Registration Open for NAILTA National Conference in April

The National Association of Land Title Agents (NAILTA) is accepting registrations for its annual conference to be held from Sunday April 10th to Tuesday April 12th at the Hyatt Regency Inner Harbor in Baltimore, Maryland.

Among the scheduled speakers are University of Utah Law Professor Christopher L. Peterson, a prominent critic of MERS who has conducted extensive legal research on MERS and testified before Congress on the foreclosure crisis and the problems posed by MERS in foreclosure. 

The keynote speaker will be Richard Gordon, a Maryland lawyer who is heavily involved in active RESPA Section 8 class action litigation and has taken on numerous alleged sham affiliated business arrangements.  Also scheduled to speak is Brett Woodburn, Associate Counsel for the Pennsylvania Association of Realtors, who will be speaking on the business outlook for title insurance and real estate from the perspective of outside settlement providers.  NAILTA President Charles W. Proctor III will give a "state of the independent title agent" address during opening remarks.

Two continuing education classes are scheduled to take place during the event.  A three hour mortgage fraud seminar featuring members of the Federal Bureau of Investigation, independent title agents, and regional title underwriters will be held (CE credit for this seminar is pending approval in the states of NJ, NY, PA, OH, IN, MD, and VA).  Also there will be a one hour ethics seminar sponsored by General Title Insurance Company concerning the ethics of title insurance and title insurance agents (CE credit is pending approval in the states of NJ, PA, OH, IN and MD).

The conference is scheduled to include several breakout sessions, including "The Personality of Selling" led by Dave Dwyer, New Jersey Title Insurance Company;  "Regional Title Insurance Underwriters Q&A Session" with the New Jersey Title Insurance Company, General Title Insurance Company, Security Title & Guarantee of Baltimore, and several more; and "Making a Profitable Title Agency" led by Harvey Pollack, Land Title Services, Inc., Wauwatosa, WI.

Special events are scheduled to include an opening reception on Sunday, April 10, 2011 at the Pisces Rooftop, 15th floor (overlooking Baltimore Harbor) with live music from 7 PM until 10 PM; a free lunch at the Harborview Room of the Hyatt Regency Hotel on Monday, April 11, 2011; and a VIP Tour of Oriole Park at Camden Yards at 2:30 PM on Monday, April, 11, 2011.

Attendees can begin checking in after 2 PM on Sunday, April 10th.  The conference opens with the reception at 7 PM later that day, and scheduled activities run from 8 AM to 4 PM Monday and 8 AM to 12:30 PM Tuesday.

Registration for the event is scheduled to continue until April 3rd.  The registration fee for the event is $225, discounted to $175 for registrations received before February 14th. An additional fee of $50 applies to the continuing education classes.  For more information, visit the NAILTA website or view the current agenda, view other event details, and register here.  For additional information on the venue, visit the website of the Hyatt Regency Hotel in Baltimore.

via sourceoftitle.com

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NAR: Existing Home Sales Up Sharply Last Month

From Source of Title

Existing-home sales rose sharply in December, when sales increased for the fifth time in the past six months, according to the National Association of Realtors.

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 12.3 percent to a seasonally adjusted annual rate of 5.28 million in December from an upwardly revised 4.70 million in November, but remain 2.9 percent below the 5.44 million pace in December 2009.

Lawrence Yun, NAR chief economist, said sales are on an uptrend. “December was a good finish to 2010, when sales fluctuate more than normal. The pattern over the past six months is clearly showing a recovery,” he said. “The December pace is near the volume we’re expecting for 2011, so the market is getting much closer to an adequate, sustainable level. The recovery will likely continue as job growth gains momentum and rising rents encourage more renters into ownership while exceptional affordability conditions remain.”

The national median existing-home price for all housing types was $168,800 in December, which is 1.0 percent below December 2009. Distressed homes rose to a 36 percent market share in December from 33 percent in November, and 32 percent in December 2009.

“The modest rise in distressed sales, which typically are discounted 10 to 15 percent relative to traditional homes, dampened the median price in December, but the flat price trend continues,” Yun explained.

