so, what is RESPRO up to? identifies responsibilities?

 hmmmm......


RESPRO's Model GFE Cost Indemnification Agreement identifies the responsibilities of both the loan originator and the third-party settlement service provider if the final cost of a settlement service subject to HUD's new 10% tolerance requirement exceeds the new limit.   Read more here.

new RESPA GFE/HUD tip

If you see an OLD GFE, you will see an OLD HUD.

If you see a NEW GFE, you will see a NEW HUD.

Some lenders, namely Wells Fargo, are already using the new GFE.  We choose our HUD on a case by case basis depending on the type of GFE used.

The NEW GFE will be mandatory for RESPA covered transactions on January 1st.



We'll still be using the old style HUD for cash transactions and other

playing with the new RESPA HUD

I've been taking lender GFEs and testing them to new RESPA standards for about two months.  So far, I have only found TWO that would have been outside of the 10% tolerance.

THAT'S FANTASTIC!

What this tells me is that a loan officer who gives a reasonable effort in the numbers is usually safe.

What this also tells me is that loan officers must take their skills to a higher level and be aware

HUD's new settlement cost booklet is now available.

HERE'S A LINK.

ha-ha

I wondered how long it would take before the marketing - JV stuff started back up again.  YOI Here's a blurb from a solicitation:

"Marketing agreements certainly have their place in the real estate industry. They are one way to test whether or not you want to enter into a deeper business relationship with another company. They are also a way to generate leads to possible customers. However, it

well, playing with RESPA

We've been running comparisons of GFEs done the old way and our prelim HUD as we do title.  We're just playing to see if loan officers are adjusting as they get closer and how close are people anyway?

Most are within 10%.  Some aren't.

Shouldn't be too darn hard to make the adjustment though.  I'm relieved.

what about lien letters?

I posed the question to an attorney following his presentation on RESPA and here's what he says:


"As to your question, it seems like the lien letters would be something like the title search.  It seems like it would be a necessary component to rendering title and settlement services.  If that is true, then the amount of your reimbursement should be included in the lump sum included on line 1101

Good morning, title world.

Just wanted to take a moment to give thanks.  We're still living, eh?  Even if you aren't in the business, you're still living and that means everything.  Breathe in and breathe out.

For those of us in the biz, get ready to rock and roll on RESPA.  We're gearing up and working to get our arms around all the issues.

I'm glad to have taken a mental break from the RESPA discussion.  I'm thankful

HEY LOAN OFFICER.......

COMING SOON.............










GFE SOS

PA recording fees going up

ADD $13.50 per document.  Click here for a copy of the new law.

looks like that was bogus

I haven't seen any other news that there is a delay.  We're still moving forward to should be fully operational in the new system in November.

breaking news - not confirmed by any other source as of yet RESPA to be delayed

The Real Estate Settlement Procedures Act "RESPA" regulations set to take place on January 1, 2010 has been delayed by HUD for six months. We are now waiting for an official announcement to take place by HUD to officially confirm the six month delay which should make the new implementation date on or around July 1, 2010.

Read more on RESPA Lawyer Blog.

CFPA

A bill that would create a Consumer Financial Protection Agency (CFPA) has emerged from a key committee vote without an amendment that would have delayed implementation of new loan mortgage disclosure forms and closing procedures scheduled to go into effect Jan. 1 under the Real Estate Settlement Procedures Act (RESPA).  Read more on Inman News.

CFPA

WASHINGTON BUREAU -- A House committee has voted to exempt insurance companies and their products from oversight by a proposed Consumer Finance Protection Agency.
Members of the House Financial Services Committee approved the exemption amendment Wednesday by a voice vote.
The committee is marking up H.R. 3126, the bill that would create the CFPA. When the Obama administration proposed creation of

going dormant

Hey, just a heads up.  I'm letting this blog go dormant for a bit as I concentrate on other things.  I'll leave it up here though because I know lots of you read it for reference. Take care!

