Internet Archive Wayback Machine.....cool!

Wayback when I killed my old Radical Title Talk blog.  I did not keep a copy.  Every once in while I did wish that I could take a peek.  I stumbled across this Wayback site and here for your enjoyment are some good ole Radical posts.  LOL


Enter the Radical era of days gone by.

Internet Archive Wayback Machine.....cool!

Wayback when I killed my old Radical Title Talk blog.  I did not keep a copy.  Every once in while I did wish that I could take a peek.  I stumbled across this Wayback site and here for your enjoyment are some good ole Radical posts.  LOL


Enter the Radical era of days gone by.

let me put it this way.........as a tiny mustard seed of a title agent who looked up into the guts of Full Spectrum from below, I'd say this suit sheds light on truth......

Allstate said that starting in 2003, Countrywide quietly decided to boost market share and ignore its own underwriting standards by approving any mortgage product that a competitor was willing to offer, in a "proverbial race to the bottom."

Countrywide then passed on the added risks to investors who bought debt backed by the mortgages, Allstate said.

Read more in Reuters.

let me put it this way.........as a tiny mustard seed of a title agent who looked up into the guts of Full Spectrum from below, I'd say this suit sheds light on truth......

Allstate said that starting in 2003, Countrywide quietly decided to boost market share and ignore its own underwriting standards by approving any mortgage product that a competitor was willing to offer, in a "proverbial race to the bottom."

Countrywide then passed on the added risks to investors who bought debt backed by the mortgages, Allstate said.

Read more in Reuters.

humans prevail over automatons...thanks, we win one ;)

New rules from the five federal bank regulatory agencies no longer accept technological tools like automated valuation models alone as a substitute for an appraisal, forcing vendors to upgrade these products with the required on-the-ground inspection and other data.

Automated valuation models provide property values using mathematical modeling and a database of comparable properties. The

humans prevail over automatons...thanks, we win one ;)

New rules from the five federal bank regulatory agencies no longer accept technological tools like automated valuation models alone as a substitute for an appraisal, forcing vendors to upgrade these products with the required on-the-ground inspection and other data.

Automated valuation models provide property values using mathematical modeling and a database of comparable properties. The

bait and switch? query via email from K

I have an unusual situation regarding a recent refinancing on my home that I would appreciate your advice on. I refinanced to a lower interest rate.  This was a no-cost refinancing and there was no dispersion of cash to me. I closed on November 20th.  I signed the appropriate paperwork and HUD statements electronically with a notary present.  As part of the final transaction I wired $400 to the

bait and switch? query via email from K

I have an unusual situation regarding a recent refinancing on my home that I would appreciate your advice on. I refinanced to a lower interest rate.  This was a no-cost refinancing and there was no dispersion of cash to me. I closed on November 20th.  I signed the appropriate paperwork and HUD statements electronically with a notary present.  As part of the final transaction I wired $400 to the

Americans marked off property, courts recognized that property, and the people got deeds that meant everyone knew their property was theirs. They could then buy and sell and borrow against it as they saw fit.

This idea of a deed protecting property seems simple, but it's powerful. Commerce between total strangers wouldn't happen otherwise. It applies to more than just skyscrapers and factories.

Americans marked off property, courts recognized that property, and the people got deeds that meant everyone knew their property was theirs. They could then buy and sell and borrow against it as they saw fit.

This idea of a deed protecting property seems simple, but it's powerful. Commerce between total strangers wouldn't happen otherwise. It applies to more than just skyscrapers and factories.

An attorney involved in several local mortgage fraud cases, including some involving Beechview developer Bernardo Katz, was sentenced in federal court today to 57 months in prison.

John Chaffo Jr. of Murrysville was the lawyer involved in 57 fraudulent property sale closings from 2000 through 2007, Assistant U.S. Attorney Brendan Conway told Senior U.S. District Judge Donetta W. Ambrose,

An attorney involved in several local mortgage fraud cases, including some involving Beechview developer Bernardo Katz, was sentenced in federal court today to 57 months in prison.

John Chaffo Jr. of Murrysville was the lawyer involved in 57 fraudulent property sale closings from 2000 through 2007, Assistant U.S. Attorney Brendan Conway told Senior U.S. District Judge Donetta W. Ambrose,

Why would an underwriter have strict credit standards for agents?

I thank reader, David, for his inquiry today concerning becoming a title agent and having some trouble because his credit history is not good.

I suggested that he consider a different profession.

Title insurance agents have access to and control loads of cash.  What is the primary attribute you as a consumer wish to see in a person who manages money?  How about trustworthiness?

What is a

Why would an underwriter have strict credit standards for agents?

I thank reader, David, for his inquiry today concerning becoming a title agent and having some trouble because his credit history is not good.

I suggested that he consider a different profession.

Title insurance agents have access to and control loads of cash.  What is the primary attribute you as a consumer wish to see in a person who manages money?  How about trustworthiness?

What is a

here's a few hmmms.... for ya ;)

hmmmm........ A lender requires a private road maintenance agreement.  Instead of hiring a competent attorney to draft a document, the buyer drafts his own and in the process creates a separate individual document for each person on the street to sign.  The whole project ended up costing close to $350 in recording fees when an attorney would likely have charged $150 for creating a document that

here's a few hmmms.... for ya ;)

hmmmm........ A lender requires a private road maintenance agreement.  Instead of hiring a competent attorney to draft a document, the buyer drafts his own and in the process creates a separate individual document for each person on the street to sign.  The whole project ended up costing close to $350 in recording fees when an attorney would likely have charged $150 for creating a document that

How to get Cheap Auto Insurance

If you want to get a good auto insurance policy with all the necessary coverage for a fair price then you're in the right place. We have dedicated this site to providing cheap auto insurance offers from the most reliable and well known insurance companies. Our tools will help you find exactly what you are looking for without having to spend much time on browsing through dozens of corporate sites.

Cheap auto insurance is not a myth like most of you may think, but a reality that can help you reduce your expenditures and adjust your spendings to your economical needs. It is believed that auto insurance is a rather costly option and it is impossible to refuse from this type of insurance without breaking the law. But despite common beliefs, cheap auto insurance is reality and all you have to do for getting a good cheap policy is shop around and know exactly what your insurance needs are. Sometimes people get certain types of insurance coverage without knowing what it means and paying for the thing they don't need at all. And if you want to reduce your insurance spendings you'll have to understand the basics of auto insurance.

Our site is here to help you find cheap auto insurance policies from reliable insurance companies as well as learn valuable information about the basics of auto insurance so that you could determine what your needs are. We don't advertise for certain companies, we just work with those that are recommended both by consumers and insurance professionals so that you could get the right degree of service without overpaying for your policy. The tools presented at our site will help you find the policy you need according to your exact specifications in just a few clicks of the mouse. Do not waste your time looking for the right solution browsing through numerous corporate sites. Comparison shopping is the best way to get cheap auto insurance and we have created all the conditions to make this process as easy and comfortable as it can get! So come on in and get the right policy today!

Fannie Mae will no longer accept back a mortgage that was repurchased by a secondary market investor, government-sponsored enterprise or private institutional investor — even if the lender cured the defect in the loan.

Read more on Housing Wire.

Fannie Mae will no longer accept back a mortgage that was repurchased by a secondary market investor, government-sponsored enterprise or private institutional investor — even if the lender cured the defect in the loan.

Read more on Housing Wire.

query: what kind of experience leads to a job in mortgage underwriting

In my opinion, a good underwriter can be taught the mortgage rules IF they have the basic smarts and analytical talents.  It's not an entry level position and most often underwriters move up out of mortgage processing.  I have to say, however, that most of the underwriters I hired and trained when I was in mortgage banking did not.  Most were simply excellent performers in a related

query: what kind of experience leads to a job in mortgage underwriting

In my opinion, a good underwriter can be taught the mortgage rules IF they have the basic smarts and analytical talents.  It's not an entry level position and most often underwriters move up out of mortgage processing.  I have to say, however, that most of the underwriters I hired and trained when I was in mortgage banking did not.  Most were simply excellent performers in a related

A 'barn-find' Bugatti amounting to little more than a loose collection of bits has sold at auction for more than seven times its estimate.
Completely dismantled, incomplete and lacking its engine and body, the 1926 Bugatti Type 38 was expected to fetch only around £9,000 when it went under the hammer at a Bonhams sale in Australia.

Read more in the Daily Telegraph.

A 'barn-find' Bugatti amounting to little more than a loose collection of bits has sold at auction for more than seven times its estimate.
Completely dismantled, incomplete and lacking its engine and body, the 1926 Bugatti Type 38 was expected to fetch only around £9,000 when it went under the hammer at a Bonhams sale in Australia.

Read more in the Daily Telegraph.

The firing prompted Mike Huckabee and Sarah Palin, among others, to call for NPR to be stripped of federal funding.

Ailes later semi-apologized for his comment in a letter to the Anti Defamation League.
"I was of course ad-libbing and should not have chosen that word, but I was angry at the time because of NPR's willingness to censor Juan Williams for not being liberal enough," he wrote, as

The firing prompted Mike Huckabee and Sarah Palin, among others, to call for NPR to be stripped of federal funding.

Ailes later semi-apologized for his comment in a letter to the Anti Defamation League.
"I was of course ad-libbing and should not have chosen that word, but I was angry at the time because of NPR's willingness to censor Juan Williams for not being liberal enough," he wrote, as

query: what if property taxes change after closing, does that impact prorations?

