your links page

Greetings Web Customers

I thought I would share a little info about trading links.

Many of your sites have a whole page dedicated to external links (which take users to pages on a different site, as opposed to internal links which take them to pages within the same site). This helps confine links to a single page, instead of peppering the site with links that will prompt visitors to leave. Links pages are fairly simple to create, as very little is needed except for the links themselves. The less attention you draw to the links page, the better. After all, the whole goal of a site is to keep traffic there, not to drive it away. When using link trading as a means of advertising your site, it’s a good idea to have a links page. This way, you can be sure to uphold all your trading agreements and still keep the arrangement of your own site intact.

Link trading is easy. Sites that you enter into link trading agreements with are going to want confirmation. Once you’ve placed their link on your site, you’ll usually be obliged to provide them with the link to the page where their information appears. They should do the same for you, giving you the chance to verify with your own eyes that your link has indeed been placed within their pages.

Reputation is always important. Make sure to follow all the terms of the agreement, including any necessary follow-ups for link verification. Confirm for yourself that your link is working properly and that it takes traffic to the page you want them to see. After the links are placed and confirmations are made, there’s absolutely nothing else to do. The entire process can take as little as five minutes to complete, which is part of the reason link trading is so attractive.

Also, make sure your link partners have something to do with the content of your site.  Incoming links are important to search engines and will help increase your ranking on a results page but don’t trade links for the sole purpose of adding another link to your links page.  It should be a link of value to your visitors.

If you have a links page, lets add some people to it.  If you don’t have a links page, let’s build one.

 

 

Art Oswald

www.yourcyberpresence.com

551 404 5341

The richest man is not the one with the most stuff - it is the one with a satisfied mind.

 

Changes Coming for Florida Real Estate Professionals

Article provided by Snell Legal
Visit us at www.snelllegal.com

Residential real estate professionals and consumers looking to buy or sell their homes will see changes in federally required loan closing procedures and protections in 2010. In certain circumstances, the loan originator will have to provide the borrower with a separate written list of closers available in the community. The new requirement may cause significant modifications in Florida business practices.

The Real Estate Settlement Procedures Act

The Real Estate Settlement Procedures Act of 1974 (RESPA) protects consumers by making the home closing process for "federally related" mortgages more transparent. RESPA also attempts to control abusive business practices that make residential loan closings more expensive for consumers. At a mortgage closing, the borrower executes voluminous, detailed and legally binding contracts committing himself or herself to the home mortgage and granting the lender a lien in the property.

Upcoming Regulation Changes Affecting Settlement Services

RESPA is administered by the U.S. Department of Housing and Urban Development (HUD); the law's detailed procedural requirements are spelled out in HUD's RESPA regulations, known collectively as Regulation X. HUD recently completed a major overhaul of Regulation X, hoping to make residential loan closing costs even lower by strengthening and fine tuning disclosure requirements, improving required forms and helping borrowers shop for closing services more competitively and conveniently. Some of the changes were effective in 2009, but the provision providing borrowers with a written list of closers -- also called settlement service providers -- becomes effective January 1, 2010.

The new regulation defines "settlement services" broadly to include not only traditional closers, but also other professionals necessary to the transaction such as title examiners; title, hazard and mortgage insurers; appraisers; real estate brokers; pest and mold inspectors; loan processors; underwriters; attorneys; and other providers of settlement services.

HUD hopes that providing a list of settlement service providers to the borrower will make comparative shopping easier and thereby save time, lowering costs, increasing competition and leveling the playing field among service providers.

Impact on Florida Real Estate Closings

In the vast majority of Florida counties -- although notably not Dade and Broward -- standard practice is for the seller to select the closing agent and purchase title insurance. The standard real estate sale contract form currently in use, as provided by the Florida Association of Realtors (FAR) and the Florida Bar (BAR), allows for marking either the seller or the buyer as responsible for title insurance. The form also delegates the choice of closing agent to the party buying the title insurance (or to the seller if there is no title insurance requirement).

Those watching the new HUD requirement speculate that the standard form may have to change to reflect that it is the buyer who selects and pays for the title insurance and closing service providers. Real estate companies and lenders that have ownership interests or working relationships with particular settlement service providers may not be able to steer business any particular way when buyers receive broader lists of providers from which to choose. Business practices will likely change significantly in the majority of counties where sellers have traditionally chosen title insurers and settlement service providers.