real estate agent covers seller's bum

A vigilant real estate agent in New York state has concluded what seemed like a never ending quest to make certain her seller could not be accused of colluding to defraud a lender in a FHA mortgage transaction. Facts...the seller assist in the contract exceeded FHA guidelines. This was not noticed until underwriting and the parties were never notified except via the closing instructions which

So many interesting cases

...have crossed my desk lately that I should be blogging about but the good news is that we've been really busy and each time I think I should stop and post, I think about that next consumer waiting for their title work. So with that in mind I'm going to toss up these few notes without expanding into a larger post. Forgive me. ;)When building a new house or addition to an existing dwelling,

skip the prostitution advice and go to 4 minutes

for the mortgage fraud coaching.....

protecting privacy

I thought we had this problem licked but just today we noticed a mortgage with a social security number on the first page. This is a government program and now we are wondering if this is a new development or just the first time it popped out to our eyes.Why in heavens name would a mortgage lender or a government agency put a person's social security number on a document intended for public

ALTA licensing fee

If you write title insurance using an ALTA form, heads up. ALTA has decided to claim ownership of the forms and charge a licensing fee.WASHINGTON--(Business Wire)--In a move aimed at strengthening the land title industry by protecting theassociation`s top industry product, the American Land Title Association haslaunched an initiative to license the use of its uniform title insurance policyforms.

file this under WOW

Media reports and court records reveal that on August 24, 2009 a complaint was filed in the US District Court in Orlando by the Secret Service which alleges that Victor Cedeno had stolen over $1.5 million dollars from the proceeds of short sales he managed on behalf of his former employer Taylor, Bean and Whitaker (TBW). Read more on the Mortgage and Real Estate Fraud blog.

new RESPA rule FAQs

find the revised pdf here

so who gets to fix it?

Old unsatisfied mortgages, especially those with private individuals, drive me batty. On the one hand, if lots of time has passed and no foreclosure has taken place, some underwriters will instruct agents to simply insure over it. I've done that and been burned, not because of collection efforts by the mortgagee, but because the next attorney or title agent in the chain decides they want it

interesting reading on Taylor Bean

SECOND EMERGENCY ORDER

this web site should be taken down

TITLE PARTNERS PLUSIt's no longer in business. Despite their claims that they were RESPA compliant, they weren't. The entire illegal operation has been shut down by the Commonwealth of Pennsylvania and the FBI.Why is this web site still sitting up there in the cloud making unsuspecting surfers confused? Their claims are bogus but some people believe everything they read.Let's stop the kickback

I'm still here and they are not.

It seems like a thousand years ago when I started this blog in 2006 and the sister blog, Radical Title Talk. Part of the impetus to defend good practices in title insurance was my outrage over an outfit in State College, Pennsylvania who was soliciting mortgage lenders for a big sham operation. I couldn't believe that someone would so openly operate outside of state and federal rules.Well, read

oh the drama of defalcation...

"Anytime you're talking about $10 million, you're not talking about a drop in the bucket. It's a major defalcation," said Larry Saichek, the court-appointed receiver in charge of Flagler's case.Flagler Title's underwriters already have paid about $5 million in claims. Other claims still are being investigated, while a few have been denied. These claims are from people who had deposit money held

mortgage underwriting????

I guess since we have standards again, folks are experiencing real mortgage underwriting - perhaps for the first time. That's good but it sure is generating questions. I've had numerous e-mails over the past few weeks and decided to post answers to a few questions here.In my pre-title life, I was a mortgage underwriter - FHA direct endorsement, VA automatic approval and FNMA/FHLMC. I had the

You need to watch this video.

Lessons to take away from it:Always read your title insurance commitment prior to closing.Always buy a professional survey prior to closing.This homebuyer did neither. Buying real estate is a major purchase and a consumer must participate with a thinking cap on.When you shop for your title insurance and settlement services, confirm that you will have a title insurance commitment for your review

BTW - I loved reading the comments by PA AG Tom Corbett.

