eNotarization Delivers Essential Element for Paperless Mortgage Closings - Solution Powered by Silanis, Stewart, Interlink Electronics and the National Notary Association

via healthstip.com

Silanis, the market leader in automating business approval processes, announced today that it is working with Stewart Title and the National Notary Association (NNA) to deliver the first implementation of eNotarization capabilities for paperless mortgage closings at a title office. The three organizations are working together to incorporate the NNA Enjoa® signing tablet into Stewarts eClosingRoom, a key part of their SureClose® platform, providing another essential component for paperless mortgage closings. Stewart Title is a wholly owned subsidiary of Stewart Information Services Corp. (NYSE-STC).

Electronic notarization standards and technologies such as Enjoa®, an electronic Notary journal designed by notary experts at the NNA and built by Interlink Electronics, will revolutionize the traditional Notary process and support the electronic closing process. Enjoa® allows Notaries to securely capture and store a borrowers signature, thumbprint and photograph, satisfying all applicable state notary recordkeeping laws and leaving no doubt regarding the identity of the signer. Enjoa® also functions as a signature tablet that allows borrowers to sign electronic documents in Stewarts eClosingRoom.

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Respa Round Up

The U.S. Department of Housing and Urban Development (HUD) on July 20, 2010 posted additional guidance on its website regarding the new Real Estate Settlement Procedures Act (RESPA) rule in a document entitled “RESPA Roundup.” HUD notes that the document is the first edition of the RESPA Roundup and that the agency will periodically issue further editions “to enhance communications with consumers and industry stakeholders by providing information on RESPA topics chosen specifically to address the most pressing issues.”    

http://www.hud.gov/offices/hsg/ramh/res/roundupjuly.pdf

Continuing Education for Title Agents

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Respa Round Up

The U.S. Department of Housing and Urban Development (HUD) on July 20, 2010 posted additional guidance on its website regarding the new Real Estate Settlement Procedures Act (RESPA) rule in a document entitled “RESPA Roundup.” HUD notes that the document is the first edition of the RESPA Roundup and that the agency will periodically issue further editions “to enhance communications with consumers and industry stakeholders by providing information on RESPA topics chosen specifically to address the most pressing issues.”    

http://www.hud.gov/offices/hsg/ramh/res/roundupjuly.pdf

Continuing Education for Title Agents

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WILL NASTY "WALL STREET HOME RESALE FEE" MAKE ITS WAY TO Your State?

The headline describes a couple words consumers usually tend to disfavor – Wall Street and Fees. So these items combined likely would scare the pants off a homeowner, right? Well that's what I think will happen if the so-called Wall Street Resale Fees make their way to Wisconsin. Here's the deal, a resale fee (also called a private transfer fee covenant) works like this:

via knightbarry.com

Substitue your state for Wisconsin in this article.

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Report: Foreclosures Reduce Home Values by 27% - Developments - WSJ

On average, a foreclosure reduces the value of a house by 27%, says a new paper from an economist at the Massachusetts Institute of Technology and researchers at Harvard University.

In the study, which is due for publication in the American Economic Review, MIT economist Parag Pathak and Harvard researchers John Y. Campbell and Stefano Giglio conclude that a foreclosure puts a much bigger dent in a home’s value, compared to a forced sale as a result of bankruptcy or the death of the owner.

Mr. Pathak says he’s not surprised that there’s a discount due to foreclosure, but says, “It is surprising that it’s so large,” according to a press release. The paper uses data on house transactions in the state of Massachusetts over the last 20 years.

via blogs.wsj.com

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New player in title insurance | Inman News

There's room for another national player in title insurance, according to Patrick Stone, president and CEO of a startup that aims to join the ranks of the big four title insurers before the end of the decade.

Based in Lake Oswego, Ore., WFG National Title Insurance Co. has grown rapidly by acquiring other companies, employing nearly 200 workers nationally. WFG was licensed to do business in 33 states just six months after launch, and plans to be in more than 40 by the end of the year.

"The market is very underserved in the sense that the industry has not changed or adapted to market-driven changes that Realtors and lenders have had to adapt to," Stone said.

via inman.com

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Lexology - A deed-in-lieu of foreclosure is a valuable tool, but exercise caution

A Deed-in-Lieu of Foreclosure Is a Valuable Tool, But Exercise Caution

The current recession, which real estate professionals might be more inclined to call a depression, likely will continue generating an almost bottomless supply of mortgage defaults for several years to come. Consequently, we can expect to see an increasing number of cases in which mortgage lenders and borrowers may consider a deed-in-lieu of foreclosure as a way out of the foreclosure process.

A deed-in-lieu of foreclosure can have significant benefits for both parties. For lenders, it helps avoid or reduce the delay, expense and possible uncertainty of going through the foreclosure process. For borrowers, it can eliminate or reduce the embarrassment of a public foreclosure sale and provide a resolution of personal liability and guarantee issues with respect to the debt.