Total housing inventory at the end of December fell 4.2 percent to 3.56 million existing homes available for sale, which represents an 8.1-month supply at the current sales pace, down from a 9.5-month supply in November.

NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said buyers are responding to very good affordability conditions despite tight mortgage credit. “Historically low mortgage interest rates, stable home prices, and pent-up demand are drawing home buyers into the market,” Phipps said. “Recent home buyers have been successful with very low default rates, given the outstanding performance for loans originated in 2009 and 2010.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.71 percent in December from 4.30 percent in November; the rate was 4.93 percent in December 2009.

A parallel NAR practitioner survey shows first-time buyers purchased 33 percent of homes in December, up from 32 percent in November, but are below a 43 percent share in December 2009.

Investors accounted for 20 percent of transactions in December, up from 19 percent in November and 15 percent in December 2009; the balance of sales were to repeat buyers. All-cash sales were at 29 percent in December, compared with 31 percent in November, but up from 22 percent a year ago. “All-cash sales have been consistently high at about 30 percent of the market over the past six months,” Yun said.

Single-family home sales jumped 11.8 percent to a seasonally adjusted annual rate of 4.64 million in December from 4.15 million in November, but are 2.5 percent below the 4.76 million level in December 2009. The median existing single-family home price was $169,300 in December, down 0.2 percent from a year ago.

Existing condominium and co-op sales surged 16.4 percent to a seasonally adjusted annual rate of 640,000 in December from 550,000 in November, but remain 5.2 percent below the 675,000-unit pace one year ago. The median existing condo price was $165,000 in December, which is 7.4 percent below December 2009.

Regionally, existing-home sales in the Northeast jumped 13.0 percent to an annual pace of 870,000 in December but are 5.4 percent below December 2009. The median price in the Northeast was $237,300, which is 1.4 percent below a year ago.

Existing-home sales in the Midwest rose 11.0 percent in December to a level of 1.11 million but are 4.3 percent below a year ago. The median price in the Midwest was $139,700, up 3.3 percent from December 2009.

In the South, existing-home sales increased 10.1 percent to an annual pace of 1.97 million in December but are 2.5 percent below December 2009. The median price in the South was $148,400, unchanged from a year ago.

Existing-home sales in the West surged 16.7 percent to an annual level of 1.33 million in December but remain 1.5 percent below December 2009. The median price in the West was $204,000, down 5.6 percent from a year ago.

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Big Lenders May Lose With Simpler Mortgage Disclosure - Bloomberg

The Consumer Financial Protection Bureau said it will soon begin writing and testing a simplified mortgage-disclosure form aimed at making it easier for borrowers to compare deals from different lenders.

The bureau expects to award a contract to develop the form by the end of the month, making it one of the first projects of the new agency, according to a bidding document given to vendors in November and reviewed by Bloomberg News.

More concise disclosure is one of the main stated goals of Elizabeth Warren, the Obama administration adviser charged with setting up the agency established by the Dodd-Frank Act. Simpler forms that can be directly compared may make the market less lucrative for lenders such as Bank of America Corporation, Wells Fargo & Company, JP Morgan Chase & Co. and Citigroup Inc.

“If buyers are better informed and understand the financial commitments they are entering into, they will be better able to make comparisons among lenders and the market will be more competitive,” said Alex Pollock, a former banker who is a resident fellow at the American Enterprise Institute. “In competitive markets, profit margins are -- and should be -- driven down to the level of the cost of capital.”

Academic studies have shown that comparison shopping aided by the emergence of the Internet helped cut prices for consumer products including term life insurance in the 1990s. That squeezed profits, said Edward Graves, an associate professor of insurance at The American College in Bryn Mawr, Pennsylvania.

Lost Margins

“When you see what’s gone on in terms of prices, the insurers have lost a lot of margin in this product,” Graves said in an interview.

Bob Davis, an executive vice president at the American Bankers Association, said short disclosure forms might not simplify the process as much as Warren suggests, because of the “interconnected requirements” imposed by federal law.

