County Recorder Calls Constituents "Ignorant."
July 30 2010 (subscription) | |
When documents showed up on the Utah county recorder's Web site containing Social Security numbers, the county recorder blamed the citizens and called them "ignorant."
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ALTA Asks for Clarification on Federal Clean Energy Program
July 27 2010 | |
While the American Land Title Association (ALTA) supports efforts to reduce energy consumption and limit greenhouse gas emissions, several questions need answered regarding the Property Assessed Clean Energy (PACE) program in order to prevent potential risks in delaying or cancelling real estate transactions.
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Congress Investigates 173 Countrywide VIP Loans to Execs at Fannie and Freddie
July 26 2010 (subscription) | |
Last week a letter surfaced from Washington indicating that Countrywide made 173 "VIP" loans, with preferential terms, to executives at Fannie Mae and Freddie Mac. The letter was from Congressman Darrell Issa, Ranking Member of House Committee on Oversight and Government Reform and requested the Federal Housing Finance Agency to open an investigation. Alternatively, he asked Alfred Pollard, FHFA General Counsel, if he believed the matter should be referred to the U.S. Department of Justice.
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Pilot Program in Cook County (IL) Requires Notaries to Get Thumbprints
July 22 2010 (subscription) 3 comments | |
A new pilot program in Cook County, Illinois now requires notaries to obtain thumbprints of those signing conveyance documents in connection with residential real property. The aim of the program is to prevent mortgage fraud, but some have claimed that it amounts to an invasion of privacy.
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President Signs Wall Street Reform Bill
July 21 2010 (subscription) 7 comments | |
The Wall Street Reform bill has been hailed as the most-sweeping set of changes to our nation's financial regulatory system since the Great Depression. It was signed in to law this morning by President Obama.
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The Importance of the Notice of Lis Pendens
July 21 2010 (subscription) | |
CitiFinancial made a loan to a homeowner while an action filed by the previous owner was pending to reacquire title based on a fraudulent inducement claim. When it was ordered that title be re-conveyed back to the previous owner, CitiFinancial refused to cancel its deed of trust. A quiet title action was commenced, and when that case was dismissed an appeal followed.
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MBA Study Shows Mortgage Banker Production Profits Dropped in First Quarter of 2010
July 20 2010 | |
Independent mortgage bankers and subsidiaries made an average profit of $606 on each loan they originated in the first quarter of 2010, down from $890 per loan in the fourth quarter of 2009 and $1,088 in the first quarter of 2009, according to the Mortgage Bankers Association (MBA)'s 1st Quarter 2010 Mortgage Bankers Production Survey released today.
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New Louisiana Law on Title Searches
July 19 2010 (subscription) 2 comments | |
Louisiana adopts a new law requiring that a title opinion contain a search of the mortgage or public records for a specified period of time for federal judgments or if the transaction being insured is a sale or a mortgage.
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Court Decides If Underwriter is Responsible for Agent's Theft
July 18 2010 (subscription) | |
An Indiana Appellate Court had to decide if Fidelity National Title was responsible when its agent, Intercounty Title, stole $1.6 million from its escrow account. At issue in the case was whether Intercounty Title was acting as an agent of Fidelity in providing escrow and closing services.
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California Attorney General Sues Fannie and Freddie
July 15 2010 | |
Attorney General Edmund G. Brown Jr. today filed a lawsuit against mortgage giants Fannie Mae and Freddie Mac for blocking an innovative California clean energy program that was designed to create tens of thousands of jobs, promote energy independence and lower utility bills.
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Fraudulent Deeds Used to Steal Gas Rights
July 15 2010 | |
Clearfield County (PA) District Attorney, William A. Shaw, Jr., announced that an investigation is ongoing to determine the circumstances surrounding the recording of fraudulent deeds filed at the Clearfield County Courthouse.
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Fannie Mae Curtails Appraisal Chopping
July 12 2010 (subscription) | |
In the past Fannie Mae has not provided requirements concerning lenders making changes to the opinion of market value reflected in the appraisal report. However, during post-purchase review, Fannie has identified cases where the lender had reduced the opinion of market value in the appraisal based on "underwriter judgment, automated valuation models, or other methodology." To address these concerns, Fannie has updated its appraisal policies.
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County Recorder Sued for Accepting Documents Procured by Fraud
July 08 2010 (subscription) | |
When the brother of a homeowner fraudulently executed and recorded a power of attorney and two quit claim deeds, the homeowner sued everyone, including the brother, the notary, and the county recorder. It was alleged that the county recorder was liable for accepting the documents because they were "highly suspicious of a forgery," and the recorder has a duty to "spot forgeries."
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Stewart Title Announces Mergers
July 07 2010 | |
Stewart Title Guaranty Company, a subsidiary of Stewart Information Services, announced the merger of Arkansas Title Insurance Company, National Land Title Insurance Company, and Stewart Title Insurance Company of Oregon with Stewart Title Guaranty Company.
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Federal Judge Rules HUD's Ten-part Test for Sham AfBAs is Unconstitutional
July 05 2010 (subscription) | |
Last week, Judge Jack Zouhary in the U.S. District Court for the Northern District of Ohio ruled that HUD's Ten-part test, used to determine whether an Affiliated Business Arrangement (AfBA) is a bona-fide settlement service provider or a mere sham, was unconstitutionally vague. With no other guidance, sham AfBAs will be able to operate without fear of civil suits or criminal sanctions under RESPA.
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Home-buyer Tax Credit Extended
July 05 2010 | |
On Friday, President Obama signed a three-month extension on the deadline for home buyers to close on a home in order to qualify for a federal home-buyer tax credit of up to $8,000.
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Medocino County (CA) Recorder Issues Warning of Rip-off
July 05 2010 | |
Susan M. Ranochak, Mendocino County (CA) Assessor-County Clerk-Recorder, reported last week that a company has sent notices to homeowners that it can provide a copy of their Grant Deed and a Property Profile for a fee of $87.00.
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Foreclosure Sales Account for 31 Percent of All Residential Sales in First Quarter
July 02 2010 | |
RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, this week released its first U.S. Foreclosure Sales Report™, which shows that foreclosure homes accounted for 31 percent of all residential sales in the first quarter of 2010, and that the average sales price of properties that sold while in some stage of foreclosure was nearly 27 percent below the average sales price of properties not in the foreclosure process.
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MBA Hails Extension of National Flood Insurance Program
July 01 2010 | |
Robert E. Story, Jr., CMB, Chairman of the Mortgage Bankers Association (MBA) hailed yesterday's passage in the Senate of legislation to extend the National Flood Insurance Program (NFIP) through September 30, 2010.
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