settlement costs: The cost of compliance in 2015 - 12/26/14 10:22 PM
As we look forward to a new year we are reminded that the new Consumer Disclosures will become mandatory in August.
Those of us in the title industry have already started gearing up for the changes by updating our computer hardware if needed so that our computers are able to handle the new software, attending training and working with our software providers and our IT providers  to ensure that our updates will be ready for install in time for the August 1 deadline.
How will the changes affect you and your client? What can you expect to see in the months to come?
As  in … (0 comments)

settlement costs: Are you marketing to Realtors and Title Agents? You may want to learn more about their business - 08/30/11 09:06 AM
I work with many great companies who provide invaluable services to me.  But for some reason many of these companies just don't understand the business other than to know that their product makes our lives a little bit easier and we are a good target market for them.
What gives rise to this particular rant is the fact that today I have taken 2 calls from vendors that I do business with both of whom just wanted to "touch base".  While I love to talk to these particular sales people, I DON'T HAVE TIME AT MONTH END to have a discussion … (0 comments)

settlement costs: Should I make my blog more FLUFFY? - 07/14/11 08:22 AM

I haven't been blogging much lately on AR.  I became somewhat disenchanted with AR for a while because some of the blogs that were featured seemed to be just FLUFF.  By that I mean that they seemed not to impart any particular wisdom but rather just seemed to be posted for purposes of creating a blog for the day.
I do blog almost daily on other sites, these are mostly professional sites and my blogs are geared to those professionals who are driven to those sites. 
I need to make my AR blog more appealing to Realtors and to consumers, … (39 comments)

settlement costs: Where is your title work being processed and how safe is your information - 05/11/11 07:54 AM
As you all may know many title agencies are using the services of off-shore companies to complete the "title searches" on real estate located in the US.  These firms do their "title searches" by going on-line to public websites to access the "chain of title", prepare a report and issue a binder from that "search"
While many jurisdictions have put a large amount of data on line, not all information is available on line and a good title search is best conducted in the field at the court house where the professional abstractor can access ALL the information need to insure … (0 comments)

settlement costs: COMMISSION CHECKS AT THE CLOSING TABLE - 03/03/11 06:05 AM
Over the last 25+ years I have delivered thousands of commission checks to Real Estate Agents/Brokers at the closing table.  It has always been my pleasure to offer this convenience to my clients who would prefer that I not mail the broker's checks, thus enabling the agent to get paid in a more timely fashion. 
Long, long ago I would be asked to write two checks at closing.  One to the listing broker and one to the selling broker.  Oh, how things have changed of late.  And, honestly, I don't like it. 
More and more often of late I have been asked to … (0 comments)

settlement costs: Yesterday we had HSBC and today it's SunTrust-it will just never end I fear. - 03/03/11 04:46 AM
 
And now we have SunTrust and HSBC by CHARLENE PERRY | 2011/03/03 |
Yesterday I read that HSBC was suspending all of it's foreclosures nationwide as a result in deficiencies in their foreclosure process and then today, I read this:
An internal review by SunTrust Banks, Inc. has uncovered problems with the paperwork in thousands of foreclosure cases, according to the Atlanta-based company's annual regulatory filing with the Securities and Exchange Commission.
"We recently conducted an assessment of our foreclosure process in all states," SunTrust explained in the report. "Our review indicated approximately 4,000 files...contained documents with technical issues in … (1 comments)

settlement costs: 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)

settlement costs: PERRY HALL REO AVAILABLE-TAKE ADVANTAGE OF FANNIE MAE'S CREDITS ACT NOW - 09/23/10 07:14 AM
I know a lot of REO agents who specialize in Fannie Mae transactions and have decided it's time I started to recognize them here on this blog since I post a lot of information about Fannie Mae here.  For many years now I have had a very loyal base of Realtors who consistently send business my way. One of these friends is Sandie Klein.  Sandie is a long time REO specialist and is affiliated with Long and Foster. She is in the Top 5% of Agents Nationwide. 
In an earlier post I provided some information about Fannie Mae's new incentive program being offered … (0 comments)

settlement costs: FREE MONEY TO BUYERS AND TO REALTORS- FANNIE MAE HOMEPATH ANNOUNCEMENT - 09/23/10 04:22 AM
 
 
Fannie Mae announced today that it will be offering incentives to Buyers beginning on September 23 through December 31, 2010.  The buyers will be offered an incentive of UP TO 3.5% of the final sales price which can be used toward closing cost assistance, including a home warranty, if desired and available.
The property sale must close on or before December 31, 2010 and withing 60 days of offer acceptance. The buyer must be an owner occupant and you must submit an owner occupant certification The offer of up to 3.5% is considered a seller contribution and as such … (2 comments)

settlement costs: WATCHING AN NEW COMMUNITY GROW UP IN PERRY HALL - 09/20/10 07:41 AM
 