I think our AG folks here in PA have their heads around the issue. He gets it. The only weakness in the thought process, in my opinion, is that I still do not think they understand the real defalcation picture. Perhaps our industry has swallowed the problem and it's not easily seen by the public. That's a big bank of losses and Mr. Lipshultz was serious when he implied that competition might

PA Attorney General Tom Corbett on title insurance

GOOD READING. ;)

new Closing Services Letter approved for PA...cost $75

The PA Department of Insurance has approved the amended rate filing submitted by TIRBOP. TIRBOP withdrew it's request for a premium overhaul following pressure by the office of the Attorney General.So, the only change is to the CSL which extends coverage to buyers and lessees. Effective 9-14-09.

this is an interesting article

Here's a blurb: RISMEDIA, July 23, 2009-I have read at least a hundred articles over the last several years regarding the profitability of the typical brick and mortar real estate office business model. Having owned an independent real estate company with the brick and mortar business model in California years ago, and then, up until 3 ½ years ago, owning six Prudential franchises with 200

The Wall Street Journal on title insurance....

The U.S. title-insurance industry faces increasing pressure from regulators to justify the fees charged to consumers for ensuring they have clear ownership of their homes. For most people, title insurance is just another mysterious fee they must pay when they buy a home or refinance a mortgage. Unlike some of those fees, though, title charges aren’t negligible. They range from several hundred to

more Pittsburgh area indictments

HERE'S THE LINK.

guess the fox made it into the hen house

Fascinating choice by the Obama administration.David H. Stevens was the past President & COO of Long & Foster Realtors; Vice President of Mortgage, Title, and Insurance Division for Longer & Foster; Executive Vice President for Wells Fargo Home Mortgage; on the Lender's Advisory Council for the Mortgage Bankers Association (MBA); on the Board of Directors of the National Association of Mortgage

query: can you request a reissue rate on a foreclosed home?

Sure can. The rules may differ in other states but in PA, if that foreclosed mortgage was dated within the last ten years, you're entitled to the reissue rate.

June 6, 2009 Commissioner Joel Ario Pennsylvania Insurance Department 1326 Strawberry Square Harrisburg, PA 17120 RE: final comment on public hearing for title insurance Dear Commissioner Ario: The give and take in the public hearing on title insurance was insightful and certainly raised some ideas that were outside of the box for me. Thank you for

TIRBOP revises rate filing

They have withdrawn their request to change the rate premium structure. They are still seeking approval of a new CSL including an increase in the CSL fee from $35 to $75.Amended Rate FilingOriginal Rate filingHere's my comment to the PA Dept. of Insurance concerning the amended rate filing:I'd like to offer these comments concerning the request by TIRBOP to increase the CSL fee to $75 and extend

We're having some phone issues.

Verizon will be out on Monday. If you call and can't hear us, please call back. ;)

New Laws Protect Homeowners, Whistle Blowers

HARRISBURG, Pa. -- Gov. Ed Rendell has signed two bills into law to crack down on mortgage fraud in Pennsylvania.[The first bill mandates better communication between homeowners and their lenders. The other bill will protect employees at mortgage companies who report illegal activity.]The first bill mandates better communication between homeowners and their lenders. The other bill will protect

On Iran....Read this if you want to help or get help!

The government in Iran is still increasing internet filtering and throttling in an attempt to silence their people. Anonymous info shows that many in Iran are looking for proxy and Tor information in Tehran and all around the country. Please donate your bandwidth to help bring down the Iran Curtain. Here are links on how to help and get help on this:English: Tor and the Iranian Election - Bring

Is this a good thing?

AUSTIN, Texas, June 25 /PRNewswire-FirstCall/ -- First American Spatial Solutions (FASS), a member of The First American Corporation (NYSE: FAF) family of companies and a leader in spatial and natural hazard risk solutions, announced today that it has digitally mapped more than 120 million of America's property parcels - something no other public or private entity has been able to accomplish

skipping legal advice with a trust and living to regret it

Here's a case to ponder.An elderly lady is in a nursing home. We'll call her Sally. Sally deeded her real estate into a Trust. She also gave a Power of Attorney to her granddaughter, we'll call her Polly.Polly listed the real estate for sale and signed the sales agreement using the POA.I examined title, including the trust document and found no authority for using the POA. Instead what I found

and this is why we need mandatory annual CPA audits of agents

"It opened my eyes," he said. "It felt like a check from the title company was just as good as one from the bank. That is not the case. It's no better than a personal check."Read more....

