OpenClose Releases "GFE Lockdown" for Enhanced Editing Features in Its Loan Origination Software That Greatly Improves GFE Accuracy

WEST PALM BEACH, FL--(Marketwire - August 31, 2010) -  OpenClose Mortgage Software, developers of Web-based, loan origination software, has released the enhanced editing version that improves the accuracy of information flow in the new good faith estimate (GFE). The GFE lockdown "significantly improves" accuracy of loan documents allowing for those lenders to gain better control of 2010.

Regulatory change called for a redesigned GFE this year to -- in part -- provide borrowers with more detailed closing cost information in order to make better informed decisions. But mistakes, or erroneously changed fees, can create inaccurate applications and non compliant loans. For example, a loan officer might try to waive a charge that the lender stipulates as mandatory.

OpenClose created the GFE lockdown to provide lenders with even greater control by adding the ability to lock down fields in the fee maintenance and closing cost scenarios modules. By checking the "Lock on GFE" checkbox, a loan administrator can freeze the dollar value for that fee and then it cannot be changed on the Good Faith Estimate by any originator or processor.

"The redesigned GFE 2010 provides many more details for prospective homebuyers," said Jason Regalbuto, President, OpenClose, "but with those details comes more chance for error. Our new GFE lockdown feature provides an extra level of control and therefore, peace of mind."

via marketwire.com

I'm for whatever makes the transaction faster and easier. Technology is a beautiful thing - when it works.

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OpenClose Releases "GFE Lockdown" for Enhanced Editing Features in Its Loan Origination Software That Greatly Improves GFE Accuracy

WEST PALM BEACH, FL--(Marketwire - August 31, 2010) -  OpenClose Mortgage Software, developers of Web-based, loan origination software, has released the enhanced editing version that improves the accuracy of information flow in the new good faith estimate (GFE). The GFE lockdown "significantly improves" accuracy of loan documents allowing for those lenders to gain better control of 2010.

Regulatory change called for a redesigned GFE this year to -- in part -- provide borrowers with more detailed closing cost information in order to make better informed decisions. But mistakes, or erroneously changed fees, can create inaccurate applications and non compliant loans. For example, a loan officer might try to waive a charge that the lender stipulates as mandatory.

OpenClose created the GFE lockdown to provide lenders with even greater control by adding the ability to lock down fields in the fee maintenance and closing cost scenarios modules. By checking the "Lock on GFE" checkbox, a loan administrator can freeze the dollar value for that fee and then it cannot be changed on the Good Faith Estimate by any originator or processor.

"The redesigned GFE 2010 provides many more details for prospective homebuyers," said Jason Regalbuto, President, OpenClose, "but with those details comes more chance for error. Our new GFE lockdown feature provides an extra level of control and therefore, peace of mind."

via marketwire.com

I'm for whatever makes the transaction faster and easier. Technology is a beautiful thing - when it works.

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eLynx releases HUD-1 compliance tool for its Electronic Closing Network | Mortgage News | Industry Advice for Mortgage Professionals

eLynx releases HUD-1 compliance tool for its Electronic Closing Network

Tue, 2010-08-31 12:54 — NationalMortgag...

eLynx, a portfolio company of American Capital, has announced that it has released its new eHUD service, a component of the Electronic Closing Network (eCN), that makes it easy for lenders and closing agents to comply with Real Estate Settlement Procedures Act (RESPA) regulations governing Good Faith Estimates (GFE) and the HUD-1.

Recent changes to RESPA regulations limit the differences allowed between the fees disclosed on the GFE and the amounts collected from the borrower at the closing table. These controls require that lenders and settlement agents work closely to negotiate fees and limit differences on the HUD-1 while preparing mortgage documents.

In the past, preparing the HUD-1 was a manual process that required numerous phone calls and faxes. eLynx’s new eHUD service provides a mechanism for lenders and settlement agents to collaborate electronically and in real-time. All parties can quickly and transparently negotiate the fees on a HUD-1 before reaching the closing table. The eHUD service also automatically compares the fees to the original GFE, identifying differences that exceed the allowable amount. This allows lenders and settlement agents to improve their RESPA compliance.

via nationalmortgageprofessional.com

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Title fraud: Attorney sentenced to four years after embezzling $1.6 million - South Florida Sun-Sentinel.com

Hollywood title attorney Peter N. Price has been sentenced to almost four years in jail, and ordered to pay $1.7 million to Stewart Title Guarantee Inc. regarding allegations that he embezzled $1.6 million in loan proceeds.

