procedures

Having managed lots of folks over my career I respect that individuals think and learn differently, that we aren't automotons and need some degree of personal discretion in our work.  I also know that mandatory procedures are necessary to maintain quality of service and product and, of course, meet contractual and legal requirements.  This is a constant managerial task - finding balance in the

procedures

Having managed lots of folks over my career I respect that individuals think and learn differently, that we aren't automotons and need some degree of personal discretion in our work.  I also know that mandatory procedures are necessary to maintain quality of service and product and, of course, meet contractual and legal requirements.  This is a constant managerial task - finding balance in the

all is right with the world, the mortgage banking world, that is

WAH?  That's right and do you know how I can tell?  Everyone is complaining about underwriters.  That's a sign of normalcy and that's what has been missing for over a decade.

Ah, the sweet sound of prudence.

all is right with the world, the mortgage banking world, that is

WAH?  That's right and do you know how I can tell?  Everyone is complaining about underwriters.  That's a sign of normalcy and that's what has been missing for over a decade.

Ah, the sweet sound of prudence.

New York takes aims at steering by real estate broker to affiliated title agencies

A law aiming to prevent improper quid pro quos for title insurance agents just got a new set of sharp teeth -- causing a furor in the already embattled industry. In late May, the Office of the General Counsel of the state's Insurance Department issued an opinion about whether it's legal for a residential brokerage to place lawyers on "recommended" lists, which are distributed to homebuyers, in

New York takes aims at steering by real estate broker to affiliated title agencies

A law aiming to prevent improper quid pro quos for title insurance agents just got a new set of sharp teeth -- causing a furor in the already embattled industry. In late May, the Office of the General Counsel of the state's Insurance Department issued an opinion about whether it's legal for a residential brokerage to place lawyers on "recommended" lists, which are distributed to homebuyers, in

Fitch on ORI

The affirmation of ORI's ratings reflects operating performance of its core property/casualty (P/C) as well as title insurance operations that remain in line with Fitch's expectations and similar rated peers. The Negative Outlook reflects the continued uncertainty of mortgage market exposure on ORI's operations.


Read more on Market News.

Fitch on ORI

The affirmation of ORI's ratings reflects operating performance of its core property/casualty (P/C) as well as title insurance operations that remain in line with Fitch's expectations and similar rated peers. The Negative Outlook reflects the continued uncertainty of mortgage market exposure on ORI's operations.


Read more on Market News.

query: how do you correct a HUD-1 post closing

So long as you have the consent of the mortgage lender, if there is one, and all parties, you simply create a new version of the HUD-1.  I like to put a bold easily found notation on the top of the first page that says something like:

REVISED August 16, 2011 to correct the blah blah.

You could also say that the earlier version of the HUD-1 is null and void.  Have folks initial this statement

query: how do you correct a HUD-1 post closing

So long as you have the consent of the mortgage lender, if there is one, and all parties, you simply create a new version of the HUD-1.  I like to put a bold easily found notation on the top of the first page that says something like:

REVISED August 16, 2011 to correct the blah blah.

You could also say that the earlier version of the HUD-1 is null and void.  Have folks initial this statement

complying with privacy rules when managing a request for post closing data

This happens infrequently but enough that it warrants a post.  I received a request from a consulting company who is performing a post closing audit.  In this case they are performing the audit for a private mortgage insurance company.

Presented as evidence of the authority to make the request is the typical quality control authorization signed by most borrowers at closing.  By signing the form

complying with privacy rules when managing a request for post closing data

This happens infrequently but enough that it warrants a post.  I received a request from a consulting company who is performing a post closing audit.  In this case they are performing the audit for a private mortgage insurance company.

Presented as evidence of the authority to make the request is the typical quality control authorization signed by most borrowers at closing.  By signing the form

query: should sheriff sign a HUD-1 for sheriff sales

I have never heard of a HUD-1 form being used by a sheriff.  I wouldn't expect to see documents that you would normally see in a real estate transaction.  This isn't a typical consumer transaction.  Read everything carefully and unless you have some experience with sheriff sales, I'd seek the advice of a competent real estate attorney.

query: should sheriff sign a HUD-1 for sheriff sales

I have never heard of a HUD-1 form being used by a sheriff.  I wouldn't expect to see documents that you would normally see in a real estate transaction.  This isn't a typical consumer transaction.  Read everything carefully and unless you have some experience with sheriff sales, I'd seek the advice of a competent real estate attorney.

query: if I pay off my mortgage early is title insurance refundable

No.   The loan policy protected the lien position for the mortgage lender.  It was a one time non-refundable premium.

query: if I pay off my mortgage early is title insurance refundable

No.   The loan policy protected the lien position for the mortgage lender.  It was a one time non-refundable premium.

RESPRO continues fight for fair treatment

Just the RESPA News headline is enough to make me chuckle.