 
 
My office is located at 3605 E. Joppa Road in Perry Hall Maryland.  Over the last year the land adjacent to my office has been transformed into what will become a beautiful new neighborhood.  The new neighborhood, which is being built by Ryland Homes is called PERRY MEADOWS and it is right next to Main Street, Joppa Road and to my office.
It has been quite interesting to watch the development of this new community.  What was once a raggedy lot that had a delapidated home on it is now a planned community with a brand new model … (0 comments)

settlement costs: 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)

settlement costs: Are you "Practicing Law" ? - 07/23/10 03:53 AM
I read an interesting article today at Source of Title written by Robert Franco.  Mr. Franco brings up a very good point, one that I think most Realtors don't consider when trying to help a friend or family member in a FSBO transaction.
I have seen, in my role as a title agent, situations where the Realtor has provided a blank contract of sale as well as the necessary addendum for lead paint, FHA financing, etc. One would assume that the Realtor probably reviewed the contract with at least one of the parties to the transaction.  
Mr. Franco brings up a … (0 comments)

settlement costs: 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)

settlement costs: A WELCOME LETTER FROM A LENDER RELATING TO ADVANCE DELIVERY OF CLOSING INSTRUCTIONS - 06/23/10 08:38 AM
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)

settlement costs: A sure sign you are working too hard and too many hours when out of the mouths of babes...... - 06/21/10 04:03 PM
My almost 5 year old grandaughter at one time was in my office Monday-Friday from 10:00 a.m to about 3:00 p.m. This was before she could walk and before she went to daycare. So you can say she has been raised in the title busines.  From the time she started to go to daycare at about 18 months old to the present she continues to come into my office at least once a week to "do her work".  She has her own little work station and she has her own little set of "office suppies" and she and I "play title" when she … (2 comments)

settlement costs: HUD REQUESTS PUBLIC COMMENTS ON "REQUIRED USE" - 06/18/10 07:39 AM
As you may know HUD has issued a request for public comments on the practice of "required use" in residential settlement transactions.  In particular HUD is seeking comments from the public relating to builders requiring that buyers use the builders selected lender, title agents, etc., In most instances the builder will offer an "incentive" to the buyer if they use the lender's affiliates. In fact the "incentives" as we all know are built into the cost of the home.  Therefore, these "incentives" do not truly exist, a potential RESPA violation. I would ask that you all read some of the comments … (0 comments)

settlement costs: WATER-SEWER HOOK UP FEES- MARYLAND - 05/11/10 08:18 AM
I reviewed a title today and found that the property was subject to a water-sewer hook up fee payable annually. I have seen these a few times lately and want to bring to the attention of realtors and buyers the fact that these fees run with the land and are a lien on the property.
The documents relating to these fees are usually filed by the developer at the time that they are setting up the subdivision.  In short they impose an annual fee, payable by the record owner of the property, for re-paying the cost of establishing public water and … (0 comments)

settlement costs: THIS IS JUST ABSURD - 04/16/10 08:04 AM
Chase Home Mortgage wants me to pay off their loan, and then.......
  .....they will give me a release. However, there is nothing available to release!!
The situation arises out of a transaction wherein my seller acquired a loan with (presumably) Chase. They did their entire transaction on-line.  The lender elected to use a national closing company which in turn used a local notary public to "conduct the closing".  The notary in turn sent the original documents back to the national closing company and that's where the trail ends. 
It turns out that the Deed of Trust securing this debt has never … (3 comments)

settlement costs: REO ASSET MANAGERS, THERE REALLY IS A BETTER WAY TO DO BUSINESS - 03/25/10 08:06 AM
Many large REO Default Servicing Lenders are using foreclosure mills as their title agents on the out sale of REO properties.
As I have previously posted I am not a fan of foreclosure mills being assigned the task of closing transactions out of their foreclosure into the new arms-length purchaser.
I had a discussion today about this practice and thought I would share what I came up with as to the way in which these files are being processed for the out-sale.
It would appear that upon final ratification of sale the file sits around for a long while waiting on the owner … (1 comments)

settlement costs: Let's talk about insurance in general - 03/22/10 05:41 AM
A true story that made me think...
My son and his girlfriend have recently gotten a place of their own and my son purchased a used car for his girlfriend to drive. Naturally, with the purchase of the new vehicle came the need for insurance on that vehicle.  Now the two of them have some credit dings as a result of life in general that are about 3-4 years behind them now and they are doing well now keeping their act together.
So, they went looking for a quote for auto insurance for the new "used" vehicle. Now let me just … (0 comments)