Hi Diane,

I didn't see on your blog where I could post my question, so hope you don't mind me writing to you.

I'm about to close (Nov 30) on a home for the first time, so I've been studying everything I can to try to be prepared at closing, and avoid any surprises, especially financial ones.  I'm wondering about the settlement of pre-payed property taxes.  The seller bought at the height of

query: what if property taxes change after closing, does that impact prorations?

Hi Diane,

I didn't see on your blog where I could post my question, so hope you don't mind me writing to you.

I'm about to close (Nov 30) on a home for the first time, so I've been studying everything I can to try to be prepared at closing, and avoid any surprises, especially financial ones.  I'm wondering about the settlement of pre-payed property taxes.  The seller bought at the height of

Different Types of Auto Insurance

In case you are a proud car owner you definitely know how annoying and distracting auto insurance might be, especially when you have high rates to pay. Many people complain about their auto insurance policies being too expensive. But do you know that there are different types of auto insurance policies out there on the market? And some of them are much cheaper than the one you carry! That's why before buying a new policy or switching to another provider we recommend learning all types of insurance policies and selecting the one that suits your needs best :

Fully Comprehensive

Fully comprehensive car insurance policies are the most expensive and probably the most widespread policies in the US. A large part of autos in the US are financed through loans or leased, letting auto insurance dealers and lending companies include additional requirements regarding auto insurance, which they gladly apply. Most lending institution require buying fully comprehensive coverage for the vehicles they finance, so if you are the “lucky” one to use this option, be prepared to pay a lot for your auto insurance.

As you can understand from the name, fully comprehensive policies cover the vehicle in virtually all types of insurance situations, starting with collisions to fire and theft. The best part of it is that it will pay regardless of who's at fault in the accident. Even if you had a crash with an uninsured car owner you still can claim against your company.

The hidden catch, however, is the high price of such policies. Moreover, with most insurance companies your policy will cover only a part of the car's cost, not the entire value. Read your policy careful before signing it, as in most cases it will denote a percentage of value, usually around 80%, your car will be insured against.

Third Party, Fire & Theft

Third party, fire & theft policies are the most appropriate type of auto insurance for those who have already settled their loans for financing the purchase of their vehicle, but still having auto car insurance is a middle of the road car insurance package popular with those who have already paid off their auto loans, but who still have a certain level of additional value with the vehicle.

This type of auto insurance is quite similar to fully comprehensive when it comes to insuring circumstances like fire or theft. However, when it comes to collisions with other cars, third party policies will only pay if you are at fault in the accident. In other cases you insurance company won't pay you anything, regardless of how much insurance coverage the other party carries. The same applies to collisions with walls, fences and simple car damage.

Third Party

Third party is probably the most stripped down type of auto insurance. It will cover only a collision with another car when you were at fault. All other situations and circumstances won't be covered by your company. But because of this, it is the cheapest type of auto insurance available on the market and will best appeal to owners of old cars with reduced value.

Thanks to new federal rules covering closing costs on mortgages, home buyers are experiencing a new type of surprise at closing.

Instead of being faced with higher-than-expected costs -- as homebuyers often were shocked to find prior to this year -- the amount needed to close on a mortgage loan is generally the same or lower than the original estimate, experts say.

That's because lenders and

Thanks to new federal rules covering closing costs on mortgages, home buyers are experiencing a new type of surprise at closing.

Instead of being faced with higher-than-expected costs -- as homebuyers often were shocked to find prior to this year -- the amount needed to close on a mortgage loan is generally the same or lower than the original estimate, experts say.

That's because lenders and

the day title insurance and Marilyn Monroe met in a Google Alert

"suggests that she not only cooked, but cooked confidently and with flair": Scrawled on stationery with a letterhead from a title insurance company, ...



Read all about it in the NYT.

the day title insurance and Marilyn Monroe met in a Google Alert

"suggests that she not only cooked, but cooked confidently and with flair": Scrawled on stationery with a letterhead from a title insurance company, ...



Read all about it in the NYT.

haven't had a taste of mortgage fraud for awhile.....

So, the exercise of yesterday afternoon was like time travel back to the days of sub-prime.


We received a frantic call from a listing real estate broker concerned that the HUD-1 did not accurately reflect the movement of the money.  Huh?

Turns out that after our closer left the table, the seller had confronted her and demanded that she pay him $800 to cover his loss.  He had been forced to pay

haven't had a taste of mortgage fraud for awhile.....

So, the exercise of yesterday afternoon was like time travel back to the days of sub-prime.


We received a frantic call from a listing real estate broker concerned that the HUD-1 did not accurately reflect the movement of the money.  Huh?

Turns out that after our closer left the table, the seller had confronted her and demanded that she pay him $800 to cover his loss.  He had been forced to pay

this still blows my mind....ROBO-GFEs...don't they get it yet?

"Several important new features in ClosingCorp’s SmartGFE service just went live in order to improve the GFE data process — including an automatic notification of changed circumstances"  source


ClosingCorp's SmartGFE is nothing more than a ROBO-GFE in my mind.  It's only a matter of time before the lack of human decision making is exposed yet again as a bad idea.  Culture of brainlessness..."

this still blows my mind....ROBO-GFEs...don't they get it yet?

"Several important new features in ClosingCorp’s SmartGFE service just went live in order to improve the GFE data process — including an automatic notification of changed circumstances"  source


ClosingCorp's SmartGFE is nothing more than a ROBO-GFE in my mind.  It's only a matter of time before the lack of human decision making is exposed yet again as a bad idea.  Culture of brainlessness..."

Well, that's an angle I hadn't consider. Hmmm.

"We are not an equity owner in any law firm," he said.

Read the article in Housing Wire.

Well, that's an angle I hadn't consider. Hmmm.

"We are not an equity owner in any law firm," he said.

Read the article in Housing Wire.

"standing in the wind" and "the wall is red"

I've probably talked about these two techniques before but just in case, let me explain.

What we call "standing in the wind" is the purposeful listening  to another person venting while remaining calm.  Our natural instinct is to get riled and defensive. It's not that the wind is bad.  The wind is.

Real estate is a large transaction that touches some of the most important moments of life and

"standing in the wind" and "the wall is red"

I've probably talked about these two techniques before but just in case, let me explain.

What we call "standing in the wind" is the purposeful listening  to another person venting while remaining calm.  Our natural instinct is to get riled and defensive. It's not that the wind is bad.  The wind is.

Real estate is a large transaction that touches some of the most important moments of life and

My heavens to Murgatroyd, we're busy.

Me thinks consumers have finally discovered that interest rates are LOW LOW LOW and those that aren't buying are refinancing. 

Oh, and BTW - lenders are lending!  ;)

My heavens to Murgatroyd, we're busy.

Me thinks consumers have finally discovered that interest rates are LOW LOW LOW and those that aren't buying are refinancing. 

Oh, and BTW - lenders are lending!  ;)

Why do you need Auto Insurance

Insurance is not any different from other product or services. When you are looking for a new TV set, you will probably check a couple of stores before purchasing in order to learn where's the best price and buy it there. When trying to repair a leaking roof you will ask a number of specialists about their rates before selecting the one to do the job. With auto insurance is the same story. Only that you don't go to stores or ask providers, but compare your future auto insurance quotes by using quotes.

Auto insurance quote sites have flooded the Internet, offering users virtually all types of auto insurance solutions from different providers. And while this may be a bit annoying at first, when it comes to paying your insurance premiums, you will probably wish you had a better and cheaper policy. That's exactly what auto insurance quotes are for. Whether looking for a new policy or trying to switch providers, online car insurance quotes give users the most effective way of comparing rates and companies, without the need to leave homes, or even call providers.

So the next time you come across auto insurance quotes, take your time to use them to your advantage. Try getting as many quotes from different providers as you can, because you will have a wider range of options to consider. And that's the best way you can find cheap auto insurance these days. There's no obligation to buy and most auto insurance quote services are free of charge. So take a couple of minutes, analyze your local market and apply with a company you think has the most interesting offer. Only this way you can get a really good policy that will let you save some money while having the right amount of coverage for your car. Yes, it's really that simple and auto insurance quotes are what you need in the first place.

Quotes are similar to price tags you seen in the supper market. The only difference however is that insurance services don't come with fixed prices. There is a wide range of factors that will influence a person's insurance premiums, so each applicant is analyzed individually and given a price estimation based on his particular situation. That's a quote. So every time you fill out a quote form you send your data to the insurance company, where it's analyzed and given a rate according to how much of a risk you are for the insurance provider.

I really do not understand this need to make transactions brainless. Do you?

The robo-signers that have blown a hole into the foreclosure process are evidence of this never ending quest for the holy grail of brainlessness.  WHY  WHY  WHY WHY is the mortgage and title insurance business so darned interested in getting rid of competent human beings?

I just got a call from a nice lady at Closing.com.  They call every so often to ask if my fees are accurate and I always say

I really do not understand this need to make transactions brainless. Do you?

The robo-signers that have blown a hole into the foreclosure process are evidence of this never ending quest for the holy grail of brainlessness.  WHY  WHY  WHY WHY is the mortgage and title insurance business so darned interested in getting rid of competent human beings?

