CFPB will be taking a serious look at closing and escrow third party services

Take a look at the ALTA Group on Linkedin.  There is a good discussion there about how the CFPB will be taking a closer look at title agencies and there relationships with banks.  Click here to read the discussion

If you want to download a copy of the Bulletin, Click Here

CFPB will be taking a serious look at closing and escrow third party services

Ted says the Recession is Over

Chief Economist at Stewart Title says the recession is over.  Good to hear.

From Ted Jones at Stewart blogs

While there are several definitions of a recession (a period of several months in which economic activity declines), I define a recession as an extended period when the country has job losses. Jobs are everything to the economy. Period. And when it comes to housing, other than retirees (which I call blue hairs, gray hairs and no hairs), very few people buy a home without a job. And I have gray hair, so my term is not derogatory. Retirement for me is hopefully a decade off.

The GREAT news is that, in the prior 12 months, from the end of January 2012 to the end of January 2013, not one state lost jobs. And I define losing jobs as more than 500 net job losses since I do not believe that the resolution of counting jobs is that precise. This now makes nine times in the past 17 months that no state lost jobs, assuming that 500 number. Hence a genuine trend.

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Ted says the Recession is Over

RESPA Rules on Agents

This article is a good summary what you need to ask yourself if there is a chance of a RESPA violation.  The article comes from Raealtor Mag

A home sale cannot be conditioned on the use of a specific title insurance company. Violators can face stiff penalties.

MARCH 2013 | BY PHILLIP L. SCHULMAN

It’s not unusual for a listing agent to have a favorite closing agent and want the buyer to close the transaction using that agent, along with the agent’s title insurance and settlement services. What many practitioners don’t realize, however, is that Section 9 of the Real Estate Settlement Procedures Act prohibits sellers from conditioning the home sale on the use of a specific title insurance company, and in fact violators can be subject to penalties, with the most -typical being a fine of up to three times the amount of the title insurance fee.

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RESPA Rules on Agents

SENIOR TITLE EXAMINER - Tampa

From Indeed.com

Examination of title to Florida real property, ranging in complexity, to determine status and to establish chain of title;

• Abstract and analyze deeds, deeds of trust/mortgages, easements, judgments, tax assessments, mineral reservations, and other applicable instruments;


• 4+ years title experience;


• Ability to work in an accurate, detail-oriented and highly productive manner;


• Working knowledge of basic real estate title concepts;


• Foreclosure title experience a plus;


• Working knowledge of legal documents and how they affect title to real property;


• Familiarity with title insurance commitment and policy format and all procedures required to prepare same—including abstracting, title examinations, survey analysis, etc.;


• Familiarity with ATIDS; DataTrace/DataTree; General PC Proficiency; Microsoft Office Suite; Internet Explorer;


• Familiarity with sectional and metes and bounds legal descriptions;


• Ability to perform basic mathematical calculations and tasks requiring detail, concentration, and accuracy;


• Ability to communicate professionally, both verbally and in writing;


• Ability to work both independently and contribute in every aspect to a team environment.


• Verifying ownership and encumbrances of real property;


• Preparing professional reports;


• Reviewing reports for accuracy.

See Post Here

SENIOR TITLE EXAMINER - Tampa

A New And Different Housing Bubble Is Taking Shape

From Business Insider

Wolf Richter

March 19

We have seen it for several years now: foreclosure sales—there were 5 million since the peak of the housing bubble—have become the hunting grounds for investors with two goals: hanging on to these homes until the Fed’s flood of money drives up their value; and defraying the expenses of ownership by renting them out. And funds have a third goal: collecting management fees.

Read more: http://www.testosteronepit.com/home/2013/3/18/housing-bubble-ii-but-this-time-its-different.html#ixzz2OR8rvYgw

A New And Different Housing Bubble Is Taking Shape

Subject Matter Experts needed for Continuing Education Courses

I am looking for a subject matter expert that can help to develop a title continuing education course about agency risk management.  Given the inevitable enforcement of the CFPB to look at how lending institutions monitor their vendors(read title agencies) title agents will need to know what is required in order to be in compliance.

Learntitle is approved in several states so the course will have wide appeal.  Compensation will be a portion of the enrollment fee.

If you are interested, please contact me by responding to this post or sending me an email at art@learntitle.com.

 

thanks

 

Subject Matter Experts needed for Continuing Education Courses

The Consumer Mortgage Choice Act (H.R. 1077) reintroduced

This is an interesting discussion over on Linkedin in the American Land Title Association Group.

The Act provides for exclusion of fees charged by creditor’s affiliates from the 3% Dodd-Frank “points and fees” threshold used to determine which loans qualify as Qualified Mortgages (QMs).

Check it out

The Consumer Mortgage Choice Act (H.R. 1077) reintroduced

Test Post from NJ Title Insurance

Test Post from NJ Title Insurance http://learntitle.com/titletalk