Sunday, July 27, 2008

query: what happens if you pay part of your mortgage early

This is a great query. First, let's set aside prepayment penalties because they are rare and also because they are unique. If you have a Note that includes a pre-payment penalty, read those terms carefully for any impact on partial pre-payments. Okay, now for your query.Fixed Rate Mortgages: These mortgages have a level mortgage payment going towards principal and interest. The total remains

query: what happens if you pay part of your mortgage early

This is a great query. First, let's set aside prepayment penalties because they are rare and also because they are unique. If you have a Note that includes a pre-payment penalty, read those terms carefully for any impact on partial pre-payments. Okay, now for your query.Fixed Rate Mortgages: These mortgages have a level mortgage payment going towards principal and interest. The total remains

Thursday, July 24, 2008

query: must escrow accounts of title companies be interest bearing in PA

The answer is no. If you have funds that will be held after closing, you can request that it be placed in a separate interest bearing account. Keep in mind that this is extra work for the title agent and there may be a service charge. Any escrow set-up in PA does carry a mandatory $25 escrow set-up fee - even non-interest bearing escrow.

query: must escrow accounts of title companies be interest bearing in PA

The answer is no. If you have funds that will be held after closing, you can request that it be placed in a separate interest bearing account. Keep in mind that this is extra work for the title agent and there may be a service charge. Any escrow set-up in PA does carry a mandatory $25 escrow set-up fee - even non-interest bearing escrow.

Monday, July 21, 2008

yes, I hear your query, title insurance companies collapse.

While I can admit that a year ago I might have taken some cruel delight in the collapse of you know who, I can't say that anymore.Why does power corrupt? Why do those who get drunk on it feel invincible and harm others? I don't know but I believe in the power of hope and the power of atonement. In that light I am hopeful that lessons learned change the horizon. There are lessons here for all

yes, I hear your query, title insurance companies collapse.

While I can admit that a year ago I might have taken some cruel delight in the collapse of you know who, I can't say that anymore.Why does power corrupt? Why do those who get drunk on it feel invincible and harm others? I don't know but I believe in the power of hope and the power of atonement. In that light I am hopeful that lessons learned change the horizon. There are lessons here for all

Sunday, July 20, 2008

OK...gotcha...query: what if title company didn't close a line on your property

I'm presuming you mean an open end line of credit, right? When a title insurer is paying off an open end mortgage which is a line of credit, they should request that the mortgage lender freeze the line. With evidence of a frozen line, the payoff letter is reliable. If the mortgage lender refuses to freeze the line, even with a written request of the borrower, the payoff is kinda risky. We

OK...gotcha...query: what if title company didn't close a line on your property

I'm presuming you mean an open end line of credit, right? When a title insurer is paying off an open end mortgage which is a line of credit, they should request that the mortgage lender freeze the line. With evidence of a frozen line, the payoff letter is reliable. If the mortgage lender refuses to freeze the line, even with a written request of the borrower, the payoff is kinda risky. We

Thursday, July 17, 2008

We have a consumer in process who is applying for a mortgage.....

.....for an investment property. It has come to our attention that he intends to demolish the structure. He lives next door and really just wants the land to expand his yard.This is a classic case of mortgage fraud though I'm not certain that the consumer fully appreciates that that is what he is doing.The issue arose when we attempted to get results of a mandatory municipal sewage test. The

We have a consumer in process who is applying for a mortgage.....

.....for an investment property. It has come to our attention that he intends to demolish the structure. He lives next door and really just wants the land to expand his yard.This is a classic case of mortgage fraud though I'm not certain that the consumer fully appreciates that that is what he is doing.The issue arose when we attempted to get results of a mandatory municipal sewage test. The

Tuesday, July 15, 2008

query: title insurance for PA tax lien sales

A normal title insurance policy will cover valid PA sales tax liens that are due and payable on or before the date of the issuance of the policy. A competent title insurer will carefully check for filed liens and also examine whether or not there is a risk of lien under the bulk sales act. It's the bulk sales issue where coverage may or may not be in place.When you have an entity subject to

query: title insurance for PA tax lien sales

A normal title insurance policy will cover valid PA sales tax liens that are due and payable on or before the date of the issuance of the policy. A competent title insurer will carefully check for filed liens and also examine whether or not there is a risk of lien under the bulk sales act. It's the bulk sales issue where coverage may or may not be in place.When you have an entity subject to

query: deed correction by title company/title company made mistake but buyer refuse to

