maryland settlement fees: Going Green means STICKY NOTE WITHDRAWL SYMPTOMS!! - 07/18/11 06:16 AM
We have launched our GREEN PROJECT here at The Preferred Title Group, Inc.   As of July 1, 2011 we are doing all we can to NOT use paper for our files.  Each file starts out digitally and continues on through the entire process in a digital fashion. At closing the borrower is given a disk with copies of all pertinent documents, including their title commitment, copies of all documents signed at closing, the location survcey, etc.  on it.  This has already resulted in a HUGE savings for me in terms of the cost of paper and toner, etc.,  BUT......
This project has come at a … (0 comments)

maryland settlement fees: Shoppng for settlement services, does that really happen? - 07/12/11 01:57 AM
Since the beginning of 2010 rwe have all been using the "new" HUD-1 settlement statement. The purpose of this revised HUD was supposed to enable consumers to make informed decisions relating to the cost of thier real estate transaction. The THEORY was sound, the end result though is that nothing has changed. EXCEPT that in some cases the consumer is actually paying MORE for settlement services than they may have been post 2010. Prior to the revised HUD an agent or lender would call our office, request a preliminary HUD and presumably would then share the ITEMIZED costs with the consumer. … (0 comments)

maryland settlement fees: Protecting the privacy of your clients. How far is too far? Banning camera phones in the office? - 06/12/11 01:32 AM
I attended the National Settlement Services and Complaince Summit in Ohio last week and learned so many new things.  But one of the most interesting comments that I heard had to do with the title industry protecting the privacy of their clients.  This same concept runs to all of us in the real estate industry, we handle a lot of sensative information in the course of a transaction.  How can we best protect our client?
In our office, like all title agent's office, we maintain a privacy policy.  Our policy basically states that we WILL NOT SHARE any information with any … (0 comments)

maryland settlement fees: THE PITFALLS OF MICROLENDING- THE TALE OF THE FORECLOSURE OF A GOAT - 02/24/11 04:52 AM
Many of you may have heard about micro-lending but because it is generally a tool used by persons in countries like Pakistan, India and Bolivia really never gave it much thought.  Neither had I until I recently read an article on Source of Title http://www.sourceoftitle.com
This short article reveals the potential pitfalls of micro-lending in a way that while was not meant to be humorous, for some reason just really made me laugh.  I do not feel good about my reaction, but that was my honest reaction.  But, then, I started to really think about this issue and read a bit … (0 comments)

maryland settlement fees: NO- I WON'T REDUCE MY FEE- I ALREADY EARNED IT - 10/29/10 06:32 AM
My buyer wants me to reduce my fee.  The transaction is of course, an REO purchase.  He claims that my $350.00 settlement fee is too much.  This fee includes title clearance.  Let me give you an idea about what I had to do to clear your title befoe I charged anything to you.... 
Verify that-
There are no senior lien holders That the foreclosed Deed of Trust was not a 2nd and that the 1st is not still out there getting ready to pounce on this property with a new foreclosure filing That there are no legal action pending that claim priority over the foreclosed Deed … (10 comments)

maryland settlement fees: 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)

maryland settlement fees: FEDERAL RESERVE BANS YIELD SPREAD PREMIUMS - 08/18/10 05:31 AM
 
The Federal Reserve Board on Monday announced final rules to protect mortgage borrowers from unfair, abusive, or deceptive lending practices that can arise from loan originator compensation practices. The new rules apply to mortgage brokers and the companies that employ them, as well as mortgage loan officers employed by depository institutions and other lenders.
Today, lenders commonly pay loan originators more compensation if the borrower accepts an interest rate higher than the rate required by the lender (commonly referred to as a "yield spread premium"). Under the final rule, however, a loan originator may not receive compensation that is based … (3 comments)

maryland settlement fees: 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)