I just got a call from a nice lady at Closing.com.  They call every so often to ask if my fees are accurate and I always say

How to find Cheap Auto Insurance

Many people choose to kick auto insurance altogether, being tired of spending money on things they think they don't need. Of course, not having any accidents on the road can make you believe that you are paying your money in vain. However, no one is safe against traffic accidents, and even the most careful drivers can end up in a serious car crash. That's when you need auto insurance, and not having any means that you will have to pay on your own. Remember about repair and insurance costs? Yes, tens or even hundreds of thousands of dollars will have to be paid and it's your pocket you will have to pull out the money from. Thats' why regardless of how good of a driver you think you are, having auto insurance coverage is a must.

Auto insurance rates are on the rise, despite the fact that gas prices have climbed down from their peaks. It's not the price you pay for gas that influences auto insurance rates, but repair and medical costs in the US. And as some of you have already noticed these factors seem to become more and more expensive with each year passing. Auto insurance companies are required to cope with these tendencies in order to keep their profit at the desired level, and it's the customer who pays the difference.

Still, it doesn't necessarily mean that you have to overpay for auto insurance. There are ways you can save some money on auto insurance and here are some of the most effective you have to know about when shopping for a new policy or changing providers:

Drop unnecessary coverage

You policy may contain different coverage types that you simply don't need. This especially applies to those who have purchased their cars through a loan. Lending companies prefer adding more insurance coverage to their requirements, making your insurance policy more costly. Sit down to analyze your policy with an insurance agent and exclude the types of coverage you don't need if they are not required by state laws or contracts.

Take advantage of discounts

Insurance companies aren't very enthusiastic about telling everyone they have discounts, but it never hurts to ask, right? If you are a good driver with a defensive driving course behind your back you may opt for a special discount. Low yearly mileage? Most companies will give you lower rates if your mileage is below 10,000 miles per year. Good students can opt for discounts too, if their average is B and above. Ask your insurance agent or broker about discounts with your provider and make sure to opt for any you can.

Raise your deductible

Deductibles are the amount of money you pay on your own before the policy takes force. The higher is the amount the lower will be your premium. Most policy carry default deductibles of 250$, and by raising them up to 500$ you will gain a 10-15% drop in your premiums. Increase them to 1000$ and you will drop your rates by about 25%. However, make sure you will have the money if an accident takes place.

mortgage broker advertises interest rates tied to affiliated title insurance

A friend showed me the mortgage rate section of the Tribune Review last weekend and pointed to a mortgage company listing that had asterisks next to a few interest rates.  These asterisks pointed to a note that the rates were only available if the transaction was a purchase and the borrower used a particular title provider.

Clearly the mortgage broker sought to avoid Pennsylvania's discounted

mortgage broker advertises interest rates tied to affiliated title insurance

A friend showed me the mortgage rate section of the Tribune Review last weekend and pointed to a mortgage company listing that had asterisks next to a few interest rates.  These asterisks pointed to a note that the rates were only available if the transaction was a purchase and the borrower used a particular title provider.

Clearly the mortgage broker sought to avoid Pennsylvania's discounted

Hey, readers. Hello!

Hope you like the new look of Title Insurance Talk.  This is the first visual overhaul since 2006.  I've been wanting to update the picture for some time but the right shot just hadn't surfaced, then my friend Marianne sent my this photo of us playing at the local farmer's market.  I LOVE that she caught my TCS minicooper in the shot, SOOOOO, here we are.  ;)

Marianne McAuliffe plays Native

Hey, readers. Hello!

Hope you like the new look of Title Insurance Talk.  This is the first visual overhaul since 2006.  I've been wanting to update the picture for some time but the right shot just hadn't surfaced, then my friend Marianne sent my this photo of us playing at the local farmer's market.  I LOVE that she caught my TCS minicooper in the shot, SOOOOO, here we are.  ;)

Marianne McAuliffe plays Native

Fidelity scales up outsourcing to India

CHENNAI: Spotting an opportunity to cut its costs by around 30 per cent with increased productivity, US-based insurer Fidelity National Title Group Inc has decided to scale up its business process outsourcing (BPO) and software development activities in India.

The company had set up its captive BPO company Fidelity

Fidelity scales up outsourcing to India

CHENNAI: Spotting an opportunity to cut its costs by around 30 per cent with increased productivity, US-based insurer Fidelity National Title Group Inc has decided to scale up its business process outsourcing (BPO) and software development activities in India.

The company had set up its captive BPO company Fidelity

if you bought a foreclosed home and are concerned about recent news

“If a new homeowner’s title is challenged because of a faulty foreclosure, the title insurer may have an obligation to defend the challenge,” said Kurt Pfotenhauer, chief executive officer of ALTA. “However, it is unlikely that a court will take property from an innocent current homeowner and return it to a previous homeowner who failed to make payments on the

if you bought a foreclosed home and are concerned about recent news

“If a new homeowner’s title is challenged because of a faulty foreclosure, the title insurer may have an obligation to defend the challenge,” said Kurt Pfotenhauer, chief executive officer of ALTA. “However, it is unlikely that a court will take property from an innocent current homeowner and return it to a previous homeowner who failed to make payments on the

Right Auto Insurance Limits

For guidance on limit setting, check with your mechanic to get an idea of repair and replacement costs for your car. Also, check with your insurance company to see if they have any data that will give you the average amounts for claims of various natures in your state. Lastly, make sure the limit you choose looks like one that will cover the bulk of any accident or insurable event and doesn't seem like it will leave you paying out-of-pocket beyond your deductible.

Insurance policies do not supply endless amounts of coverage. In fact, there is a limit to how much all of your insurance policies will pay for an insurable event-including your health insurance, home insurance and auto insurance. These caps are called limits and they protect your insurance company from committing an endless supply of dollars toward the reimbursement of your insurance incidents.

Imagine how difficult it would be to develop auto insurance rates if you had no idea how much you might possibly have to spend on a particular accident. It would be almost impossible. From medical expenses to emotional damages, from property damage to auto damage-there is no end to the amount of money you could be responsible for without limits to your benefit set.

When you get your auto insurance rates and quotes, you are asked to decide what kind of limit you want on your policy. The lower the limit you choose the less the insurance company knows it will have to spend per insurable interest-and that means the lower the rates you are quoted. But if you choose a limit that is too low in your eagerness to get cheap auto insurance rates then you run the risk of hurting yourself. Why? Well what do you think happens if it costs more to fix your car after an accident than the limit in your policy provides? That's right-you have to pay it out of pocket. Any expense that exceeds your limit must be paid by you and if you don't have the funds available then you run the risk of having your car in the shop and unrepaired much longer than you intended.

the junk junkies just never learn, do they?

I've been slowly watching the return of articles pushing automation in mortgage underwriting and mused that it wasn't taking very long for people to forget that the loss of competent human credit analysts is what started this whole mess.

This morning, this article popped up on Inman and I am simply amazed but I guess shouldn't be surprised that folks just don't get what credit underwriting is

the junk junkies just never learn, do they?

I've been slowly watching the return of articles pushing automation in mortgage underwriting and mused that it wasn't taking very long for people to forget that the loss of competent human credit analysts is what started this whole mess.

This morning, this article popped up on Inman and I am simply amazed but I guess shouldn't be surprised that folks just don't get what credit underwriting is

the dangerous dangling lot

You might not think of an extra lot as being dangerous but from a title insurance perspective, the extra lot causes all sorts of misunderstandings and potential for loss, especially when the lot is forgotten or not considered.

A recurring problem surfaces in foreclosure.  If a title agent only places a mortgage upon the lot on which the house sits but doesn't consider discussing the adjacent

the dangerous dangling lot

You might not think of an extra lot as being dangerous but from a title insurance perspective, the extra lot causes all sorts of misunderstandings and potential for loss, especially when the lot is forgotten or not considered.

A recurring problem surfaces in foreclosure.  If a title agent only places a mortgage upon the lot on which the house sits but doesn't consider discussing the adjacent

question to settlement agents

Are you seeing a drop off in the number of transactions with home warranties being sold as part of a purchase transaction?  I am.

Interesting, huh? 

question to settlement agents

Are you seeing a drop off in the number of transactions with home warranties being sold as part of a purchase transaction?  I am.

Interesting, huh? 

interesting observation on RESPA 2010

How the industry is faring with new RESPA forms After eight months of using the new Good Faith Estimate and HUD-1 Settlement Statement forms, mortgage lenders, closers and the legal community are at a calmer place with implementation than they were on Jan. 1. But is it a perfect system yet? Two attorneys say no, with one saying that

interesting observation on RESPA 2010

How the industry is faring with new RESPA forms After eight months of using the new Good Faith Estimate and HUD-1 Settlement Statement forms, mortgage lenders, closers and the legal community are at a calmer place with implementation than they were on Jan. 1. But is it a perfect system yet? Two attorneys say no, with one saying that

query via email: Is it legal to have a simultaneous closing?

Hi Diane,
My question concerns methods of closing. Is it legal to have a simultaneous closing?
In other words on an A to B and B to C purchase where the bank is A, I am B, and an end buyer is C.
At closing is it legal for B and C to sign papers, with the funds from C put into escrow, and then A and B close using funds from escrow on first signing to fund that transaction?
I hear some Title

query via email: Is it legal to have a simultaneous closing?

Hi Diane,
My question concerns methods of closing. Is it legal to have a simultaneous closing?
In other words on an A to B and B to C purchase where the bank is A, I am B, and an end buyer is C.
At closing is it legal for B and C to sign papers, with the funds from C put into escrow, and then A and B close using funds from escrow on first signing to fund that transaction?
I hear some Title

speaking of escrows

What do you think?  If an agent is no longer representing a particular underwriter, doesn't it make sense that the underwriter should take the escrows related to their policies?

