title insurance: What do you grab as the tornado sirens go off? - 04/28/11 03:47 AM

It's been a crazy morning here in Maryland.  Tornado sirens are not something that we hear as a matter of course so naturally when they start going off it is necessary to take action.
We have always been told to have an emergency kit put together in case of inclement weather.  As the sirens went off this morning, I was fully prepared. 
I grabbed my briefcase stuffed with files that had titles I needed to review, my cell phone which enables me to have a "wireless hot spot" and my nook color so that I could communicate with my office … (2 comments)

title insurance: 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)

title insurance: 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)

title insurance: I need a make over!! Will I ever be able to go paperless? - 03/02/11 08:17 AM
I have been unwell for the last several weeks with the Swine Flu. 
I am finally back at work and I feel so much better and I do want to thank all of you who took a moment out of your busy days to wish me well.
Being out of the office and truly not working has wreaked havoc on my desk!!  I am sitting here now at my desk which is usually pretty tidy and I am OVERWHELMED.  There is paper everywhere, I don't know what all this paper is but I do know that I don't feel like dealing … (3 comments)

title insurance: I DIDN'T MEAN TO, BUT I THINK I QUIT SMOKING!! - 02/23/11 08:34 AM

I have been a smoker for my entire adult life, spanning more than 25 years now.  I have smoked upwards to 1 1/2 packs of cigarettes a day for at least the last 20 years.  That is a serious lot of smoking and no small amount of money wasted over the years.  At $65 a carton, smoking a carton a week I spent about $260/month on something that was killing me, affecting those around me and generally making my life a living hell. 
I have repeatedly tried to quit smoking by making New Year's Resolutions, promises to my self and others … (4 comments)

title insurance: ALLY Financial pulls 250 foreclosures in Maryland due to Robo-signing - 01/20/11 04:29 AM
ALLY Financial withdraws 250 foreclosures in Maryland Heard this on my local news last night and wanted to share.
According to a report by the Washington Post, Ally Financial announced Tuesday it is withdrawing all foreclosures in Maryland signed by an employee who admitted to being a "robo-signer."
Jeffery Stephan testified under oath that he signed off on thousands of foreclosure documents every month without verifying their accuracy or signing them in the presence of a notary.
Because of the controversy and potential paperwork errors, Ally has agreed to dismiss and re-file 250 active foreclosure cases in the state that he … (0 comments)

title insurance: Insuring Title in the District of Columbia, is it even possible - 01/13/11 10:09 AM
And if it is, do you need to be licensed to do so?
I have one REO client for whom I do a small amount of work in the District.  I order title from an independent title abstrator in the District review the title and take steps necessary to "clear" title prior to the client marketing the property for sale. Upon sale I act as liasion between seller and buyer.  I DO NOT write title commitments nor do I write title policies on property in DC.
Does that small role require me then to become licensed as a title insurance producer … (2 comments)

title insurance: How much of a risk are you willing to take? SHODDY TITLE SEARCHES, THE NEW NORMAL - 01/04/11 06:14 AM
Not even a week into the new year I have a file on my desk with such a messy title I can't imagine that anyone bothered to do a title search at all.
The case is the transfer of a property out of foreclosure, imagine that!  The title deed is shows the property to be vested in an LLC, the Deed of Trust that gave rise to the foreclosure is executed by an individual, no mention of the LLC that holds title.
There is nothing in the chain of title to reflect that the foreclosure attorney even bothered to have the … (0 comments)

title insurance: Is it a conflict of interest or do I represent a threat to your ABA? - 12/15/10 10:50 AM
I sat for 60 hours in class, took and passed the state licensing exam and am now prepared to proceed onto acquiring my real estate license (again).  
I had an appointment with a national brokerage yesterday and the office manager was a very nice lady who was so very excited about my having 20+ years experience behind me as a title agent and she was excited to hear that I have lots and lots of contacts in the industry. 
AND THEN SHE SAID.... "While I know that you would be an asset to our organization, we cannot allow you to sign … (4 comments)

title insurance: A Federal Land Title System? - 12/07/10 08:08 AM
Most of you are familier with the current land title system wherein the individual States and their respective County clerks are responsible for "keeping the books" on the transfer of real estate in their respective jurisdictions.  
A recently introduced bill will require that HUD study a Federal Land Title System (HR 6460) sponsored by Mary Kaptur (D-OH) which would, if passed, pave the way for a National Torrens System.  The Torrens System is not commonly used in the United States but is used in may parts of Europe.  
What is the difference between the current land title system and the Torrens System? and Why do I … (0 comments)

title insurance: IT'S BUSINESS AS USUAL AT THE FORECLOSURE MILLS-AND THE OHIO AG IS NOT HAPPY - 11/02/10 04:21 AM
 
FROM THE PRESS RELEASE
In response to Wells Fargo's statement acknowledging that it "made mistakes" and that affidavits in 55,000 foreclosures filed by the bank did not "adhere" to the law, Ohio Attorney General Richard Cordray offers the following statement:
"The big mortgage servicers and financial firms continue to demonstrate their belief that they do not need to play by the same rules as everyone else who uses our court system. The suggestion by Wells Fargo and its colleagues at several other national firms that they can cure fraudulent testimony by simply refiling new affidavits and continuing to proceed … (2 comments)