If there is a mistake and you have a buyer who is refusing to cooperate, here are a few tactics that can be employed.If we make a mistake - and everyone does, being human - we try to make the solution as easy as possible. That means that we will send one of our closers to the consumer's home or some other convenient place to have the corrected document signed. If a party refuses to sign a

query: deed correction by title company/title company made mistake but buyer refuse to

If there is a mistake and you have a buyer who is refusing to cooperate, here are a few tactics that can be employed.If we make a mistake - and everyone does, being human - we try to make the solution as easy as possible. That means that we will send one of our closers to the consumer's home or some other convenient place to have the corrected document signed. If a party refuses to sign a

Sunday, July 13, 2008

FDIC message for Indymac customers

FDIC message for Indymac customers

query: PA title insurance calculator commercial properties

In PA the title insurance premium is the same for residential and commercial properties. You can use the INSTANT TITLE INSURANCE QUOTE you see linked there on the right. The title insurer is always permitted to charge for extra work. Some complex commercial transactions involve extra work.

query: PA title insurance calculator commercial properties

In PA the title insurance premium is the same for residential and commercial properties. You can use the INSTANT TITLE INSURANCE QUOTE you see linked there on the right. The title insurer is always permitted to charge for extra work. Some complex commercial transactions involve extra work.

Saturday, July 12, 2008

query: what if the title company doesn't close a lien on property

I don't understand the query. Could you be more specific? What kind of lien? Was it a lien that was to have been paid in full and was not or perhaps it was a mortgage lien that wasn't satisfied?

query: what if the title company doesn't close a lien on property

I don't understand the query. Could you be more specific? What kind of lien? Was it a lien that was to have been paid in full and was not or perhaps it was a mortgage lien that wasn't satisfied?

query: what happens to Indymac customers on Monday

You'll be dealing with a bank with a new name, Indymac Federal Bank. It should be business as usual. If your accounts are within the federally insured limit of $100,000.00 they will be transferred to the new bank entity automatically and will be available on Monday. If your accounts exceed the federal limit, call the FDIC call center for assistance.You have nothing to fear. Our banking

query: what happens to Indymac customers on Monday

You'll be dealing with a bank with a new name, Indymac Federal Bank. It should be business as usual. If your accounts are within the federally insured limit of $100,000.00 they will be transferred to the new bank entity automatically and will be available on Monday. If your accounts exceed the federal limit, call the FDIC call center for assistance.You have nothing to fear. Our banking

query: what do I do about my construction loan with Indymac

Wait until Monday, then call your Indymac contact. The FDIC will set up orderly guidelines for employees in lending. Your loan may stay with the new entity Indymac Federal Bank. Expect the phone lines to be busy and you may have to wait a few days to get a specific answer, but don't panic. Our banking system is wonderful and you may even find that your loan experience doesn't skip a beat.This

query: what do I do about my construction loan with Indymac

Wait until Monday, then call your Indymac contact. The FDIC will set up orderly guidelines for employees in lending. Your loan may stay with the new entity Indymac Federal Bank. Expect the phone lines to be busy and you may have to wait a few days to get a specific answer, but don't panic. Our banking system is wonderful and you may even find that your loan experience doesn't skip a beat.This

Friday, July 11, 2008

Indymac customers

FDIC Bank Closing Information for IndyMac The IndyMac websites are expected to be available Monday, July 14, 2008. If the balance in your account(s) (this includes any accounts in which you have an ownership) is less than $100,000, no action is required on your part at this time. Your entire insured account(s) will be

Indymac customers

FDIC Bank Closing Information for IndyMac The IndyMac websites are expected to be available Monday, July 14, 2008. If the balance in your account(s) (this includes any accounts in which you have an ownership) is less than $100,000, no action is required on your part at this time. Your entire insured account(s) will be

query: who customarily pays transfer taxes in Westmoreland County, PA

The custom is to split the transfer taxes between buyer and seller.

query: who customarily pays transfer taxes in Westmoreland County, PA

The custom is to split the transfer taxes between buyer and seller.

Thursday, July 10, 2008

query: what if someone in title doesn't want to sell

It's a free country and unless you can find some legal way to forcibly remove the rights of another individual, forget it.

query: what if someone in title doesn't want to sell

It's a free country and unless you can find some legal way to forcibly remove the rights of another individual, forget it.

