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[+] Comment on "Another Big County Goes After MERS Back Fees" - Source of Title/OH (1 reply)
10/26/2011 7:00:19 PM (2308 views)

[+] Rasa Solutions - Bridget Marinelli/PA (15 replies)
10/26/2011 10:41:11 AM (3012 views)

Congratulations Are In Order - Patrick Scott/IL
10/25/2011 8:45:54 PM (1980 views)

Surprise on Refi Revamp: Key Regulator Agrees to Reforms - Leigh Attridge/MA
10/25/2011 3:21:38 PM (3569 views)

Comment on "NAR: Existing Home Sales Edge Down in September" - Source of Title/OH
10/25/2011 2:24:02 AM (1661 views)


Real Title Services


[-] Comment on "Breaking the Tie-- or Not" - Source of Title/OH (10 replies)
10/24/2011 8:01:51 PM (2261 views)
What about the document numbers? - Daniel Silverburg/CA
10/24/2011 8:01:52 PM (2443 views)
CA underwriters - William Pattison /CA
10/24/2011 8:42:38 PM (2403 views)
Re: CA underwriters - Robert Franco/OH
10/24/2011 10:05:29 PM (2473 views)
Re: CA underwriters - Slade Smith/OH
10/25/2011 5:44:23 AM (6019 views)
Re: CA underwriters - William Pattison /CA
10/26/2011 2:17:42 AM (2330 views)
Re: CA underwriters - Slade Smith/OH
10/26/2011 3:21:37 AM (2355 views)
lien priority is your answer - William Pattison /CA
10/26/2011 3:01:26 PM (2560 views)

"My" explanation  is the industry standard:  8am setback time is used to assure the marketable title is passed in order to specifically check and verify lien priority WHILE preventing new, unindexed (yet) liens from taking superior position.

 Envision this:  a title company misses the 8am recording deadline and is, for one morning, forced to record 60 documents at the public counter (by check) at 8:15 am, in line with others.  Before those 60 documents can be individually reviewed by the Registrar's staff, the title agent must check the Grantor Grantee Indices of Official Records to ensure that no other liens have recorded in the past few days which is the gap period between title company records and the current county records.  

 In this scenario, 7 members of the public record documents.  Most likely they don't affect the subject 60 documents (which are probably about 25 property transactions).  However, in my scenario, one does and it acquires a 8:04 a.m. time stamp on a $2,000,000 lien.  Furthermore, to add insult to injury, a mechanics lien that has been sitting and awaiting processing in the county's backroom mail bin is picked up by "Larry" and recorded at 8:09 a.m. after he's had his morning coffee and settles down to his routine.  Finally, to really highlight the problem, another title company is recordng another mortgage paper the same morning at 8am.  That 8am mortgage is SAFE as it has a priority of time.  Your late title agent's package is subject wholly to a mortgage, a lien and a mechanics lien.  

This is why it's a race to the counter state:  It makes no sense that two contractors at 4:00 p.m. being served on different counters and getting identical time stamps and one other lien upstairs in the mail processed with the same time stamp are all equal in exact form.  This ruling fails to account for serial  numbers issued in  sequence.  Otherwise, what exactly is the point of issuing numbers in seuqence instead of randomly?

 Also, institutional wrongdoing does not create a lawful custom or tradition:  years of robosigning, forcing minorities to sit on the back of a bus,, or slavery does not legitimize illegal acts, any more than a  service providers' unwillingness to share names between title companies exempts them from liability for claims losses when one goes before another, otherwise I would not have spent 25 years being told by title officers to PULL files from the submission que at 8am, because we found other companies with open orders that needed to be recorded in proper sequence.

 

 

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But L.A. is Different... - Daniel Silverburg/CA
10/31/2011 8:23:32 AM (2287 views)
Re: But L.A. is Different... - Slade Smith/OH
10/31/2011 1:25:11 PM (4804 views)
Re: But L.A. is Different... - William Pattison /CA
11/7/2011 8:16:56 AM (2250 views)

[+] Applied Tech Resources Doesn't Pay - Kimberly Goode/GA (4 replies)
10/24/2011 12:55:23 PM (2581 views)

[+] another company who does not pay - Anthony BROWNN/VA (4 replies)
10/24/2011 11:35:44 AM (2759 views)

[+] What Are Your Thoughts on This - Kevin Ahern/CT (4 replies)
10/22/2011 8:34:17 AM (2525 views)

[+] Mass Land Records crappy new system - we need feedback - Leigh Attridge/MA (3 replies)
10/21/2011 9:05:29 AM (3681 views)

[+] Error or Lie? - Rebecca Cowart/MS (16 replies)
10/20/2011 5:52:49 PM (2579 views)

[+] Rush to Drill for Natural Gas Creates Conflicts with Mortgages - Leigh Attridge/MA (5 replies)
10/20/2011 12:28:47 PM (4179 views)

[+] Aracor is Not Paying - Bruce Lutz/PA (3 replies)
10/20/2011 10:46:35 AM (3704 views)

The Sweep-It-Under-the-Rug Housing Plan - Leigh Attridge/MA
10/19/2011 3:19:02 PM (3309 views)

US Century Bank, Florida won TARP loan, now teeters - Leigh Attridge/MA
10/19/2011 12:43:08 PM (3516 views)


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