Legal Counsel Important

Everyone -- consumers, lenders, real estate agents and other professionals -- affected by the new RESPA regulation changes should consult a knowledgeable real estate lawyer for guidance. Real estate professionals will need to learn how to comply with the detailed rules, and consumers should understand the information and service to which they are entitled. Legal documents will need to be reviewed by experienced attorneys for compliance and modification.


Article provided by Snell Legal
Visit us at www.snelllegal.com


Continuing Ed for Title Agents

Free Classified Ads

NJLTI Course approved

The New Jersey Land Title Institute has had Ethics and Fraud in Title Insurance approved for continuing education credit online. 

Fraud along with ethics is something we are hearing and talking a lot about these days. This course will look at both of these issues in the title industry. This course is will provide 1 Ethics CE credit and 2 Title CE credits. It will review the following:
(a) Making Ethics Personal
(b) The Title Industry Consumer Initiative
(c) Understanding Compliance in New Jersey
(d) Understanding Compliance – Federal
(e) Confronting Pressure & Temptation
(f) Managing Funds
(g) Recognizing Fraud

 

Go to http://njlti.net/catalog/coursedetails.asp?caid=10&crid=41 to enroll

 

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New Course approved

Learntitle.com, LLC has had “Mortgage Issues in Title” approved for 2 credit hours of continuing education credit in New Jersey. 

The major lien disclosed on the county level is a mortgage. A mortgage is a limited conveyance of real property, the purpose of which is to create a security interest for an underlying debt, usually a mortgage note. Understanding the mortgage, how it is recorded, and how to remove it from the record is a core understanding of the Title Insurance industry.

Go to http://www.learntitle.net to enroll.

 

Art Oswald

www.learntitle.com, LLC

551 404 5341

The richest man is not the one with the most stuff - it is the one with a satisfied mind.

 

New HUD-1 course approved

Stewart Title Continuing Education has had “The Mysteries of the New HUD-1 Uncovered” course approved for 3 credit hours in Pennsylvania.  The course discusses the relationship between the HUD-1 and the Good Faith Estimate.  The HUD-1 now has a 3^rd page.  It contains costs that cannot change, costs that can only change by 10%, and costs that may change to whatever they turn out to be.  The new HUD-1 will be required by January 1, 2010 so the approval of this course is timely.  Go to http://www.stewartce.com to enroll.  Stewart agents receive a discount off the price of the course

 

Art Oswald

www.learntitle.com, LLC

551 404 5341

The richest man is not the one with the most stuff - it is the one with a satisfied mind.

 

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



Continuing Ed for Title Agents

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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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Title Production software needs to add the new HUD-1

Stewart has announced that their AIM production system has added the new HUD-1 form that will be required January 1, 2010.  They are 6 months ahead and taking a chance that the new form will be required.  See the article here Earth Times

 

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Course authors needed

I am continually looking for authors for continuing education courses.  You will receive a royalty every time someone takes the course.

 

Email art@learntitle.com

Insurance Online: How Can You Compare Between Policies

Buying insurance online has become the order of the day. With the advent of the Internet, shopping for insurance policies has been made simpler. If you do a comprehensive search through the Internet, you can obtain competitive insurance quotes from a plethora of insurance companies. You can begin comparing rates offered by the various insurers within one or two minutes.

When insurance plans are constantly getting modified and costs are soaring continually, securing the coverage that you require at a reasonable rate can be a truly intimidating task. You can make your job easier if you receive free no-obligation insurance quotes from certified agents of different insurers.

When you are thinking about buying insurance online, you can get insurance quotes for every form of insurance. Irrespective of what form of insurance quotes you are searching for, all your needs are taken care of. You can begin saving once you receive the insurance quotes that you have been searching for.

Prior to buying insurance, you must compare quotes online. You should not waste your time making telephone calls to certified insurance agents to fix an appointment for receiving a quote. They would approach you to get your business through demonstrating insurance quotes to you. The procedure is quite simple. You only have to complete an online form and the system would fit you with the suitable agents to receive tailor-made quotes within just a few minutes.