“It’s not so simple as creating two pieces of paper,” Davis said in an interview. Bankers agree with Warren’s “starting point,” he said.

Warren has said she would like to see a standard document of one or two pages to replace about 80 percent of the mortgage disclosures mandated by the Truth In Lending Act and the Real Estate Settlement Procedures Act. The current “pile of papers” confuses consumers and is costly to business, Warren has said.

Smaller community banks might become more competitive with Wall Street if new regulations succeed in reducing costs, Davis added. “The compliance process lends itself to certain scale and big technology solutions,” Davis said.

Mortgage Unit Head

Along with the credit-card division, the new bureau’s mortgage unit may have the most immediate impact on consumer financial services. A candidate to run the mortgage section is Patricia McCoy, a University of Connecticut law professor who has been working with Warren part-time, according to a person briefed on the matter who spoke on condition of anonymity because the matter isn’t public.

McCoy, 56, is a former corporate litigator who was a partner at Mayer, Brown & Platt during the savings and loan crisis in the early 1990s. Based in Washington, she represented bank auditors and examined residential loans and underwriting standards. She co-wrote a book published this month on the subprime lending crash.

The contract to create a new disclosure form was advertised to selected vendors in November by the Bureau of Public Debt at the Treasury Department, where the consumer bureau is housed until it becomes an independent entity in July. It calls for firms to bid on providing “support services to assist with the design of a model disclosure form, including assessment of the form through consumer testing and revisions to the form resulting from the testing and public comments,” according to the copy obtained by Bloomberg News.

January Contract

Bids had to be in by Dec. 14, and the contract will be awarded before the end of January, according to the proposal document. The vendor must complete the work by Jan. 15, 2012 or a year after the contract is awarded, whichever is earlier.

Dodd-Frank requires the bureau to propose regulations on mortgage disclosures for public comment by July 21, 2012. The bidding document indicates that the bureau intends to move more quickly, saying its goal is to issue proposed regulations “as soon after” July 21, 2011, “as possible.”

The bid request also emphasizes the role of field tests in the bureau’s decision-making, a point Warren raised at a Dec. 6 symposium at Treasury, according to one attendee, Ira Rheingold, executive director of the National Association of Consumer Advocates.

Warren told the audience that “we’re going to be data- driven. We’re going to test things, and figure out what people respond to,” Rheingold said in an interview.

‘Asking a Lot’

Not everyone studying the mortgage industry believes that simpler forms will translate into more comparison shopping by borrowers.

“It’s asking a lot for a piece of paper to change actual consumer behavior,” John Kozup, an associate professor of marketing at Villanova University and director of the Villanova Center for Marketing and Public Policy Research, said in an interview. “It could be a decision aid but that is it.”

Kozup, who also attended the Dec. 6 symposium, said that by the time applicants get a mortgage pre-approval and find a house, they “have a psychological commitment to a certain bank or broker, and no kind of disclosure is going to change that.”

To contact the reporter on this story: Carter Dougherty in Washington at cdougherty6@bloomberg.net.

To contact the editor responsible for this story: Lawrence Roberts at lroberts13@bloomberg.net.

via bloomberg.com

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WFG National Title Adds Two to Its Agency Audit Department | Mortgage News | Daily National and State Headlines

Fri, 2011-01-21 12:43 — NationalMortgag...

WFG National Title Insurance Company has named Mark Knight senior agency auditor and Keith Nolan as agency auditor. The Williston Financial Group family of title insurers is currently licensed and operating in 37 jurisdictions nationwide. The company is a full-service provider of title insurance and real estate settlement services for lender, commercial and residential transactions nationwide.

Knight comes to WFG National Title after spending seven years in a similar position with one of the industry’s largest title insurers. He spent the previous 15 years serving in loss prevention and internal auditing manager positions with a number of firms. Knight has a degree in Business Administration and Management from James Madison University in Virginia, and is a Certified Construction Auditor (CCA) and Certified Fraud Examiner (CFE).

