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Beaver County Abstract (& Notary Services) - PATRICIA PALMER-ILKO/PA
9/18/2009 7:28:31 PM (3751 views)

Fradulent use of my company name - PATRICIA PALMER-ILKO/PA
9/18/2009 9:40:15 AM (3975 views)
Re: Fradulent use of my company name - Robert Franco/OH
9/18/2009 9:56:00 AM (4638 views)
Re: Fradulent use of my company name - PATRICIA PALMER-ILKO/PA
9/18/2009 10:48:18 AM (4686 views)
Re: Fradulent use of my company name - Jessica Talley/NJ
9/18/2009 4:16:48 PM (4477 views)
Re: Fradulent use of my company name - george Hubka/MI
9/18/2009 4:49:47 PM (4466 views)
Re: Fradulent use of my company name - george Hubka/MI
9/18/2009 4:47:03 PM (4475 views)
Re: Fradulent use of my company name - PATRICIA PALMER-ILKO/PA
9/18/2009 7:27:20 PM (4540 views)
Re: Fradulent use of my company name - george Hubka/MI
9/18/2009 8:53:36 PM (4487 views)
Re: Fradulent use of my company name - Sheila Sten/PA
9/27/2009 8:53:04 PM (4140 views)
Re: Fradulent use of my company name - george Hubka/MI
9/28/2009 4:39:24 AM (4206 views)
Re: Fradulent use of my company name - William Pattison /CA
9/28/2009 11:46:58 AM (4218 views)

2 owner search fees in Michigan - Ellen Maher/MI
9/16/2009 10:14:01 AM (3934 views)
Re: 2 owner search fees in Michigan - george Hubka/MI
9/17/2009 5:54:26 AM (4307 views)
Re: 2 owner search fees in Michigan - Ellen Maher/MI
9/18/2009 10:19:21 AM (4350 views)
Re: 2 owner search fees in Michigan - george Hubka/MI
9/18/2009 4:41:48 PM (4283 views)
Re: 2 owner search fees in Michigan - Ellen Maher/MI
9/21/2009 10:40:30 AM (4180 views)

A Sign of the Times - Kevin Ahern/CT
9/15/2009 4:51:47 PM (3208 views)

FANNIE MAE and FREDDIE MAC VIOLATING RESPA - Robert Franco/OH
9/15/2009 10:18:09 AM (4424 views)
Re: FANNIE MAE and FREDDIE MAC VIOLATING RESPA - Robert Franco/OH
9/15/2009 11:02:12 AM (7096 views)

I have mixed feeling about this practice.  On one hand, if the seller is paying for the policy, I believe that they should have the right to choose.  If the buyer insists on choosing their title company, they can - if they are willing to pay for it. And, to me, that seems reasonable.  After all, there is nothing other than the sales contract that requires the seller to pay for anything.

However, with so many of these foreclosure mills churning out policies based on short searches, you really can't rely on them for clear title.  When the seller directs the buyer's title policy to the title company under their thumb, and a full search isn't being done, the buyer seems to lose some of the value ordinarily obtained in the process.  Thus, it may be better to let the buyer choose.

California seem to be on their way to passing legislation aimed at ensuring the buyer has the right to choose the title company on REO sales.  The California Buyer's Choice Act recently passed the Senate.

The Buyers Choice Act would mandate that buyers of bank-owned properties would have the choice of using a local escrow office to handle the transaction. It would prohibit a seller of residential property from requiring the buyer to use an escrow service company or purchase title insurance chosen by the seller and would also prohibit a seller of residential property from, without good cause, disapproving the use of a title or escrow company chosen by a buyer.

As far as RESPA is concerned, I do not believe that there is any violation if the seller requires their title company so long as the seller is paying for the policyThe problem comes from poor language used by HUD in explaining RESPA in "plain English."  They summarize Section 9 thusly:

Section 9 of RESPA prohibits a seller from requiring the home buyer to use a particular title insurance company, either directly or indirectly, as a condition of sale. Buyers may sue a seller who violates this provision for an amount equal to three times all charges made for the title insurance.

The problem here is the language "to use."  This makes it sound like any time the seller requires a particular title company to handle the transaction, it is a violation of RESPA.  This, however, is not the case.  Compare HUD's "plain English" version with the actual statute:

Sec. 2608. Title companies; liability of seller

(a) No seller of property that will be purchased with the assistance
of a federally related mortgage loan shall require directly or
indirectly, as a condition to selling the property, that title insurance
covering the property be purchased by the buyer from any particular
title company.
 