title insurance: WEEKLY ROUNDUP-THE FORECLOSURE DEBACLE and INSURING YOUR REO PROPERTY - 10/29/10 05:48 AM
I have had a busy week and am feeling a little like I am in "information overload". It seems that, at month end, if a file can go to hell, it certainly will; and this month has been no exception to that rule.  
I have read several new bulletins from various underwriters and several news articles relating to the foreclosure debacle.
As always, I remind you that you need to INSIST that your buyer protect their assets by having their REO transaction handled by a title agent who is very well versed in transferring title out of REO and who has NO AFFILIATION … (0 comments)

title insurance: FOLLOW UP TO MARYLAND FORECLOSURE FRAUD - 10/26/10 09:13 AM
It's been a long week and I have spent countless hours trying to weed through all of the information that is coming to light here in Maryland relating to foreclosure fraud.
As I had indicated in a previous post, Maryland has in fact begun to investigate fraud in foreclosures statewide.  An emergency measure has been put in place to allow the courts to review thousands of affidavits filed in foreclosure cases, many of which (thousands) have corrective affidavits filed in the cases.  The judges are now able to demand that the attorney present him/herself to the court in person to certify … (1 comments)

title insurance: I TOLD YOU SO - 10/14/10 06:22 AM
In October 2008 I sent letters to members of Congress, Fannie Mae, ALTA and MDLTA relating to the fact that the large servicing entities had made decisons to begin to use foreclosure mills nationwide in an effort to streamline their foreclosure processes. In so doing they may well have streamlined the process, but, we all see now just what that has meant to those of us in the title industry as well as for the consuming public.  My particular concern at that time was not so much related to the actual foreclosure filings, but was related to the lack of oversight of the … (0 comments)

title insurance: AN OPEN LETTER OF CLARIFICATION TO MY REO CLIENTS - 10/04/10 04:56 AM
Dear REO business partner: 
As you are all aware there has been much talk in the news over the last few days relating to whether or not the major title underwriters will allow policies to be issued on property that has been foreclosed upon in the name of JP Morgan/Chase, GMAC and others. 
On Thursday September 30, 2010 I received a bulletin from my underwriter, Old Republic National Title Insurance Company, advising that they would not allow us to write policy on these properties.  And then on Friday, October 1, 2010, I received an updated bulletin from ORT softening their position … (3 comments)

title insurance: GMAC/ALLY and obtaining Title Insurance - 10/01/10 08:56 AM
I am an REO title specialist.  As such I have reviewed thousands of files for properties that have been foreclosed upon.
I have written here in this forum on many occasions about the use of foreclosure mills in foreclosure transactions. It seems that the public has finally been made aware through the mainstream media of the blatent disregard to following the rules that runs rampant in these foreclosure mills. 
The focus of my practice here is clearing title for properties coming out of foreclosure and acting as seller's liasion in many cases or alternatively, acting on behalf of buyers of properties … (2 comments)

title insurance: This post will not win me any friends on AR - 09/03/10 07:39 AM
I have been reading for some months now some of the comments that have been to submitted to HUD at www.regulations.gov as they relate to the Real Estate Settlement Procedures Act (RESPA): Strengthening and Clarifying RESPA's "Required Use" Prohibition. (Docket No. FR-5352-A-01).
As a proud member of The National Association of Independent Land Title Agents I have been very outspoken about my opinion of Affiliated Business Arrangements (ABA's) and Controlled Business Arrangements (CBA's).  I firmly believe that steering consumers into using affiliates for bundled services in their real estate transactions is detreimental to consumers and to the title industry as a whole.
… (0 comments)

title insurance: I HATE TO BE ONE THE TELL YOU THIS BUT....YOU'RE DEAD - 09/01/10 07:36 AM
Did anyone read this story. It's a little scary to know that if a computer glitch says your dead, then, by God, you're dead
http://redtape.msnbc.com/2010/08/hey-banks-this-woman-is-alive.html?GT1=43001

Judy Rivers of Jasper AL is DEAD!! This bit of information came as quite the shock to Ms. Rivers when she went to her local bank to open a safety deposit box. Ms. Rivers has suffered a "digital death" at the hands of Chex Systems.
Chex Systems, which is a subsidiary of Florida-based Fidelity National Information Services Inc., said in an e-mail to msnbc.com that it could not comment on a specific consumer's situation, citing … (0 comments)

title insurance: SHORT SALE FLIPS AND TITLE INSURANCE - 08/20/10 04:03 AM
Short Sale Flips and Title Insurance by CHARLENE PERRY | 2010/08/19 |
I am sure that you all have been asked recently about whether or not you are able or willing to do a short sale Flip/simultaneous closing.  I know I have been asked to do one recently.   
In the instant case I told the client that I would handle both transactions, but reminded them that I had to disclose the "flip" to the short sale lender.  This of course did not please my client but that was my position and I was sticking to it.  I went on … (0 comments)

title insurance: REO ADDENDUMS and COUNTER OFFERS - 07/15/10 07:58 AM
It came to my attention yesterday that while most REO addendums floating around these days specifically state that the buyer may use their own title agent there a number of asset managers who are countering with a statement that the buyer MUST (or sometimes, because of RESPA) WILL use the seller's title agent.
In most instances the buyers and their agents know no better than to accept this counter offer and will go ahead and accept the counter offer without question. YOU DON'T HAVE TO ACCEPT THAT COUNTER. It is possible that the listing agent will tell you that the asset manager thinks the transaction … (1 comments)