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Anyone familar with Title Search USA - Dave Ellis/WI
2/23/2007 12:04:28 PM (2312 views)
Re: Anyone familar with Title Search USA - Stephen Williams/MO
2/23/2007 2:02:42 PM (3054 views)
Re: Anyone familar with Title Search USA - Julie Jasiunas/WI
2/23/2007 6:28:18 PM (3038 views)
Re: Anyone familar with Title Search USA - Philip Cotugno/MA
2/24/2007 10:44:09 AM (2892 views)
Re: Anyone familar with Title Search USA - Sherry Sapier/FL
2/26/2007 12:18:29 PM (2814 views)
Re: Anyone familar with Title Search USA - george Hubka/MI
2/26/2007 8:55:25 PM (2832 views)

Frux - Gena Taylor/VA
2/22/2007 6:51:43 PM (2387 views)
Re: Frux - Jay Duncan/MO
2/22/2007 8:04:41 PM (2920 views)
Re: Frux - Gena Taylor/VA
2/23/2007 5:58:35 PM (2859 views)
Re: Frux - Sophia Varga/NY
2/26/2007 3:37:04 PM (2788 views)

Great Article! - Ethics/OH
2/21/2007 3:14:43 PM (3020 views)

Update - Kevin Ahern/CT
2/21/2007 7:38:44 AM (1845 views)

Does Existing Ohio Law Prohibit AfBAs in Ohio? - Henry Hessler/OH
2/20/2007 5:04:41 PM (2720 views)
Re: Does Existing Ohio Law Prohibit AfBAs in Ohio? - Patrick Scott/IL
2/21/2007 9:44:42 AM (2831 views)
Greetings form the choir, to whom you preach.  Looks like the scheme works a little bit differently here in Illinois.  Here, a lender or mortgage broker may set up a separate business entity to act as a title agent (which is defined in the Illinois Title Insurance Act).

There are requirements designed to ensure that the "agency" is not a sham business, existing only to facilitate kickbacks to the broker.  The agent must be located in a separate office with separate phone and fax numbers.  It must have at least one employee who is not aslo an employee of the broker.

This, of course, is all nonsense and window dressing.  In my opinion, it only serves to further deceive the borrower.  It is standard practice here for brokers to order title on a refinance transaction.  While they are not allowed to keep "preferred lists", you can bet they are simply placing the order with their own company, probably located in their closet.

The "agent" sets and receives the premium (minus a percentage to be remitted to the underwriter) and receives the endorsement fees.  The underwriter, or affiliated entity, gets to sell a title search and provide closing and escrow services.  Essentially, it means more work and less margin for the underwriter.  The loss of margin is presumably made up for in volume.

There has been some handwringing by the Illinois Department of Financial and Professional Regulation, Division of Financial Institutions / Title Insurance Section (IDFPR) (quite a mouthful, eh?) about whether these affiliated "agents" are actually performing a "core title service" (determination of insurability of title) as required by the Title Insurance Act.  A flurry of audits around this time last year determined that "some" (all, perhaps?) of the so-called "agents" were simply receiving a title commitment labled "Title Search" to sign and return to the underwriter.  The signature being the "core title service" that merited 80% of the premium and all endorsement fees.

The IDFPR came down hard on these practices.  It issued a memo or two(which no longer appear to be posted on the IDFPR website).  I am not aware of any actual disciplinary action taken.

These sham arrangements have been marketed here for years.  I believe that they violate, at the very least, the spirit of RESPA, if not the letter of the law.  I don't think that cautionary memos suffice as enforcement. 

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Re: Does Existing Ohio Law Prohibit AfBAs in Ohio? - John Povejsil/MN
2/26/2007 10:18:22 AM (2694 views)




Title Standards - Robert Franco/OH
2/20/2007 11:33:57 AM (1888 views)

Vanguard Documents? - C Y/NY
2/20/2007 8:14:08 AM (1815 views)