Clearly, the requiring a buyer to "use" a particular title company is not what is prohibited in the RESPA statute - it is only requiring the buyer to "purchase" title insurance from any particular title company.  This sort of makes sense, because RESPA is a consumer protection statute.  As far as they are concerned the buyer is "protected" by their title policy (a point we could all argue), and if someone else pays for it, there is no harm in allowing the seller to chose the provider.

Best,
Robert A. Franco
SOURCE OF TITLE

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Re: FANNIE MAE and FREDDIE MAC VIOLATING RESPA - CHARLENE  PERRY/MD
9/15/2009 11:35:26 AM (4393 views)
And that is the problem... - Robert Franco/OH
9/15/2009 11:52:07 AM (4116 views)


Real Title Services


Condo Owner finds out he's been living in and renovating wrong unit - Edward Huguenin/SC
9/13/2009 11:12:30 PM (5135 views)
Re: Condo Owner finds out he's been living in and renovating wrong unit - Robert Franco/OH
9/14/2009 9:15:33 AM (4631 views)
Re: Condo Owner finds out he's been living in and renovating wrong unit - edward hartung/OH
9/14/2009 7:17:17 PM (4396 views)
Re: Condo Owner finds out he's been living in and renovating wrong unit - Robert Franco/OH
9/15/2009 9:25:34 AM (4248 views)

E & O Info: Thanks Robert! - Scott Olsen/NH
9/11/2009 10:47:44 AM (3747 views)
Re: E & O Info: Thanks Robert! - Robert Franco/OH
9/11/2009 11:12:53 AM (4669 views)
Re: E & O Info: Thanks Robert! - Nils Nelson/ME
9/11/2009 12:45:19 PM (4525 views)
Re: E & O Info: Thanks Robert! - george Hubka/MI
9/14/2009 8:07:06 AM (4396 views)

County Clerk Fees - Ellen Maher/MI
9/11/2009 9:51:20 AM (3679 views)
Re: County Clerk Fees - Robert Franco/OH
9/11/2009 10:00:56 AM (4569 views)
Re: County Clerk Fees - Ellen Maher/MI
9/11/2009 12:07:24 PM (4620 views)
Re: County Clerk Fees - Nils Nelson/ME
9/11/2009 12:52:53 PM (4463 views)
Re: County Clerk Fees - Kevin Ahern/CT
9/11/2009 1:16:29 PM (4416 views)
Re: County Clerk Fees - Ellen Maher/MI
9/11/2009 1:55:10 PM (4389 views)
Re: County Clerk Fees - george Hubka/MI
9/14/2009 8:00:51 AM (4395 views)
Re: County Clerk Fees - Dan Zook/NY
9/14/2009 10:14:25 AM (4396 views)
Re: County Clerk Fees - William Pattison /CA
9/14/2009 11:41:23 AM (4326 views)
Re: County Clerk Fees - Brad Bradbury/PA
9/14/2009 1:50:04 PM (4369 views)
Re: County Clerk Fees - Jessica Talley/NJ
9/14/2009 3:24:07 PM (4311 views)
Re: County Clerk Fees - Dan Zook/NY
9/15/2009 8:54:35 AM (4109 views)
Re: County Clerk Fees - Jessica Talley/NJ
9/15/2009 9:51:04 AM (4161 views)
Re: County Clerk Fees - Dan Zook/NY
9/15/2009 10:18:14 AM (4030 views)
Re: County Clerk Fees - Nils Nelson/ME
9/14/2009 11:56:07 AM (4203 views)

Unied States Title Corp Knoxville TN - Louise Jackson/SC
9/10/2009 9:12:43 AM (4725 views)
Re: Unied States Title Corp Knoxville TN - Brenda Palmer/TN
9/14/2009 3:21:28 AM (4777 views)
Re: Unied States Title Corp Knoxville TN - george Hubka/MI
9/14/2009 8:03:11 AM (4533 views)
Re: Unied States Title Corp Knoxville TN - Jennifer/AR
9/14/2009 10:24:12 AM (4492 views)
Re: Unied States Title Corp Knoxville TN - Virginia Capps/TN
9/14/2009 11:16:16 AM (4509 views)
Re: Unied States Title Corp Knoxville TN - Angela Johnson/NC
2/17/2011 4:48:27 PM (4144 views)
Re: Unied States Title Corp Knoxville TN - Rick Wilkinson/TN
8/8/2011 10:27:38 AM (3729 views)

MSNi - Constance Foye/VA
9/9/2009 9:04:37 PM (4487 views)
Re: MSNi - Kelli Quade/MO
9/10/2009 3:28:14 PM (4443 views)
Re: MSNi - george Hubka/MI
9/11/2009 7:03:50 AM (4425 views)
Re: MSNi - Constance Foye/VA
9/14/2009 12:30:14 PM (4319 views)