Nolan has been in the real estate services industry for almost 15 years, most recently having served over ten years as a regional auditor for a large national underwriter. He has a Bachelor of Science/Business Administration from the University of Central Florida.

With WFG, Knight and Nolan will be responsible for all agency escrow audits. Their focus will be on using effective data reporting and tracking practices to ensure maximum service for and communication with WFG agencies.

“Keith and Mark will be living examples of WFG’s dedication to collaborating with and supporting its agency partners,” said WFG National Title Executive Vice President Joseph Drum Esq. “In the current regulatory environment, it is critical that our partners have up-to-date information and guidance, and this will be a major part of the role Keith and Mark play.”

For more information, visit www.WillistonFinancial.com.

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Title Consulting Services (TITL) Merger Web-Software-Tech Company

ST. PETERSBURG, FLORIDA--(Marketwire - Jan. 20, 2011) - Title Consulting Services, Inc. DBA Accu Title Agency (PINK SHEETS:TITL) is providing this important update to its followers and shareholders.

Title Consulting Services (TITL) intends to acquire or complete a merger on a cash and stock basis with a US based IT web- software-company as a wholly owned secondary subsidiary. Dustin Secor, CEO of TITL said "TITL has a great business in the title services industry. We recently announced our expansion in the insurance sector with licensing rights in 9 States. TITL has a great balance sheet and we have been in business and operating the company for 15 years with consistent revenue in a recovering sector. We are looking to transform TITL into a small conglomerate encompassing real estate and technology sectors and possibly other sectors as opportunities present themselves. We believe that an expansion in the IT industry will deliver just that."

We are working on two different scenarios that will complement one another:

Our first intention is to fuse technology with title services. An example of our outlook is to offer iPhone apps for our clients creating a mobile application platform in the Real Estate and Mortgage arena specifically designed for the Apple(R) iPhone(TM), iPod Touch(TM), iPad(TM) and other mobile platforms including the Android(TM) platform developed by Google(R). Chief Marketing Officer, Todd Jewett commented, "This app will be very beneficial and applicable to every Realtors and Mortgage Professionals in the industry. Once finalized, it will be deployed, as a marketing tool to keep the Accu Title brand in front of the decision makers who order title insurance services. The 2nd generation of this app would also have the ability to be private labelled for further distribution by the Realtors and Mortgage Professionals to their individual clients who are buying homes and refinancing their mortgages. In conclusion, the more decision makers we can put our name in front of, the greater the opportunity to grow our market share.

Our second intention is an acquisition of an established web-based company and we are currently reviewing several options. We want to acquire a company with revenues that can assist us in our business and industry and can add to our top and bottom line as we have an outlook of becoming a 15 to 20 million-dollar revenue company in the next few years. One of the companies that we are in communication with offers corporate solutions software with a live streaming video, whiteboarding, chat, sharing via webinars, presentation boards, and web conferencing on a web based platform. As the talks progress further TITL will shortly release the name of the targeted merger candidate and other relevant information." said Secor, CEO.

The company will shortly add an IT section to its web site, followed by a launch of a new web site with the technology targeted company products and services.

The company intends to provide further updates and details to its followers on a timely basis.

Safe Harbor Statement

Information in this news release may contain statements about future expectations, plans, prospects or performance of Title Consulting Services, Inc. that constitute forward-looking statements for purposes of the Safe Harbor Provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be", "expects", "may affect", "believed", "estimate", "project" and similar words and phrases are intended to identify such forward-looking statements. Title Consulting Services, Inc. cautions you that any forward-looking information provided by or on behalf of Title Consulting Services, Inc. is not a guarantee of future performance. None of the information in this press release constitutes or is intended as an offer to sell securities or investment advice of any kind. Title Consulting Services, Inc.'s actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond Title Consulting Services, Inc.'s control. In addition to those discussed in Title Consulting Services, Inc.'s press releases, public filings, and statements by Title Consulting Services, Inc.'s management, including, but not limited to, Title Consulting Services, Inc.'s estimate of the sufficiency of its existing capital resources, Title Consulting Services, Inc.'s ability to raise additional capital to fund future operations, Title Consulting Services, Inc.'s ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities, and in identifying contracts which match Title Consulting Services, Inc.'s capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. Title Consulting Services, Inc. does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events. 