transcript

I love that the PA Dept. of Insurance published the transcript of the hearing but I have to say court reporting must be tough. Many remarks are quite different in the transcript than they were in the room. I'll have to remember to speak slowly and carefully next time....if there is one. ;)

PA public hearing on Title Insurance

To all Interested Parties, Thank you for your interest and participation in the recent informational hearing on title insurance that was held by the Pennsylvania Insurance Department on May 28, 2009. Please be advised that the transcript of that hearing and any testimony or submissions received to date have now been posted to the Department’s Web site. As stated in an earlier e-mail, the

query: can I cancel owner title insurance

If you haven't already paid for the policy, you can cancel the order. The title company may charge you for services rendered to this point and if you are in PA, you'll need to sign a strongly worded waiver. PA wants you to know you are totally unprotected without an owner policy.Now, if you have already paid for the policy you don't have any reason to cancel it. It's a one time charge and it

that ole survey situation again

It never fails. Several times every year we get calls from consumers who decided to get a survey some time after their purchase and guess what? They found a problem.That's why we make a recommendation to every consumer that the only way to know what you are buying is to get a current up to date survey BEFORE you close. If you don't get that survey, we're gonna have you sign a hold harmless

one underwriter taking a stand against short sale flips

The investor negotiates a short sale with the lender by convincing the lender that the price it is offering is the market value of the property. The investor then finds a buyer for a much higher price. The sales happen simultaneously, and the lender pockets the difference. The problem is that "the original lender is not told that the buyer is flipping the property on the same day for thousands

perfect? marketable? insurable?

Here's an e-mail exchange that might help understand the issues faced when folks try to figure out the difference.Dear Ms. Cipa, While researching a title insurance matter on the internet I made my way to http://titleinsurancetalk.blogspot.com/ where I read some of your postings. I have long been searching for someone as knowledgeable and erudite as you on title matters. I am writing to

this is interesting...Buyer's Choice Act

A bill to help California's smaller title companies compete in the foreclosure resale market has cleared the Assembly and is now in the Senate.The Buyer's Choice Act, introduced in February by Assemblywoman Cathleen Galgiani, D-Stockton, will likely be sent in the coming weeks to the Banking, Finance and Insurance Committee and later to the Judiciary Committee. It could be on the Senate floor in

question

Do notary signing agents aka independent closers intend to comment as part of the PA Dept. of Insurance public hearing process?

those illusive mining rights can really screw with your plans

I have a customer who is trying to buy a farm out here in the country on which to home school his children, raise organic beef and chickens, vegetables...basically live out his dream.It took some time but he found a parcel of 65 acres. We ran the title search and discovered that coal and mining rights had been conveyed to a local coal mining company back in 1967. The deed was pretty scary. It

the title agent and surveyor did their job and the county engineer still ignored it

They built their parking lot over the right of way! People - read the reports before you build!The title search was put together by the Ohio Bar Title Insurance Co., with Bill Geyer as local agent. Title insurance of $200,000 was taken out.Noted in the title search is that two of the tracts of land were separated from the remaining purchased land by a strip of land that was former railroad

these e-mail excerpts are fascinating

Excerpts of E-Mails From Angelo Mozilo Sept. 26, 2006 — following up a meeting with Sambol the previous day about the Pay-Option ARM loan portfolio: We have no way, with any reasonable certainty, to assess the real risk of holding these loans on our balance sheet. The only history we can look to is that of World Savings however their portfolio was fundamentally different than ours in that

Mozilo accused of fraud

WASHINGTON — The government is charging Angelo R. Mozilo, the former chief executive of the mortgage lender Countrywide Financial, and two other company executives with civil fraud. The Securities and Exchange Commission said Thursday afternoon that its case also accused Mr. Mozilo of illegal insider trading. Countrywide was a major player in the subprime mortgage market, the collapse of

message from the Department

Thank you for your interest and participation in the recent informational hearing on title insurance that was held by the Pennsylvania Insurance Department on May 28, 2009. We hope to have a transcript of that hearing posted to the department’s Web site in the near future. An e-mail will be sent to you advising you when the transcript has been posted. In addition, we are extending the deadline

here's a probable for PA........