Pro-Search, Inc. - Susan McKee/WV
9/9/2009 10:51:23 AM (4263 views)
Re: Pro-Search, Inc. - Elizabeth Helman/PA
9/12/2009 9:22:14 PM (5132 views)

ALTA Policy Licensing Fees - Cheryl Hartzman/PA
9/4/2009 2:41:01 PM (5396 views)
Re: ALTA Policy Licensing Fees - Robert Franco/OH
9/8/2009 1:45:36 PM (4648 views)
Re: ALTA Policy Licensing Fees - Kevin Ahern/CT
9/8/2009 5:09:20 PM (4543 views)
Re: ALTA Policy Licensing Fees - Robert Franco/OH
9/9/2009 8:06:24 AM (4516 views)
Re: ALTA Policy Licensing Fees - Kevin Ahern/CT
9/9/2009 8:41:47 AM (4519 views)
Re: ALTA Policy Licensing Fees - Robert Franco/OH
9/9/2009 8:58:17 AM (4448 views)

J&L in TX - LAWANDA  MCMILLIAN/AR
9/3/2009 9:34:26 PM (3064 views)

Accepting Credit Cards - Dan Zook/NY
9/3/2009 1:07:29 PM (3633 views)
Re: Accepting Credit Cards - Dan Zook/NY
9/8/2009 11:22:53 AM (4504 views)
Re: Accepting Credit Cards - Michelle White/IL
9/8/2009 12:35:21 PM (4629 views)
Re: Accepting Credit Cards - Robert Franco/OH
9/8/2009 1:52:47 PM (4566 views)
Re: Accepting Credit Cards - Jessica Obitz/MD
9/15/2009 8:32:35 AM (4118 views)
Re: Accepting Credit Cards - Dan Zook/NY
9/15/2009 8:58:54 AM (4117 views)

Experience closing short sales w/transactional funding? - Eric Michaels/IL
9/3/2009 1:03:46 AM (3836 views)
Re: Experience closing short sales w/transactional funding? - Clanci Nelson/OH
9/10/2009 3:53:48 PM (4459 views)
Re: Experience closing short sales w/transactional funding? - CHARLENE  PERRY/MD
9/15/2009 2:24:40 PM (4457 views)
Re: Experience closing short sales w/transactional funding? - Eric Michaels/IL
9/17/2009 1:54:39 PM (5815 views)
Re: Experience closing short sales w/transactional funding? - Robert Franco/OH
9/17/2009 4:24:02 PM (4366 views)
Re: Experience closing short sales w/transactional funding? - CHARLENE  PERRY/MD
9/17/2009 7:58:09 PM (4463 views)
Re: Experience closing short sales w/transactional funding? - Eric Michaels/IL
9/18/2009 1:18:49 AM (4530 views)
Re: Experience closing short sales w/transactional funding? - Robert Franco/OH
9/18/2009 9:27:37 AM (4296 views)
Re: Experience closing short sales w/transactional funding? - george Hubka/MI
9/18/2009 4:59:39 PM (4354 views)
Re: Experience closing short sales w/transactional funding? - Robert Franco/OH
9/18/2009 6:51:17 PM (4279 views)
Re: Experience closing short sales w/transactional funding? - george Hubka/MI
9/18/2009 8:57:45 PM (4379 views)
Re: Experience closing short sales w/transactional funding? - Eric Michaels/IL
9/19/2009 11:59:07 PM (4311 views)
Re: Experience closing short sales w/transactional funding? - Robert Franco/OH
9/21/2009 12:11:37 PM (4366 views)
Re: Experience closing short sales w/transactional funding? - Clanci Nelson/OH
9/21/2009 1:11:33 PM (4410 views)
Re: Experience closing short sales w/transactional funding? - Clanci Nelson/OH
9/21/2009 1:08:37 PM (4393 views)
Re: Experience closing short sales w/transactional funding? - Clanci Nelson/OH
9/21/2009 12:35:50 PM (4284 views)
Re: Experience closing short sales w/transactional funding? - Eric Michaels/IL
9/18/2009 1:24:49 AM (4332 views)
Re: Experience closing short sales w/transactional funding? - Clanci Nelson/OH
9/21/2009 1:50:13 PM (4415 views)
Re: Experience closing short sales w/transactional funding? - Robert Franco/OH
9/21/2009 2:08:51 PM (4586 views)
Re: Experience closing short sales w/transactional funding? - Eric Michaels/IL
9/22/2009 12:30:13 PM (4621 views)
Re: Experience closing short sales w/transactional funding? - Robert Franco/OH
9/22/2009 1:18:21 PM (4422 views)
Re: Experience closing short sales w/transactional funding? - Clanci Nelson/OH
10/12/2009 12:28:55 PM (4487 views)


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