I was thinking about that lately and it makes sense to me. 

speaking of escrows

What do you think?  If an agent is no longer representing a particular underwriter, doesn't it make sense that the underwriter should take the escrows related to their policies?

I was thinking about that lately and it makes sense to me. 

abandoned escrows

It still blows my mind how many abandoned inheritance tax escrows we have every year.  I've got thousands of dollars sitting in escrow that I need to get over to the Department of Revenue.  They in turn will send us a release for our insured property and we can then file it at with the Register of Wills.

Each year I work with a different person at the Department. Most are just happy to get the

abandoned escrows

It still blows my mind how many abandoned inheritance tax escrows we have every year.  I've got thousands of dollars sitting in escrow that I need to get over to the Department of Revenue.  They in turn will send us a release for our insured property and we can then file it at with the Register of Wills.

Each year I work with a different person at the Department. Most are just happy to get the

Hello to fast reader in the Netherlands. :) May I help you find something in particular?

This is the little blog that could. ;) Title Insurance Talk sits out here in the web ether answering usually 100 to 200 questions at day.  Most hits are specific queries - questions to search engines.  I always hope YOU, the reader will find what you are looking for.  If not, if it's a relevant question we haven't covered before, I'll do a post.  Some hits are regular readers and I love seeing

Hello to fast reader in the Netherlands. :) May I help you find something in particular?

This is the little blog that could. ;) Title Insurance Talk sits out here in the web ether answering usually 100 to 200 questions at day.  Most hits are specific queries - questions to search engines.  I always hope YOU, the reader will find what you are looking for.  If not, if it's a relevant question we haven't covered before, I'll do a post.  Some hits are regular readers and I love seeing

Universal Life Insurance

Universal life insurance might sound like a policy that covers more than just your life, but in reality, universal life insurance is simply a life insurance policy that offers a death benefit as well as the option for cash value accumulation. With universal life insurance, you have a varying premium that you can pay. The minimum you need to pay is the cost of insurance. This is the amount that will pay for your death benefit but will not result in any cash value accumulation. You can also pay more than your cost of insurance and that will result in some cash value accumulation.

Cash values accumulate and earn a fixed rate of return in a universal life insurance policy. They are not subject to the volatility of the stock market and there are no sub accounts for you to choose. While the premiums of a universal life insurance policy may be flexible, there is a maximum that you can pay. If you exceed this maximum then you may accumulate cash values too quickly and a modified endowment contract (MEC) may occur. In a modified endowment contract, the value of your cash values rises too close to the value of your death benefit and the policy cash value becomes taxable. One of the great benefits of a universal life insurance policy is the tax-free accrual of cash values and the ability to take tax-free loans, so this is definitely something to avoid.

Unlike a term life insurance policy, universal life insurance policies offer a death benefit that is valid over the entire course of your life as long as you pay your premiums on time and keep the policy in force. There is no need for further underwriting as the years go by and no reason to find additional insurance. In a term policy, since the death benefit only covers you for a pre-determined term (or period of time) you might need further underwriting and could be at risk for a higher premium as your health deteriorates. Like all life insurance policies, riders can be added to the universal life insurance policy in order to increase its value. Souse riders, accidental death riders, child riders and accelerated benefit riders are just some of the choices you have.

Benefits of Buying Auto Insurance Online

Many years ago, getting quotes were time-consuming since people who are interested to obtain car insurance have to personally visit and transact business with car insurance companies. Some even prefer gathering a number of quotes through phone. Insurance agents are also very irritating and insistent during those days. Good thing they've faced extinction.

The worldwide web has made our lives much easier and with just a simple click, we can have all the information we want. If you like to have many quotes for comparison purposes, just go to the different websites of car insurance companies and accomplish a data form. After which, the quotes you have requested will be delivered within a few seconds.

The biggest advantage of obtaining quotes online is that you will be able to compare the policies and coverage that the insurance companies have in store for you. In this kind of process, you will not be pressured by insurance agents. After you have chosen an insurance provider, just call or email them.

When you prefer gathering quotes online, you have to bear in mind one important thing. Be honest! You have to tell only the truth when you're filling up auto insurance application form online. If, from the start, you gave wrong information, you will, in return, get a wrong quotation. If in case, you'll meet a car accident in the future, your claim will not be granted.

Online application forms of car insurance companies have a space intended for additional information that you want them to know, which might help you get a better deal. Let's say, you were never involved in a car accident for the past 20 years, it would be a nice idea to mention that.

The rates that appear on the auto insurance quotes are dependent on a lot of factors. There's no such thing as standard insurance quotes. There are some car insurance companies that offer a better deal to women because it is assumed that women are more responsible drivers. Higher insurance rates are, however, given to young drivers and to those who have old cars.

Steps to Filing Your Auto Insurance Claim

Here are some steps to claim insurance :

Evaluate whether or not you should file a claim

Did you know that just when you call your insurance company with a question about possibly filing a claim it is often recorded on your insurance record? It is important to keep your insurance record clean and one way is deciding whether or not you should file a claim. It doesn’t matter if the accident is your fault or not, you should ask yourself first if you can pay for the damage. Simply put, if you can pay for it yourself without financial hardship, don’t file the claim.

Fill out your What to do After an Auto Accident Worksheet

This worksheet, which when you click on the title is provided for print-out, will help you keep track of the information you will need to file your auto insurance claim. It is important to get every detail of the accident documented and to try to find witnesses that would be willing to talk to your insurance company to back-up your story.

File the claim ASAP

You will want to file the claim as soon as possible with your insurance company. Even if it is not your fault, your insurance company will handle the claim process as your advocate.

Prepare for a possible call from the other insurance company

If there is a dispute between the two parties in the accident, you may get a call from the other driver’s insurance company asking for your version of what happened at the accident scene. If this happens make sure you document everything you say and the name of the customer service agent you talked too.

Finally, getting your car fixed

If you had body damage to your vehicle this is when you will finally get it fixed. After your claim is approved, you will likely get a call from your insurance company about sending an insurance adjuster out to assess the damage or asking you to send your car to a pre-approved shop to get it fixed.

Understanding Health Insurance Terms

When searching for a health insurance plan or after one has already signed up, the plan terms, or descriptions of provisions and coverages can be hard to understand. When one is reviewing the terms they often confusingly say, “What does that mean?”

Help is here! Below is a list of common health insurance coverage terms to help everyone understand more about what their health insurance plan has to offer.
You may also be interested in the Health Insurance Reform Definitions

Deductible
The deductible refers to the amount of money that the insured would need to pay before any benefits from the health insurance policy can be used. This is usually a yearly amount so when the policy starts again, usually after a year, the deductible would be in effect again. Some services, like doctor visits, may be available without meeting the deductible first. Usually there are separate individual deductible amounts and total family deductible amounts.

Co-insurance
This is usually a percentage amount that is the insured's responsibility. A common co-insurance split is 80/20. This means that the insurance company will pay 80% of the procedure and the insured is required to pay the other 20%.

Co-payments
The co-payment is a fixed amount that the insured is required to pay at the time of service. It is usually required for basic doctor visits and when purchasing prescription medications.

Out-of-Pocket
This is the cost one would pay out of their own pocket. An out of pocket expense can refer to how much the co-payment, coinsurance, or deductible is. Also, when the term annual out-of-pocket maximum is used, that is referring to how much the insured would have to pay for the whole year out of their pocket, excluding premiums.

Lifetime Maximum
This is the most amount of money the health insurance policy will pay for the entire life. Pay attention to individual lifetime maximums and family lifetime maximums as they can be different.

Exclusions
The exclusions are the things that the insurance policy will not cover.

Pre-existing Conditions
This is something someone had before obtaining the insurance policy. Some plans will cover pre-existing conditions while others may completely exclude them and, in addition, some health insurance plans will cover pre-existing conditions after a certain time period.

Waiting Period
This is the time one would have to wait until certain health insurance coverages are available.

Coordination of Benefits
If the insured has available two or more sources that would cover payment for certain conditions, such being under a spouse's insurance plan along with their own, the insurance company would not pay double benefits. In this case the health insurance company would coordinate benefits to make sure each plan pays a portion of the service.

Grace Period
This is the amount of time one has to pay their health insurance premium after the original due date and before insurance coverage would be canceled.

note to testy comment person

Roger, wilco and out.  ;)

note to testy comment person

Roger, wilco and out.  ;)

Fixed Annuity Sales Slump Since 2009

Fixed annuity sales in the first half of this year slumped 37 percent compared to the first half of 2009, erasing the meteoric rise in sales amid the flight to safety during the recession, according to LIMRA data released today.

The drop brings FA sales to $40.5 billion in the first half, compared to $64.2 billion in last year’s first half. This year’s first half total is also lower than $47.6 billion in 2008 but still higher than the $34.2 billion in 2007. This performance was the opposite of variable annuity sales, which plummeted during the recession. VA sales went from an all-time high of $89.6 billion in the first half of 2007 to $84.3 billion in 2008 and $62.6 billion in 2009, when VAs sold less than FAs for the first time since 1995.

Since last year, VAs found their footing, growing about 8.5 percent to $67.9 billion this year. Even so, it did not make up for the FA loss and the total market dropped to $108.4 billion, which is down about 17 percent since 2009 and off 21.6 percent compared to 2008, which was the total annuity market’s best first half ever.

