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

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

is this FREE app a thing of value under RESPA?

The AgentFirst app is currently available at no charge from the App Store at http://itunes.com/apps/agentfirstrealestate. For more information, or to establish an AgentFirst account,real estate professionals may contact their local First American Title sales representative.

Read more here.

is this FREE app a thing of value under RESPA?

The AgentFirst app is currently available at no charge from the App Store at http://itunes.com/apps/agentfirstrealestate. For more information, or to establish an AgentFirst account,real estate professionals may contact their local First American Title sales representative.

Read more here.

making the rounds......HUD Official going over “How to Properly Complete the new GFE” ;)

making the rounds......HUD Official going over “How to Properly Complete the new GFE” ;)

query: how much are tax service fees that FHA won't pay

Tax service fees are a one time charge collected at closing by a mortgage lender.  What a tax service does is a bit iffy to me.  I always thought that once a mortgage loan was set up in servicing that the tax service would monitor and oversee the tax payments for that property.

That appears to be partially true in some cases, because we do see instructions for the future billings going to tax

query: how much are tax service fees that FHA won't pay

Tax service fees are a one time charge collected at closing by a mortgage lender.  What a tax service does is a bit iffy to me.  I always thought that once a mortgage loan was set up in servicing that the tax service would monitor and oversee the tax payments for that property.

That appears to be partially true in some cases, because we do see instructions for the future billings going to tax

good advice...

Technically, a full mark up might not be completed until AFTER a closing, depending on the type of closing. The mark up takes place prior to the issuance of the policy and after all conditions noted in Schedule B1 are resolved. We routinely send copies of the title insurance commitment to consumers PRIOR to closing so they know we have agreed to insure and they have the opportunity to review

good advice...

Technically, a full mark up might not be completed until AFTER a closing, depending on the type of closing. The mark up takes place prior to the issuance of the policy and after all conditions noted in Schedule B1 are resolved. We routinely send copies of the title insurance commitment to consumers PRIOR to closing so they know we have agreed to insure and they have the opportunity to review

at street level everyone knew what was going on....

There's plenty more of the same in the complaint by MGIC charging that Countrywide agents were complicit in various and sundry deceptions. Frankly, we found it all something of a hoot, though it's not hard to see why MGIC isn't laughing.  Read more on Barron's.

The MGIC issue with Countrywide like the First American Title issue with Countrywide loans now being held by Bank of America is a real

at street level everyone knew what was going on....

There's plenty more of the same in the complaint by MGIC charging that Countrywide agents were complicit in various and sundry deceptions. Frankly, we found it all something of a hoot, though it's not hard to see why MGIC isn't laughing.  Read more on Barron's.

The MGIC issue with Countrywide like the First American Title issue with Countrywide loans now being held by Bank of America is a real

We just closed a most interesting $1200 transaction.

That's right, TWELVE HUNDRED DOLLARS.

A month or so ago I received a call from a nice lady who wanted to buy a vacant lot which was being marketed by a bank after foreclosure.  Her intentions were to build on that lot.

The price was low because the property is in a distressed part of town but that's okay we are seeing lots of renewal in our metro areas where potential homebuyers are finding

We just closed a most interesting $1200 transaction.

That's right, TWELVE HUNDRED DOLLARS.

A month or so ago I received a call from a nice lady who wanted to buy a vacant lot which was being marketed by a bank after foreclosure.  Her intentions were to build on that lot.

The price was low because the property is in a distressed part of town but that's okay we are seeing lots of renewal in our metro areas where potential homebuyers are finding

query: what does POC stand for on a HUD-1 form

POC means PAID OUTSIDE OF CLOSING.  In other words, money paid prior to closing or in some odds cases, after closing.  This is money being reported on the HUD-1 form because it is related to the transaction but the figures are not included in the column calculations.

query: what does POC stand for on a HUD-1 form

POC means PAID OUTSIDE OF CLOSING.  In other words, money paid prior to closing or in some odds cases, after closing.  This is money being reported on the HUD-1 form because it is related to the transaction but the figures are not included in the column calculations.

query: will a mortgage underwriter overlook my little lie

What?  Why are you lying to your lender?

If your mortgage underwriter is smart, the underwriter will verify everything and not take your word for anything.  That's how mortgage underwriting SHOULD be done anyway.