The new law establishes a zero tolerance policy for enticing realtors and lenders with food or beverage or entertainment as an inducement to refer title business. Read more...

there is so much we could discuss concerning title insurance

but... ..you have to pick and choose and so this is what I ended up submitting as testimony for the PA public hearing:Testimony before thePennsylvania Insurance DepartmentTitle Insurance IssuesPresented by:Diane Cipa, Title Insurance AgentGeneral Manager, The Closing Specialists204 West Main Street, Ligonier, PA 15658724-238-7783dcipa@tcsclosing.comGood afternoon. My name is Diane Cipa. I am a

if I could wave a magic wand

..tax assessment and recorder of deeds offices would understand the meaning of corrective instruments.....

liens survive forclosure

Working on a file, a purchase transaction, with property that passed through foreclosure before my seller acquired it. Four liens survived the foreclosure and though, in this case, I'm fairly certain they can be resolved, the resolution may take time.I noted that a local attorney handled the conveyance. I'm pretty certain he is not a title agent but he is the solicitor for the municipality and

Well, I am totally beat.

Long day at the public hearing which, BTW was a richly rewarding experience. Will be back with more. It was really nice to see everyone who was there.

Here's a big hello to

everyone doing their research for the public hearing in Harrisburg next week. See you there. ;)

new federal entity being born? will it cover insurance?

The discussions are in flux but at an advanced stage. It is unclear if the administration will propose creating a new federal agency or place new powers within an existing agency. The scope of the new powers also isn't settled, including whether they would cover insurance, which isn't currently regulated at the federal level. Read more...

Wow, this was a surprise. Jim Maher died.

James Robert Maher, 59, a retired executive with the American Land Title Association, died May 5 of kidney cancer at his home in McLean. Mr. Maher joined the American Land Title Association, the trade association for the abstract and title insurance industry, as general counsel in 1984 and was promoted to executive vice president four years later. He was responsible for managing the

Good job to our reader and good job to his title company!

Hello Ms. Cipa, I replied a few weeks ago to your "how_to_file_claim" post on your Title Insurance Talk blog. You replied and recommended writing a certified letter. I did and it seemed to have worked, as I finally received a response: I received the following letter from my title company yesterday regarding my claim: XYZ Title Company has finished our review of the aforesaid claim. As

Angelo Mozilo to face fraud charges.

Staff at the SEC have decided to recommend filing civil fraud charges against Angelo Mozilo, the co-founder of Countrywide Financial, according to people familiar with the investigation. The potential charges include alleged violations of insider-trading laws as well as failing to disclose material information to shareholders, according to one person familiar with the matter.Read more...

Did you happen to catch the story of the family who built their dream home on the wrong lot?

And now you know why you should have a survey performed before you build your dream home. The surveyor should mark out the location of the foundation so you avoid easements and setback lines and, most important of all, get the house on the right lot!

Pennsylvania Insurance Department to Hold May 28 Public Hearing on Title Insurance

HARRISBURG, Pa., May 7 /PRNewswire-USNewswire/ -- Insurance Commissioner Joel Ario today announced that the Insurance Department will hold a public informational hearing on title insurance at 10 a.m. on Thursday, May 28, in Hearing Room 4 of the Keystone Building, 400 North Street, in Harrisburg. Topics discussed at the hearing will range from the basic structure of the product, the pricing of

query: what does instructions are at title mean

I think it means that the mortgage lender has delivered their formal closing instructions to the title agent/company and that parties are awaiting a HUD-1 and closing.That's reading a bit into your query but in my title world, that's the meaning of those words. ;)

tax claim bureau certificate was wrong

We recently had a title insurance claim, now resolved, over delinquent property taxes. Our insured owner had received notice of delinquent property taxes and contacted our office for help. I checked the file and found that we had a clear tax claim bureau certificate.I immediately did three things. I sent letters to the seller and the tax claim bureau, then opened a claim with the title

query: can I sue the title company for using the wrong lot number

Well, I guess you can sue anybody for any reason if you so desire. Will you win? That's another matter. Have your attorney carefully review your owner policy. If you have suffered a loss due to the error, you may have a basis for a title insurance claim.When a typographical error is discovered, such as an incorrect lot number, the title agent or title company would normally prepare and file