RESPRO continues fight for fair treatment

Just the RESPA News headline is enough to make me chuckle.

query: what is a fully executed HUD-1

Thank you for the query.  This one really points to the regular use of industry lingo that is unfamiliar to most consumers.  We toss around phrases like this and just expect that people know what the heck we are talking about, eh?  ;)

HUD-1 refers to a form created by the federal government under the Real Estate Settlement Procedures Act, RESPA.  The form is used in most real estate related

query: what is a fully executed HUD-1

Thank you for the query.  This one really points to the regular use of industry lingo that is unfamiliar to most consumers.  We toss around phrases like this and just expect that people know what the heck we are talking about, eh?  ;)

HUD-1 refers to a form created by the federal government under the Real Estate Settlement Procedures Act, RESPA.  The form is used in most real estate related

parallel worlds of real estate sales, mortgage lending, and title insurance

Most homebuyers - as consumers - must navigate procedures, language, documents and all sorts of mumbo jumbo created by these three industries just to buy a house.  What's horrendously confusing is that all three industries serving the consumer in the same transaction are not cross trained.  They operate in seemingly separate but parallel worlds with very little understanding of core documents and

parallel worlds of real estate sales, mortgage lending, and title insurance

Most homebuyers - as consumers - must navigate procedures, language, documents and all sorts of mumbo jumbo created by these three industries just to buy a house.  What's horrendously confusing is that all three industries serving the consumer in the same transaction are not cross trained.  They operate in seemingly separate but parallel worlds with very little understanding of core documents and

Two articles on the CFPB caught my attention this week...

and since neither permit comments on their sites, I'll comment here.


The first is an article on Housing Wire.  Here's a blurb:


"Elizabeth believes in markets and in capitalism, but lying, cheating and stealing are not capitalist virtues. Honesty and trust are necessary conditions for a functioning market, and Elizabeth understands that," Fried told HousingWire. "It's obvious. Those who made

Two articles on the CFPB caught my attention this week...

and since neither permit comments on their sites, I'll comment here.


The first is an article on Housing Wire.  Here's a blurb:


"Elizabeth believes in markets and in capitalism, but lying, cheating and stealing are not capitalist virtues. Honesty and trust are necessary conditions for a functioning market, and Elizabeth understands that," Fried told HousingWire. "It's obvious. Those who made

query by email: title agent pays off wrong mortgage

Hi, Diane,

How are you?  I was looking for help on the web and your blog came out.  I know you said that you are not an attorney but you have more knowledge on the title insurance more that I do.  Thus, can you please hear me out and provide me with your opinion?

I refi my house back to April of this year.  The title company a mistake on the pay off of my mortgage.  Instead paying off house A,

query by email: title agent pays off wrong mortgage

Hi, Diane,

How are you?  I was looking for help on the web and your blog came out.  I know you said that you are not an attorney but you have more knowledge on the title insurance more that I do.  Thus, can you please hear me out and provide me with your opinion?

I refi my house back to April of this year.  The title company a mistake on the pay off of my mortgage.  Instead paying off house A,

RESPRO doesn't like Dodd-Frank...does this surprise you?

In response to the Federal Reserve Board’s rules to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act’s “ability to repay” standards, the Real Estate Services Providers Council Inc. (RESPRO) submitted comments to the Fed warning the agency that its rules will harm affiliated business arrangements (AfBAs).
“Unless federal regulators act now, the Dodd-Frank Wall Street Reform

RESPRO doesn't like Dodd-Frank...does this surprise you?

In response to the Federal Reserve Board’s rules to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act’s “ability to repay” standards, the Real Estate Services Providers Council Inc. (RESPRO) submitted comments to the Fed warning the agency that its rules will harm affiliated business arrangements (AfBAs).
“Unless federal regulators act now, the Dodd-Frank Wall Street Reform

Is Old Republic's mortgage insurance business in run off mode?

"Absent approval to underwrite new production through the separately capitalized subsidiary, it is most likely that the flagship insurance carrier's existing book of business would be placed into run off operating mode. In this circumstance, the Company's interest would be to manage the business within constraints of this segment's current capital base of $445.1 and thereby limit a possible

Is Old Republic's mortgage insurance business in run off mode?

"Absent approval to underwrite new production through the separately capitalized subsidiary, it is most likely that the flagship insurance carrier's existing book of business would be placed into run off operating mode. In this circumstance, the Company's interest would be to manage the business within constraints of this segment's current capital base of $445.1 and thereby limit a possible

Demotech withdraws rating of New Jersey Title Insurance Company

Read the press release.

Defalcations are the problem and will continue to be the problem in our industry until and unless we get serious with licensing standards and realize there is alot money moving through agencies with little or no oversight.

Demotech withdraws rating of New Jersey Title Insurance Company

Read the press release.

Defalcations are the problem and will continue to be the problem in our industry until and unless we get serious with licensing standards and realize there is alot money moving through agencies with little or no oversight.