Oh, the Hazards of the Escrow Desk! Here is a true story from a Loan Broker client. His client, a Buyer, was in the market to purchase a home and put in several offers for properties through his Real Estate Agent. Buyer got an e-mail from his Real Estate Agent that for his offer to … Read more
Oh, the Hazards of the Escrow Desk! A sharp eyed Escrow Officer in my company got a copy of the recorded Grant Deed on a property in which the owner contemplated doing a Reverse Mortgage. The Deed stated that Jane Doe, a widow, (original owner), granted the property to Mary Smith, (present owner). Upon further … Read more
We are at the halfway mark for the year and I am not sure if I should freak out or breathe a sigh of relief. It’s like looking at a bottle of wine – is it half full or half empty?? Should I just relax and enjoy what is left or should I rush out … Read more
The Market is BUZZING! Finally! I am happy to report that the real estate market has turned around. After a dismal November, December, January and February, we saw the comeback in March and April and we hope it keeps on going through the year. NAR reported March the highest selling month in the last decade, … Read more
There is no place like home! I spent a week in our nation’s capital this last month, trudging up and down those hallowed halls of power. We had appointments with around 30 Congressional offices, we met with the national trade organizations, and we even had a very good meeting with the CFPB. We walked till … Read more
Hazards of the Escrow Desk A Novella Titled – “Do Lenders Really Know What They Are Doing?” There are days you just want to shoot yourself and be done with it. Here’s the transaction – This is a refinance escrow of a small 4 unit residential income property. It took over 6 months to get … Read more
WELL, WELL, WELL, WELLS IS NOT WELL If there is nothing else to report, I can always bring up the next Wells Fargo regulatory fiasco. What would we do without them and the rest of the financial institutions to keep us entertained? The latest in a long list of “Things You Should Never Do To … Read more
HAZARDS OF RUNNING AN ESCROW DESK This month’s story is not one that affects us directly, nor were we put in a position that we had to contemplate committing hara-kiri or even (gasp!) pay miscellaneous costs out of pocket, but it is a short and concise story of what we do see happen on our … Read more
HAZARDS OF RUNNING AN ESCROW DESK Setting the scene: Refinance transaction, loan funded yesterday and ready to close today. Title Company: “I am sorry, we did a final review check of the ownership chain last night and we can’t record tomorrow. We found a UCC Financing Statement recorded on the property two weeks ago. It … Read more
VOTE! VOTE! VOTE! HAZARDS OF RUNNING AN ESCROW DESK (Back by popular demand!) Setting the scene: Our Seller came from San Diego to Los Angeles to visit and while here, he went to a Notary Public at his Bank to sign the Grant Deed for the sale of the property. The signed documents were sent … Read more