Demotech releases report

The collapse of the financial markets compounded these losses in operations and consequently led to a decrease in Net Investments of 28 percent for all companies from the previous year. These results contributed to a Net Loss of nearly $400 million for the industry. While all of the NAIC Title underwriter groups reported a Net Loss, the unaffiliated Title underwriters combined for a Net Gain.

here's a RESPA question for you

NAMB announces:On Tuesday, April 28, 2009, the House Financial Services Committee voted in favor of attaching an amendment to H.R. 1728, "The Mortgage Reform and Anti-Predatory Lending Act of 2009" that would withdraw the Final RESPA Rule. The amendment, offered by Representative Judy Biggert (R-IL), stated that the Department of Housing and Urban Development (HUD) should work in conjunction with

LinkedIn

In an earlier post I mentioned that I couldn't find a real live human being to assist in researching a potential fraudulent transaction involving PNC. For the heck of it, I did a search on LinkedIn for PNC and mortgages. I found an officer in the mortgage arena who was connected to one of my colleagues and through him I contacted her. It worked! She responded and within a few days, the PNC

NAILTA news

Can you believe it has been six months since our meeting in Pittsburgh!Well, a lot has been happening at NAILTA headquarters. If you have not hada chance, please check-out our new and improved website www.nailta.org.As with any new start-up, the process of forming NAILTA has taken longerthan some might have wanted or expected but you can be assured that yourPresident, Board of Directors, and

I'm not a subscriber but here's an interesting headline in RESPAnews.com

BREAKING NEWS: Federal judge determines real estate firm liable in unearned fee class action Wednesday, April 22, 2009 In an opinion issued Monday in a RESPA class action lawsuit, a federal judge determined that a real estate firm was liable for charging illegal fees to more than 30,000 customers in violation of RESPA.

bitch bitch bitch bitch bitch

You think there's a problem in the title insurance marketplace here in PA? Well, you've got a chance to express your opinion directly to the horse's mouth, the PA Dept. of Insurance is asking for input.See the prior post. If you are an abstractor, notary signing agent, title agent or consumer of title services, NOW is your time to try to make a difference. It's all gonna be on the table, I

Geez it's hard to find a human being when trying to contact a big company.

I just can't get a person who can help me research a potential fraud against PNC Bank. Whether through the web or phone system, the wall between outside and inside communications is just too thick. Oh, yes, I can reach a human but not one who can direct me to the right spot or when they think they do I go into yet another phone maze with no way out.Trying to help you, PNC. Call me.

public hearing on title insurance in PA...May 28th

Public Hearing on Title Insurance Rates and Practices The Pennsylvania Insurance Department (“Department”) will hold a public informationalhearing on title insurance issues on Thursday, May 28, 2009 at 10 a.m. in Hearing Room 4 at the Commonwealth Keystone Building, 400 North Street, Harrisburg, PA 17120. The hearing willconsider the full scope of issues currently under consideration within the

PA title agents, even if you have no funds to escheat,

you need to file a negative holdings report. It's easy. You can do it on-line and it takes less than five minutes. Follow this link. Once you register, you'll need to give them your asset size, annual sales and number of employees, then click submit and you're done.Since the state has taken the time to send a reminder, I take that as a signal of increased audits this year. That's what

Mortgage fraud always surprises me....

and you'd think by now title agents would STOP enabling or colluding to defraud lenders.You know, younger, inexperienced, or stupid title agents might make the argument that they didn't understand that having two settlement statements was mortgage fraud. Though they'd still be held accountable by authorities, someone might have believed them a year or two ago.Now, anyone in this business who

