query: is the title company the agent of the lender

Good question.  If by title company you mean a title agency, the title agency is the agent for the title company/underwriter.

Title insurance companies/underwriters and their title agents have a fiduciary duty to the mortgage lender and so they do or should be keeping their eyes open for fraud and error.  If the mortgage lender has requested coverage under a closing services/protection letter

query: is the title company the agent of the lender

Good question.  If by title company you mean a title agency, the title agency is the agent for the title company/underwriter.

Title insurance companies/underwriters and their title agents have a fiduciary duty to the mortgage lender and so they do or should be keeping their eyes open for fraud and error.  If the mortgage lender has requested coverage under a closing services/protection letter

phew, I am trying to calm down.....

I haven't been this angry while writing a blog post for a long, long time.  Just goes to show how much wonderful progress we have made.  It's rare to run into incompetence and ignorance in the business and that's a good thing.  So, let me end my blog day on the happy note.  I want to express gratitude to the thousands of folks who have embraced good practices and work with their thinking caps

phew, I am trying to calm down.....

I haven't been this angry while writing a blog post for a long, long time.  Just goes to show how much wonderful progress we have made.  It's rare to run into incompetence and ignorance in the business and that's a good thing.  So, let me end my blog day on the happy note.  I want to express gratitude to the thousands of folks who have embraced good practices and work with their thinking caps

Sorry, there's no better way to say this, Saxon Mortgage is an IDIOCRACY.

I have never - NEVER - NEVER - in my entire 35 year career faced an absolutely hideous mortgage servicer.

Saxon uses teams of customer service people who seem to exchange roles in and out of the payoff department - each time you call you wait forever and any prior conversation is completely erased from the company memory.  Letters sent go into a black hole.  Money goes into a black hole and sits

Sorry, there's no better way to say this, Saxon Mortgage is an IDIOCRACY.

I have never - NEVER - NEVER - in my entire 35 year career faced an absolutely hideous mortgage servicer.

Saxon uses teams of customer service people who seem to exchange roles in and out of the payoff department - each time you call you wait forever and any prior conversation is completely erased from the company memory.  Letters sent go into a black hole.  Money goes into a black hole and sits

RESPA Referral Fee Matrix

Check this out.  You have to be kidding me.  Is there seriously anyone out there still playing the referral fee game and thinking that regulators will give them a pass?

I found that little jewel in under this blog post:

LO’s are again asking about the RESPA rules — about when you can legally pay an affiliated party a referral fee.  Dr. Gary Lacefield, RESPA Expert, has provided a RESPA REFERRAL

RESPA Referral Fee Matrix

Check this out.  You have to be kidding me.  Is there seriously anyone out there still playing the referral fee game and thinking that regulators will give them a pass?

I found that little jewel in under this blog post:

LO’s are again asking about the RESPA rules — about when you can legally pay an affiliated party a referral fee.  Dr. Gary Lacefield, RESPA Expert, has provided a RESPA REFERRAL

query: how do I complete the GFE for 1st and 2nd mortgages

HUD wants you to do a separate GFE for each mortgage.  Check the RESPA FAQs.  There's lots of good info available in there.

query: how do I complete the GFE for 1st and 2nd mortgages

HUD wants you to do a separate GFE for each mortgage.  Check the RESPA FAQs.  There's lots of good info available in there.

query: what do you mean mortgage post closing

The word "post" means after.  So any reference to post closing means after closing.

We have a post closing department which handles all of the details and work that takes place AFTER the closing.  For a title insurance agent, that means recording documents, issuing policies, delivery of documents, filing, scanning, escrows and sending out checks, etc.

Mortgage lenders also have post closing

query: what do you mean mortgage post closing

The word "post" means after.  So any reference to post closing means after closing.

We have a post closing department which handles all of the details and work that takes place AFTER the closing.  For a title insurance agent, that means recording documents, issuing policies, delivery of documents, filing, scanning, escrows and sending out checks, etc.

Mortgage lenders also have post closing

enjoy a title insurance blog - what? are you crazy? ;)

Diane,

This might strike you as a bit strange, but I enjoyed visiting your blog.
Who would have thought I would visit a blog about title insurance?
I stumbled on your blog when I was researching the term "successors and assigns". I was interested in the term because I was sort of skimming through the United States Code. Right from the get go, the USC defines terms, one of which is "company".

enjoy a title insurance blog - what? are you crazy? ;)

Diane,

This might strike you as a bit strange, but I enjoyed visiting your blog.
Who would have thought I would visit a blog about title insurance?
I stumbled on your blog when I was researching the term "successors and assigns". I was interested in the term because I was sort of skimming through the United States Code. Right from the get go, the USC defines terms, one of which is "company".

First American responds to suit....

The lawsuit pits the nation’s No. 1 mortgage lender against the nation’s No. 2 title insurance company. Officials for Bank of America declined to comment on the case.
A spokeswoman for First American issued a statement expressing regret over the lawsuit, adding that the practices of an intermediary likely will be “scrutinized” as a result of the case:
“United General Title Insurance Company and

First American responds to suit....

