Clearing Title — Discussions in Title Insurance and Real Estate

RESPA Violation or Not?

So, what is your opinion? I have heard these two situations represent a RESPA violation and I have also been told that since the real estate agency and the bank are giving the “kick-back” and not the title agency that there is no RESPA violation.

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GMAC and Wells Fargo Focusing on Payoffs

by Francine D'Elia Wirsching

We all know that payoff letters state that funds must be remitted by wire, cashier/bank check, or certified check and we all know that for years a “title” company check was acceptable.

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ALTA President Testifies before Congress

by Dave Wirsching

Highlights via the ALTA press release here. Mike Pryor’s submitted statement to the House Small Business Committee . Mike Pryor’s oral testimony. A video of his testimony on YouTube. Congratulations to ALTA in getting their message out in multiple media within hours. Well done. Feel Free to Share:

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The Importance of Good Funds – Don’t Trust Fed Wire Numbers

by Dave Wirsching

As banks continue to fail, I thought it would be a good time to re-post one of our most popular pieces of advice from 2007:

Recently there’s been significant discussion in the title business about “Good Funds.”

When we are waiting for funds to show up in our trust account, Lenders routinely offer to provide the Fed Wire Number as proof that the funds were delivered.

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Title Industry Leaders Propose Suspending Reality

by Dave Wirsching

Independent Agents exist because a failure of leadership. Those who we entrusted to represent us – the land title associations and our underwriters have utterly failed to address the crisis that is killing our industry and destroying our livelihoods.

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Fitch Lowers Ratings On Fidelity National

by Dave Wirsching

Fitch Ratings lowered its issuer default rating on Fidelity National Financial Inc. (FNF) further into junk territory, while cutting its ratings on nearly all of the company’s title insurance subsidiaries to the brink of junk.

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Fitch Downgrades Stewart Title

by Dave Wirsching

Fitch Ratings has downgraded the Insurer Financial Strength (IFS) ratings of Stewart Title Guaranty Company (STG) and its wholly owned subsidiary Stewart Title Insurance Company (STIC), collectively referred to as Stewart, to ‘BBB+’ from ‘A-’.

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Title Insurance: Can we redirect its future?

by Francine D'Elia Wirsching

If an industry does not control the point of sale, it eventually loses control of its product. And if it cannot control its product, it eventually loses control of its destiny.

It is not a stretch to see this happening to the title insurance industry. We have lost control of the point of sale. The title insurance professional is no longer selling their own product. Real estate agents, builders, and mortgage lenders are selling our product which is only ancillary to their own core service.

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