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Getting back in the RAIN and I need some HELP

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Title Insurance with Key Title Corporation 63078

I have been very lax in posting for about the last month or so.  It's not that I haven't had anything to say, it's that I have been busy with some other things that have just been all consuming.

I have been invited to speak at the National Settlement Services & Compliance Summit to be held in Cleveland, Ohio on June 7-8.  What an honor to have been invited.

I will be presenting on the state of foreclosures and how they impact our industry.  In particular how difficult is it to insure title on foreclosed properties, what the future holds as far as more foreclosures nationwide, how the real estate industry as a whole will need to respond to the foreclosure crisis, etc.

In addition to that honor, I have joined a panel of title professionals through the MLTA who have taken on the task of preparing a Consumer Bill of Rights as it relates to the Title Industry.   And, here is where I need your help. 

As real estate professionals you have all seen settlement transactions that have gone very smoothly and then some that have not.  What, in your opinion, is the reason for the failure of a settlement transaction to go smoothly and what do you recommend those of us in the industry do to insure that consumers are being given all the information they need in order make informed decision, select the providers best suited to their needs, etc.

In a real estate transaction involving a sale there are not less than 10 and as many as 15 persons/entities that are involved.  These range from:

BUYER

BUYER'S AGENT

FUNDING LENDER

COORESPONDENT LENDER

MORTGAGE BROKER

2ND TRUST LENDER

SELLER

SELLER'S AGENT

LENDERS TO BE PAID OFF

SETTLEMENT COMPANY/LAW FIRM

BUYER and/or SELLER ATTORNEY

UNDERWRITER

TIPIC

CONDO/HOA ASSOCIATIONS

So with all those parties being involved in the transaction in some way, what can we do to insure that the consumer is getting all of the information they need in a timely fashion, that all partie are on the same page (or in the same book at least) throughout the transaction?

What do you think a Consumer Bill of Rights should include?  Please give me your input.  With the help of other Rain Makers I know that we can structure a Bill of Rights that will afford our client the best possible outcome in every settlement transaction.

 

Posted by

Charlene Perry
Key Title, Inc. 
35 Fulford Avenue
Bel Air, MD 20104
410-803-4800

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Bridget "Mortgage Mama" McGee
SWBC Mortgage 410-960-2061 - Baltimore, MD
Maryland Mortgage Mama NMLS#196068

Charlene, I have re-blogged your post, hopefully some folks will respond.  Congratulations on being invited to speak.

I find that the best settlements are with title reps who:

1. Fully understand the documents they are asking the borrower's to sign

2. Have a consistent "Speil" for each document that breaks down the documents to their most important essence.

3. Understand the requirements of each lender's closing department to ensure funding happens on time.

4.  Follows up with the client/loan officer/realtor quickly to resolve any issues throughout the process.

Hope this helps!  Let me know if I can be of assistance in any way!

Bridget "Maryland Mortgage Mama" McGee

 

Apr 27, 2011 04:35 PM
J. Philip Faranda
Howard Hanna Rand Realty - Yorktown Heights, NY
Associate Broker / Office Manager

If expectations are managed properly, all closings will go fine. It is the "surprises" at the closing table that cause problems. 

Apr 27, 2011 04:44 PM
CHARLENE PERRY, CLTP
Key Title Corporation - Perry Hall, MD
Insuring the Past to Protect Your Future

Thank you Bridget for the re-blog.  W really want to be able to create a bill of rights for consumers that makes sense and that gives the consumer what they most need.

 

@Philip- I couldn't agree more.  There should never be surprises at the closing table.  A good title agent will have resolved any issues in advance of closing.

Apr 28, 2011 03:33 AM