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Title Talks

Did you know – That the Settlement Statement will change AGAIN! Yes, Aug. 1st will mark the start of the new Settlement Statement By the way – it will be now called – Integrated Mortgage Disclosures We are now scheduling for Title Talks about how this disclosure will effect you and your clients – Call Mary Today!...

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Chase & WF get busted in Kickbacks

The Consumer Financial Protection Bureau (CFPB) has one really big one under their belt but, will it continue? Finally the kickbacks in this industry is addressed and Wells Fargo and JP Morgan Chase will pay quite a bit for their part. In this article by housewire.com the dirty little secrete of kickbacks seems to get more light on the subject and how it really does effect the consumer. “Homeowners were steered toward this title company, not because they were the best or most affordable, but because they were providing kickbacks to loan officers who referred consumers to them,” said Maryland Attorney General Brian Frosh. “This type of quid pro quo arrangement is illegal, and it’s unfair to other businesses that play by the rules. One more reason to use a Independent Title Company like ORET!  Give your customers the Choice to Choose!...

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Maybe some real changes for Dodd-Frank!

“The answer is less Dodd-Frank, less red tape and more free enterprise and economic freedom.” This article really explains the actions of Dodd-Frank and how it has hurt the economy and hopefully Washington will get on board with the rest of the nation. Fox New Article Check out the Webinar tonight for the changes in Dodd-Frank for Investors and Lenders given by the Ohio Real Estate Investors Association Webinar Tonight –...

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Closing Protection Coverage Rates Change

Effective on May 1, 2013 April 25, 2013– Announcement from our Underwriter, Old Republic National Title Insurance Company, has informed us on changes from the Ohio Title Insurance Rating Bureau (OTIRB) on new rates and endorsement changes to the Closing Protection Coverage (“CPC”).  New premiums for all Orders received on or after May 1, 2013 per transaction will increase by $5.00 per Covered Party. The minimum CPC per transaction will be $40.00. Below is an excerpt from the OTIRB Manual. CP-1 CLOSING PROTECTION COVERAGE TRANSACTION SPECIFIC This coverage, which is limited to a specific transaction, provides the covered party with certain protection as set forth in Form CP-24 against fraud, misapplication of funds failure to comply with written closing instructions by the Licensed Agent (an agent licensed and authorized to issue title insurance in the State of Ohio for the Company) subject to the provisions contained therein.  The Rate for the issuance of this coverage shall be forty dollars ($40.00) for a Lender its successors and assigns, as their interest may appear, fifty five dollars ($55.00) for the seller(s); twenty dollars ($20.00) for the buyer(s)/borrower(s); and, twenty dollars ($20.00) for each additional applicant for title insurance.  Minimum Premium $40.00 and this Rate is remitted in its entirety to the...

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