The lawsuit pits the nation’s No. 1 mortgage lender against the nation’s No. 2 title insurance company. Officials for Bank of America declined to comment on the case.
A spokeswoman for First American issued a statement expressing regret over the lawsuit, adding that the practices of an intermediary likely will be “scrutinized” as a result of the case:
“United General Title Insurance Company and

well, well, well......crappy title underwriting comes home to roost

Now Bank of America Corp., the nation's biggest mortgage lender, is saying the nation's second-largest title insurer did much the same thing and should be on the hook for more than $500 million in losses.

In a lawsuit filed earlier this month, BofA alleged that First American Corp. in Santa Ana relied on home buyers to tell them about liens on their properties and other matters, rather than

well, well, well......crappy title underwriting comes home to roost

Now Bank of America Corp., the nation's biggest mortgage lender, is saying the nation's second-largest title insurer did much the same thing and should be on the hook for more than $500 million in losses.

In a lawsuit filed earlier this month, BofA alleged that First American Corp. in Santa Ana relied on home buyers to tell them about liens on their properties and other matters, rather than

This is fascinating...I'm sure there's more to this story.

Bank of America, one of America's largest mortgage lenders and the recipient of more than $45 billion in TARP funds from the federal government, claims that United General Title Insurance and First American Title Insurance, now corporate affiliates, insured mortgages for title defects, undisclosed intervening liens and other problems, and to cover equity loans and lines of credit up to $500,000.

This is fascinating...I'm sure there's more to this story.

Bank of America, one of America's largest mortgage lenders and the recipient of more than $45 billion in TARP funds from the federal government, claims that United General Title Insurance and First American Title Insurance, now corporate affiliates, insured mortgages for title defects, undisclosed intervening liens and other problems, and to cover equity loans and lines of credit up to $500,000.

HELOC/open end payoff, satisfaction, reconveyance.....

When you find an "open end" or line of credit/HELOC mortgage on record in a title search, you really need proceed carefully.  Most important is to freeze the account when you get your payoff letter.  You need to stop the moving money target.  There are some lenders who refuse to put a freeze on these accounts so your post closing payoff procedure can include a few extra steps to eliminate risk. 

HELOC/open end payoff, satisfaction, reconveyance.....

When you find an "open end" or line of credit/HELOC mortgage on record in a title search, you really need proceed carefully.  Most important is to freeze the account when you get your payoff letter.  You need to stop the moving money target.  There are some lenders who refuse to put a freeze on these accounts so your post closing payoff procedure can include a few extra steps to eliminate risk. 

call is over.....

I thought it was very helpful.  The answer to my question is that I can opt to use Table B which I will do.

BTW - That "mouthy broad" was NOT me.  LOL


Favorite comment - "I agree with the dog."  ;)

call is over.....

I thought it was very helpful.  The answer to my question is that I can opt to use Table B which I will do.

BTW - That "mouthy broad" was NOT me.  LOL


Favorite comment - "I agree with the dog."  ;)

PA Data Call conference call this morning.......

My question:

Please comment on the section concerning the various discounted rates.  I do not understand the limited categories of BASIC and REISSUE for short form policies.

It seems to me that the question of whether a long or short form was used is not related to the rate charged to the consumer.  For instance, in PA the most popular Community Reinvestment Act program is a Pennsylvania

PA Data Call conference call this morning.......

My question:

Please comment on the section concerning the various discounted rates.  I do not understand the limited categories of BASIC and REISSUE for short form policies.

It seems to me that the question of whether a long or short form was used is not related to the rate charged to the consumer.  For instance, in PA the most popular Community Reinvestment Act program is a Pennsylvania

RESPA 2010 - just where do you put the NOTARY or SIGNING SERVICE on the new GFE?

Simple......... in title services.

RESPA 2010 - just where do you put the NOTARY or SIGNING SERVICE on the new GFE?

Simple......... in title services.

RESPA 2010 - purchase with a 1st and 2nd mortgage

We are getting ready to close our first simultaneous 1st and 2nd under the new rules.  Our buyer is getting a line of credit 2nd mortgage and as far as I know, drawing the whole line now for closing.

When we got the title order, we checked the RESPA FAQ and saw on page seven that there should be TWO GFEs and TWO HUD-1 forms.  We asked the lender for both GFEs and held back delivery of the title

RESPA 2010 - purchase with a 1st and 2nd mortgage

We are getting ready to close our first simultaneous 1st and 2nd under the new rules.  Our buyer is getting a line of credit 2nd mortgage and as far as I know, drawing the whole line now for closing.

When we got the title order, we checked the RESPA FAQ and saw on page seven that there should be TWO GFEs and TWO HUD-1 forms.  We asked the lender for both GFEs and held back delivery of the title

pre-qualification versus pre-approval

The new mortgage disclosure rule is upending the first step in the process of lending to homebuyers.
Before shopping for a property, a prospective buyer typically gets a preapproval letter from a lender indicating how big a loan the person qualifies for. Real estate agents often ask for these letters so they can make sure the customer can afford the property before showing it.  Read more here. 

pre-qualification versus pre-approval

The new mortgage disclosure rule is upending the first step in the process of lending to homebuyers.
Before shopping for a property, a prospective buyer typically gets a preapproval letter from a lender indicating how big a loan the person qualifies for. Real estate agents often ask for these letters so they can make sure the customer can afford the property before showing it.  Read more here.