You can get useful details and free insurance quotes when you are looking for insurance online. Information on the following types of insurance is available:

Health insurance

Health insurance offers you and your family the accessibility to healthcare whenever you want it. It takes care of various healthcare expenditures.

Auto insurance

Be it liability coverage or comprehensive coverage, you can receive quotes no matter you are a good driver or not.

Home insurance

Homes are available in various forms and sizes; duplexes, condominiums, mobile homes and others. For every type of home, there is a home insurance plan for which you can receive quotes.

Life insurance

You should always be ready for a situation when nobody would look after your family in your absence. For this purpose, you must have a life insurance policy in place. Compare between quotes to select the most suitable policy.

Contributed by Ampminsure Community Member.

Software forums

I have set up forums for software.  Check it out here.  If you have tips and or tricks to share.  Register and enter them in the appropriate forum.   Or if you have a question, post it here for those who will be able to share an answer.   Use “TitleBiz” as the authorization code to register on the forum.

 

Art Oswald

credit for re posting

On May 7 I posted a message about House bill 1728 that I read on the Respaready.com web site.  I did not give respa ready proper recognition for using their copy – I apologize.

 

Continuing Education for Title Agents

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Legislative Update - House Passes HR 1728

NEWSFLASH -

By a vote of 300-144, the US House of Representatives passed the Mortgage Reform and Anti-Predatory Lending Act, including an amendment that would delay implementation of the new RESPA rule.  Is the new RESPA regulation DOA?  Don't count it out just yet.  The senate still must introduce and pass similar legislation.  We've got our ear to the ground and will keep you up to date and informed.  Here's a look at the results of the vote.

Thursday, May 7, 2009 - 5:23pm

NEWSFLASH - Legislative Update - House Passes HR 1728

 

 

Continuing Education for Title Agents

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email

Note to Searchers “Get an email account”.  

 

Continuing Education for Title Agents

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HUD-1 changes may be on hold

Developments in Washington yesterday have changed my plans.  I had been posting portions of the Federal Register dealing with RESPAs intention to change the HUD and GFE.  Seems yesterday The House Financial Services Committee yesterday voted to amend the Mortgage Reform and Anti-Predatory Lending Act (the "Act") to require HUD to suspend the implementation of its new Good Faith Estimate and HUD-1 Settlement Statement, and instead to work with the Federal Reserve Board to publish a proposed joint rule with comparable Real Estate Settlement Procedures Act ("RESPA") and Truth in Lending Act ("TILA") disclosures within six months of enactment of the Act, and a final joint rule with comparable RESPA/TILA disclosures within one year of its enactment.

The House Financial Services Committee will continue marking up the Act and once the amended Act is approved by the Committee, it will go to the House for a floor vote. The Senate is likely to introduce and pass its own mortgage reform bill (which may or may not include the suspension of the GFE and HUD-1 and the directive to HUD to work with the Federal Reserve Board on disclosures), after which the House and Senate must resolve any differences in a conference. This going to delay an effective changes for quite some time.

I’ll keep you posted

Continuing Education for Title Agents

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Changes in the HUD Part 3

This is the 3^rd installment of text taken from the Federal Register about changes to the settlement process.  This section deals with requirements for the “Good Faith Estimate”.   It’s a lot longer – 4 pages now. 

 

The next post will have comments by the public about the proposed changes.

 

III. GFE and GFE Requirements—

Discussion of Public Comments

A. Overall Comments on the Proposed Required GFE Form

Proposed Rule. HUD proposed a four page GFE form. The first page of the GFE included a summary chart with key terms and information about the loan for which the GFE was provided, including initial loan balance; loan term; initial interest rate; initial amount owed for principal, interest, and any mortgage insurance; rate lock period; whether the interest rate can rise; whether the loan balance can rise; whether the monthly amount owed for principal, interest, and any mortgage insurance can rise; whether the loan has a prepayment penalty; whether the loan has a balloon payment; and whether the loan includes a monthly escrow payment for property taxes and possibly other obligations. The first page of the form also included information regarding the length of time the interest rate for the GFE was valid; the length of time the other settlement charges were valid; information about when settlement must occur if the borrower proceeds with the loan; and information concerning how many days the interest rate must be locked before settlement. At the bottom of the first page, the GFE included a summary of the settlement charges. The adjusted origination charges listed on the second page, along with the charges for all other settlement charges listed on the second page, would have been totaled and listed on this page.

