First American Title announced the availability of its Quick Start HARP 2.0
For those of us who still try to do things the right way be prepared for some major clean up work in the future
The HARP 2.0 program offers many people an opportunity to refinance their current mortgages into a new loan and has fewer restrictions than did the original HARP program. This program looks like it may be more successful than the original HARP program.
First American has been working closely with lenders selling them on their automated technology for delivery of quick turnaround with little cost. Quick Start HARP will offer lenders a title commitment, rather than a non-binding title decision to the lender within SECONDS according to Patrick E. Mclaughlin president of First American Mortgage Services, a division of First American Title Insurance Company and the exclusive provider of Quick Start HARP, allowing closing to occur in as litle as 14 days. The program also provides mobile notaries and the ability to electronically sign loan documents.
Through advanced, accurate title automation and prioritized processes, we were able to achieve above-average results in speed to loan closings for the first version of HARP,” said Robert Camerota, COO of the First American Mortgage Services division
Now don't I remember reading some time ago about FATICO offering a similar program to lenders then refusing to cover the claims that resulted?
I guess in order for me to stay viable and able to compete I have no choice but to offer the same INSTANT title search. I think I will go on line to the state data base, plug in the name of the borrower, find out if there is a deed ANYWHERE in the data base that reflects his/her ownership in the subject property and issue a commitment based on that "search". If I am lucky enough to see a Mortgage or Deed of Trust filed somewhere around the time the Deed was recorded for the subject property then I can go ahead and list the release of that document as a requirement for the issuance of the final title policy. I will certainly be able to rely upon the lender to tell me with certainty which loans securing the property are to be paid off, because they have run a credit report, and we all know that credit reports are always right.
I don't need to bother with running judgments in either State, Federal or local courts, (those are not all available on line in Maryland) I will simply offer an exception to any thing that may be out there; I don't need to search for any divorces that may affect the ownership of the property nor do I care whether or not the legal description is correct or even filed among the land records. I don't need to read anything other than the names of the persons referred to in what may or may not be the title deed and security instrument; I won't need to be bothered with whether or not the State, County or Municipality has filed any liens against the property for environmental issues, open taxes, bills etc, because, let's face it, if there is nothing showing up on line, then there must not be anything there!!
YEP, I can compete with FATICO and offer the same lackluster, I don't give a damn attitude and a title commitment with verbiage that states something along the lines of "subject to all matters of record, including, but not limited to, all recorded covenants, restrictions, conditions, easements, reservations, agreements and rights of way, liens, judgments, encumbrances, and defects, to the extent but only to the extent, that the same are valid and subsisting and apply to the real estate herein described or any part thereof". That's about the best CYA I can come up with on such short notice but I think it just may do the job.
So in the future, if you are pulling title in Maryalnd and you see The Preferred Title Group, Inc. has been involved in the transaction, and if that transaction was a refinance, you are forewarned and thus forearmed that I simply did not give a rat's $#@ about the status of title, I just needed to get the deal to the table in as short a time possible and without having to spend time, money or energy researching anything.
You can be further assured that the excellent title attorneys that I have been using over the last 15 years for title search and examination are scrambling around looking for new business, because with this new environment of anything goes, they simply are not needed!! I can do it all on line all by myself and no body will care whether it's right or wrong. The underwriters will just pass their "magic wand" over my defective titles and grant a Letter of Indemnity to who ever has the bad luck of coming behind my work; and if I remit enough in premiums, well, by God, they will increase my split and maybe even send me some new business since I am so damn good at what I do!!
AND, most importantly, because I have now let my guard down and trashed my own personal ethics and sense of responsibility and professionalism, I think I might finally make enough money and have enough time to GO ON VACATION. After all, that's the end goal, right? Make a lot of money at someone else's expense and live life to the fullest!!