FTIC Handles Suntrust's REO Closings

From Florida Title Insurance Company

FTIC is proud to report that we are now handling many of Suntrust Bank's REO (Real Estate Owned) closings. The high foreclosure rate in Florida is resulting in unprecedented numbers of bank-owned property. FTIC is able to offer Suntrust's REO Department (based out of Richmond, VA) the ability to seamlessly handle closings anywhere in the State. Since Suntrust is the one paying for the title insurance when they sell a property, they greatly benefit and enjoy FTIC's unmatched savings. Visit us at www.ftic.cc and try our Savings Calculator to see how much you could save on your next closing.


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Title Insurance industry showing signs of life

From Landstar Title

The South Florida Real Estate problems have drastically improved over the last 2 months; personally I have seen 7 out of 13 houses sell in my neighborhood in the last 30 days.

By no means is our problems over though, almost a 3rd of all Florida mortgages are delinquent and that’s a real problem…

The flip side to that is after speaking to someone I know yesterday, they told me “I just completed a loan modification…Saved over $700 a month…Reduced my payment to $1000″. This is Great for us, that means all those delinquent mortgages may just eliminate foreclosure.

The $8,000 home buying credit from the government is getting close to it’s end which we all hope may get an extension like it’s sister “Cash for Clunkers”….I believe that program has had a huge effect on helping the south Florida real estate market and can single handily get rid of at least 40% of the current home inventory.

Now, all we have to do is hope our Government realizes it too!

If you have gone out to look at properties yet, go and call your accountant first, he will provide you with the form you need to get your $8,000…then call your favorite realtor and buy a house. You will never get an opportunity like this again…

Get a Title Insurance Quote and save money on your closing costs



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New Jersey Rate Manual Course

Stewart Title of New Jersey has made available another online course.  This course covers the entire New Jersey Rate Manual as amended March of 2009. It discusses:

1.       Definitions

2.       Methods Of Operation

3.       General Rules

4.       Schedule Of Rates

5.       Examination Charges

6.       Closing Or Settlement Charges

7.       Miscellaneous Charges

8.       Reserved For Future Use

9.       Government Or Charitable Transactions

10.   Endorsements

The course has been approved for 3 hours of continuing education credit.  If you have not taken a course from Stewartce, and you are a Stewart agent, please request a discount code before you register for the course.  Request a code by clicking Here

 

 

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New PA title insurance ce course

Stewart Title Continuing Education School has released a new course.  PA Title Commitment requirements discusses the requirements listed on Schedule B1 of a Title Insurance commitment. Enroll here

 

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web traffic

I host several web sites for Title agencies.  Over the last 30 days, traffic on those sites have increased an average of 75%.  I see that as an indication of increased activity in the real estate market.  It’s about time.

 

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Mortgage Underwriting???

mortgage underwriting????

Posted by Diane Cipa

I guess since we have standards again, folks are experiencing real mortgage underwriting - perhaps for the first time. That's good but it sure is generating questions. I've had numerous e-mails over the past few weeks and decided to post answers to a few questions here.

In my pre-title life, I was a mortgage underwriter - FHA direct endorsement, VA automatic approval and FNMA/FHLMC. I had the pleasure of managing a couple of high volume retail/wholesale underwriting departments, so when you ask what happens in mortgage underwriting? I'll use my experience to answer that question. I say that because the automated pre-underwriting takes place earlier in the transaction and so when your file "goes to underwriting" it's going to a human being.

The biggest question on everyone's mind is how long will it take?

The actual file review will take about an hour if your case if fairly straight forward and the underwriter has the experience to make decisions on the risks identified in your circumstance.

Most of the time lost "in underwriting" is waiting for your turn at the decision table. When I managed underwriting departments our goal was always to get a file in and out inside of 24 hours. In high volume situations we shot for 48 hours, but the reality is that sometimes the flow of files due to rate fluctuations can be overwhelming and the wait can be days.

Why? Well, human underwriters are highly trained individuals and there aren't many of them, especially these days. Mortgage lenders are recreating and retraining underwriting teams.

So, are there any tips on how to make the process work for you - maybe make your file go through a bit faster? Your job as a borrower is to first have patience. Secondly, provide as much clear concise documentation as you can to demonstrate you have assets, stable income and a credit profile that demonstrates a willingness to repay the debt.

If you fight with your loan officer and complain about having to provide information, your loan offier might be forced to send your file into underwriting without sufficient data to convince the underwriter that you are a good risk or that your circumstances meet the guidelines of the program. So, your file will wait it's turn only to go into suspense or worst yet, be rejected. If that happens, you end up having to provide the data then go back into a waiting line again.

So, be your own best friend, realize that the mortgage underwriting guidelines - while they may seem onerous - are there for a reason - one that you may not understand, however, if you need a mortgage, you've got to play the game. Be honest but be thorough. Help your mortgage lender find in your financial profile a willing and able borrower.

If you can't do that honestly, then wait until you can. Fudging the data is fraud and criminal. If you cannot yet demonstrate stability of income or a willingness to repay debt, then start now and create your new financial future by being a more conservative manager of your money. After a year or two of a new financial profile, you should be able to get through the underwriting process successfully.

Hope that helps and good luck. ;)

 

 

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