Federal and state investigators said Price took the money, earmarked for paying off mortgage loans for clients, from his Intracoastal Title Services Inc. escrow account for real estate closings he was handling. Instead of doing the payoffs, Price prepared and sent false federal real estate forms, stating the loans had been paid, according to court documents.

Price was charged with making false statements to the U.S. Department of Housing and Urban Development, and sentenced by U.S. District Judge James Cohn in Miami.

via sun-sentinel.com

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Black nominated as a Top 40 Under 40 » Naples Daily News (User story from Chris Black)

Chris Black, Esq.

Southwest Florida Title Insurance Agent, Chris Black, owner of Winged Foot Title has been selected by Gulf Coast Business Review as one of the region's (from Tampa Bay south to Naples) Top 40 Under 40 business people.

The selection was made because of Chris' unending efforts to give back to the community. He owns Winged Foot Title, LLC and is a shareholder and attorney with Perkins Black, P.A., Attorneys at Law. He earned his B.A. in English and Classics at the University of Wisconsin, and his J.D. at The Catholic University of America Columbus School of Law. He's married to Lydia Black, Executive Director of the Lee County Alliance for the Arts and 2009 "40 Under 40" award winner. They have lived with their daughter, Emerson, in Southwest Florida for five years.

via naplesnews.com

Congratulations Chris

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Tips For Optimizing Real Estate Websites

According to Top Producer, 1% of Buyers Find homes by home books, 4% Newspapers, 24% Signs, and 71% by Internet. Because the internet is by far the number one source people look for real estate information, this is where focus and advertising dollars ought to be. Here are five steps to real estate search engine optimization.

* The first step to search engine optimization for real estate websites is the domain name. The domain name is a very important aspect in the Google algorithm. Domain names that have real estate related keywords will rank much better than those that do not.

* Find your keywords. A great tool for finding is simply using the google adwords tool. This tool will show you the keywords that are most used for real estate searches in a particular area, and can help you to decide a keyword rich domain name. These keywords are also important for the content you will add on your real estate website.

* Create Unique Content. One of the best things you can do to get traffic to your website is to write as much content as possible. Search engines love fresh new content, and the articles you write might satisfy a specific question an online looker has. When writing your content make sure you include keywords in your titles, headers, and in the alt tags on images.

via blog.onewaylinksite.com

If you need help with your website, let me know. art@learntitle.com

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This could be a nice boost to Sales

 

This could be a nice boost to Sales as we enter a time that is notoriously a slow period.   This coupled with great Interest rates may be enough incentive for many to move forward.  The process of buying a home has a great ripple effect on the economy and the local industries from Real Estate professionals, Insurance professionals, local home improvement businesses, as well as city municipalities.

Nancy G. Pratt

 

 

 

Will the Administration Bring Back the Homebuyer Tax Credit?

 

After a worse than expected falloff in home sales during the month of July, buzz about a possible revival of the federal homebuyer tax credit has begun to surface.
[[posterous-content:UYQPaxZGrdTN8v8mBJHV]]

The National Association of Realtors (NAR) reported last week that sales of previously owned homes plummeted 27 percent in July, hitting their lowest mark in 15 years. New home sales also took a dive, dropping nearly 13 percent from June to July.

Both reports were clear indications of the frailty of the housing market post-stimulus. Although, the steep declines were actually considered a by-product of the tax credits themselves, which expired on April 30 – payback for the incentives that pulled sales forward into the spring months.

HUD Secretary Shaun Donovan said on CNN’s “State of the Union” program this weekend, “The July numbers were worse than we expected, worse than the general market expected, and we are concerned. That’s why we are taking additional steps to move forward.”

Donovan said it was too early to say for sure, after only one month’s numbers, whether the administration would revive its popular homebuyer tax credits to give the housing markets another much-needed boost, but he didn’t wholly rule it out as an option.

“All I can tell you is that we are watching very carefully,” Donovan told CNN. “We’re going to be focused like a laser on where the housing market is moving going forward, and we are going to go everywhere we can to make sure this market stabilizes and recovers.”

Two U.S. Senate candidates from Florida, one of the hardest hit states by the housing downturn, spoke out in favor of bringing back the federal tax credits for homebuyers on the CNN program.

Florida Gov. Charlie Crist, who is running as an independent for a Florida Senate seat, said a reinstatement of the homebuyer tax break “would be a great lift” and “would stimulate the economy…[and] increase home sales in Florida.”

