The existing system of mortgage disclosures in the U.S. has long been a disgrace. Borrowers are inundated with garbage disclosures and often the few pieces of critical information they need are either not there or concealed by the garbage.
As an illustration, a large proportion of the people who took option ARMs (adjustable-rate mortgages) during the go-go years leading to the crisis believed that the initial interest rate, in many cases as low as 1 percent, held for five years. In fact, that rate was good for only the first month.
Borrowers taking option ARMs received a booklet about ARMs in general, a description of all ARM programs in which they expressed an interest, and historical or worst-case examples of how ARMs work. But the one piece of information they needed to avoid a horrendous mistake was not there. The default rate on option ARMs today is horrendous, and it is expected to be higher next year.
Posted via email from Title Insurance Unique Cloud Computing Solution Offers Efficient and Affordable Way to Adapt to Ever-Changing Regulations in Real Estate Market ALEXANDRIA, Va.–(EON: Enhanced Online News)–NetLink Resource Group, Inc., a leading provider of custom web application solutions, today announced that it developed the marketing site to support “TitleSphere,” a 100 percent Web-based HUD-1 solution for use by realtors, mortgage lenders, title agents and closing attorneys nationwide, created by Annapolis-based TSS Software Corporation. “We required a partner who understood the value of developing a marketing site for our cloud-based application” A key component of promoting the new Web-based solution, NetLink Resource Group developed and designed the online marketing site aimed at driving additional TitleSphere sales leads for TSS Software Corporation. The website can be accessed at www.TitleSphere.com. “We required a partner who understood the value of developing a marketing site for our cloud-based application,” said Barbara Miller, TSS president and chief operating officer. “As such, NetLink was the ideal partner to provide the development skills and insights required to build out a website that raises awareness of this industry-leading solution.” Posted via email from Title Insurance U.S. Federal Reserve Chairman Ben Bernanke (Photo Credit: AP) By Neil Irwin On one hand, these weak economic results are to be expected. As economists Carmen and Vincent Reinhart documented in a new paper, recessions triggered by severe financial crises are normally followed by extended periods of weak growth and high unemployment like the one we are now seeing. On the other hand, however, a certain fatalism — that a double-dip recession is inevitable–has crept into a lot of economic analysis lately, and it may be overstating the degree to which we are in dire straits. In fact, there are some reasons for at least modest optimism. A roaring recovery is probably not on the way, but here are five reasons that a slow-and-steady recovery is likely to continue. Read full article here: http://voices.washingtonpost.com/political-economy/2010/09/five_reasons_to_be_optimistic.html?hpid=topnews Posted via email from Title Insurance
Continuing Ed for Title Agents
TSS Taps into NetLink Resource Group for Development of Marketing Site for “TitleSphere” | EON: Enhanced Online News
Continuing Ed for Title Agents
Click hFive reasons to be optimistic about the economyere to set a title.
The economic outlook has become steadily gloomier over the last couple of months. A major deceleration of growth is already under way, and the risk of a dip back into recession is much higher than it was at the beginning of the summer. Financial markets have fallen steadily, reflecting that risk, as has President Obama’s approval rating.
Continuing Ed for Title Agents
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