“We aren’t surprised by the decrease in fixed annuity sales,” said Catherine Theroux, LIMRA spokeswoman. “In this low-interest rate environment, consumers are reluctant to lock into a long-term fixed annuity.”

The growth in VA sales reflect more confidence in equities markets but also a consumer drive for a return that exceeds CD rates but also the safety of the guaranteed minimum that most VAs now feature. This is the same dynamic that has helped indexed annuity sales boost sales within the fixed annuity segment, according to AnnuitySpecs.com data released on Sunday. Indexed sales were $8.3 billion the second quarter, which represented a 22.8 percent increase over the first quarter. Indexed sales were about where they were in the second quarter of 2009, showing a 0.1 percent drop.

Sheryl J. Moore, president and CEO of AnnuitySpecs.com, said she expects the upward trend to continue throughout this year. “With CD rates at 1 percent and fixed annuities crediting a mere 3.65 percent on average, it is no wonder that this was the second-highest quarter in terms of indexed annuity sales,” Moore said. “It is going to be another record year.”

query: should buyer get title insurance on land cash deal

Unless you want to put the cash at risk, YES, buy an owner title insurance policy.

query: should buyer get title insurance on land cash deal

Unless you want to put the cash at risk, YES, buy an owner title insurance policy.

query: when does being threatened with adverse possession end

I do hope you confer with a good real estate attorney.  In PA, you can evidence that you granted permission for the use, even if temporary permission and that should defeat an adverse possession claim.  A good real estate attorney can advise you.

I bought a property a few years back and the survey revealed that a neighbor was using my land for parking and generally as a side yard.  The land was

query: when does being threatened with adverse possession end

I do hope you confer with a good real estate attorney.  In PA, you can evidence that you granted permission for the use, even if temporary permission and that should defeat an adverse possession claim.  A good real estate attorney can advise you.

I bought a property a few years back and the survey revealed that a neighbor was using my land for parking and generally as a side yard.  The land was

questions on a public forum

Purchased a house about 5 months ago in PA. I have talked to the guy 8 or 10 times now and he has made many excuses and promises.. and yet, I never received the original title back, or the owner's title insurance policy I paid for. I checked with the county, and the purchase has been recorded with them.

So, obviously I will try to press on him by filing BBB complaint, etc, but my concerns

questions on a public forum

Purchased a house about 5 months ago in PA. I have talked to the guy 8 or 10 times now and he has made many excuses and promises.. and yet, I never received the original title back, or the owner's title insurance policy I paid for. I checked with the county, and the purchase has been recorded with them.

So, obviously I will try to press on him by filing BBB complaint, etc, but my concerns

Argo International builds Directors and Officers Team

Argo International builds Directors and Officers team with two underwriting appointments.
Argo International, a specialist Lloyd’s insurer and subsidiary of Argo Group International Holdings, Ltd. (NASDAQ: AGII), today announces that it has further added to its Directors and Officers (D&O) team with the appointment of Rita Mistry and Anthony Hope.

Reporting in to Paul Kneafsey, Rita and Anthony join Argo International from Dual Corporate Risks’ D&O division, where they were central to the expansion of the company’s D&O portfolio.

Their appointment follows the recruitment of Andrew Robertson to Argo International’s D&O team. Rita and Anthony will join Andrew to write flexible D&O solutions as part of Argo International’s wider Financial Lines business.

Julian Enoizi, CEO of Argo International, said "As part of the wider expansion of our business, we are building our Liability offering and, with their experience of developing D&O accounts, Rita and Anthony will be integral to the strategic growth of our Financial Lines business.”

Source : Argo Group

question from Bob

A Lender’s Policy was issued by a Title Company for private financing in the amount of the loan on a single family home with a LTV of 50% or less.  A good portion of the loan proceeds were used to cure delinquent taxes and acquire an adjacent property.
Borrower signed as a Personal Representative of an Estate with minors.  Title Company failed to discover borrower’s PR status had expired.  This

question from Bob

A Lender’s Policy was issued by a Title Company for private financing in the amount of the loan on a single family home with a LTV of 50% or less.  A good portion of the loan proceeds were used to cure delinquent taxes and acquire an adjacent property.
Borrower signed as a Personal Representative of an Estate with minors.  Title Company failed to discover borrower’s PR status had expired.  This

2008 taxes used for 2010 closing?

Diane: After we closed on our property we discovered the title company had made an error when they did the title search regarding the taxes. They said they based them on the 2008 taxes because the 2009 tax bills were not out yet, we closed Feb. 22, 2010. They said their title search found the 2008 taxes were $1130 when in fact the 2008 taxes were $2950. The amounts that were allowed for

2008 taxes used for 2010 closing?

Diane: After we closed on our property we discovered the title company had made an error when they did the title search regarding the taxes. They said they based them on the 2008 taxes because the 2009 tax bills were not out yet, we closed Feb. 22, 2010. They said their title search found the 2008 taxes were $1130 when in fact the 2008 taxes were $2950. The amounts that were allowed for

happy insured

Hi Diane,  thought I would follow up to share the outcome of this title insurance claim for the costly non-permitted construction on our house...

Even though our legal matter with the sellers was far down the road (and stalled) and only then had we decided to file the claim, First American agreed to pay the full amount of the policy cap of 25K for such claims (hey, it's something!).   So in

happy insured

Hi Diane,  thought I would follow up to share the outcome of this title insurance claim for the costly non-permitted construction on our house...

Even though our legal matter with the sellers was far down the road (and stalled) and only then had we decided to file the claim, First American agreed to pay the full amount of the policy cap of 25K for such claims (hey, it's something!).   So in

just curious

How many states or underwriters require a written quality control plan for title agencies?  I just had an inquiry from a reader in Kentucky who is looking for a plan.

just curious

How many states or underwriters require a written quality control plan for title agencies?  I just had an inquiry from a reader in Kentucky who is looking for a plan.

JC's response to the last post.

JC says, if anything, what he hears most often now from borrowers is, "Is that all?", and I think that's just darn exciting.  RESPA 2010 has turned the world of the Good Faith Estimate on its head.

JC's response to the last post.

JC says, if anything, what he hears most often now from borrowers is, "Is that all?", and I think that's just darn exciting.  RESPA 2010 has turned the world of the Good Faith Estimate on its head.

the great silence.....can you hear it?

I cannot remember the last time a consumer called or cried about their amount of cash required for closing.

How amazing is that?  It's wonderful.  It is life changing.

HUD, thank you.

Your plan worked.  The new GFE and HUD-1 2010 RESPA standards have accomplished what years of training couldn't - accountability in disclosure.

Put the fear of real penalties in the hearts of loan officers and

the great silence.....can you hear it?

I cannot remember the last time a consumer called or cried about their amount of cash required for closing.

How amazing is that?  It's wonderful.  It is life changing.

HUD, thank you.

Your plan worked.  The new GFE and HUD-1 2010 RESPA standards have accomplished what years of training couldn't - accountability in disclosure.

Put the fear of real penalties in the hearts of loan officers and

The seller did his own title search and.....

he says someone at the courthouse did his deed for him.  Hmmmm....

Well, the prior vested owner was a man, we'll call John Smith.  Our seller's deed was from a woman who says she was Mrs. John Smith.  The deed says John Smith is dead and that Mrs. Smith owns the property by operation of law as having been his wife.

Well, that's wrong.  She wasn't in title so does our seller actually own the

The seller did his own title search and.....

he says someone at the courthouse did his deed for him.  Hmmmm....

Well, the prior vested owner was a man, we'll call John Smith.  Our seller's deed was from a woman who says she was Mrs. John Smith.  The deed says John Smith is dead and that Mrs. Smith owns the property by operation of law as having been his wife.

Well, that's wrong.  She wasn't in title so does our seller actually own the

just a note to say hello

Our two most interesting cases pending now are one involving a Power of Attorney for a buyer and another in which the neighbor stepped forward on the eve of closing to say the driveway is on his property.

Both are cases of info coming in really late in a transaction and so both are delayed while we work out solutions.


In the case of the Power of Attorney, the buyers told the loan officer that

just a note to say hello

Our two most interesting cases pending now are one involving a Power of Attorney for a buyer and another in which the neighbor stepped forward on the eve of closing to say the driveway is on his property.

Both are cases of info coming in really late in a transaction and so both are delayed while we work out solutions.


In the case of the Power of Attorney, the buyers told the loan officer that

We're pretty darn busy...sorry no posts. I'm pedaling as fast as I can!

We're pretty darn busy...sorry no posts. I'm pedaling as fast as I can!

you probably know by now how I feel about FICO scoring...

I'm not a fan.

I think FICO got us into this credit mess by creating and supporting the false belief that automated underwriting could replace expert human analysis and judgment.  Though developed as a tool, it replaced humanity in the lending process.  NOW, it's time to let go.

We don't have subprime lending.  It's basically gone.  Hard money lenders are few and difficult for consumers to

you probably know by now how I feel about FICO scoring...

I'm not a fan.

I think FICO got us into this credit mess by creating and supporting the false belief that automated underwriting could replace expert human analysis and judgment.  Though developed as a tool, it replaced humanity in the lending process.  NOW, it's time to let go.

We don't have subprime lending.  It's basically gone.  Hard money lenders are few and difficult for consumers to

helping a consumer deal with reality

Back in April we received a title insurance order for a vacant lot on which the buyer planned to build a new home.  It's a cash deal and it still has not closed.  Why?  Well, the seller didn't realize that he had a mortgage on this lot and now we are working through a long process of obtaining a release.

