, Inc. (NYSE:FNF)

Thanks, Alicia.

She sent us this really nice note:"It was the easiest part of the entire process. Everything was handled very efficiently & professionally. Big thanks & great job to both Michelle and John."

the case of the revised subdivision

This isn't a matter which has been resolved but I thought I'd mention it as an example of how things can get royally confused in a real estate title.  ;)In early 1979 a developer got formal planning authority approval for and recorded a subdivision.  Later that year, the developer revised the subdivision.  I can't tell why.  I can't tell whether the developer submitted the revision for formal

your choice as a consumer

If you decide to buy title insurance, and I strongly recommend that you do, select the provider carefully.First, make certain that the title insurer is actully performing the title examination themselves and not farming it out to a computer or a vendor clerk will likely do a cursory review or no review.It is important to realize that most of the premium you pay for title insurance is for the

final RESPA rule out in two weeks?

WASHINGTON (10/24/08)—Changes to the Real Estate Settlement Practices Act, known as RESPA, will be out within the next two weeks, according to Federal Housing Administration (FHA) Commissioner Brian Montgomery. Read more.....

just filed a title claim for a customer

There was a typographical error in a deed filed in 1946 which changed the lot number.  All of the deeds filed since then for this lot carried forward the mistake.A full search in our area is 60 years.  This transaction was processed in 2005 and we ordered a full search from First Am.  They apparently only did a 59 year search.  Had they gone back for a full search, they would have pulled the

what does a possible takeover in title insurance mean for our future?

If a giant lender decides to buy a giant title insurer, then we are facing a giant bundling concept.No doubt models are changing, they have to. Fidelity - with Cyberhomes - has decided to change the point of sale by capturing the consumer before the real estate agent has a chance to.Looks like we might have a giant lender deciding to offer consumers one stop pricing - all services included

FHA Wiki - This is a great idea.

Consumers, lenders, title agents, and real estate agents are always looking for a reliable source for FHA program info.  The FHA on-line resources have really come into their own.  Take a look at this Wikipedia run by FHA.gov.CLICK HERE.Here's a good one:  How do I determine when the annual MIP will be cancelled?For loans closed on or after January 1, 2001, FHA's annual MIP will be automatically

being prepared for closing

Take a moment to check your identification documents. You'll need a CURRENT photo ID that has been issued by the state or federal government.I have also noticed that lenders are asking for copies of social security cards.So, take both to closing.

Am I interpreting the tea leaves correctly?

Has First American been taken over by a large financial institution? Speak! Speak!

query: in PA what are the procedures for signing over a house that was inherited.

Seek legal advice from a competent estate attorney.  You must make certain that matters concerning the estate are properly resolved including the filing of an inheritance tax return.

query: what happens if you get caught with occupancy fraud

Getting caught in mortgage fraud of any kind is serious.  Let's talk about occupancy and why mortgage lenders care about it.  It's all about basic human needs and survival.  When the chips are down and times get tough, you still need a roof over your head.  People tend to protect that roof and let other investments go south.Mortgage lenders and their underwriters rate risk.  They know from

query: what happens if mortgage is not subordinated

Let's talk about mortgage lien priority. Mortgages tend to fall into two categories - primary and subordinate. The most common form of subordinate mortgage is the home equity loan. Most consumers have the home equity loan or HELOC as a second mortgage recorded after their main mortgage. The main mortgage is in first position. First position gives the main mortgage lender lien priority in the

received this nice e-mail this morning....nice way to start the day ;)

Thank you for your and your teams’ excellent work regarding my home purchase. I have completed your survey and you should be receiving it in the mail soon. Also, I really appreciate the guidance, counseling, and service provided regarding the sewer easement survey situation. I come from a military background and currently serve and attention to detail as we say, wins wars. I know this is only

nice try, CentRealTech

EL DORADO HILLS, CA, October 08, 2008 /24-7PressRelease/ -- CentRealTech Inc. announced today that they have released an Industry White Paper which presents a compelling case for the implementation of a Web based, automation solution for the labor intensive Title Production Process used by most title companies today. The title industry is going through one of the toughest times in its history

The Pittsburgh Post Gazette has it totally wrong on this one.