Most people tend to estimate their income a bit high and their liabilities a bit low.  That's not unusual, but if you are flat out falsifying data, then I would hope the underwriter

query: will a mortgage underwriter overlook my little lie

What?  Why are you lying to your lender?

If your mortgage underwriter is smart, the underwriter will verify everything and not take your word for anything.  That's how mortgage underwriting SHOULD be done anyway.

Most people tend to estimate their income a bit high and their liabilities a bit low.  That's not unusual, but if you are flat out falsifying data, then I would hope the underwriter

seller questions HUD-1 after closing

Hi, I came across your web site after doing a few google searches on the topic of HUD-1 errors.  We closed this past Friday on selling our house, and received the HUD-1 form today, Wednesday.  We looked over it, and saw that the attorney (this is in NY) for the buyer (who prepared the HUD-1) did not put the buyers earnest money in line 501, and did not include our $300 credit to the buyers for

seller questions HUD-1 after closing

Hi, I came across your web site after doing a few google searches on the topic of HUD-1 errors.  We closed this past Friday on selling our house, and received the HUD-1 form today, Wednesday.  We looked over it, and saw that the attorney (this is in NY) for the buyer (who prepared the HUD-1) did not put the buyers earnest money in line 501, and did not include our $300 credit to the buyers for

ALTA on RESPA 2010

RESPA is getting some attention in the mainstream media, and I wanted to be sure you saw this New York Times article about problems created by the new regulation. ALTA's RESPA Implementation Task Force continues to meet regularly and recently summed up its most pressing concerns in this April 13 letter to HUD.

ALTA on RESPA 2010

RESPA is getting some attention in the mainstream media, and I wanted to be sure you saw this New York Times article about problems created by the new regulation. ALTA's RESPA Implementation Task Force continues to meet regularly and recently summed up its most pressing concerns in this April 13 letter to HUD.

query: where do home inspections go on the new HUD

We are putting them in the 1300 section.

query: where do home inspections go on the new HUD

We are putting them in the 1300 section.

nice to be busy.......we are slammed!

LENDERS ARE LENDING AND IT'S A GREAT TIME TO BUY OR REFINANCE.

nice to be busy.......we are slammed!

LENDERS ARE LENDING AND IT'S A GREAT TIME TO BUY OR REFINANCE.

here's another oldie but goodie....buyer beware when hiring a notary public

Be explicit. Are you buying notarial services OR are you buying "signing agent" services?

You see, things are very confused in the notary business these days. Let me take a moment to explain.

Each state has its own set of laws concerning the closing of a real property transaction - purchase or refinance.

In all states, attorneys may perform the transaction.
In many states, attorneys ONLY

here's another oldie but goodie....buyer beware when hiring a notary public

Be explicit. Are you buying notarial services OR are you buying "signing agent" services?

You see, things are very confused in the notary business these days. Let me take a moment to explain.

Each state has its own set of laws concerning the closing of a real property transaction - purchase or refinance.

In all states, attorneys may perform the transaction.
In many states, attorneys ONLY

Bank of America v. First American

CLICK HERE


Guess a judge will have to decide who was the greater fool.  It's like a team of engineers who design and build a bridge using substandard materials which they buy from a dealer who knows his materials are crap but is willing to guarantee replacement of parts and apparently neither the dealer or the engineers considered that the bridge might collapse.

Bank of America v. First American

CLICK HERE


Guess a judge will have to decide who was the greater fool.  It's like a team of engineers who design and build a bridge using substandard materials which they buy from a dealer who knows his materials are crap but is willing to guarantee replacement of parts and apparently neither the dealer or the engineers considered that the bridge might collapse.

Just for kicks, here's a rerun....query: future of title insurance?

Boy, you and me both, we could sure use a crystal ball now couldn't we?

We "traditional" title examiners and agents are operating in a strange industry quagmire in which our supposed leaders and purveyors of what we have to sell - the big title insurance companies - seem to be hell bent on destroying our product - title insurance.

This product which found its roots in the hands of carefully

Just for kicks, here's a rerun....query: future of title insurance?

Boy, you and me both, we could sure use a crystal ball now couldn't we?

We "traditional" title examiners and agents are operating in a strange industry quagmire in which our supposed leaders and purveyors of what we have to sell - the big title insurance companies - seem to be hell bent on destroying our product - title insurance.