For more information, please contact

Investor Relations
1-647-426-1640
www.minamargroup.net/helpdesk
or
Investor Relations Department Inquiry
www.minamargroup.net (IR)
or
For (M&A) and Corporate Matters
www.minamargroup.com

Click here to see all recent news from this company

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Title Consulting Services (TITL) Increases Its State Licensure: Expands on the US Title Insurance Market

ST. PETERSBURG, FLORIDA--(Marketwire - Jan. 17, 2011) - Title Consulting Services, Inc. DBA Accu Title Agency (PINK SHEETS:TITL) is excited to announce the continuance of the national expansion by becoming fully licensed in the following states: Alabama, New Jersey, Louisiana, Indiana, Michigan, Minnesota, and New Mexico.

Dustin Secor, CEO said, "The addition of these states is key to our continued growth and profitability. By being fully licensed in these strategic states, we will be able to increase our revenue with our established client relationships. Broader State Licensure lets us offer quicker response time, resulting in more satisfied clients and customers, and increased market share. It also gives us the competitive advantage in recruiting key personnel, attracting the brightest and the best in our industry with existing client bases, further enhancing our growth."

"We still have the ability to service the remaining states through our workshare agreements, but this licensing is a huge step in becoming a fully independent national title agency," said Tracie Montgomery, Operations Manager.

Mr. Secor also has obtained personal licenses in the following states: Colorado, Missouri, Illinois, Ohio, Tennessee, and Arkansas, The personal licenses are prerequisite for the company becoming fully licensed. Title Consulting Services also has pending license applications in the above referenced states.

"Once we complete licensing in these additional states, we will have a great foothold in the most active markets in the country adding to our growth ability," Mr. Secor further commented.

The company intends to release this and other updates shortly.

Safe Harbor Statement

Information in this news release may contain statements about future expectations, plans, prospects or performance of Title Consulting Services, Inc. that constitute forward-looking statements for purposes of the Safe Harbor Provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be", "expects", "may affect", "believed", "estimate", "project" and similar words and phrases are intended to identify such forward-looking statements. Title Consulting Services, Inc. cautions you that any forward-looking information provided by or on behalf of Title Consulting Services, Inc. is not a guarantee of future performance. None of the information in this press release constitutes or is intended as an offer to sell securities or investment advice of any kind. Title Consulting Services, Inc.'s actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond Title Consulting Services, Inc.'s control. In addition to those discussed in Title Consulting Services, Inc.'s press releases, public filings, and statements by Title Consulting Services, Inc.'s management, including, but not limited to, Title Consulting Services, Inc.'s estimate of the sufficiency of its existing capital resources, Title Consulting Services, Inc.'s ability to raise additional capital to fund future operations, Title Consulting Services, Inc.'s ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities, and in identifying contracts which match Title Consulting Services, Inc.'s capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. Title Consulting Services, Inc. does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events. 

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Economically-Stressed States

http://www.realtor.org/RMODaily.nsf/pages/News2011011201?OpenDocument

 

Not surprising, four of the top five most direly-economically-stressed states include the four states with worst housing performance:

 

• California
• Arizona
• Nevada
• Florida

 

And the fifth?  Michigan. Again, no surprise.  

 

It’s amazing how well housing market performance in an area correlates to economic health.

 

And the best?  North Dakota (home of the latest energy boom), South Dakota (ditto), Nebraska and Vermont.

