My friend was steered against his will and used the incident to teach the title agent a lesson or two.

I have a long time friend who is a savvy consumer of real estate.  He, like me, comes from a family familiar with the business of real estate from the inside.  So any provider of settlement services had better be on the up and up or else. ;)

Since we introduced our Choose and Save Program several years ago, we've processed many transactions for my friend who has argued with me that we aren't

spousal waiver versus having the non-vested spouse simply sign the mortgage

In Pennsylvania and some other states, a spouse may not be vested in title but may have marital rights to real property.  In these circumstances, when the marital rights may take priority over an insured mortgage, the title agent may require that the non-vested spouse sign the mortgage.  Their signature on the mortgage does not make them a borrower.  It simply allows the mortgage lien to be put

query: who underwrites for "XYZ" title

Well, I hid the name of the agency in the query. ;)

Contact the state insurance department and ask for the name of the underwriter(s) who sponsored the agency in the licensing process.  Title insurance agents represent underwriters and so the identity of the underwriter(s) for whom the title agent issues policies is known to the regulating agency.

query: title agency pocketed fee and never purchased insurance

You may still have evidence of insurance.  Look for the title commitment.  If you don't have a copy, ask your mortgage lender for a copy from their file. Next look at your HUD-1 Settlement Statement.  Does it say that you paid a premium for title insurance?

A copy of a fully signed HUD-1 combined with a copy of the title commitment can be used to show evidence of insurance.  If the title

fraud in the chain

A title insurance company was forced to pay a man more than $90,000 after a woman fraudulently signed the man's name to papers, in effect deeding his property to another person without his knowledge or consent, according to a recently filed lawsuit.Ticor Title Insurance Company filed a lawsuit Nov. 7 in St. Clair County Circuit Court against Yvette Reed, Diane Lee, Joseph Reed, Alfredo Vallejo

query: After I submit the conditions to the underwriter, will they scrutinize my file again

They may, especially if the underwriter is getting an off vibe that something is amiss.  Even if they don't and you close, they may still do a post closing quality control re-verification and re-underwriting.

So....be truthful.  ;)

"simmering below the surface" removing escrow responsibilities from title agents

If title agents don't move the money, who will and how much more will it cost the consumer?

This isn't a problem of changing roles, it's a problem of setting enforceable standards for escrow management and then policing the agents.

Defalcations were rare back in ye ole days before affiliated businesses and the subprime mentality of no oversight.

Hey, NAIC, ALTA and state insurance regulators

insurable title

Two title agents, an underwriting attorney and a real estate agent had a chat yesterday concerning insurable title.

Back in 2004 we issued an owner policy - insuring over an unsatisfied mortgage.  We had discovered the mortgage and requested a release.  It was a hefty developer's line of credit.  We were offered indemnification and accepted it.

Our insured owner is now selling his property and

consumers..you have the power

Take a moment to read the question being posed to readers of the ALTA newsletter.  Now notice how many title insurance folks do NOT market to you directly for their business.  What does that mean to you?  It means that the real estate agent or the mortgage lenders are their perceived consumers and thus more important to these providers than YOU the real consumer, the one who pays the bill.

In

query: are dry closings the mortgage brokers fault

A dry closing is any closing that is suspended for some reason causing the funds and documents to be held in escrow while a problem is resolved.  It is important to remember that a dry closing isn't really a closing at all.  It's an ALMOST closing - close but no cigar.

As each transaction is unique so are the reasons and the blame.

query: do I have to have title insurance for a HUD loan

If by HUD you mean FHA, then yes, you will be required to purchase a LOAN policy of title insurance.  I suggest that you also buy an OWNER policy so you are protected as well as the lender and HUD.

KICKBACK disguised as "work share"

The previous post is an email I sent to our agency rep who is also responsible for the bank owned title agency.  She could not understand why we objected to this kind of treatment from this mortgage lender and wouldn't just close the deal.  If we walk away from the transaction we lose roughly $170 in out of pocket cash for the abstract and lien letters.  If we close the deal as proposed by FNB

just sharing a bit of what consumer don't know about those bank owned title agencies.....

Just a follow up on this FNB situation.  I spoke with John this morning and he said you have some kind of list for an agency work share deal with FNB that mimics the approved attorney program.  Presumably that deal doesn't pre-define who gets what share of the premium.



Anyway.  As you know we offer consumers the most affordable option in PA for obtaining title insurance and settlement