This product which found its roots in the hands of carefully

query: what does it mean if we paid for title insurance

I am presuming you are faced with a potential loss or title issue to resolve and someone has asked if you paid for title insurance?  If you did pay for title insurance, it would be noted on the HUD-1 Settlement Statement in the 1100 section.  The form will indicate whether you paid for lender coverage or owner coverage or both.  Check the papers you received at closing.

Even if you borrowed your

query: what does it mean if we paid for title insurance

I am presuming you are faced with a potential loss or title issue to resolve and someone has asked if you paid for title insurance?  If you did pay for title insurance, it would be noted on the HUD-1 Settlement Statement in the 1100 section.  The form will indicate whether you paid for lender coverage or owner coverage or both.  Check the papers you received at closing.

Even if you borrowed your

Oops, almost forget to tell you...

that I received copy of a letter sent by the PA Department of Banking to a VP at Saxon Mortgage Services, Inc.  Did I mention that my last document pack and letter was copied to the Department and also the Tom Corbett, PA Attorney General?

I'm a fairly persistent and persuasive professional problem solver and if I couldn't penetrate the mortgage servicing brick wall at Saxon, just imagine how

Oops, almost forget to tell you...

that I received copy of a letter sent by the PA Department of Banking to a VP at Saxon Mortgage Services, Inc.  Did I mention that my last document pack and letter was copied to the Department and also the Tom Corbett, PA Attorney General?

I'm a fairly persistent and persuasive professional problem solver and if I couldn't penetrate the mortgage servicing brick wall at Saxon, just imagine how

maintaining privacy

We title agents are charged with guarding other peoples money and other peoples information.  On the information side, we have privacy rules.  One of these rules is that we do NOT release documents from our closed files to anyone other than a principal to a transaction who would have a legitimate need for a document.  That principal must request the document in writing so we have a reasonable

maintaining privacy

We title agents are charged with guarding other peoples money and other peoples information.  On the information side, we have privacy rules.  One of these rules is that we do NOT release documents from our closed files to anyone other than a principal to a transaction who would have a legitimate need for a document.  That principal must request the document in writing so we have a reasonable

Pennsylvania Treasury escheat deadline is looming......

Title agents must file a report even if they have no money to escheat!


Q:  Are holders required to file a “negative report”?
A:  Yes, all holders that have no property to report, must file a none report each year by April 15th.

Read more FAQs on the Treasury web site.

Pennsylvania Treasury escheat deadline is looming......

Title agents must file a report even if they have no money to escheat!


Q:  Are holders required to file a “negative report”?
A:  Yes, all holders that have no property to report, must file a none report each year by April 15th.

Read more FAQs on the Treasury web site.

what about these title agents who fail to issue policies, eh?

Hi Diane,
I came across your blog sometime last year and really enjoy reading it as it helps to understand what goes on in the world of title. I recently began job in the mortgage industry. This company grew fast and could not keep up the pace of processing the incoming final documents (recorded mortgage and title policy) so I was hired to get the company back on track. After clearing out

what about these title agents who fail to issue policies, eh?

Hi Diane,
I came across your blog sometime last year and really enjoy reading it as it helps to understand what goes on in the world of title. I recently began job in the mortgage industry. This company grew fast and could not keep up the pace of processing the incoming final documents (recorded mortgage and title policy) so I was hired to get the company back on track. After clearing out

query: I have been pre-approved and have received a Good Faith Estimate, does that mean I am approved?

No.  Receipt of the Good Faith Estimate is the first step in selecting a lender.  The question on the table right now is - are YOU satisfied with the terms offered by the mortgage lender?


Your job right now is to speak with a few lenders and compare Good Faith Estimates. Lenders cannot charge you for that pre-approval or Good Faith Estimate so move fast, make your decision -  choose a lender.

query: I have been pre-approved and have received a Good Faith Estimate, does that mean I am approved?

No.  Receipt of the Good Faith Estimate is the first step in selecting a lender.  The question on the table right now is - are YOU satisfied with the terms offered by the mortgage lender?