Why didn't the seller know about the mortgage?  Well, the purchase of the adjacent lot was

helping a consumer deal with reality

Back in April we received a title insurance order for a vacant lot on which the buyer planned to build a new home.  It's a cash deal and it still has not closed.  Why?  Well, the seller didn't realize that he had a mortgage on this lot and now we are working through a long process of obtaining a release.

Why didn't the seller know about the mortgage?  Well, the purchase of the adjacent lot was

I get a kick out of seeing Title Insurance Talk translated into a foreign language.

Last year I noticed a post had been translated into Vietnamese.  Last week I saw one translated into Spanish for a Chilean reader and then this morning I noticed another translated into Dutch for a Belgian reader.  Cool. ;)

I get a kick out of seeing Title Insurance Talk translated into a foreign language.

Last year I noticed a post had been translated into Vietnamese.  Last week I saw one translated into Spanish for a Chilean reader and then this morning I noticed another translated into Dutch for a Belgian reader.  Cool. ;)

LOL....I'm sorry but this makes me laugh.

The vagueness of the individual factors is compounded by the subjective balancing process inherent in the test. HUD explains that the ten factors “will be considered together in determining whether the entity is a bona fide settlement service provider.” But HUD gives no indication how many factors might be determinative, or which factors might weigh more heavily in the analysis. Any entity

LOL....I'm sorry but this makes me laugh.

The vagueness of the individual factors is compounded by the subjective balancing process inherent in the test. HUD explains that the ten factors “will be considered together in determining whether the entity is a bona fide settlement service provider.” But HUD gives no indication how many factors might be determinative, or which factors might weigh more heavily in the analysis. Any entity

sham test unconstitutional?

The U.S. District Court, Northern District of Ohio, Western Division in Toledo, Ohio has issued a Memorandum and Opinion Order decided by Judge Jack Zouhary which holds that HUD's 10-Part Test to determine whether a controlled business arrangement is a sham entity or not is unconstitutional. The case is styled Erick Carter, et al. v. Welles-Bowen Realty, Inc., et al. and involves two

sham test unconstitutional?

The U.S. District Court, Northern District of Ohio, Western Division in Toledo, Ohio has issued a Memorandum and Opinion Order decided by Judge Jack Zouhary which holds that HUD's 10-Part Test to determine whether a controlled business arrangement is a sham entity or not is unconstitutional. The case is styled Erick Carter, et al. v. Welles-Bowen Realty, Inc., et al. and involves two

WILLIAMSPORT — A State College businessman who admitted embezzling $1.6 million while serving as an agent for Ticor Title Insurance Co., based in Philadelphia, has lost his bid to be given a sentence lighter than called for by sentencing guidelines.
In an opinion issued Friday, U.S. Middle District Senior Judge Malcolm Muir said while Ellery A. Crissman’s community activity may justify a

WILLIAMSPORT — A State College businessman who admitted embezzling $1.6 million while serving as an agent for Ticor Title Insurance Co., based in Philadelphia, has lost his bid to be given a sentence lighter than called for by sentencing guidelines.
In an opinion issued Friday, U.S. Middle District Senior Judge Malcolm Muir said while Ellery A. Crissman’s community activity may justify a

on support of TARP

Against lots of vocal opposition, I supported TARP.  This is why.  The assistance was necessary to stop a spiraling dynamic and prevent a banking disaster.  It was a carefully thought out plan with a way to recover funds when the danger was clear.

The unfortunate unintended consequence was that politicians across the nation saw it as a GO signal to borrow in previously unthinkable levels against

on support of TARP

Against lots of vocal opposition, I supported TARP.  This is why.  The assistance was necessary to stop a spiraling dynamic and prevent a banking disaster.  It was a carefully thought out plan with a way to recover funds when the danger was clear.

The unfortunate unintended consequence was that politicians across the nation saw it as a GO signal to borrow in previously unthinkable levels against

just got freaked out by a tax collector

If you live in a metro area or some other place of the country with professional tax collection, you just probably cannot believe how we collect property taxes in most of Pennsylvania.  Each municipality has an elected official in charge of the tax collection.  Many are part-time and work out of their homes.

I just got off the phone with a new tax collector who called because she could not match

just got freaked out by a tax collector

If you live in a metro area or some other place of the country with professional tax collection, you just probably cannot believe how we collect property taxes in most of Pennsylvania.  Each municipality has an elected official in charge of the tax collection.  Many are part-time and work out of their homes.

I just got off the phone with a new tax collector who called because she could not match

short sale lender wants buyer docs? why?

This is a first.  We just got a post closing request from a real estate broker for "a copy of the Note, Homeowners Insurance Dec Page and paid receipt, Approval letter from lender or and Amended approval Letter."

Say what?  Why?  What business are these personal buyer documents to the seller's mortgage lender?

Here's my response:

"To guard privacy, we release documents when requested by the

short sale lender wants buyer docs? why?

This is a first.  We just got a post closing request from a real estate broker for "a copy of the Note, Homeowners Insurance Dec Page and paid receipt, Approval letter from lender or and Amended approval Letter."

Say what?  Why?  What business are these personal buyer documents to the seller's mortgage lender?

Here's my response:

"To guard privacy, we release documents when requested by the

query: title company will stop pay on refund check unless new HUD is signed

Interesting topic.  If you check the documents signed at closing you should find one or more in which you, the borrower in a mortgage transaction, agreed to cooperate and sign corrective documents as necessary.

If the title company has been charged by the mortgage lender or some other party to have a corrective HUD-1 signed and you are not cooperating, they may choose to use whatever means they

query: title company will stop pay on refund check unless new HUD is signed

Interesting topic.  If you check the documents signed at closing you should find one or more in which you, the borrower in a mortgage transaction, agreed to cooperate and sign corrective documents as necessary.

If the title company has been charged by the mortgage lender or some other party to have a corrective HUD-1 signed and you are not cooperating, they may choose to use whatever means they

query: what does POC on a HUD stand for

Paid Outside of Closing

query: what does POC on a HUD stand for

Paid Outside of Closing

gee, Charles, you didn't look very hard...we've been out here talking with consumers for YEARS

"We decided that the only fair option is to let the consumer select a title company they can trust, rather than leave that decision to the financial institution" says Charles Marino, CEO of Pennsylvania Title Company. "We don't know of any other title companies who are reaching out to the end user like this, and we feel it will be a positive direction in which to take our company" says Marino.

gee, Charles, you didn't look very hard...we've been out here talking with consumers for YEARS

"We decided that the only fair option is to let the consumer select a title company they can trust, rather than leave that decision to the financial institution" says Charles Marino, CEO of Pennsylvania Title Company. "We don't know of any other title companies who are reaching out to the end user like this, and we feel it will be a positive direction in which to take our company" says Marino.

Chicago Title held liable for fraud by employees

Fidelity National Financial Inc.’s Chicago Title Corp. and Chicago Title Insurance must pay $5.7 million in punitive damages for the role some employees played in a $30 million real estate scam, a San Diego jury said today.

The companies also were told to pay a share of $1.11 million in compensatory damages the California state court jury awarded to three investors who sued.

Read more on

Chicago Title held liable for fraud by employees

Fidelity National Financial Inc.’s Chicago Title Corp. and Chicago Title Insurance must pay $5.7 million in punitive damages for the role some employees played in a $30 million real estate scam, a San Diego jury said today.

The companies also were told to pay a share of $1.11 million in compensatory damages the California state court jury awarded to three investors who sued.

Read more on

error in proration or lender escrow?

Diane,I did not see a link to allow a new post on your Title Insurance Blog, so I wanted to email you.  I read many of the posts and several came close to my question, but as always a little different.
We recently purchased and closed on a condo.  Afterwards (about 10 days) my closing attorney contacted me about an error found by the seller on the HUD-1.  It was missing prorated insurance on

error in proration or lender escrow?

Diane,I did not see a link to allow a new post on your Title Insurance Blog, so I wanted to email you.  I read many of the posts and several came close to my question, but as always a little different.
We recently purchased and closed on a condo.  Afterwards (about 10 days) my closing attorney contacted me about an error found by the seller on the HUD-1.  It was missing prorated insurance on

read this article in the Baltimore Sun, please

Government knows it has a problem.

In a recently concluded report, the Commission to Study Title Insurance in Maryland, appointed by the legislature two years ago, wants the insurance commissioner to study setting up a guaranty fund to pay back future victims. It also suggests making title-insurance underwriters more responsible for the behavior of agents such as Sybert who represent them at the

read this article in the Baltimore Sun, please

Government knows it has a problem.

In a recently concluded report, the Commission to Study Title Insurance in Maryland, appointed by the legislature two years ago, wants the insurance commissioner to study setting up a guaranty fund to pay back future victims. It also suggests making title-insurance underwriters more responsible for the behavior of agents such as Sybert who represent them at the

Just because the grantor is FANNIE MAE you ought not to overlook review of the deed and power of attorney.

It's frustrating.  FANNIE MAE does not release the deed for review prior to closing.  We have to wait for a courier delivery of the original which arrives on the day of closing.  That means we have no opportunity to find problems before the last minute and usually everything is okay but not always.

This morning JC reviewed a FANNIE MAE deed for a closing in Somerset County.  The deed referenced

Just because the grantor is FANNIE MAE you ought not to overlook review of the deed and power of attorney.