“People are hurting, and they’re looking for answers. And that would be a good one. I would absolutely encourage the president to support [another homebuyer tax credit],” Crist told CNN.

When asked if he was also onboard with renewing the homebuyer tax credit incentive, U.S. Rep. Kendrick Meek, a Democrat running against Crist for the Senate seat, replied “Absolutely.”

“[I]t was essential to helping individuals buy a home again. That tax credit means an awful lot here in Florida. We need more of it,” Meet said.

 

 

Nancy G. Pratt

Director of Business Development/eStrategy Manager

PropertyInfo Corporation /eMortgage Solutions

Direct         317-414-4268

email       npratt@stewart.com

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- Interview - Rebecca Quick of CNBC and Tim Dwyer of Entitle Direct

REBECCA QUICK, CNBC ANCHOR: Joining us right now with a rundown of the closing cost rankings of his outlook is Tim Dwyer. He`s the founder and President of title insurance firm, Entitle Direct.

And Tim, closing costs have not been dropping like we`ve seen mortgage rates. Why is that?

TIM DWYER, PRESIDENT, ENTITLE DIRECT: It`s counterintuitive, isn`t it?

QUICK: Yes.

DWYER: Well, in fact, closing costs have been falling. The bank rates started (ph) that came out last actually did estimate indeed that an increase of 37 percent in closing costs were a purchase transaction.

via findarticles.com

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CLASS ACTION AMENDED against MERSCORP (MERS) to include Shareholders |

CLASS ACTION AMENDED against MERSCORP to include Shareholders, DJSP

Posted on26 August 2010. Tags: aig, amended, American Land Title, bank of america, CCO Mortgage Corporation, complaint, Corinthian Mtg, countrywide, CRE Finance Council f/k/a Commercial Mortgage Securities Association, DJS Processing, Everhome, fannie mae, first american title, Freddie Mac, GMAC, Guaranty Bank, HSBC, Ignacio Damian Figueroa vs. David J. Stern, jpmorgan chase & co, Kenneth Eric Trent, Kenneth Eric Trent PA, law offices of david J. stern plantation florida 33324, Merrill Lynch, MERS, MERSCORP, MGIC Investor Svc, mortgage bankers association, Nationwide Advantage, Norwest, PMI Mortgage Insurance Company, racketeering, RICO, shareholders, Stewart Title, SunTrust Mortgage, wamu, wells fargo, Wells Fargo & Company

Kenneth Eric Trent, P.A. of Broward County has amended the Class Action complaint Figueroa v. MERSCORP, Inc. et al filed on July 26, 2010 in the Southern District of Florida.

Included in the amended complaint is MERS shareholders HSBC, JPMorgan Chase & Co., Wells Fargo & Company, AIG, Fannie Mae, Freddie Mac, WAMU, Countrywide, GMAC, Guaranty Bank, Merrill Lynch, Mortgage Bankers Association (MBA), Norwest, Bank of America, Everhome, American Land Title, First American Title, Corinthian Mtg, MGIC Investor Svc, Nationwide Advantage, Stewart Title,  CRE Finance Council f/k/a Commercial Mortgage Securities Association, Suntrust Mortgage,  CCO Mortgage Corporation, PMI Mortgage Insurance Company, Wells Fargo and also DJS Processing which is owned by David J. Stern.

MERSCORP shareholders…HERE

Related article:

______________________

CLASS ACTION FILED| Figueroa v. Law Offices Of David J. Stern, P.A. and MERSCORP, Inc.

© 2010 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.
www.StopForeclosureFraud.com

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via stopforeclosurefraud.com

This is an interesting case out of Florida alleging MERS violated the RICO statute. If this suit is successful, it will have significant ramifications in other states.

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Conflict between New Jersey and Respa disclosure requirements

N.J. regulator finds conflict between RESPA, state disclosure requirements

Thomas Considine, commissioner of New Jersey’s Department of Banking and Insurance notified lenders and title agents that RESPA’s new disclosure requirements do not comply with state law. He stated that the department will recommend future amendments to state law to conform to the federal regulations, but until then, industry members are still to comply with both federal and state laws. Read on to find out how this can be done.

(8/23/2010)

The Department of Banking and Insurance commissioner in New Jersey issued a bulletin on Aug. 2 to clarify fee disclosure requirements under New Jersey law while maintaining compliance with the new Good Faith Estimate (GFE) and HUD-1 Settlement Statement forms. 