Your job right now is to speak with a few lenders and compare Good Faith Estimates. Lenders cannot charge you for that pre-approval or Good Faith Estimate so move fast, make your decision -  choose a lender.

on the PA Data Call

It just hit me.  The reason PLTA and members are outraged over the PA Data Call is that they don't keep good records.  DUH!  That means they don't keep track of cancelled transactions and that HAS to be why they aren't outraged about the loss of thousands and thousands of dollars.

HEY TITLE AGENTS!!! Start a spreadsheet for dead deals.  Live and learn, baby.  Start counting the thousands -

on the PA Data Call

It just hit me.  The reason PLTA and members are outraged over the PA Data Call is that they don't keep good records.  DUH!  That means they don't keep track of cancelled transactions and that HAS to be why they aren't outraged about the loss of thousands and thousands of dollars.

HEY TITLE AGENTS!!! Start a spreadsheet for dead deals.  Live and learn, baby.  Start counting the thousands -

wasted money and manhours

If PLTA and the various commenting members would get as outraged over wasted money and manhours spent processing cancelled title transactions as they got over the PA Data Call, we'd make some headway.

I'll likely go to my grave still wondering why our industry places little or no value on its prime work product.  I am proud of our work.  It has value.  I kills me to be forced to give it away in

wasted money and manhours

If PLTA and the various commenting members would get as outraged over wasted money and manhours spent processing cancelled title transactions as they got over the PA Data Call, we'd make some headway.

I'll likely go to my grave still wondering why our industry places little or no value on its prime work product.  I am proud of our work.  It has value.  I kills me to be forced to give it away in

Well, I am impressed.

Anne Anastasi did call back after receiving my message concerning cancellation fees.  She noted that we do have a specific statute in Pennsylvania and wondered how we could address this nationally.  Here's our PA rule: § 125.2. Charges required for title reports and others. (a)  The issuance without charge of a title report, commitment to insure, guaranteed general search, information

Well, I am impressed.

Anne Anastasi did call back after receiving my message concerning cancellation fees.  She noted that we do have a specific statute in Pennsylvania and wondered how we could address this nationally.  Here's our PA rule: § 125.2. Charges required for title reports and others. (a)  The issuance without charge of a title report, commitment to insure, guaranteed general search, information

ALTA asking for membership

As part of what I guess is a routine membership drive, I received a voice mail from the soon-to-be president of ALTA noting that I had previously been a member and would I consider rejoining?

Yes, I used to pay over $2000 per year for the privilege of ALTA membership.  I stopped paying $2000+ per year when I suddenly realized that ALTA was advocating against my interests and not for them.  DUH!

ALTA asking for membership

As part of what I guess is a routine membership drive, I received a voice mail from the soon-to-be president of ALTA noting that I had previously been a member and would I consider rejoining?

Yes, I used to pay over $2000 per year for the privilege of ALTA membership.  I stopped paying $2000+ per year when I suddenly realized that ALTA was advocating against my interests and not for them.  DUH!

PLTA responds to the PA Department of Insurance on the data call

LETTER


Interestingly, we have paid for voluntary annual CPA audits and maintained spreadsheets for issued policies and cancelled transactions so we're able to give reasonably accurate data for everything accept the geographic breakdown.  For that, we are randomly reviewing scanned files for these years, as many as we can and will do a guesstimate based upon an extrapolation of the sampling.

PLTA responds to the PA Department of Insurance on the data call

LETTER


Interestingly, we have paid for voluntary annual CPA audits and maintained spreadsheets for issued policies and cancelled transactions so we're able to give reasonably accurate data for everything accept the geographic breakdown.  For that, we are randomly reviewing scanned files for these years, as many as we can and will do a guesstimate based upon an extrapolation of the sampling.

to be or not to be "on the list" --------- RESPA 2010

We do lots of closings for lots of different lenders.  Sometimes we are "on the list" and sometimes we're not.  By "on the list" I am referring to the Provider List given to a borrower with the new GFE.  When a lender gives a borrower the name of a title service provider, they have to put the provider on the list.  This is a referral and when the lender gives a name to a borrower and also gives

to be or not to be "on the list" --------- RESPA 2010

We do lots of closings for lots of different lenders.  Sometimes we are "on the list" and sometimes we're not.  By "on the list" I am referring to the Provider List given to a borrower with the new GFE.  When a lender gives a borrower the name of a title service provider, they have to put the provider on the list.  This is a referral and when the lender gives a name to a borrower and also gives