Caroline Gerardo, C. G. Barbeau the Loan Lady nmls 324982 (Sun West Mortgage Corporation)

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Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

That is a lot of questions Caroline Gerardo 

I am in an escrow state.  Don't know how that will all play out. Only time will tell, I guess. 

Highly unlikely it will benefit the borrower ... why would it? HA!

Apr 18, 2022 10:49 AM
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Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Being in an escrow state (AZ) I can't wrap my head around this, HOWEVER in attorney states don't they research chain of title anyway?
So the title would NOT be insured by insurance co but by attorney? 


Apr 18, 2022 10:39 AM
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Anna Banana Kruchten CRS, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
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Thanks for pointing this out.  Isn't sounding good for buyers particularly in escrow states which AZ is.  I will look more into this when I've got more time. Much appreciated Caroline!

Apr 18, 2022 04:35 PM
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Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate Brokered by Real - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

Like the price to buy a home isn't high enough! I fail to understand the reasoning behind a decision like that.

Apr 18, 2022 03:26 PM
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Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Back in the 80-90's when I started investing it was standard practice to get an abstract and an attny opinion letter.

Never saw a title insurance policy until a few properties we bought in 2000.

The first option was less expensive and led to some interesting reading.

Apr 18, 2022 01:51 PM
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John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

News to me. I doubt if  we will see any change in how we do business here.

Apr 18, 2022 11:28 AM
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Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

     If the Lender settles for "an opinion", instead of a Mortgagee's Title Insurance Policy, can the Buyer still opt for an Owner's Title Insurance Policy?

Apr 18, 2022 11:10 AM
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Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

In a world over-whelmed with small print, endless caveats, never-ending cause & effect dynamics plus ignorance, do we really need more regulations, laws, legalese and deer in the headlight foods? This is the wrong direction to travel in although it might serve purposes. I say simplify, & again simplify

Apr 18, 2022 10:55 AM
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Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Wow, I did not hear of that one Caroline, I will look into it.

 

Apr 18, 2022 10:36 AM
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Clay R. Seay
Florida Homes Realty & Mortgage - Saint Augustine, FL

Reading the article, it appears to benefit the Lenders and Attorneys. I cannot see a benefit to the Homeowners. Seems that selling a loan to Fannie Fae in the future could introduce more fraud in the system without proper documentation of Title Insurance for the loan. How is this a good thing for the average homeowner ? and more importantly, the Taxpayer who will be the one paying for the defaults and Title Claims?

Our government has abandoned the average Taxpayer in lieu of special interests groups.

Apr 18, 2022 10:27 AM
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Don Baker
Lane Realty - Eatonton, GA
Lake Sinclair Specialist

I put far more weight in a title opinion.  (Attorney state here in GA).  

Apr 18, 2022 10:20 AM
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Kris Collis, Associate Broker
Smart Way America Realty - East Stroudsburg, PA
Professional Results you Expect 570-801-5525

Is this about attorneys protecting their title company clients?

How does process for buyer change if chain of title discloses an unsatisfied mortgage? How is satisfaction brought to fruition?

May 02, 2022 09:31 PM
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Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

I am not sure how the attorney opinion letter affects the consumer. If I understand it correctly, it is applicable to mortgage loan sales to Fannie Mae and is not part of the property conveyance process per se. What am I missing? In Connecticut, we are an attorney state.

Apr 19, 2022 08:02 AM
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Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
Carolina Life RealEstate & Relocation 919-602-8489

I hadn't heard. I'll have to get more info. We're an attorney state. Having lived and worked in a title state it seems like we function very similarly. 

Apr 19, 2022 06:57 AM
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Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Many issues here. Primary is preserving the chain of title insured and future liability for past transgressions. What is the financial capability of the opinion letter provider? What is the future prognosis if provided by a law firm? Not sure future buyers or lenders won't have issues?

Apr 19, 2022 04:51 AM
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I'm in an attorney state and title opinions have provided good title and buyers have bought title insurance for decades.  I totally think it's fine.

Apr 18, 2022 07:49 PM