maryland settlement fees: THE FANNIE MAE ADDENDUM AND HOME PATH FINANCING - 05/05/10 05:25 AM
Good Morning to all!!
I wanted to share with you a very interesting conversation I had this morning with a first time home buyer in the State of Maryland. 
The buyer called me after reading a few of my blogs here in Activerain relating to the Fannie Mae addendum.  She is purchasing a Fannie Mae property here in Maryland and she is taking a loan through HomePath.  See FAQ's in the link
http://www.fanniemae.com/homepath/homebuyers/faq.jhtmler
Her questions to me were in relation to whether or not she was able to use her own title agent, and whether or not she would lose the seller's credit … (6 comments)

maryland settlement fees: ABA'S IN THE REAL ESTATE BUSINESS - 04/02/10 05:50 AM
I took a call from a local auctioneer and investor today
 
He called to see if we were interested in acquiring new business.  Well what small independent title agent is not interested in acquiring new business? 
His first question to me was "do you have the forms necessary to form an ABA?" I responded that we did not and that I was not interested in forming an ABA. He then took on quite an attitude with me! He stated that he has been averaging 900 deals a year and that he was looking for a new title agent and queried … (0 comments)

maryland settlement fees: MARYLAND GROUND RENTS - 03/10/10 04:32 AM
For those of you not based in one of the few states in which ground rent is applicable you will likely not have a clue what I am talking about here, but the gist of this is that I thought that as of September 30, 2010, if the ground rent owner has not filed their information relating to ground rents that they own with our local state department of assessments and taxation (SDAT) their ground rent will be extinguished and the property would then revert to a fee simple ownership.
For those of us here in Maryland that would mean that we would no longer … (0 comments)

maryland settlement fees: MARYLAND NEW RATE INFORMATION FOR OLD REPUBLIC TITLE - 03/09/10 06:49 AM
Old Republic Title has announced a new rate increase for the State of Maryland that will become effective on April 1, 2010.  This rate increase is cosistent with the rate increases that were granted to all other major title underwriters here in Maryland.  On April 1, 2010 the rates will be published and I will provide the link to those rates as soon as they are available on-line. 
Of important note with the new increase is the information relating to re-issue rates.  As you all know a title policy MUST be given reissue rates, if applicable.   
The guidelines for qualification for reissue … (0 comments)

maryland settlement fees: MARYLAND AG OFFERS AN OPINION ON TRANSFER TAXES AND STAMPS ON SHORT SALES - 01/28/10 02:38 AM
As I advised previously Anne Arundel County, Maryland recently took the position that the difference between the sales price and the amount forgiven by a lender in a short sale transaction should be taxable as "consideration". This created a flurry of activity within the local title community and as a result the American Land Title Association and the Maryland Land Title Association requested clarity from the office of the Attorney General. 
A very persuasive, but "non-binding" opinion has been offered which basically states that the counties cannot tax the forgiven debt amount at the time of recording. For a complete read … (0 comments)

maryland settlement fees: MARYLAND COUNTY TAXES FORGIVEN DEBT ON SHORT SALES - 01/21/10 05:14 AM
It was with great interest that I read an article written by Jamie Smith Hawkins of the Baltimore Sun today. 
It seems that Anne Arundel County, Maryland has decided to enforce a particular aspect of Maryland Real Property law which authorizes them to collect recordation taxes on not only the sales price, which is the norm, but also on the forgiven debt in a situation where the sales prices is less than what the seller owes on their current debt, your typical "short sale"
According to the article written by Ms. Hawkins the county only began requiring these additional funds last … (1 comments)

maryland settlement fees: E & O INSURANCE AND THE CURRENT STATE OF THE ECONOMY - 01/07/10 04:37 AM
With the start of the New Year comes renewal time for insurance policies here in my office.  
It was with some surprise that I took delivery of a certified letter today from my E & O carrier, AIG, (remember them? ) stating that my E & O policy will be increasing by 125% over last year's cost. Why you may ask?  Well let me reiterate directly from the letter delivered to me:
Dear Policyholder:
"This letter is to inform you that the above captioned policy may be renewed with an increase in the expiring premium from $___________ to an amount not … (4 comments)