 

The second page of the GFE included a listing of estimated settlement charges. The loan originator’s service charge would have been required to be listed at the top of page two, and the credit or charge (points) for the specific interest rate chosen would have been required to be subtracted or added to the service charge to arrive at the adjusted origination charge, which would have been shown on the top of page two. Page two of the GFE also would have required an estimate for all other settlement services. The GFE included categories for other settlement services including: Required services that the loan originator selected; title services and lender’s title insurance; required services that the borrower would have been able to shop for; government recording and transfer charges; reserves or escrow; daily interest charges; homeowner’s insurance; and optional owner’s title insurance. The GFE would have required these charges to be subtotaled at the bottom of page two. The sum of the adjusted origination charges and the charges for all other settlement services would have been required to be listed on the bottom of page 2.

 

The third page of the GFE would have required information concerning shopping for a loan offer. In addition, page three would have included information about which settlement charges could change at settlement, and by how much such charges could change. Page 3 also would have required the loan originator to include information about loans for which a borrower would have qualified that would increase or decrease settlement charges, with a corresponding change in the interest rate of the loan.

 

The fourth page of the GFE included a discussion of financial responsibilities of a homeowner. The loan originator would have been required to state the annual property taxes and annual homeowner’s flood, and other required property protection insurance, but would not have been required to state estimates for other charges such as annual homeowner’s association or condominium fees. The GFE included a section that advised borrowers that the type of loan chosen could affect current and future monthly payments. The proposed GFE also indicated that the borrower could ask the loan originator for more information about loan types and could look at several government publications, including HUD’s Special Information Booklet on settlement charges, Truth in Lending Act (TILA) disclosures, and consumer information publications of the Federal Reserve Board. The March 2008 proposed rule invited comments on possible additional ways to increase consumer understanding of adjustable rate mortgages.

 

Page 4 also would have included information about possible lender compensation after settlement. In addition, page 4 would have included a shopping chart to assist the borrower in comparing GFEs from different loan originators and information about how to apply for the loan for which the GFE had been provided.

 

 

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Another form to sign at closing

The name Countrywide Financial has been retired and Bank of America Home Loans has taken its place.

Bank of America Home Loans has renamed its one-page loan summary presented to borrowers the Clarity Commitment. The bank said it will contain interest rate, terms and other details of the loan in plain language similar to the Good Faith Estimate.

Provided both at application and at closing, the Clarity Commitment document, says Bank of America, is available on most new purchase and refinance transactions, including traditional and government-backed loans.

In addition, the company said it has introduced the Bank of America Home Loan Guide as part of the new Bank of America home loans Web site.

By explaining key data inputs, highlighting "rules of thumb" and tips with each step, and providing context around the results, the guide is supposed to give consumers relevant, personalized information that helps them understand their options and make informed decisions.

Considering RESPA changes to the Good Faith Estimate and changes to the HUD-1 if this Clarity Commitment is really necessary.  I know I would appreciate one less form to sign at a closing.

 

 

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New HUD rule

This section of the report describes how HUD received comments.  New rules are required to go through a comment period and this section explains how HUD complied with that requirement.

 

From: Federal Register / Vol. 73, No. 222 / Monday, November 17, 2008 / Rules and Regulations

 

II. Overview of Commenters

The public comment period on the March 2008 proposed rule was originally scheduled to close on May 13, 2008. In response to numerous requests, including congressional requests, to extend the comment period, and HUD’s desire to develop a better rule, HUD announced an extension of the comment period. This announcement was made on both HUD’s Web site and by publication of a notice in the Federal Register on May 12, 2008 (73 FR 26953). At the close of the extended public comment period on June 12, 2008, HUD had received approximately 12,000 comments. Approximately two-thirds of the comments received were duplicative or repeat comments; i.e., individuals or organizations who submitted identical or virtually identical comments. For example, members of certain trade organizations, or employees of certain companies, frequently submitted identical comments.