Pennsylvania outlaws stated income mortgage loans

"Stated income loans present opportunities for abuse on both sides of the transaction," Kaplan said. "The new documentation requirements will go a long way in reducing the potential for fraud and dishonesty." The new regulation also requires lenders and brokers licensed by the department to use a new, simplified, one-page disclosure form that calls attention

NAILTA.ORG Spring Conference

You can now register for the conference at http://www.eventbrite.com/event/320490596.

unrecorded spousal waiver

There's just no wiggle room to use unrecorded spousal waivers. We have to either have the spouse sign the mortgage to validate the lien or attach a recorded spousal interest subordination to the instrument. The only alternative is to use an unrecorded spousal waiver with an exception in the loan policy for the spousal interest and I just can't think of a lender that wants an exception for

comment on rate filing

Dear Mr. Romberger:I am writing concerning the proposed changes to the TIRBOP rate structure. I do hope my comments will be considered as I did not learn of the rate filing until last week, having received no notice from my title underwriters or PLTA.I am a licensed title insurance agent. I have over 30 years of experience in the fields of real estate, mortgage lending and title insurance.

link to PA title insurance rate filing

CLICK HERE.

PA title insurance rate increase in the news

Fees for some documents, such as a home closing service letter, would more than double under the proposal. Discounts for such things as home refinancings — where previous title searches were completed for the initial home purchase — would be eliminated.Title rates are subject to approval by the Pennsylvania Insurance Department.The industry contends its revenues declined 16 percent during a

Closing Services Letter and defalcations

Let's fix the problem instead of charging consumers a higher fee for coverage. When a consumer or a lending institution hands money over to a PA licensed title agent, they do so under the perceived umbrella of regulatory oversight. You may be surprised, however, to know the our insurance regulations contain no guidelines for the management of the title agent's escrow account. In fact, it's the

There's a filing for a title insurance rate increase pending in PA.

I, for one, hope the PA Department of Insurance will hold public hearings on the issue. I'd sure like to testify. Here are two questions to ponder:1. Why should PA consumers pay title underwriters an increased fee for a Closing Services Letter to cover all the defalcations when defalcations are largely caused by poor selection, training, and monitoring of agents, all of which title

restrictions...for heavens sake, get a copy and read them!

I've had a nice e-mail exchange this week with a reader who wondered why her title insurance agent had never told her about the restrictive covenants for the housing plan in which she lived.The lots in this plan are large and were meant to be used for residential purposes only. A neighbor, unaware of the restrictive covenants, started farming on their lot and added livestock. Our reader, also

working on a mystery, a title agent mystery that is

We're working with a consumer buying a commercial property who also planned to use their residence as collateral for a line of credit to make improvements on the new building. Routine process, their bank asked for a copy of the deed to their house and they can't find it. They called their mortgage lender who starting acting kinda weird and would only provide an unexecuted copy of a mortgage, so

PA escheat deadline coming up.

Just a reminder to PA title agents that our deadline for filing unclaimed property reports with the Pennsylvania Treasury Department is April 15th. A copy of the Unclaimed Property Act is available at www.patreasury.org.We are being reminded by the Department that a compliance report is to be filed, even if we have no unclaimed property.

I'm kinda blown away.....I had no idea Tanta died.

A few months ago I stopped following all the title blogs and all the mortgage blogs. I just couldn't take it anymore. So, this is a belated.....RIP Tanta.You really knew your stuff and you knew how to teach. I see a guitar in your hands and that makes me smile.

just thought I'd post that there's a whole lot of normalcy going on

Most mortgage lenders have lots of money to lend and rates are fabulous.Most homeowners are not in foreclosure and are making their mortgage payments on time.Most of the lack of business is due to normal fear mongering by the media, BUT...surprise, surprise, life goes on and we the people eventually just go about our business living life and in the process the recovery is happening with or

message to Ken or Kent

You asked me to call you to help answer a question you couldn't find on the blog.I'm the person you hung up on.If you still need help, please shoot an e-mail to dianecipa@gmail.com.

How to write a “Qualified Written Letter” to your Lender

Follow this link. These folks did a good job of it and I like their easy to use sample.

