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.
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