 

HUD received comments from homeowners, prospective homeowners, organizations representative of consumers, and numerous industry organizations involved in the settlement process, including lending institutions, mortgage brokers, real estate agents, lawyers, title agents, escrow agents, closing agents and notaries, community development corporations, and major organizations representative of key industry areas such as bankers, mortgage bankers, mortgage brokers, realtors, and title and escrow agents, as well as from state and federal regulators. HUD appreciates all those who took the time to review the March 2008 proposed rule and submit comments.

In addition to submission of comments, HUD representatives accepted invitations to participate in public forums and panel discussions about RESPA and HUD’s March 2008 proposed rule. HUD also met, at HUD Headquarters or at the offices of the Office of Management and Budget (OMB), with interested parties, requesting meetings as provided by Executive Order 12866 (Regulatory Planning and Review), who highlighted for HUD and OMB areas of concern and support for various aspects of the rule. All of this input contributed to HUD’s decisions that resulted in this final rule. HUD also received approximately 100 public comments that were submitted after the deadline. To the extent feasible, HUD reviewed late comments to determine if issues were raised that were not addressed in comments submitted by the deadline.

Subsequently, I will be posting comments submitted to HUD concerning the new rule so you will be able to see how your organization related to HUD in the development of the new HUD.

 

 

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Another Title Agent Caught in Fraud

The Orlando Sentinel reports on Michelle Worley of Preferred Alliance Title and their scheme to defraud Stewart title of $4 million.

Read the Story Here




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Title-ed.com has new Announcement List

Florida Title Insurance Continuing Education Provider, Title-ed.com, has instituted an Announcement List so that when there is a new course approved by the Florida Department of Financial Services, who ever is on the list will be notified. This will make it easier for list members to know when courses are available so that they can keep their continuing education requirements up to date. Title-ed will not clog up your email with useless emails neither will it use your information for anything other than the announcement list. Your privacy is important to us. So go to the sign up page now. Click Here



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changes to the HUD

The following is the first in a series taken from the Federal Register about changes to the HUD-1

 

Federal Register / Vol. 73, No. 222 / Monday, November 17, 2008 / Rules and Regulations 68205

2008 Proposed Rule

RESPA is a consumer protection statute, and, as further described in this preamble, consumer groups were, in general, very supportive of the basic goals and key components of the March 2008 proposed rule. For example, the National Consumer Law Center, in a joint comment with Consumer Action, the Consumer Federation of America, and the National Association of Consumer Advocates, stated, ‘‘HUD has done an excellent job in moving the ball toward greater protection for consumers in the settlement process.’’ In addition, the Center for Responsible Lending, in its comment concluded: ‘‘[W]e applaud HUD for addressing the challenge of reforming RESPA. We believe HUD’s proposed GFE provides important improvements over existing requirements.’’

 

HUD received adverse comments about many aspects of the proposed rule, primarily from mortgage industry representatives, including requests that HUD withdraw its proposal entirely or that HUD postpone its current efforts in order to work with the Federal Reserve Board to arrive at a joint regulatory approach. HUD takes these comments very seriously and appreciates the concerns raised by these commenters. HUD’s view continues to be, however, that improvements in disclosures to consumers about critical information relating to the costs of obtaining a home mortgage, often the most significant financial transaction a consumer will enter into, are needed, and that such disclosures are a central purpose of RESPA.(emphasis added) Most commenters—including consumers, industry representatives, and federal and state regulatory agencies—supported the concept of better disclosures in general, and commended both HUD’s efforts and particular provisions in the proposed rule.

 

Moreover, given the current mortgage crisis, the foreclosure situation many homeowners are now facing because they entered into mortgage transactions that they did not fully understand, and the prospect that future homeowners may find themselves in this same situation, HUD believes that it is very important that the improvements in mortgage disclosures made by this final rule move forward immediately. Nevertheless, as noted in the preamble to the March 2008 proposed rule, HUD will continue to work with the Federal Reserve Board to achieve coordination and consistency between the Board’s current regulatory efforts and HUD’s requirements.