It's frustrating.  FANNIE MAE does not release the deed for review prior to closing.  We have to wait for a courier delivery of the original which arrives on the day of closing.  That means we have no opportunity to find problems before the last minute and usually everything is okay but not always.

This morning JC reviewed a FANNIE MAE deed for a closing in Somerset County.  The deed referenced

WASHINGTON — The Federal Housing Finance Agency has ordered Fannie Mae and Freddie Mac to delist from the New York Stock Exchange and any other national securities exchange.

For more information, visit washingtonpost.com:
http://link.email.washingtonpost.com/r/U38ITL/O9UFJ/HSF107/H1TXYW/B985Y/JY/t

WASHINGTON — The Federal Housing Finance Agency has ordered Fannie Mae and Freddie Mac to delist from the New York Stock Exchange and any other national securities exchange.

For more information, visit washingtonpost.com:
http://link.email.washingtonpost.com/r/U38ITL/O9UFJ/HSF107/H1TXYW/B985Y/JY/t

query: what does owners extended coverage per rate filing mean for closings

hmmmm.....

I'm guessing the buyer bought extended owner title insurance rather than the regular owner title insurance which is less expensive.  The "per rate filing" just indicates that the charge for extended coverage is determined by a filed rate, likely with the state insurance department.

I'll further guess that the buyer didn't get a moment in which to choose whether or not to purchase the

query: what does owners extended coverage per rate filing mean for closings

hmmmm.....

I'm guessing the buyer bought extended owner title insurance rather than the regular owner title insurance which is less expensive.  The "per rate filing" just indicates that the charge for extended coverage is determined by a filed rate, likely with the state insurance department.

I'll further guess that the buyer didn't get a moment in which to choose whether or not to purchase the

But, he warned that restricting yield spread premiums (YSPs) and limiting how much a loan officer can make would impact lenders' ability to attract and retain qualified loan officers on their staffs.
Found this sentence is this article and it kinda makes me nauseated.  You see, I think reducing the amount earned by loan officers per mortgage transaction will reduce the origination capacity down

But, he warned that restricting yield spread premiums (YSPs) and limiting how much a loan officer can make would impact lenders' ability to attract and retain qualified loan officers on their staffs.
Found this sentence is this article and it kinda makes me nauseated.  You see, I think reducing the amount earned by loan officers per mortgage transaction will reduce the origination capacity down

oops...missed two items in foreclosure.....

Usually the foreclosing mortgage lender buys the property at sheriff sale.  Sometimes a third party decides to outbid the lender and that's what happened on the case sitting in our office.  Not only did a third party decide to outbid the lender but they immediately listed the property for sale and it went under contract BEFORE the sheriff's deed was recorded.  So that's a pretty good indication

oops...missed two items in foreclosure.....

Usually the foreclosing mortgage lender buys the property at sheriff sale.  Sometimes a third party decides to outbid the lender and that's what happened on the case sitting in our office.  Not only did a third party decide to outbid the lender but they immediately listed the property for sale and it went under contract BEFORE the sheriff's deed was recorded.  So that's a pretty good indication

query: do mortgage underwriters contact the IRS

At closing, most mortgage lenders require that the borrowers sign an IRS form 4506 which gives them the right to obtain a copy of the borrower's income tax form.  Mortgage lenders DO contact the IRS routinely as part of a good quality control program.  It's a fraud prevention tool and they DO catch fraudsters using this method.

I strongly advise against falsifying tax forms used in a mortgage

query: do mortgage underwriters contact the IRS

At closing, most mortgage lenders require that the borrowers sign an IRS form 4506 which gives them the right to obtain a copy of the borrower's income tax form.  Mortgage lenders DO contact the IRS routinely as part of a good quality control program.  It's a fraud prevention tool and they DO catch fraudsters using this method.

I strongly advise against falsifying tax forms used in a mortgage

hmmm...a word about a potential title insurance claim

In 2006 we insured a transaction for property which sat in two different municipalities.  The house and most of the land was in one and the back 50 feet of land was in another.

I received a letter last week from the grandfather of the insured stating that we had failed to clear title on the 50 feet and that we had better pay roughly $700 to resolve the matter and that his granddaughter ought not

hmmm...a word about a potential title insurance claim

In 2006 we insured a transaction for property which sat in two different municipalities.  The house and most of the land was in one and the back 50 feet of land was in another.

I received a letter last week from the grandfather of the insured stating that we had failed to clear title on the 50 feet and that we had better pay roughly $700 to resolve the matter and that his granddaughter ought not

a sure sign of trouble.....

Former Priority Search workers interviewed during the investigation verified that Sichler oversaw all business operations, with one former staffer describing her as an “absolute control freak” who insisted on opening every piece of mail and maintaining exclusive control over all company bank accounts and finances.  Read the rest of the story of theft and dishonor.  What a creep.

a sure sign of trouble.....

Former Priority Search workers interviewed during the investigation verified that Sichler oversaw all business operations, with one former staffer describing her as an “absolute control freak” who insisted on opening every piece of mail and maintaining exclusive control over all company bank accounts and finances.  Read the rest of the story of theft and dishonor.  What a creep.

ERIN TOLL....

Erin:  You topped my list of industry heroes.  I hear you are leaving the public sector for a real estate career.  GOD SPEED, LADY.  I wish you well. ;)

Radical

ERIN TOLL....

Erin:  You topped my list of industry heroes.  I hear you are leaving the public sector for a real estate career.  GOD SPEED, LADY.  I wish you well. ;)

Radical

finally a straight link

to the pdf.

finally a straight link

to the pdf.

query: what is it called when you have a signed contract and one party wants to amend it and the other doesn't so the first party refuses to comply with the contract until the other signs the amendment

I'd call it a breach of contract in which case you may wish to consult your attorney for advice.

query: what is it called when you have a signed contract and one party wants to amend it and the other doesn't so the first party refuses to comply with the contract until the other signs the amendment

I'd call it a breach of contract in which case you may wish to consult your attorney for advice.

June is do or die month for the federal homebuyer tax credit.

That means we can expect a HUGE closing traffic jam at the end of the month.  If you are refinancing or buying and expect to close during June, plan to close as soon as possible.  Please try to close in the first half of the month if you can because closing during a volume crunch is not pleasant.  There can be document or funding delays. You won't get a great selection of time, dates or location.

June is do or die month for the federal homebuyer tax credit.

That means we can expect a HUGE closing traffic jam at the end of the month.  If you are refinancing or buying and expect to close during June, plan to close as soon as possible.  Please try to close in the first half of the month if you can because closing during a volume crunch is not pleasant.  There can be document or funding delays. You won't get a great selection of time, dates or location.

query: falsifying Schedule A of the title insurance commitment

You have me really curious.  The only section of Schedule A that might cause harm if falsified is the title vesting area.  I can't think of any other item on Schedule A that would service a fraud.  The title vesting area is where the proposed insured buyer or lender learns who owns the property now.  Unless someone forges the title insurer's signature on Schedule A, you'd have to have a thief and

query: falsifying Schedule A of the title insurance commitment

You have me really curious.  The only section of Schedule A that might cause harm if falsified is the title vesting area.  I can't think of any other item on Schedule A that would service a fraud.  The title vesting area is where the proposed insured buyer or lender learns who owns the property now.  Unless someone forges the title insurer's signature on Schedule A, you'd have to have a thief and

right in the middle of a crazy HUD prep day....the civil defense whistle went off!

After we were in the basement for a few minutes we found out it was a false alarm.  How more wacky could today have been?  ;)

right in the middle of a crazy HUD prep day....the civil defense whistle went off!

After we were in the basement for a few minutes we found out it was a false alarm.  How more wacky could today have been?  ;)

nice job, ALTA!

per email from ALTA, "ALTA's language to limit the ability of the new Consumer Financial Protection Agency to regulate the title industry was included in final passage."

nice job, ALTA!

per email from ALTA, "ALTA's language to limit the ability of the new Consumer Financial Protection Agency to regulate the title industry was included in final passage."

query: what does a FHA spot audit cover

It's been awhile since my last FHA spot audit but I've been through a few over the years. 

The first was the most memorable.  It was in 1978 and I was a young originator.  The FHA auditor walked into our office, unannounced, identified himself and asked for 25 randomly selected files, some closed, most in process.  After he reviewed the files he walked over to my desk for a chat.  He explained

query: what does a FHA spot audit cover

It's been awhile since my last FHA spot audit but I've been through a few over the years. 

The first was the most memorable.  It was in 1978 and I was a young originator.  The FHA auditor walked into our office, unannounced, identified himself and asked for 25 randomly selected files, some closed, most in process.  After he reviewed the files he walked over to my desk for a chat.  He explained

query: seller won't release earnest money - pa

Earnest money also called hand money is a good faith deposit made by the buyer in a purchase transaction.  Earnest money shows the seller that the buyer is serious and willing to put money at risk in exchange for the seller taking the property off the market while the sale is pending.

When there is a real estate broker involved the money is held in the escrow account of the brokerage.  In FSBO

query: seller won't release earnest money - pa

Earnest money also called hand money is a good faith deposit made by the buyer in a purchase transaction.  Earnest money shows the seller that the buyer is serious and willing to put money at risk in exchange for the seller taking the property off the market while the sale is pending.

When there is a real estate broker involved the money is held in the escrow account of the brokerage.  In FSBO

hey, Linda...this post is for you!

All title agents reading this post raise your hand if you are constantly asking yourself "Why is everybody trying to get into my pocket?"

