Pennsylvania Title Insurance Rates have been updated by TIRBOP. The old PA Title Insurance Rate Manual is as good as history. All of the refinance rates and reissue rates have been replaced by a more simple PA Title Insurance Rate Chart. For more information - PA Title Insurance Rates … [Read more...]
Providing Title Insurance after a “no consideration” deed
April 23, 2012 By Leave a Comment
In this post we will discuss a type of quit claim deed the “no consideration” deed. There is cause for concern whenever such a deed pops up in the chain and many a client just does not understand what the issues is. When we encounter a deed in the chain of title to a property for which the grantee did not pay for his interest, our fear is that there may be fraud or forgery involved in the transfer of title. Remember on our side of the transaction it is our job to be skeptical. Often, the deed may appear to transfer title from … [Read more...]
CFPB on Multiple GFE’s and Changes of Circumstance
March 3, 2012 By Leave a Comment
Recently the Consumer Financial Protection Bureau submitted comments in regards to the issuance of needless GFE's. Supposedly pursuant to the 2008 RESPA rule requiring the reissuing of a Good Faith Estimate (GFE) and the mandatory gap closing period many banks have been reissuing GFE's unnecessarily. In short, banks only need to reissue such when the fees in the tolerance section have increased by more then 10%. Recently we have mentioned that the CFBP is creating a combined RESPA and Truth in Lending disclosure form, which will … [Read more...]
Marital Signature Requirements
February 26, 2012 By Leave a Comment
We constantly get questions on whether or not a non titled spouse needs to sign on the mortgage documents so figured its the perfect topic for a post. This post can now be a reference for all you multi-state lenders. First off some general rules; if both husband and wife appear on title, both must sign documents (mortgage, rescission and TIL); If only one spouse is on title to property being mortgaged, the following applies: (i) If the state is a community property state (property is owned in common by husband and wife), … [Read more...]
Lines of Credit and Title Company Protocol
February 15, 2012 By Leave a Comment
Several bankers, realtors and consumers continue to wonder why it is vital that the title insurance company is insistent on making sure a line of credit mortgages is closed prior to closing. The fact is Home Equity Lines of Credit (HELOC) are a large source of claims in the title insurance industry. A equity line is essentially a revolving line of credit secured by a mortgage on the borrowers property. Most of these loans allow funds to be borrowed, repaid in whole or in part, and then borrowed again. All proceeds however continue … [Read more...]
New Jersey Title Insurers and Riparian Rights
February 11, 2012 By Leave a Comment
Before touching on the current status of Riparian Rights and its recent effect on Title Insurer's, lets define such. Under the riparian principle, all landowners whose property is adjoining to a body of water have the right to make reasonable use of it. If there is not enough water to satisfy all users, allotments are generally fixed in proportion to frontage on the water source. These rights cannot be sold or transferred other than with the adjoining land, and water cannot be transferred out of the watershed. Riparian rights … [Read more...]
Mechanic’s Lien Refresher
February 9, 2012 By Leave a Comment
Anytime you are purchasing new construction or a newly rehabbed home or representing someone that is doing such, mechanic's lien coverage should be part and parcel to the conversation regarding Title Insurance. The issue becomes making sure the Title Company is equipped with the proper waivers, affidavits and documentation in order to supply such coverage. Verifying such issues early in the process is vital. Issuing Title Insurance against mechanic's liens is a massive source of claims in the title insurance industry. This … [Read more...]
Home Owners Insurance – Facts you probably didn’t know
February 1, 2012 By Leave a Comment
An Owner's Title Insurance Policy is purchased one time, often at the subject properties initial settlement and is good forever. The title insurance even protects the buyer's heirs and beneficiaries. Homeowners insurance, otherwise known as "Hazard Insurance" is much different. When buying a property most homeowners elect to purchase some form of homeowner's insurance (HOI) policy. In fact because most home purchasers use a mortgage to finance part of their purchase a HOI policy is a must since the lender requires their … [Read more...]
Philadelphia Recorder of Deeds Increases Fee Structure
January 23, 2012 By Leave a Comment
Joan Decker the Recording Commissioner in Philadelphia recently announced a fee increase across the board for recordation in Philadelphia. Any deed or mortgage being recording starting February 20, 2012 will have a slight increase in recording fees. Due to the Recordation Fees being in the "no room for error" area of the HUD1 it is especially vital for loan originators to account for the change in any GFE's you are issuing for Philadelphia based refinance and/or purchase transactions. Click here for more information on the … [Read more...]
Alert- Virginia Recordation Tax on Refinances Changing
When ordering Virginia Title Insurance for a Virginia refinance please take note of changes coming to the recordation tax that the State charges. When providing a GFE disclosure for new Virginia refinances take note of changes on the way starting July 1, 2012. We want you to be aware of a change to Virginia Code § 58.1-803(D) - which concerns the calculation of recordation tax on a refinance deed of trust. The code section has been revised to eliminate the exemption for amounts refinanced with the same lender. Instead, … [Read more...]