 

HUD has made many changes to the March 2008 proposed rule in response to public comment and further consideration of certain issues by HUD. Some of the provisions in the March 2008 proposed rule have been revised in this final rule and others have been withdrawn for further consideration. HUD believes that the result is a final rule that will give borrowers additional and more reliable information about their mortgage loans earlier in the application process, and will better assure that the mortgage loans to which they commit at settlement will be the loans of their choice. At the same time, in recognition of the concerns raised by industry commenters about the need for sufficient time for the industry to make systems and operational changes necessary to meet the requirements of the new rule, the final rule provides that the new GFE and HUD–1 will not be required until January 1, 2010. However, certain other provisions of the rule will take effect 60 days from the publication date of the final rule. The following are some of the most significant changes made at this final rule stage, and are discussed in more detail in the discussion of public comment.

• A GFE form that is shorter than had been proposed.

• Allowing originators the option not to fill out the tradeoff table on the GFE form.

• A revised definition of ‘‘application’’ to eliminate the separate GFE application process.

• Adoption of requirements for the GFE that are similar to recently revised Federal Reserve Board Truth-in-Lending regulations which limit fees charged in connection with early disclosures and defining timely provision of the disclosures.

• Clarification of terminology that describes the process applicable to, and the terms of, an applicant’s particular loan.

• Inclusion of a provision to allow lenders a short period of time in which to correct certain violations of the new disclosure requirements.

• A revised HUD–1/1A settlement statement form that includes a summary page of information that provides a comparison of the GFE and HUD–1/1A list of charges and a listing of final loan terms as a substitute for the proposed closing script addition.

• Elimination of the requirement for a closing script to be completed and read by the closing agent.

• A simplified process for utilizing an average charge mechanism.

• No regulatory change in this rulemaking regarding negotiated discounts, including volume based discounts.

 

 

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Lien Searches

Who does Lien Searches in Florida?


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Authors Needed

Still looking for authors.  The time will come soon when realtors will need continuing education credits.  I own the name RealtySchoolsite.com and I am looking for people who can provide content for online courses.  Online courses have become a very popular way to earn continuing education credits.  I have successfully set up courses for title insurance agents(Click Here) and am looking forward to expanding into Real Estate courses.  If you are interested in getting in on the ground floor -  let me know

 

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Title Agency E and O Insurance

Is your E and O coverage  written on a claims made and reported policy form?  Do you even know what that means?  Apparently a claims made and reported policy form covers you for errors or omissions which are first made and reported during the policy period, as long as the act leading to the claim took place AFTER your retroactive or prior acts date listed in your policy. The retroactive or prior acts date is the most important feature of any E&O policy. I didn’t know there was such a thing as a retroactive or prior acts date in my policy, did you?  I thought title insurance was complicated.  I figured if I made a mistake or even if I didn’t but somehow got caught up in a claim, my e and o would cover me.  Seems there is some important stuff in the fine print.

 

Nevemind, just call Robin and she will explain it to you and make sure you are covered for the best price.

 

 

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By Inman News, Tuesday, March 24, 2009.

The Federal Reserve's initiatives to keep mortgage rates down are spurring a rush to refinance that will test the operational capacity of lenders, but low rates won't translate into higher home sales unless unemployment stabilizes, the Mortgage Bankers Association said today.

The MBA has dramatically revised its forecast for 2009 mortgage refinancings, saying it expects lenders will fund $1.96 trillion in refinance loans this year.

That's an $824 billion increase from last month's forecast, when the MBA said it expected $1.13 trillion in refinancings in 2009. Last year, by comparison, lenders refinanced only $765 billion in loans.

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Continuing Education for Title Agents

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CFO SINK ANNOUNCES UPCOMING LAWYER/LENDER ROUNDTABLE TO HELP FLORIDIANS AVOID FORECLOSURE

Contact: Kyra Jennings or Kevin Cate
(850) 413-2842

TALLAHASSEE – Florida Chief Financial Officer Alex Sink today announced that she will bring together Florida lenders and attorneys with the Florida Attorneys Saving Homes program this month for a roundtable discussion on streamlining efforts to keep Floridians in their homes.

