TITLE COMPANIES DISCLAIM ANY KNOWLEDGE OF SECURITIZATION

COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary

LIVINGLIES-GARFIELD CONTINUUM BLOG

Casablanca anyone? Pandora’s box is opening. Here is where the pedal hits the metal. The people at the closing knew full well about the securitization of the receivable, knew full well that they weren’t preparing any documents of transfer of the mortgage, knew full well that the money wasn’t coming from the pretender lender on the mortgage papers, and should have known that the standard underwriting practices were not being followed because they were getting instructions from third parties. Their agent frequently was the closing and escrow agent. And their policy of title insurance is supposed to cover the quality of title — after a detailed examination of the title record and the proposed transaction.

TITLE COMPANIES ARE THE HIDDEN “RATING AGENCIES” AND SHOULD BE HELD ACCOUNTABLE FOR THE TITLE CHAOS THAT NOW CLOUDS OVER 60 MILLION TRANSACTIONS SPANNING A DECADE.

TITLE COMPANY, HAVNANIAN DEVELOPER DENY KNOWLEDGE

17 Responses

  1. Yesterday I discovered this: my loan number at closing is the same as the min number omitting the first few numbers which was immediately changed to a DiFFERENT Liam number when “assigned” to indymac bank on the same day of closing yet I have docs that the Liam was offers to indymac by comerica mortgage warehouse however I remember clearly on that day of closing that I had to wait for the ” wire transfer” and there was a problem purportedly and a delay the title company at closing said this I had to wait until late in the day to get the keys to the home I’m having trouble connecting the dots here but one thing for sure it’s securitized and they materially altered the loan numbersbear in mind i made my durst payment to the pretender lender hmmmm folks what Donta think

  2. The title company that did my closing has gone out of business. So what will they do about that .How will they hold them accountable for this feasco …My title company was called Empire title

  3. Short FAF and FNF … HARD!

  4. Ummm…sort of the elephant in the room maybe, but isn’t their a huge conflict of interest in the fact that the Attorney’s that do these Real Estate closings (either Purchase or Refinances) make in many cases the vast majority of their income from the Title Insurance commissions??? Sometimes thousands just to close the deal..

    As a former mortgage broker, we had attorneys that would close deals for $100 bucks because they made all their money on Title Insurance. I’m not too sure the consumer knows about this hidden conflict of interest.

    Aren’t they thus highly incentivized to close the deal no matter what and keep the gravy train going?

    Aren’t Lawyers in this capacity just Insurance Salesmen?

    I understand that the Title Insurance Commissions can be upward of 50% of the Premium….often a lot more. I believe I’ve heard 70% and up!!

    Any Attorneys that will confirm this?

    Why isn’t this a serious ethical problem in the industry? Is there any cause of action around this fact alone?

    I don’t believe this is disclosed to the borrower anywhere either….seems rather Respa-violation(ish.) or should be.

  5. Neil & Co.

    If we could go to the closing title companies and order (certified) xerox copies of the wire transfer and/or funding check, that could lead to the third party fund sourcing and another name to skip trace…. and further proof of separation of ownership of the Note, from the Deed of Trust.

  6. Two title insurance companies missed lis pendens filed on the local county office. I just wonder where and how they look at the record to insure? Do they hire those bogus companies to look the titles rather than doing their own diligent to do their own search? And then they total-deny to cover me to protect against the lawsuit.

  7. here the new rules from the FTC :

    http://www.ftc.gov/opa/2010/11/mars.shtm

  8. What about when the Title company’s are not moving due to the fraud already perpetrated. And “other” company’s are allowed to continue with fraudulent business such as Lender Processing Services, using fabricated documents and not hearing that the property is not abandoned or vacant and continue to send people that break in to the property while it is fully furnished and even has food in the cuboards then arque with you that they have a right to go inside and take pitchers for LPS? Thankyou for my local PD that sent them packing after taking their names and addresses to file a complaint in my behalf. I do not belive the big ones this”company” has. And these “thugs” were in my property with all of the things homeowners have inside and still came back to take pitchers? I think they came back to steal. This will go down in the complaint too. This seems to be the NEW thing up here. Pertend they don’t hear that you have right’s to your own property. There is NOTHING that gives this “company” permission to enter someone’s home when they can clearly see it is lived in.I am so MAD

  9. They MUST disclaim knowledge. If they were to do otherwise, other lawsuits would pile on, referencing admissions in this one.

    Besides, are you expecting the title companies to bite the hand that was sending them business?

  10. Anyone who has spent time doing a title search after an NOD will see the folly in the coverup. Let’s see, NOD, many times there is no beneficiary on the NOD???? Then
    the assignments follow the NOD along with the substitution of trustee, who filed the NOD, how does that all work? They not only have robo signers, they are so careless they don’t record the documents in order – and guess what – NOBODY CARES, they are still doing it because they know most people don’t have money for a lawsuit. And if they do, it’s a numbers game.

  11. stay away from foreclosured homes :

    http://www.tampabay.com/incoming/article1135381.ece

  12. always as for the closing instructions, you find lots of info in those docs.

  13. I find that hard to believe. Here’s why:
    builder developer : toll brothers, pretender lender : toll britherss, title company: toll brothers, offices right next door to thr one and only indymac Bsnk theta a warehouse Lind if credit in there somewhere wells Fargo master servicer/ trustee and all that was not disclosed oh new gibralter holdings company yeh you guessed it: greedy toll brothers bought assets cheap from the FDIC this is fact. So frankly it doesn’t mattter to thf likes of toll brothers where they get the money from it’s only about the money crooked or not doesn’t matter because they find a way to fly below the legal radar …. So far ….and like my grandad used to say you can only fool some of the poeple some of the time but you can’t fool all the poeple all if the time.

  14. Well, it is about time that the title insurance companies were implicated in this mess. They are supposed to be doing title searches BEFORE the closing. My title was clouded, and the closing and funding went ahead anyway. When I tried to refinance a year and a half later, there were no Satisfactions of Mortgage filed and I could not go ahead with the refinance. I Had to contact the Title company, Commonwealth, who had to hire an attorney to do a REAL title search. The seller, who was in on the scam, had to file the Satisfactons of Mortgage himself. BTW, the attorney on this closing did 3 years in club fed for wire fraud related to flipping houses with 2 transactions. http://www.challengingforeclosure.com Sirak@challengingforeclosure.com

  15. This whole issue came up about 8 months ago with a title company out of California who told us about the fact that title companies said they may not honor policies. In July, 2009, while in Court as a homeowner’s advocate, I begged and pleaded with the Judge to understand that the title companies paid a large part and were in fact possibly aiding and abetting the servicers and f/c mills when they issued their trustee’s deeds. I had personally interviewed one very well known title company who told me, if the assignments haven’t been recorded, then they order them from the servicer or attorney, file them and then issue their Deed. That the generally the only time they question the transaction is if the original lender has changed from that on the Deed of Trust. The Point is however, is that at the point and time the foreclosure took place, nothing was of record and no proof. Many times the servicer would go ahead an record the assignments after the sale and then the title ocmpany had to re record everything by date and in order. I believe all of that will stop now, but it is far too late.

  16. Holy crap Neil, think of Town and Country Title Company in CA…..e.g. Ameriquest, having a street name and address by the same name Title Company Name using said name to Assign these pretender loans to a trust…..what part does Lansafe Title play into this picture?

    Gary

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