Inzura- payment issues anyone? - Nathan Miller/KY
2/19/2007 6:26:09 PM (2230 views)
Re: Inzura- payment issues anyone? - Dorothy Payne/NY
2/19/2007 7:46:31 PM (2893 views)
Re: Inzura- payment issues anyone? - Nathan Miller/KY
2/19/2007 7:56:34 PM (2843 views)
Re: Inzura- payment issues anyone? - Dorothy Payne/NY
2/20/2007 4:58:27 PM (2787 views)
Re: Inzura- payment issues anyone? - Barbara Bennett/IN
2/22/2007 2:52:10 PM (2760 views)
Re: Inzura- payment issues anyone? - Dorothy Payne/NY
3/7/2007 9:57:49 PM (2516 views)

Tri-County Title - who are they? - Nathan Miller/KY
2/19/2007 5:50:47 PM (1825 views)

Are you losing out on new clients? - Robert Franco/OH
2/19/2007 3:41:02 PM (2432 views)
Re: Are you losing out on new clients? - Robert Franco/OH
2/21/2007 2:39:11 PM (2743 views)

Lenders Watching Chevy Chase Lawsuit - Scott Perry/PA
2/19/2007 12:25:36 PM (3531 views)
Re: Lenders Watching Chevy Chase Lawsuit - Anne Gilbert/VT
2/24/2007 7:58:26 AM (3110 views)
Re: Lenders Watching Chevy Chase Lawsuit - Scott Perry/PA
2/24/2007 11:52:13 AM (2987 views)
Re: Lenders Watching Chevy Chase Lawsuit - Anne Gilbert/VT
2/24/2007 5:05:45 PM (3039 views)
Re: Lenders Watching Chevy Chase Lawsuit - Scott Perry/PA
2/24/2007 5:40:37 PM (2959 views)
Re: Lenders Watching Chevy Chase Lawsuit - Robert Franco/OH
2/24/2007 6:22:31 PM (2975 views)
Re: Lenders Watching Chevy Chase Lawsuit - Scott Perry/PA
2/25/2007 4:52:08 PM (3022 views)
Re: Lenders Watching Chevy Chase Lawsuit - Robert Franco/OH
2/24/2007 6:14:01 PM (2960 views)
Re: Lenders Watching Chevy Chase Lawsuit - Kevin Ahern/CT
2/25/2007 7:11:34 AM (2921 views)
Re: Lenders Watching Chevy Chase Lawsuit - george Hubka/MI
2/26/2007 8:50:59 PM (2981 views)
Re: Lenders Watching Chevy Chase Lawsuit - Kevin Ahern/CT
2/25/2007 9:07:19 AM (3049 views)

ALTA Code of Ethics??? - Ethics/OH
2/18/2007 8:24:12 PM (3473 views)
Re: ALTA Code of Ethics??? - Jay Duncan/MO
2/20/2007 9:00:20 AM (3024 views)

Alleged Conspirators Respond to Foiled County Takeover - David Bloys/TX
2/18/2007 7:52:24 PM (3271 views)

Great George Burns Quotation - Kevin Ahern/CT
2/16/2007 11:17:37 AM (2208 views)
Re: Great George Burns Quotation - Scott Perry/PA
2/16/2007 3:37:51 PM (2923 views)
Re: Great George Burns Quotation - Jarrod Clabaugh/OH
2/16/2007 4:00:58 PM (2813 views)
Re: Great George Burns Quotation - Deborah Manion/VA
2/16/2007 9:25:57 PM (2943 views)
Re: Great George Carlin Quotation - Deborah Manion/VA
2/17/2007 11:51:43 AM (2954 views)
Re: Great George Carlin Quotation - Scott Perry/PA
2/17/2007 6:27:12 PM (2999 views)
Re: Great George Carlin Quotation - Jarrod Clabaugh/OH
2/19/2007 12:24:28 AM (2811 views)
Re: Great George Burns Quotation - Sandra Morton/KS
2/19/2007 6:27:37 PM (2861 views)
Re: Great George Burns Quotation - Scott Perry/PA
2/19/2007 8:04:47 PM (2849 views)
Re: Great George Burns Quotation - Deborah Manion/VA
2/19/2007 10:59:23 PM (2822 views)
Re: Great George Burns Quotation - Scott Perry/PA
2/20/2007 12:38:23 AM (2802 views)

Greek Accounting... - Robert Franco/OH
2/15/2007 10:55:30 AM (1727 views)


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