Under Bulletin No. 10-17, Commissioner Thomas Considine said the new RESPA forms that became effective on Jan. 1 as part of the Department of Housing and Urban Development’s (HUD) final rule are not consistent with what is required for fee disclosures under the New Jersey Administrative Code. 

Read the entire article

Art Oswald

Learntitle.com, LLC dba CyberLearnPro.com

551 404 5341

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

 

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Licensed Title Agent Needed

Check out this website I found at miami.craigslist.org

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Federal Reserve Bans Yield Spread Premiums

Federal Reserve Bans Yield Spread Premiums press release 8/16/2010

The Federal Reserve Board on Monday announced final rules to protect mortgage borrowers from unfair, abusive, or deceptive lending practices that can arise from loan originator compensation practices. The new rules apply to mortgage brokers and the companies that employ them, as well as mortgage loan officers employed by depository institutions and other lenders.

Today, lenders commonly pay loan originators more compensation if the borrower accepts an interest rate higher than the rate required by the lender (commonly referred to as a "yield spread premium"). Under the final rule, however, a loan originator may not receive compensation that is based on the interest rate or other loan terms. This will prevent loan originators from increasing their own compensation by raising the consumers' loan costs, such as by increasing the interest rate or points. Loan originators can continue to receive compensation that is based on a percentage of the loan amount, which is a common practice.

The final rule also prohibits a loan originator that receives compensation directly from the consumer from also receiving compensation from the lender or another party. In consumer testing, the Board found that consumers generally are not aware of the payments lenders make to loan originators and how those payments can affect the consumer's total loan cost. The new rule seeks to ensure that consumers who agree to pay the originator directly do not also pay the originator indirectly through a higher interest rate, thereby paying more in total compensation than they realize.

Additionally, the final rule prohibits loan originators from directing or "steering" a consumer to accept a mortgage loan that is not in the consumer's interest in order to increase the originator's compensation. The rule will preserve consumer choice by ensuring that consumers can choose from loan options that include the loan with the lowest rate and the loan with the least amount of points and origination fees, rather than the loans that maximize the originator's compensation.

via sourceoftitle.com

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Refinance Activity Increases to Highest Level Since May 2009 in Latest MBA Weekly Survey

Refinance Activity Increases to Highest Level Since May 2009 in Latest MBA Weekly Survey press release 8/18/2010

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending August 13, 2010.  The Market Composite Index, a measure of mortgage loan application volume, increased 13.0 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index increased 12.4 percent compared with the previous week.

The Refinance Index increased 17.1 percent from the previous week and was the highest Refinance Index observed in the survey since the week ending May 15, 2009. The seasonally adjusted Purchase Index decreased 3.4 percent from one week earlier. The unadjusted Purchase Index decreased 4.6 percent compared with the previous week and was 38.6 percent lower than the same week one year ago.

The four week moving average for the seasonally adjusted Market Index is up 2.6 percent.  The four week moving average is up 0.1 percent for the seasonally adjusted Purchase Index, while this average is up 3.2 percent for the Refinance Index.

via sourceoftitle.com

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Homeowner Confidence in Real Estate Market Dips

Homeowners are more pessimistic about the short-term future of home values in their local market than they have been in the past three quarters, according to the Zillow second quarter Homeowner Confidence Survey. One-third (33 percent) believe home values in their local housing market have not yet reached a bottom, while 38 percent believe they have already reached a bottom.

More than one-quarter (28 percent) of U.S. homeowners said home values in their local real estate market will decrease in the next six months, up from 20 percent in the first quarter. Additionally, less than one-third (30 percent) believe home values in their local market will increase, down from 42 percent in the first quarter.

via sourceoftitle.com

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Exclusive: N.Y. has highest closing costs

Big jump in fees?

On average, the origination and third-party fees on a $200,000 purchase mortgage added up to $3,741 in this year's survey. That's a 36.6 percent increase over last year's average of $2,739.

Fees charged directly by lenders went up 22.8 percent, while fees charged by third parties -- for things such as appraisals and title insurance -- rose 47.2 percent.