 

For the full article go to:

 

http://www.newser.com/article/d9kmp19o0/unemployment-and-foreclosures-push-up-economic-stress-reversing-trend-ap-stress-map-shows.html

 

 

Ted C. Jones, PhD

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Aggregate Adjustment on HUD-1

January 8th, 2011 | Author: haidi

In the 1000 series (Reserves Deposited With Lender) of the HUD-1 Settlement Statement, amounts are calculated to be held by the lender for future payment of taxes, insurance and other items. The last line in the section is an accounting adjustment based on the difference between line item and aggregate accounting. It seems that there is a small difference between the results if the items are separately calculated rather than as a group. This adjustment will usually be a negative number. Here’s the language from the HUD document setting forth the calculation:

“(d) Methods of escrow account analysis. Paragraph (c) of this section prescribes acceptable accounting methods. The following sets forth the steps servicers shall use to determine whether their use of an acceptable accounting method conforms with the limitations in Sec. 3500.17(c)(1). The steps set forth in this section derive maximum limits. Servicers may use accounting procedures that result in lower target balances. In particular, servicers may use a cushion less than the permissible cushion or no cushion at all. This section does not require the use of a cushion.
(1) Aggregate analysis. (i) When a servicer uses aggregate analysis in conducting the escrow account analysis, the target balances may not exceed the balances computed according to the following arithmetic operations:
(A) The servicer first projects a trial balance for the account as a whole over the next computation year (a trial running balance). In doing so the servicer assumes that it will make estimated disbursements on or before the earlier of the deadline to take advantage of discounts, if available, or the deadline to avoid a penalty. The servicer does not use pre-accrual on these disbursement dates. The servicer also assumes that the borrower will make monthly payments equal to one-twelfth of the estimated total annual escrow account disbursements.
(B) The servicer then examines the monthly trial balances and adds to the first monthly balance an amount just sufficient to bring the lowest monthly trial balance to zero, and adjusts all other monthly balances accordingly.
(C) The servicer then adds to the monthly balances the permissible cushion. The cushion is two months of the borrower’s escrow payments to the servicer or a lesser amount specified by State law or the mortgage document (net of any increases or decreases because of prior year shortages or surpluses, respectively).
(ii) Lowest monthly balance. Under aggregate analysis, the lowest monthly target balance for the account shall be less than or equal to one-sixth of the estimated total annual escrow account disbursements or a lesser amount specified by State law or the mortgage document. The target balances that the servicer derives using these steps yield the maximum limit for the escrow account. Appendix E to this part illustrates these steps.
(2) Single-item or other non-aggregate analysis method. (i) When a servicer uses single-item analysis or any hybrid accounting method in conducting an escrow account analysis during the phase-in period, the target balances may not exceed the balances computed according to the following arithmetic operations:
(A) The servicer first projects a trial balance for each item over the next computation year (a trial running balance). In doing so the servicer assumes that it will make estimated disbursements on or before the earlier of the deadline to take advantage of discounts, if available, or the deadline to avoid a penalty. The servicer does not use pre-accrual on these disbursement dates. The servicer also assumes that the borrower will make periodic payments equal to one-twelfth of the estimated total annual escrow account disbursements.
(B) The servicer then examines the monthly trial balance for each escrow account item and adds to the first monthly balance for each separate item an amount just sufficient to bring the lowest monthly trial balance for that item to zero, and then adjusts all other monthly balances accordingly.
(C) The servicer then adds the permissible cushion, if any, to the monthly balance for the separate escrow account item. The permissible cushion is two months of escrow payments for the escrow account item (net of any increases or decreases because of prior year shortages or surpluses, respectively) or a lesser amount specified by State law or the mortgage document.
(D) The servicer then examines the balances for each item to make certain that the lowest monthly balance for that item is less than or equal to one-sixth of the estimated total annual escrow account disbursements for that item or a lesser amount specified by State law or the mortgage document.
(ii) In performing an escrow account analysis using single-item analysis, servicers may account for each escrow account item separately, but servicers shall not further divide accounts into sub-accounts, even if the payee of a disbursement requires installment payments. The target balances that the servicer derives using these steps yield the maximum limit for the escrow account. Appendix F to this part illustrates these steps.”

via kmutiara.com

Ok - this is the language from HUD. Can anybody explain "Aggregate Adjustment" in 25 words or less?

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