Tuesday, July 8, 2008

query via e-mail: How do I find out information if or if not a title company is on the, up-and-up?

I have come to like your title insurance talk web and radical title talk web as well. I read it a lot and learn a bit as well. How do I post a question to it? How do I find out information if or if not a title company is on the, up-and-up? Not just the BBB or state government web sites.JohnHi, John. Thanks. You did it. E-mail's the way to ask if you don't want to rely on my normal

query via e-mail: How do I find out information if or if not a title company is on the, up-and-up?

I have come to like your title insurance talk web and radical title talk web as well. I read it a lot and learn a bit as well. How do I post a question to it? How do I find out information if or if not a title company is on the, up-and-up? Not just the BBB or state government web sites.JohnHi, John. Thanks. You did it. E-mail's the way to ask if you don't want to rely on my normal

Sunday, July 6, 2008

query: corrective deed in PA

A corrective deed in one that replaces a deed which has already been recorded but contains an error. You can handle it one of two ways. If you have the original deed in hand, you can strike and correct the error, have the parties initial the correction, add a new additional notary acknowledgment that covers the initialing by the parties, and type across the top of the front page the words,

query: corrective deed in PA

A corrective deed in one that replaces a deed which has already been recorded but contains an error. You can handle it one of two ways. If you have the original deed in hand, you can strike and correct the error, have the parties initial the correction, add a new additional notary acknowledgment that covers the initialing by the parties, and type across the top of the front page the words,

Friday, July 4, 2008

home inspections and home warranties

Here's a comment I posted in a conversation on the Inman site. They are discussing referral fees.The very idea of a home inspection company sending a kickback to a real estate broker makes me want to puke.I can think of no better example of abusing a fiduciary duty and one more great reason for consumers to ignore referrals coming from their real estate agent when selecting inspection

home inspections and home warranties

Here's a comment I posted in a conversation on the Inman site. They are discussing referral fees.The very idea of a home inspection company sending a kickback to a real estate broker makes me want to puke.I can think of no better example of abusing a fiduciary duty and one more great reason for consumers to ignore referrals coming from their real estate agent when selecting inspection

Thursday, July 3, 2008

abstractor missed a judgment in the final bringdown

I have a transaction on my desk with a title claim. We issued title insurance in May of 2005. We are now doing the next transaction, our insured is selling. We ordered title through redacted. redacted is reporting a judgment in the amount of $458.69 against the former seller. This judgment was filed at the courthouse on the day of our closing. The original title work was dated 4/4/05.

abstractor missed a judgment in the final bringdown

I have a transaction on my desk with a title claim. We issued title insurance in May of 2005. We are now doing the next transaction, our insured is selling. We ordered title through redacted. redacted is reporting a judgment in the amount of $458.69 against the former seller. This judgment was filed at the courthouse on the day of our closing. The original title work was dated 4/4/05.

query: when did title insurance become mandatory

First, you must ask the question, who or what is mandating title insurance? It's probably the mortgage lender who is mandating a loan policy. The lender may be following their own standards or they may be following agency standards. Agency - FNMA, FHLMC & GNMA - standards set a bar for quality. Loans that meet agency standards are more easily sold in the secondary mortgage market, either

query: when did title insurance become mandatory

First, you must ask the question, who or what is mandating title insurance? It's probably the mortgage lender who is mandating a loan policy. The lender may be following their own standards or they may be following agency standards. Agency - FNMA, FHLMC & GNMA - standards set a bar for quality. Loans that meet agency standards are more easily sold in the secondary mortgage market, either

Tuesday, July 1, 2008

query: what do mortgage underwriters look at

The job of a mortgage underwriter is to assess risk, monitor compliance with standards, and make a lending decision. The mortgage underwriter is the guardian of the regulatory compliance gate and also the keeper of the saleability standards. So, with compliance lenses on their eyes and saleability standards sitting in their heads, they will look at the following items:COLLATERAL: The mortgage

query: what do mortgage underwriters look at

The job of a mortgage underwriter is to assess risk, monitor compliance with standards, and make a lending decision. The mortgage underwriter is the guardian of the regulatory compliance gate and also the keeper of the saleability standards. So, with compliance lenses on their eyes and saleability standards sitting in their heads, they will look at the following items:COLLATERAL: The mortgage