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Foreclosure Backlog Up to 62 Years on 213K Houses in NY - Leigh Attridge/MA
6/19/2011 8:58:19 AM (3351 views)

New SOT Feature-- Uploading Documents and Images - Slade Smith/OH
6/19/2011 2:54:01 AM (2297 views)

anybody hear from New Millenium title? - Susan Raynard/MA
6/18/2011 9:29:04 AM (3840 views)
Re: anybody hear from New Millenium title? - Carrin /TX
6/18/2011 1:15:07 PM (3368 views)
Re: anybody hear from New Millenium title? - Leigh Attridge/MA
6/18/2011 11:05:44 PM (3574 views)
Re: anybody hear from New Millenium title? - Susan Raynard/MA
6/20/2011 7:26:59 AM (3526 views)
Re: anybody hear from New Millenium title? - Leigh Attridge/MA
6/20/2011 8:09:51 AM (3320 views)
Re: anybody hear from New Millenium title? - Susan Raynard/MA
6/20/2011 10:04:04 AM (3329 views)
Re: anybody hear from New Millenium title? - steve-o title/TX
8/2/2011 3:29:18 PM (2902 views)

Comment on "LPS Hires Former Deputy Attorney General of Florida as VP ov Govt. Affairs" - Source of Title/OH
6/17/2011 9:34:15 PM (2867 views)
I guess that's what you do..... - J. H./OH
6/17/2011 9:34:15 PM (6589 views)

ESS Solutions - Cherie /CA
6/17/2011 11:48:59 AM (3317 views)
Re: ESS Solutions - Susan Raynard/MA
6/18/2011 9:30:56 AM (3266 views)
Re: ESS Solutions - Nils Nelson/ME
6/18/2011 8:40:16 PM (3207 views)
Re: ESS Solutions - Jason /MD
6/20/2011 12:49:47 PM (3093 views)




I am considering a "Work Share Agreement" - CHARLENE  PERRY/MD
6/16/2011 1:47:07 PM (4940 views)
Re: I am considering a "Work Share Agreement" - Carrin/TX
6/16/2011 9:33:51 PM (3479 views)
Re: I am considering a "Work Share Agreement" - CHARLENE  PERRY/MD
6/17/2011 3:33:42 PM (3347 views)
Re: I am considering a "Work Share Agreement" - Patrick Scott/IL
6/17/2011 3:58:27 PM (3543 views)
Re: I am considering a "Work Share Agreement" - Janet Angi/MI
6/22/2011 10:51:12 AM (3150 views)
Re: I am considering a "Work Share Agreement" - CHARLENE  PERRY/MD
6/29/2011 8:47:13 PM (3037 views)
Re: I am considering a "Work Share Agreement" - Jack Straw/KS
7/5/2011 1:41:29 PM (3722 views)

I did a WSA with Stewart Lender Services (Electronic Closing Services, ECS, now discontinued) back in 2007 through late 2008.  It's impossible to generalize about them in the sense that the scope of what work is done by whom determines the manageability of them.  In our case, we did everything except the actual insurance part, that is, we had a CPL covering us so we did the HUD and disbursing.  In addition, 99.9% was refi work, so the location of the disbursing wasn't so much of an issue, and we could get the docs signed remotely at one place.  REOs may not be as complicated with the time pressure of ordinary purchases, but they do have their own well-known problems (for example, closings that don't fund the same day). 

I would say it was a defensive move in that it kept us from losing a customer that all of a sudden changed from originating in one state to originating in about 15-20 states outside of where we had done almost all of our business with it.  So, we saved the relationship until it re-grouped and went back to the state we had worked with them in the first place.  A temporary solution.  I would also stress that you need to file as a foreign corporation, at minimum, in any state you do close in.  You may need a settlement/closing license as well.  Furthemore, many states interpret their insurance licens statutes in a way that would require a title license as well, insofar as you are negotiating the sale or purchase of an insurance policy on behalf of someone else.

Overall, it was/is/will be a headache due to losing control at the very least, to being able to clear title, getting HUDs out when customers expected, etc.  But, it does give a temporary alternative to going into a full-blown multi-state licensing and underwriting agreement.  I would say the licensing issues (particularly for the insurance producer license) are a real risk 

One more suggestion is that you probably should stick to an underwriting-sponsored WSA in that that is by far the fastest way to be able to get CPLs.  Without CPL coverage, WSAs are very difficult to manage. 

Finally, the biggest issue is that a well-thought-out WSA takes a fair amount of time to do and the ability to adjust for huge state difference in laws, customs and practices).  This is a very complicated area, and in nearly all cases, you need this resolved as a business issue sooner than you can get your ducks in a row - that is, before important details are clarified.  I guaranty that you  will get stuck with costly parts of the transaction before you know it.  In my opinion, it's nearly impossible to make money on these, so you have to determine whether your net fees are sufficient to cover the WSA as a "marketing cost," as opposed to a profit center.  At minimum, make sure that no fees are due the partner until the deal is closed.  

You really have to try hard to avoid the appearance of a middle-man, while at the same time placating the decision-makers at your affilliate title insurance producer/sponsor.  A few states in particular make this extremely difficult: Texas, California and Arizona.   In my WSA with Stewart Lender Services/ECS in Texas, for example, we had to use a FATIC affiliate becase even ST did not have all the requisite licensing for Texas (IIRC, it was county-level authorization there).

