03.07.07

MN Dept of Commerce settles RESPA issue on ABA’s

Posted in Regulation of Insurers and Banks at 4:23 pm by Jeanne

In a constantly changing climate under the Real Estate Settlement Procedures Act (RESPA,) the MN Department of Commerce has settled with First American Title over what were deemed as violations of the Federal RESPA Law. Although affiliated business arrangements are not prohibited under the Act, there are certain requirements that must be met in order for the affiliate to be a full fledged business, and not a sham business.

To read more on this see Inman’s MN DOC Article

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03.02.07

Foreclosures - Growing like a Tsunami

Posted in Mortgage Problems, Regulation of Insurers and Banks at 7:55 pm by Jeanne

RealtyTrac reported last week that the number of homes entering the foreclosure process increased by 19 percent in January, compared with December’s numbers. Compared with January 2006, the number of homes in the process is up 25 percent. In 2006, a total of 1.2 million homes entered the foreclosure process, 42 percent more than 2005.

There are a couple of key reasons for the uptick in foreclosures, said Rick Sharga, vice president of marketing at RealtyTrac, whose site also lists homes in the foreclosure process.

For one, a slower housing market has stretched out the time it takes for a home to sell, making it tougher for families who must sell to strike a deal in time to avoid the foreclosure process, he said. Also at play is the rise in interest rates on adjustable-rate mortgages, at times squeezing “people who have overextended themselves in the first place.”

For full article see MarketWatch

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02.02.07

Are You Better-off Today than You were Ten Years Ago?

Posted in Mortgage Problems, Mortgage and title Fraud, Regulation of Insurers and Banks, Value of a title searcher at 10:36 am by Jeanne

Are you better off today than you were ten years ago?
Whose fault is it. Let’s blame all errors, poor judgment, misconduct, wrongdoing, transgressions, egregious behavior and crimes on someone else. It’s easier to point the finger than to take responsibility. Sub-prime Mortgages, Predatory Lending, or One in Three closings with Title Problems? Our actions damage the Public and their perception of the mortgage and title industries.

Cases in point:

President of Mortgage Banking Company
The NY Times sites a mortgage banker who “acknowledges that standards were lowered, but he placed the blame at the feet of investors and Wall Street, saying they encouraged Ownit and other subprime lenders to make riskier loans to keep the pipeline of mortgage securities well supplied. “The market is paying me to do a no-income-verification loan more than it is paying me to do the full documentation loans,” he said. “What would you do?”
See NY Times article

Mayor of New Orleans

Mayor Nagin blames race, class, and President Bush for the devastation caused by Katrina.

Baltimore Sun article

Global Warming
Beijing shifts the blame for Global Warming on developed countries.

Sydney Morning Herald

When will we, as individuals in the mortgage and title industries, begin to take personal responsibility for the outcome of our actions? We need to enlighten the public and the media that subprime lending and fast-and-cheap titlework is NOT okay. Just because someone suggests you do something unethical (give the borrower a mortgage that doesn’t fit but makes you money, or do a last-deed-of-record only title search) doesn’t mean it’s the right thing to do. We will all pay the price.

Take individual responsibility for your actions, and quit pointing at everyone else. Take a good look at your situation. Are you better off today than you were ten years ago?

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12.15.06

Dearborn Publishing Touts Title Book for Real Estate Schools

Posted in Education, Land Title Technical Stuff, Regulation of Insurers and Banks, Value of a title searcher at 6:26 pm by Jeanne

From: Dearborn Real Estate Education [mailto:realestate@dearborn.com] Sent: Wednesday, December 06, 2006 2:50 PM
To: Melissa Kleeman
Subject: Build Your Client Base in a Softening Real Estate Market

Add Value by Offering Education to Agents with a Turnkey Course -Title Insurance for Real Estate Professionals
Looking for ways to have agents and brokers switch their alliances to you and your members? Give them a reason. Show them you truly know the Title Insurance business not just with the products you sell, but with the industry knowledge you possess.

Dearborn Real Estate Education, the leading publisher in real estate training for nearly 50 years, has created Title Insurance for Real Estate Professionals, a basic overview of the industry, giving you one more way to do just that.

Created as a course-in-a-box, Title Insurance for Real Estate Professionals is available with everything from booklets for students to instructor resources with PowerPoint slides from which to teach, including suggested topics and time per subject, and more, all designed as a “non- commercial” way to build relationships with real estate professionals.

The course was designed to be taught for real estate continuing education credit,* or as an educational seminar that can be given in a “lunch and learn” type setting. Spend quality time educating agents, establish yourself as an industry expert and then add a few minutes at the beginning or end of the course to tell them about the benefits of your organization.

Written by industry expert Jeanie W. Johnson, the course takes fundamentals and applies them to real life closing and title scenarios. When completed, professionals will be able to:

Explain what title insurance does and does not do
Identify red flag title issues for customers when they are listing, selling, mortgaging and closing property
Explain title work in plain English to agents, sellers, buyers and borrowers
Explain how liens and encumbrances legally attach to property
Determine how to remove unwanted items on title
Follow how title companies investigate and put together title work
Explain how title companies protect themselves and their customers from mishandling of closing funds, fraud, forgery, and a host of title issues
Jeanine W. (Jeanne) Johnson worked for over twenty- five years as a real estate agent and closer, then as an abstractor, closer, examiner, and Vice President of Old Republic National Title. She has authored a number of books, most notably Principles of Abstracting and Land Records Management; Title Examination for Title Insurers; Reading and Drawing Legal Descriptions; and most recently Title Insurance for Real Estate Professionals. She currently authors, consults, conducts seminars, and speaks at conventions and association meetings.

To learn more about offering this course in a box, and about bulk discounts, call your account representative at (800) 621-9621.

*In order to offer an approved continuing education course for credit, the course and instructors must be approved by the state in which the course is being offered. For information on how to do this, contact your account rep or state real estate commission.
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email: realestate@dearborn.com

phone: 800-621-9621

web: http://www.dearbornre.com

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