The roundtable, to be held April 20, 2009 in Tampa, will give lenders and pro bono lawyers the chance to discuss how to improve their communication and interaction, as they work together to help Floridians facing the threat of foreclosure. CFO Sink stood with Florida Legal Services attorneys who are part of the Florida Attorneys Saving Homes (FASH) program to announce the upcoming roundtable.

“As we are all aware, for a number of years Florida has been ground zero for the housing crisis faced by our country today,” said CFO Sink. “That’s why I have worked to find any avenue possible to provide real, tangible help to Floridians facing the threat of foreclosure.”

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Continuing Ed for Title Agents

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The copy machine is not just a copy machine

We recently started using our copy machine's scanning feature and it has made a significant difference in the way we deliver our product.  We have software to produce a title commitment.  The system usess Microsoft word to assemble the documents required to go into the commitment package.  Then there are all the supporting documents like the county search, the tax search and the judgement search.  Most of those get delivered via the web so they are already in pdf format.  The county search may come via mail, fax, or email.  This is where the copy machne/scanner comes in.  We can now put all the documents into one file whether we have to scan them in or just upload them.  We can then move the pages around on the screen by just clicking and dragging them to the place we want.  We can take out pages that aren't needed and scan in pages that are needed.  The Word docs that were generated by the title software are converted on the fly as we drag them from Windows Explorer to the copy software were the package is assembeled.  Once we have all the pages we need in the order we need them, we can email the package as an attachment.  Saves some time and lots of paper.  Once we get it all figured out, we sholdn't have to print out anything. 

 

Continuing Education for Title Agents

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New course offered by Learntitle

Learntitle.com has recently had a course approved by the New Jersey Dept of Banking and Insurance.  “How to Search” is now available at www.Learntitle.net.  The course is good for 2 hours of continuing education credits.  It discusses the proper technique for searching the public records in the courthouses of New Jersey.  Something every title agent should know and now can learn about online from the comfort of your home or office. 

 

Continuing Education for Title Agents

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Mortgage Modification

There seems to be a lot of buzz on the web about mortgage modifications.  Seems there are some firms that are specializing in “forensic loan” examinations.   These firms are looking for respa violations that may have happened during closing of a loan that may give the borrow some leverage in renegotiating their mortgage.  Not sure how effective these investigations are.  I’m sure they are not done for free and I am wondering if the subsequent modification is really worth the trouble.  I am wondering also if there are violations found, if the title agent has any culpability and what their level of liability is. 

 

As always your comments are welcome.

 

Art Oswald

www.learntitle.com, LLC

551 404 5341

The richest man is not the one with the most stuff - it is the one with a satisfied mind.

 

How I would Remake Federal Financial Regulation

by Bill Maloni

The Obama Administration and Congress need to substantively refurbish the federal financial regulatory network, which failed us as a nation during the Bush years and continues to provide more questions than answers.

Rhetoric to the side, federal policy makers have an opportunity today to drive a significant restructuring or just could wimp out and merely change the coverlet on the financial regulatory bed, introducing some pretty new colors, but leaving in place soiled blankets and sheets underneath.

The early Obama/Geithner plans look more like the latter than the former. The President needs to be bolder.

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Mobile-phone applications tailored for real estate

By Matt Carter on Inman News

New mobile-phone applications tailored for real estate are moving beyond for-sale property searches and into areas once reserved for personal computers, such as lead generation and management, market research and analysis, and customer relationship management.

As is often the case in the fast-moving world of technology, yesterday's dazzling breakthrough -- the ability to access listings on the go using a mobile phone -- is becoming the norm. Now consumers and real estate professionals are demanding more.

Read More . . .

Continuing Ed for Title Agents

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Art Oswald

Get Title Insurance Continuing Education Courses in Florida, Pennsylvania, and New Jersey. Visit www.learntitle.com

New Florida Online Title Course Available

A new Online Course "Homestead Law" is now available on florida.stewartce.com. The course was written by Stewart Title's Underwriting Counsel in Florida and is worth 1 hour of continuing ed credits. Stewart plans on having at least 5 more courses available by the end of June.


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Owning a house is not human right

Saw this in a comment about what HUD may be doing to stop foreclosures:

"Owning a house is not human right that must be protected by government. Foreclose, move to an apartment, and let the houses fall in value until others buy them."

any reaction?