On the other hand, deed-in-lieu transactions pose risks to the lender and will have tax consequences for both parties. Therefore it is important that both parties consult experienced legal counsel and tax advisors in connection with the transaction.

via lexology.com

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Housing Market Stumbles - WSJ.com

By NICK TIMIRAOS and ROBBIE WHELAN

The housing market, whose collapse pulled the economy into recession in late 2007, is stalling again.

Nick Timiraos discusses why, in markets across the country, home sales are deteriorating, inventories of unsold homes are piling up and builders are scaling back construction plans.

In major markets across the country, home sales are deteriorating, inventories of unsold homes are piling up and builders are scaling back construction plans. The expiration of a federal home-buyers tax credit at the end of April is weighing on the market.

On Tuesday, the U.S. Census Bureau said single-family housing starts in June fell by 0.7%, to a seasonally adjusted annual rate of 454,000. The U.S. started 1.47 million homes in 2006, before the housing bubble popped.

via online.wsj.com

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Best Buyer’s Broker Realty | Tips and Articles to Keep You Informed

Home construction plunged last month to the lowest level since October as the economy remained weak and demand for housing plummeted. But driving the June decline was a more than 20 percent drop in condominium and apartment construction, which makes up a small but volatile portion of the housing market. Construction of single-family homes, the largest part of the market, was down slightly. It dropped 0.7 percent.

via bestbuyerbroker.com

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Foreclosure Picture Improves in First Half - UPI.com

Foreclosure filings fell 5 percent in the first half of the year but still exceed the first six months of 2009 by 8 percent, according to figures released today by RealtyTrac. One in 78 homeowners received a foreclosure notice in the first half.

via upi.com

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Title Insurers’ Risk-Adjusted Capital Adequacy at Year-End 2009

Fitch Ratings’ 2009 U.S. title insurance industry’s risk-adjusted capital (RAC) ratio of
133% was a significant improvement over the 2008 RAC ratio of 105%. However, from a
historical perspective, 2009’s ratio is the second lowest since Fitch began calculating
the ratio in 1997. Fitch calculates the industry RAC ratio on a weighted average basis,
thus Fidelity National Financial, Inc. (Fidelity) and First American Financial Corp (First
American), whose market shares are 42% and 27%, respectively, have a great influence
on the industry ratio.

Download now or preview on posterous

Fitch_2009_Risk_Adjusted_Capital_Report.pdf (148 KB)

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Bill Provides for Creation of Consumer Agency, But Little Else

The bill lays out an ambitious agenda for consumer protection, but leaves the new regulator on its own for how to accomplish those goals in addition to getting itself up and running.

Insurance Networking News, July 2, 2010

Cheyenne Hopkins

While passing a bill that would create a consumer protection agency has proved challenging enough, that task may pale in comparison to actually setting up the new regulator.

The regulatory reform bill lays out an ambitious agenda for the Consumer Financial Protection Bureau, including quickly detailing the scope of its powers and harmonizing regulations that implement two of the most complex lending laws on the books.

But the legislation largely leaves the new regulator on its own for how to accomplish those goals in addition to hiring needed personnel and getting itself up and running.

"While Congress has laid out the structure, it's going to take a long time and be very complicated to translate the concept into something that works," said Andrew Sandler, a partner at Buckley Sandler LLP.

Under the final bill, which was approved by the House this week but must still be passed by the Senate, the Treasury secretary must transfer consumer protection powers to the bureau between six months to a year after enactment of the legislation, with the option to extend it to 18 months if necessary.

via insurancenetworking.com

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Multi-million dollar mortgage fraud and ID theft ring stopped in Florida | NationalMortgageProfessional.com

Multi-million dollar mortgage fraud and ID theft ring stopped in Florida

Tue, 2010-07-06 09:20 — NationalMortgag...

Attorney General Bill McCollum and the Florida Department of Law Enforcement (FDLE) Commissioner Gerald Bailey have announced the arrest of 10 members of a criminal mortgage fraud and identity theft operation. The group is charged with defrauding numerous financial institutions out of more than $8 million, and using the identities of unsuspecting individuals as part of the conspiracy to obtain the mortgages and properties. The arrests are the result of a four-year investigation conducted by FDLE’s Miami Regional Operations Center and the Attorney General's Office of Statewide Prosecution. The individuals arrested face charges including racketeering, conspiracy to commit racketeering, grand theft, and title insurance fraud.

via nationalmortgageprofessional.com

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LET'S PLAY TITLE FRAUD

I have been working with a realtor for 4 months now on a short sale transaction that finally got lenders (2) approval in the middle of June.  Upon hearing  from the lenders that the transaction was approved the Listing agent Realtor called me to schedule the closing and advised that the seller would be calling me later that day. I did in fact receive a call from the seller that day and was absolutely STUNNED to hear what they had to say.  

The property that was encumbered by the mortgage contained about an acre and a half of land and had a house on it.  The seller called to tell me that it was their desire to "sell" only half of the property to the buyer (the half containing the house); pay the lenders off and then went on to say that they were going to sell the other half of the property to another person.  I advised them that I could not be a party to this transaction as they were attempting to defraud their lenders who had FINALLY approved the short sale transaction.

via sourceoftitle.com

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