Here's the headline:Home buyers can now purchase title insurance directlyHere's a link to the article.First of all, any regular reader of Title Insurance Talk knows that consumers have ALWAYS been able to buy their title insurance directly. I am a pro-consumer title insurance advocate and so when I heard of the ENTITLE marketing plan, I was interested. I have been encouraging my fellow title

INDEPENDENT TITLE AGENTS FILE LAWSUIT AGAINST OHIO DEPARTMENT

Contact person: Robert B. Holman, Esq.OAITA(440) 232-9911SUBJECT: INDEPENDENT TITLE AGENTS FILE LAWSUIT AGAINST OHIO DEPARTMENTOF INSURANCE DIRECTOR ALLEGING FAILURE TO ADEQUATELY PROTECT OHIOHOMEOWNERSFOR IMMEDIATE RELEASEThe Ohio Association of Independent Title Agents (OAITA) (www.oaita.org) has filed a lawsuitwith the Ohio Supreme Court against Mary Jo Hudson, Director of the Ohio Department

interesting reading on Housing Wire ..the inside view

“If the federal government wants to get into the asset management business, we all may as well write the check for taxpayer losses right now,” said another managing director at a distressed-loan purchasing specialist. “This business is much harder than it looks, and the issue isn’t as simple as holding to maturity or a desire to be aggressive on loan modification.”Some sources, as a result,

query: can a copy of a deed be recorded in Pennsylvania

Yes, and depending on the reason for the recordation, you have two choices.If you wish to have a copy recorded as a stand alone instrument, you'll need to get a court certified copy.   You get this from the Recorder's office in which the original deed was recorded.  The Recorder of Deeds will create a copy, then stamp and seal it as a certified copy of the original document. If you are only

query: title company sued for not following lenders instructions

The Closing Services Letter aka Closing Protecton Letter, commonly refered to as CPL - when issued - gives lenders additional title insurance protection over and including adherence to the lender's written instructions.Note that I put the word written in bold.If you are a mortgage lender and you want to create any kind of a legal obligation for following your instructions, first, put them in

mark to market

Correct me if I'm wrong, but memory tells me strict accounting mark to market rules came out of the S & L crisis as a solution to prevent failure due to the overstated value of assets.I don't think we should take lightly any vacation of mark to market rules. The core and substance of the Paulson Plan - namely the creation of a reverse auction system in which the Treasury acts as the buyer of last

That video is interesting but I'm not sure I buy that

the Community Reinvestment Act is the culprit. Most of the paper written - bought and sold - in sub-prime and Alt-A was NOT originated under a CRA program.I don't claim to be a brainiac, rocket scientist or economist. I'm a street level, street trained mortgage lender and title agent. I lived through what happened at street level and had sufficient exposure to the inner workings of wholesale

this is interesting

I'm going, are you?

“The National Compliance Summit promises to deliver useful legal knowledge applicable to title companies’ business immediately,” said Syndie Eardly, editorial director at October Research Corporation. “This two-day seminar will provide attendees with the latest legal and regulatory information, including RESPA reform, closing scripts and required use, new enforcement and regulations, litigation

Senator McCain...

step up to the plate and support the plan.Sarah would.

excellent

__________________________________NEWS ALERTfrom The Wall Street JournalSept. 25, 2008Congress reached an agreement in principle on a $700 billion package to bail out the financial industry, leaders from both parties said Thursday. They plan to present the deal to the White House later Thursday, hoping for a vote within days. Lawmakers said there were few hurdles remaining. "There really isn't

one of those days when I regret ever having done business with First American

I have a transaction we closed and insured through First American using their "Fast Web" title abstract program. This was before I realized what a piece of crap search product it was. This transaction closed in 2005. I had bought into the idea that FATIC would back the abstract and relieve me of the abstract liability. Gee what a deal.I am now advised that the lot number in my deed and the

I'd like to know who did the underwriter audits.

