From Matthew Weidner, P.A.
February 28th, 2010 ·
Greg Clark is a brilliant Clearwater, Florida attorney who has been a practicing title attorney for 30 years. For hundreds of years, a title attorney’s job was to examine all of the records that related to a property and then issue an attorney’s opinion of title or title insurance policy confirming that if his client purchased the property or lent money against the property, they were doing so free of any claims by another other person or party who might claim an interest in the property. I say that the job “used to be” because after the development of the Mortgage Electronic Registration System or MERS, no attorney can tell you what other party might claim an interest in the property because that information is locked away deep inside a private company…MERS. A mortgage is recorded in the county public records, but who owns it and who may have any rights to that mortgage is a closely held secret.
See full article here: http://mattweidnerlaw.com/blog/2010/02/the-anti-mers-mortgage-manifesto/
Continuing Education for Title Agents
Free classifieds for the Title Industry
Posted via email from Title Insurance A real estate broker’s commission may be determined using a percentage of the sales price, a flat fee, or a combination of both, according to a recent letter from HUD’s General Counsel Helen Kanovsky. The January 22 letter clarifies the distinction between using a formula to calculate a legitimate commission, as opposed to an unearned fee that violates RESPA. Under RESPA, a real estate broker cannot charge a fee if no, nominal, or duplicative work is done.
Ream more here: http://www.ccarlive.com/2010/02/26/hud-letter-allows-percentage-plus-flat-fee-commission/ Continuing Education for Title Agents Free classifieds for the Title Industry Posted via email from Title Insurance We received many excellent and challenging questions during our webinar “Makings Sense of the New GFE,” hosted in the month of February. As promised, below you will find answers to all of the questions asked. The answers come from our best available resources, and we will all continue to learn more as HUD posts new information. Question 1 – We understand two circumstances in which the compensation to the originator can change: the loan amount changes and a portion of the origination charges are dependent on the loan amount; the loan program changes. If a loan is floating and is later locked, we understand that the credit or charge to the borrower may change, but “Our Origination Charges” may not change and the originator’s comp (even if the YSP or rebate changes) will not change. Correct? See the answer to this and 15 more questions here: http://www.mortgagecomplianceadvisors.com/index.php/answers-to-questions-about-new-gfe Continuing Education for Title Agents Free classifieds for the Title Industry Posted via email from Title Insurance
Continuing Ed for Title Agents
HUD Letter Allows Percentage Plus Flat Fee Commission
Continuing Ed for Title Agents
Answers to Questions about New GFE
Continuing Ed for Title Agents
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