Proof of Loss.....the Owner Policy lingo

In the event the Company is unable to determine the amount of loss or damage, the Company may, at its option, require as a condition of payment that the Insured Claimant furnish a signed proof of loss. The proof of loss must described the defect, lien, encumbrance, or other matter insured against by the policy that constitutes the basis of loss or damage and shall state, to the extent possible,

Notice of Claim to be given by Insured Claimant .....the Owner Policy lingo

The Insured shall notify the Company promptly in writing (i) in case of any litigation as set forth in Section 5(a) of these Conditions, (ii) in case Knowledge shall come to an Insured hereunder of any claim of title or interest that is adverse to the Title, as insured, and that might cause loss or damage for which the Company may be liable by virtue of this policy, or (iii) if the Title, as

Next Ace marches on as an automaton of title

ORANGE, Calif.–(BUSINESS WIRE)–NextAce, a title automation and business process optimization Inc. 500 company, today announced the completion of its one millionth title order through its automated title system, TitleEDGE. Title companies and underwriters servicing 253 counties in 23 states currently use TitleEDGE, and in doing so, NextAce estimates it has saved the title industry over $37

query: what if the title commitment isn't received on time

You'll need to postpone your transaction to await the title commitment.This is yet another reason to shop carefully for title insurance services. Ask how long it normally takes to produce a title commitment and then make certain you allow enough time.When a consumer calls my office and asks that question, I tell them it will take 7 to 10 days to produce a title commitment. I don't bend on that

I think it's fair to say PA notary laws need work.

Our investigation also demonstrated that the lack of requirements and laws governing Notaries Public, and the ease with which Notaries, and ring leaders, Carlos Quiles, Ivan Delgado, and accomplices and co-conspirators, Lenora Irene Jackson (Evans) and Rebecca A. Robinson had in committing these crimes because no one seriously enforces State laws requiring the person who sells a property to

PA title agent indicted

In the following press release [pages 8 & 9] Mary Beth Buchanan, United States Attorney for the Western District of Pennsylvania announced thay a grand jury returned an indictment charging Kenneth Fox, age 42, of 110 Penn Manor Road, Irwin, Pennsylvania 15642, with participating in a Wire Fraud Conspiracy and a Money Laundering Conspiracy.The indictment alleges that Fox and another individual

query: can judgment lien be on more than one home at the same time

Yes. A judgment is against a person and in most cases attaches to all of your assets.

goodness, gracious

There are reports out of State College, PA of a car bombing and a molotov cocktail being thrown into someone's livingroom - these acts by fellows engaged or previously as mortgage brokers and perhaps a title agent.According to police the goons were under pressure due to regulators having had shut down their businesses.

GO STEELERS!!!

query: can a title insurer refuse to issue policy after commitment

I say yes. What do you think?

A very large real estate brokerage is burying language

in the sales agreements of transactions in which they have the listing directing the title insurance order to their affiliated title agency.  There is no simple waiver or acceptance for this paragraph, it's just sitting in the middle of a bunch of boilerplate stuff the buyer and the selling agent skip.



I ran into this the other day on a cash transaction.  I have three title transactions in

RESPA violation? What do you think?

We've got a regional law office soliciting business from mortgage lenders by offering to perform telemarketing on their existing customer base. The deal is that they solicit refinance applications for the lender in exchange for the guarantee of the title order.Is this a RESPA violation? I think so. What do you think?Interestingly, we had a closing the other day in which the seller had been

query: How can I check to see if my tax inheritance payment has been recorded for the title to my property.

If you properly file an inheritance tax return and clearly identify the real estate in the inventory of assets, that will suffice.  The title insurer will check the Register of Wills office for the return  and payment receipt records to evidence the payment and claer title.

Preparing for a Refinance

Refinancing is what you do when you put a mortgage on a piece of real estate you already own. Mortgage lenders call it a refinance even if you own the real estate free and clear. Use this handy TCS refinance guide to understand the process and avoid common pitfalls. We at TCS have had lots of experience closing refinance transactions. We’d like to help you be an educated consumer. 1.