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