closing costs maryland real estate: I really love working with you, but, your fees are just too high! - 08/19/14 06:13 AM
That was the call I took last month  from a Realtor with whom I have completed several transactions.  She called to tell me that she had just sold a home to a first time home buyer and that she was going to refer the transaction to me, but another title agent quoted her a fee that was $50.00 less than my normal fee.   The buyer was  just barely able to prove the required funds needed to complete closing and the Realtor wanted to make sure that title fees weren't going to keep this young buyer from achieving her dream!  She did not ask … (7 comments)

closing costs maryland real estate: A real estate closing is like a scrapbook page, it needs glue - 04/18/11 08:44 AM
One of my hobbies is creating scrapbooks for my children and grandchildren.  As I was working on some scrapbooks yesterday it occurred to me that a real estate closing is very similar to a scrapbook page.  The page starts with an idea, then you lay out your pictures, embellishments and so on until you have a page that is appealing to you.  Once you lay out the page you begin to glue the picture and embellishments to the page to create a permanent memorial to a time in your life or that of your loved ones.
 NANA and MADDIE sharing … (1 comments)

closing costs maryland real estate: THE FANNIE MAE ADDENDUM REVISITED-MY GOOD DEED OF THE DAY, I SAVED THE BUYER $800.00 - 09/10/10 08:19 AM
I got a call today from a buyer who is using the services of the seller's "Preferred Provider".  She called me because she was heading to closing this afternoon on a property she is buying in Maryland,  and her realtor sent her a copy of the HUD-1 to review.  The poor buyer was immediately thrown by the fact that the "Preferred Provider" has pushed all of the transfer taxes and stamps over to the buyer's side.  When questioned, the "Preferred Provider" said this is is how Fannie Mae does it.  We must note that this particular provider is  either owned or controlled … (0 comments)

closing costs maryland real estate: THE HUD-1 IS A DISCLOSURE STATEMENT, NOT A DISBURSEMENT STATEMENT, ACCORDING TO HUD - 06/29/10 09:13 AM
The HUD-1 is a consumer disclosure document, not a disbursement document, HUD officials reminded industry professionals.During the Virginia Land Title Association's Annual Convention, Teresa Payne, associate deputy assistant secretary of Regulatory Affairs and Manufactured Housing, said HUD has no problem with an addendum to the HUD-1 or HUD-1A, which outlines the component fees that add up to line 1101, as long as the "administrative and service fees" are not detailed. HUD has stated it does not want to see breakdowns for copy fees, delivery fees, notary fees, wire fees, binder fees, etc. "We get a lot of questions saying … (0 comments)

I received a letter today from a lender with whom we do business here in Maryland.  This lender has taken it upon themselves to send us and other title agents with whom they do business a letter describing their new closing guidelines based on Fannie Mae's "Loan Quality Initiative". The lender was kind enough to send us a copy of Fannie Mae's Announcement SEL-2010-1 which includes FAQ's relating to this new initiative.
The letter describes new policies that this lender has put into place to enable them to have their pre-Funding Review Auditors review and examine the entire loan closing package, … (1 comments)

closing costs maryland real estate: MARYLAND LEGISLATION ADDRESSES AfBA'S - 06/07/10 05:25 AM
Senate Bill 1019 has passed and became law on July 1, 2010. This bill was enacted by the Maryland General Assembly to specifically address AfBA's in Maryland and to bring the matter into the forefront of issues relating to the title industry locally. I am very excited to see that the State has acted on this matter and will be following the enforcement of alleged violations with great interest. Froman e-mail I received this morning:   
Essentially it is an anti-kick back and anti bribe statute.  In the past, this has been strictly a RESPA violation, which is enforced by the Feds.  The State … (0 comments)

closing costs maryland real estate: THE NEW GFE- Will HUD finally listen to consumers and professionals? - 04/23/10 06:22 AM
An article written by Adrian Sainz, of the Associated Press on April 23, 2010 (see entire article below) brings back a question that I had last year when we were all scrambling to get our computer software up dated to accomodate the new HUD-1, GFE and other related documents that we would need to start to use in January of this year.
I have never believed that the new GFE and HUD are aiding the consumer in thier quest to find the most affordable loan program and this article brings home my point.
The new HUD and GFE are structured in such … (0 comments)

closing costs maryland real estate: BANK OF AMERICA SUES FIRST AMERICAN TITLE INSURANCE COMPANY - 03/18/10 09:46 AM
In a lawsuit filed in Charlotte, NC Bank of America claims that First American and it's subsidiaries have either denied payment or withheld payment on over $500 million worth of claims stemming from title defects, including vesting problems, legal description errors, intervening liens and other covered items.The law suit states that in at least 5500 instances they have to file claims under these title insurance "policies". All of these claims are related to Equity Lines of Credit or Home Equity Loan.
Bank of America claims that under the Fiserv QuickClose Lien Protection Insurance Program, a streamlined substitute for title insurance that they are entitled … (0 comments)