In the following press release Acting United States Attorney Terrence Berg announced that a 45 year-old Macomb man who embezzled over $2.2 million while working as a bookkeeper for a now-defunct Michigan title company was sentenced to 37 months in federal prison on 9/18/2008. Joined in the announcement was FBI Special Agent in Charge Andrew G. Arena. Eric McAlpine was an independent contractor

thank you

NEWS ALERTfrom The Wall Street JournalSept. 24, 2008Republican presidential candidate John McCain said he will "suspend" his campaign on Thursday, and asked to delay Friday night's debate against Democratic candidate Barack Obama, so he can return to Washington to deal with the financial crisis. Congress is currently considering a $700 billion bailout plan that is drawing increased scrutiny from

white papers and electronic signings

Funny you should mention this, October Research. Why have lenders been slow to adopt this technology when so many consumers use online banking and more will in the future? According to a whitepaper by First American Equity Loan Services, many lenders have said there are a number of issues that are preventing them from utilizing electronic signing of mortgage documents.I was just thinking about it

news heard on the street.....

Fidelity has announced a 10% pay cut for all its employees, across all brands (Fidelity, Chicago, Ticor..) for 6 months.

Why I love reading the Wine Dog...

I care about this big bail out. It’s a socialist solution to a capitalist problem. It won’t work. The solution is simple. Banks will figure it out. Re-write the loans or go under. It’s simple shit. We don’t need to be bailing out these guys and their bad decisions. We’re not bailing out the individuals who made bad decisions. Why are we bailing out businessmen who made bad decisions? Screw them.

query: I cannot find my title insurance policy.

Unfortunately, that may be a problem.  Hopefully, you have your HUD-1 Settlement Statement.  The HUD-1 will identify the settlement agent/title agent on the first page in the top section.  Start by contacting the title agent.  They are the ones who issue the policy in most instances.  If the title agency is no longer in business or not helpful, look on page two of the HUD-1 in the 1100 section.  

Is it true?

I find it absolutely reprehensible that neither Senators McCain or Obama have plans to return to Washington to vote on the Paulson Plan.

I find it easy to ignore establishment bravado

trashing the federal bailout of credit markets and RESPA reform. You kids trashed the house. The party is over and Mommy and Daddy have to clean up your mess. If you don't like it, lump it.

query: what happens once a loan goes through the underwriters

Loan application files that have moved through the underwriting department come out with status marked, denied, approved with conditions, or suspended.If your loan application has been denied, the lender must send you a notice called an ADVERSE ACTION.  You can appeal the decision by providing evidence that disputes the basis of the denial.  You won't get a chance to talk with the underwriter so

query: my name is not on house title, what happens if my husband dies

For a concern as serious as this, I suggest you consult an attorney.  First, an attorney will understand the laws of your state, and secondly, everyone should have a WILL, preferably prepared by a competent estate attorney.  Your concerns for all assets and children, if you have them, can be taken care of with a WILL.So, with that in mind, in PA, if your name is not on the house title and your

they don't own the land.....didn't buy title insurance...tsk tsk tsk

How do you know your home and the land it sits on belongs to you? One Oklahoma couple was shocked when they tried to sell their home and found they didn't own the land it's built on. Dennis and Teresa Fine raised three children in their home near Peggs. After 27 years, when they tried to sell their one and only home, they found out the land it's on belongs to the state. "It was definitely a shock

query: door to nowhere fha deck

LOL...it took me a minute to get this query. ;)Both the FHA and VA have trouble with the "door to nowhere" situation. You know what I mean. You planned to put up a deck but never did or maybe you HAD a deck, took it down and never replaced it. Basically, you have a door in a wall and nothing on the other side.Prior to closing, you'll need to fix it. Some will tell you that you've got to put

it's about freakin time!

WSJ reports:The Dow Jones Industrial Average soared 400 points amid reports that regulators are considering a Resolution Trust-like mechanism to help banks unwind soured credit holdings and stepping up action against short sellers. New York Attorney General Andrew Cuomo said that he has starting a "wide-ranging investigation" into short selling and British regulators barred short sales of

ah - what a breath of fresh air.......

Finally, let me make one more comment about the path forward before I take questions. Yesterday there was a hearing on the Hill where we heard numerous legislators assail proposed reforms to the Real Estate Settlement Procedures Act (RESPA). The unnecessary complexity of mortgages has significantly contributed to our housing crisis. We must do something to make mortgages more understandable and