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

query - does title insurer have a duty to audit agents and report fraud

Would I be too unkind to say that any title insurer who does not audit its agents is a fool?  There may not be a legal requirement to report fraud but I would certainly hope that the title insurer severs its contract with a fraudulent agent.  I think the title insurer would be doing a service to the industry to report the fraud and have the fraudster taken out of the position of trust they enjoy

query: title underwriter cannot find policy

Interesting.  Hard to say whether the underwriter had a failure of good document protection or the agent failed to remit.

Might seem strange but this isn't that unusual of a happenstance.  You see, unless the title insurance agent SENDS a copy of the policy to the underwriter, they don't have a copy.  Title insurance agents create policies after the closing.  They then send the premium along

First American fined in CO

The market conduct examination found 20 separate violations, including: failure to require agents to keep adequate documentation and records in title underwriting files, failure to require agents to remit title premiums within the required contractual period, and failure to provide evidence of written instructions from all necessary parties when First American's agent or direct operation