The answer is that everybody thinks you do nothing for a living except enjoy a straight main line into pure cashola.  Everybody who is in a position to refer business to you thinks they deserve some of that easy money.

Why does everybody think you do nothing?

hey, Linda...this post is for you!

All title agents reading this post raise your hand if you are constantly asking yourself "Why is everybody trying to get into my pocket?"

The answer is that everybody thinks you do nothing for a living except enjoy a straight main line into pure cashola.  Everybody who is in a position to refer business to you thinks they deserve some of that easy money.

Why does everybody think you do nothing?

well, isn't this special....

According to two EMC analysts, they were encouraged to just make up data like FICO scores if the lenders they purchased loans in bulk from wouldn’t get back to them promptly.See story on Housing Wire.

well, isn't this special....

According to two EMC analysts, they were encouraged to just make up data like FICO scores if the lenders they purchased loans in bulk from wouldn’t get back to them promptly.See story on Housing Wire.

any title attorneys out there want to comment?

Searching for info on title insurance claims and found your blog.  Awesome there's someone out there explaining how this stuff works, thanks!!!!  Any chance you can offer an opinion on our issue below?

We have First American Title Ins. Eagle Protection Owners Policy on our home bought in 1999.   Many years into our ownership in 2008 our city building department came to us to enforce an old order

any title attorneys out there want to comment?

Searching for info on title insurance claims and found your blog.  Awesome there's someone out there explaining how this stuff works, thanks!!!!  Any chance you can offer an opinion on our issue below?

We have First American Title Ins. Eagle Protection Owners Policy on our home bought in 1999.   Many years into our ownership in 2008 our city building department came to us to enforce an old order

whew...Old Republic got lucky the day this deal closed.

the case of the ill-defined easement

whew...Old Republic got lucky the day this deal closed.

the case of the ill-defined easement

EVERYBODY KNOWS HOW IT GOES......

I am of the opinion that giving property reports away for free is a violation of RESPA and at least three state laws, Pennsylvania, Colorado and Washington.
ALTA doesn't think that's a RESPA problem, at least according to their outside counsel.  Kurt says "Just to let you know, I had our outside counsel run this through a RESPA scrub and he does not believe it to be a violation."
Okay, well

EVERYBODY KNOWS HOW IT GOES......

I am of the opinion that giving property reports away for free is a violation of RESPA and at least three state laws, Pennsylvania, Colorado and Washington.
ALTA doesn't think that's a RESPA problem, at least according to their outside counsel.  Kurt says "Just to let you know, I had our outside counsel run this through a RESPA scrub and he does not believe it to be a violation."
Okay, well

query: I recently found out that a piece of property I bought had a strawbuyer on it back in 1955. How does this affect my title?

I wouldn't worry.  A strawbuyer does not necessarily mean that a crime has taken place.

For readers who do not know what a strawbuyer is, let me give you my definition.  Think of a strawbuyer as a fake buyer, like a scarecrow made of straw, who stands in the place of the farmer in the field.  A strawbuyer stands in the place of the real buyer to hide the identity of the buyer.

We think of

query: I recently found out that a piece of property I bought had a strawbuyer on it back in 1955. How does this affect my title?

I wouldn't worry.  A strawbuyer does not necessarily mean that a crime has taken place.

For readers who do not know what a strawbuyer is, let me give you my definition.  Think of a strawbuyer as a fake buyer, like a scarecrow made of straw, who stands in the place of the farmer in the field.  A strawbuyer stands in the place of the real buyer to hide the identity of the buyer.

We think of

I still respect the opinions of Paulson, Bair and Bernanke.

While reading this article on Housing Wire this morning, I remembered how strongly I believe these three understood the crisis and that they were right about TARP.

TARP was a risky move that went way beyond what they would have like, in my opinion but I believe they felt it was a necessary step to calm the markets. I agree.  What they and I failed to see was that TARP was a peek at heaven for

I still respect the opinions of Paulson, Bair and Bernanke.

While reading this article on Housing Wire this morning, I remembered how strongly I believe these three understood the crisis and that they were right about TARP.

TARP was a risky move that went way beyond what they would have like, in my opinion but I believe they felt it was a necessary step to calm the markets. I agree.  What they and I failed to see was that TARP was a peek at heaven for

morning chuckle

First American's thorough title searches, title clearance and title insurance policies help to produce clear property titles and enable the efficient transfer of real estate. Source.

morning chuckle

First American's thorough title searches, title clearance and title insurance policies help to produce clear property titles and enable the efficient transfer of real estate. Source.

OAITA has update on First American/Bank of America case

The high-octane lawsuit currently pending in North Carolina between First American, United General Title and Bank of America took on a new layer this week as First American filed its Answer and Counterclaim to the Bank of America Complaint.  Read more on OAITA.

OAITA has update on First American/Bank of America case

The high-octane lawsuit currently pending in North Carolina between First American, United General Title and Bank of America took on a new layer this week as First American filed its Answer and Counterclaim to the Bank of America Complaint.  Read more on OAITA.

just cause HUD chose restraint for 180 days, what about other regulators?

On 11/13/2009, HUD issued release No. 09-215 indicating that for the first 4 months of 2010 they would "exercise restraint in enforcing new regulatory requirements under RESPA, due to take full effect Jan. 1, 2010."

Has anyone been examined during this time period and what was the approach of the examiners? Despite our Bank's significant and documented good faith efforts to comply, our OCC exam

just cause HUD chose restraint for 180 days, what about other regulators?

On 11/13/2009, HUD issued release No. 09-215 indicating that for the first 4 months of 2010 they would "exercise restraint in enforcing new regulatory requirements under RESPA, due to take full effect Jan. 1, 2010."

Has anyone been examined during this time period and what was the approach of the examiners? Despite our Bank's significant and documented good faith efforts to comply, our OCC exam

I feel like a kid finishing a term paper at the last minute.

The  PA Data Call spreadsheets are due tomorrow.  I have Part Two finished and most of Part One but we got really really busy at the end of the month and  I didn't finish and submit. 

Today's the day.  Glad it's cloudy and might storm.  Let's hope we don't lose power.  OH NO!  I hadn't thought of that.  Yoi, double YOI!

I feel like a kid finishing a term paper at the last minute.

The  PA Data Call spreadsheets are due tomorrow.  I have Part Two finished and most of Part One but we got really really busy at the end of the month and  I didn't finish and submit. 

Today's the day.  Glad it's cloudy and might storm.  Let's hope we don't lose power.  OH NO!  I hadn't thought of that.  Yoi, double YOI!

the new Colorado law

Will we finally see a move by title insurers in Colorado to finally charge for title insurance commitments issued for transactions that do not close?  The only reason title companies do not charge for these services, even when the charge would be leveled against a consumer, is fear of retribution by referral sources such as realtors and lenders.

We have this problem in PA.  We've got the law and

the new Colorado law

Will we finally see a move by title insurers in Colorado to finally charge for title insurance commitments issued for transactions that do not close?  The only reason title companies do not charge for these services, even when the charge would be leveled against a consumer, is fear of retribution by referral sources such as realtors and lenders.

We have this problem in PA.  We've got the law and

So, I guess this means the new First American Title iphone app

which provides free data to realtors is illegal in both Pennsylvania and Colorado?  Can't give free property reports in either state.  Anyone else have details on other state laws?

So, I guess this means the new First American Title iphone app

which provides free data to realtors is illegal in both Pennsylvania and Colorado?  Can't give free property reports in either state.  Anyone else have details on other state laws?

Colorado....YOU ROCK!! Well done. ;)

April 28, 2010                                                    For Immediate Release  
Contact:  Cameron Lewis, Colorado Division of Insurance, 303.894.2261               Chris Lines, DORA Public Information Officer, 303.894.7873
NEW RULES FOR TITLE INSURANCE TAKE EFFECT MAY 1, 2010
Although many homebuyers are not educated in the intricacies of title insurance, the Colorado Division

Colorado....YOU ROCK!! Well done. ;)

April 28, 2010                                                    For Immediate Release  
Contact:  Cameron Lewis, Colorado Division of Insurance, 303.894.2261               Chris Lines, DORA Public Information Officer, 303.894.7873
NEW RULES FOR TITLE INSURANCE TAKE EFFECT MAY 1, 2010
Although many homebuyers are not educated in the intricacies of title insurance, the Colorado Division

sign contract by 4/30.....close by 6/30

We are in the midst of a panic as homebuyers are trying to close on April 30 mistakenly believing that the 30th is the last day to close.

Please read this article.

Eligible borrowers must sign contracts by April 30 and close on their loans by June 30 to qualify for the tax credits, which include $8,000 for first-time buyers and $6,500 for home owners buying a new residence.

sign contract by 4/30.....close by 6/30

We are in the midst of a panic as homebuyers are trying to close on April 30 mistakenly believing that the 30th is the last day to close.

Please read this article.

Eligible borrowers must sign contracts by April 30 and close on their loans by June 30 to qualify for the tax credits, which include $8,000 for first-time buyers and $6,500 for home owners buying a new residence.

cool....hello Vietnam! Just noticed a reader translated this post. ;)

Post-đóng có nghĩa là sau khi đóng. It's a catch all phrase for jobs or tasks that take place AFTER the actual closing. Đó là một nhận tất cả cụm từ cho công việc hoặc nhiệm vụ đó diễn ra sau khi kết thúc thực sự. Post-closing includes the final takedown/bringdown of title and recordation of documents, the issuance of title policies, disbursement of funds not disbursed at the closing table