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
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...]