Did fees really go up that much? Probably not. Lenders say fees did rise -- but modestly. A more fundamental change happened this year: The government began requiring lenders to provide accurate good faith estimates of closing costs, or GFEs.

via bankrate.com

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From Craig's Blog

http://www.knightbarry.com/blog/RSS.aspx)">Craig's Blog

---

TOP 10 THINGS NEVER TO SAY OR DO IN A REAL ESTATE CLOSING Posted: 11 Aug 2010 05:00 PM PDT I'm often asked by real estate professionals for a list of common mistakes made by closers. So I've assembled a list of the top ten mistakes in no particular order. Some of the items on the list seem minor but pack a powerful (and expensive) punch. The list is below but is sort of a tease and I'll write about each of these items over the next couple months. They'll be posted right here at knightbarry.com. Have you made any of these mistakes? Do you have anything to share? If so, post a comment below. You can do it anonymously if you wish. Some of these are things you should never do; some are things you should never say. 1.       "First, let's take the property out of the trust and close this loan. Then you can transfer the property back to your trust." 2.       "To whom would you like us to cut these checks? And who should we hand them to?" 3.       "I have a contact at the lender's office who can give me a quick verbal payoff." 4.       "It takes us several days to process these documents after closing. THEN we will forward the to the title company for recording. " 5.       "I'm not a lawyer but I know exactly who should sign this document." 6.       "Mrs. Buyer, the deed shows you and your husband taking title as 'husband and wife.' Should we add 'survivorship marital property' to that too?" 7.       "Sure, we can accept the buyer's funds in the form of a check from any title company or any lawyer's trust account." 8.      "The water test shows clear. Let's close!" 9.       "We work with this builder all the time. We've never had a problem. They do good work." 10.   "There should be enough money in this escrow to pay for the work."

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just another scheme to enrich Wall Street

For Immediate Release                          

American Land Title Association Applauds FHFA for Proposal to Protect Consumers from Dangerous Financial Scheme

Washington, D.C., Aug. 12, 2010 — The American Land Title Association (ALTA) congratulates the Federal Housing Finance Agency and Acting Director Edward J. DeMarco for taking a stand against the use of Wall Street Home Resale Fees, also known as private transfer fees, which steal equity from consumers, force homeowners to pay a large fee to sell their homes and adds a complicated legal roadblock to the home sale process.

“We applaud the FHFA for recognizing the growing concern surrounding private transfer fees and the threat they pose to consumers, as well as the negative impact they would have on Fannie Mae, Freddie Mac and Federal Home Loan Bank mortgage purchases,” said Kurt Pfotenhauer, chief executive officer of ALTA. “The FHFA made an important decision to protect the future health of the real estate market by providing guidance that Fannie Mae and Freddie Mac will not offer loans on properties with these dangerous fees attached to them.”

Developers, in consultation with Wall Street advisers, are attempting to add language to home purchase contracts requiring that a percentage of the sales price be paid to the original corporate owner of a property every time the property is sold, typically for 99 years.  The right to collect these Wall Street Home Resale Fees would then be securitized and sold to enrich investors, while stealing equity from homeowners.

“This is a just another scheme to enrich Wall Street and third parties at the expense of Main Street and consumers,” Pfotenhauer said.

This new, controversial financial scheme is facing opposition across the country. At the state level, 18 states already enacted bans or restrictions against the use of this dangerous fee, which steals home equity, lowers home resale values and adds another layer of difficulty to selling a home.  The FHA has already stated PTFs violate the U.S. Department of Housing and Urban Development’s regulations prohibiting legal restrictions on conveyance and requiring lenders to convey clear marketable title.

“These fees provide no service or benefit to homeowners, and raise the costs of homeownership,” Pfotenhauer said. “The FHFA recognizes they are simply designed to generate additional revenue for investors at the expense of consumers. Again, we thank DeMarco and the FHFA for taking time to examine and understand this issue and for taking steps to squash a reckless financial scheme before it creates disastrous results.”

Art Oswald

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.

 

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VA RESPA Guidance Issued | Mortgage Help Info

The U.S. Department of Veterans Affairs issued guidance long-awaited by the mortgage industry regarding the disclosure of fees, particularly fees that may not be charged to the borrower, with a VA guaranteed loan in view of the revised approach to disclosing fees under the Real Estate Settlement Procedures Act.

The VA advises that lenders must comply with the RESPA requirements regarding the completion of the good faith estimate and HUD-1 settlement statement.

via mortgagehelpinfo.com

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myClosingSPACE.com Gives Consumers Control of Real Estate Transactions

Debuting this week, myClosingSPACE.com breaks the mold of traditional real estate closings by giving consumers control over every aspect of the closing process. myClosingSPACE.com (www.myClosingSPACE.com) allows homebuyers and those refinancing a home to go online and obtain real time quotes on title insurance and closing costs. Initially offered in New Jersey and Florida, myClosingSPACE.com will expand to 18 states later this fall, and throughout the U.S. in the next 12 to 18 months.

via healthstip.com

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