 

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Re: I am considering a "Work Share Agreement" - CHARLENE  PERRY/MD
7/20/2011 1:38:20 PM (2856 views)
Re: I am considering a "Work Share Agreement" - Michelle Morris/NC
7/20/2011 1:04:22 PM (4218 views)
Re: I am considering a "Work Share Agreement" - Michelle Morris
7/20/2011 12:36:40 PM (5235 views)

E&OInsurance - WAYNE QUICK/NC
6/16/2011 9:26:14 AM (3000 views)
Re: E&OInsurance - Phil McLean/CO
6/16/2011 9:56:27 PM (2997 views)
Re: E&OInsurance - Julie West/IL
6/17/2011 11:02:40 AM (3276 views)

Holding On has Benefits & Then Some - Leigh Attridge/MA
6/13/2011 5:03:48 PM (3296 views)

NW Title Agency - Cindy Orloff - Jason Knowles/AL
6/13/2011 3:01:52 PM (2891 views)

ACME Abstract - Florida - Jason Knowles/AL
6/10/2011 4:43:21 PM (2952 views)
Re: ACME Abstract - Florida - Cherie Smurthwaite/CA
6/10/2011 5:56:36 PM (3045 views)
Re: ACME Abstract - Florida - Mercedes Moreno/FL
6/13/2011 10:14:55 AM (2878 views)
Re: ACME Abstract - Florida - Cherie Smurthwaite/CA
6/13/2011 1:44:02 PM (3061 views)
Re: ACME Abstract - Florida - Jason Knowles/AL
6/13/2011 2:45:05 PM (2997 views)

Altisource - Cherie Smurthwaite/CA
6/9/2011 6:08:58 PM (4023 views)
Re: Altisource - Jessica Talley/FL
6/10/2011 1:00:56 PM (3562 views)
Re: Altisource - Leigh Attridge/MA
6/10/2011 1:16:31 PM (3429 views)
Re: Altisource - Cherie Smurthwaite/CA
6/10/2011 5:41:32 PM (3409 views)
Re: Altisource - Cherie Smurthwaite/CA
6/10/2011 5:39:18 PM (3244 views)
Re: Altisource - Cindy Fishbach-Cortazzo/NY
6/13/2011 9:04:58 AM (3403 views)
Re: Altisource - Mercedes Moreno/FL
6/13/2011 10:12:42 AM (3367 views)
Re: Altisource - Cherie Smurthwaite/CA
6/13/2011 10:43:57 AM (3367 views)
REMINDER... - Robert Franco/OH
6/14/2011 10:08:35 AM (3122 views)
Re: Altisource - Joe Bell/OH
1/24/2013 4:21:54 PM (1891 views)

Analyst Says Palin Might Have a Deed Problem - Leigh Attridge/MA
6/9/2011 3:02:16 PM (3288 views)
Re: Analyst Says Palin Might Have a Deed Problem - Kym/NJ
6/9/2011 4:25:32 PM (3025 views)
Seriously..? - Scott Perry/PA
6/9/2011 9:04:42 PM (2914 views)

Adding client to insurance policy as Cert. Holder - Kym/NJ
6/9/2011 11:42:07 AM (2922 views)
Re: Adding client to insurance policy as Cert. Holder - Kevin Ahern/CT
6/9/2011 12:23:43 PM (2978 views)
Re: Adding client to insurance policy as Cert. Holder - Carrin /TX
6/9/2011 12:50:32 PM (2943 views)
Re: Adding client to insurance policy as Cert. Holder - Michelle/IL
6/9/2011 1:52:25 PM (2888 views)
Re: Adding client to insurance policy as Cert. Holder - K C/NJ
6/9/2011 1:57:14 PM (2936 views)
Re: Adding client to insurance policy as Cert. Holder - Kevin Ahern/CT
6/9/2011 2:01:24 PM (3054 views)
Re: Adding client to insurance policy as Cert. Holder - K C/NJ
6/9/2011 2:17:49 PM (3181 views)
Re: Adding client to insurance policy as Cert. Holder - Kevin Ahern/CT
6/9/2011 2:32:22 PM (3016 views)
Re: Adding client to insurance policy as Cert. Holder - Jessica Talley/FL
6/9/2011 3:16:21 PM (2981 views)
Re: Adding client to insurance policy as Cert. Holder - K C/NJ
6/9/2011 4:20:18 PM (2913 views)
Re: Adding client to insurance policy as Cert. Holder - Kevin Ahern/CT
6/9/2011 5:44:44 PM (2856 views)
Re: Adding client to insurance policy as Cert. Holder - Ryan Thorpe/NY
6/10/2011 11:18:50 AM (2773 views)
Re: Adding client to insurance policy as Cert. Holder - Jessica Talley/FL
6/10/2011 1:03:15 PM (2690 views)
Re: Adding client to insurance policy as Cert. Holder - Carrin /TX
6/9/2011 2:34:53 PM (3979 views)
Re: Adding client to insurance policy as Cert. Holder - Robert Franco/OH
6/10/2011 12:03:27 PM (2779 views)
Re: Adding client to insurance policy as Cert. Holder - Nancy Walker/AZ
6/14/2011 7:04:42 PM (2917 views)

Banks Say No? Hedge Funds Fill a Void In Lending - Leigh Attridge/MA
6/9/2011 8:54:49 AM (2960 views)

"Selling" SOT at NS3 - CHARLENE  PERRY/MD
6/8/2011 8:10:35 PM (2821 views)
Re: "Selling" SOT at NS3 - Slade Smith/OH
6/8/2011 9:07:39 PM (3031 views)
Re: "Selling" SOT at NS3 - Robert Franco
6/9/2011 3:02:30 PM (2734 views)


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