Comments on: Title Insurance Fraud Put Under the Microscope http://www.therealestatebloggers.com/real-estate-fraud/title-insurance-fraud-put-under-the-microscope/ Real Estate Blog, Mortgage, and Development News Mon, 13 Feb 2012 21:57:55 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: woody http://www.therealestatebloggers.com/real-estate-fraud/title-insurance-fraud-put-under-the-microscope/comment-page-1/#comment-418365 woody Sat, 30 Oct 2010 20:46:50 +0000 http://therealestatebloggers.com/2006/05/06/title-insurance-fraud-put-under-the-microscope/#comment-418365 What do you know about Lawyers Title and or Land America 1031 here in Ohio? Many thanks! What do you know about Lawyers Title and or Land America 1031 here in Ohio?

Many thanks!

]]> By: Un-satified Customer http://www.therealestatebloggers.com/real-estate-fraud/title-insurance-fraud-put-under-the-microscope/comment-page-1/#comment-417752 Un-satified Customer Mon, 30 Aug 2010 13:51:07 +0000 http://therealestatebloggers.com/2006/05/06/title-insurance-fraud-put-under-the-microscope/#comment-417752 Delaid closings happen all to often. Many times it's because of mistakes in paperwork. Make sure you either hire your own attorney for a second opinion, or, read every last word in the mountain of documents that will be placed in front of you to sign at closing. Read first, sign second, even if it takes hours to read. The Today show had a consumer safety advacate guest speaker some months ago and said at least 20% of all R/E closings have mistakes in legal descriptions, property addresses, and many more. Hire your own attorney to review the docs, or, read every last word, especially the legal description, to make sure everything was written correctly. If you don't review in detail, it could come back to cost you thousands and the title company used will take no responsibility. Fidelity's "unparalled customer satisfaction" is NOT what I experienced. A one day delay will cost you hundreds, a 62 day delay will cost you thousands. I had several FNT employee's say, "....this isn't right...I wouldn't pay for the mistakes." I've also learned every company has a department good at pointing fingers and blaming someone else. 2 yrs after my loss, an employee of the bank sent me a copy of an email saying he could not insure the transaction because of a title mistake he found. He told no one, but FNT charged me for their services, they got paid and informed no one until it was way to late. Also, when you sign closing documents, sign both sets and have them notarize them both. That way, if they add something after you leave their office, they have to answer to it. They charge to much for their service. With today's technology, you can easily do your own title search. Be well informed. Learn from my mistake. After 28 yrs of building, I didn't double check the legal description I provided them for their closing docs, then wrote a second legal on the deed and wrote a third when they scheduled the closing. Double check everything. When some of their own employees told me they wouldn't stand for the mistakes, the upper level showed me they could care less of their mistakes that cost me thousands. Be sure to read every last word, especially legal descriptions that are supposed to written correctly in several places within the closing docs. Delaid closings happen all to often. Many times it's because of mistakes in paperwork. Make sure you either hire your own attorney for a second opinion, or, read every last word in the mountain of documents that will be placed in front of you to sign at closing. Read first, sign second, even if it takes hours to read. The Today show had a consumer safety advacate guest speaker some months ago and said at least 20% of all R/E closings have mistakes in legal descriptions, property addresses, and many more. Hire your own attorney to review the docs, or, read every last word, especially the legal description, to make sure everything was written correctly. If you don't review in detail, it could come back to cost you thousands and the title company used will take no responsibility. Fidelity's "unparalled customer satisfaction" is NOT what I experienced. A one day delay will cost you hundreds, a 62 day delay will cost you thousands. I had several FNT employee's say, "….this isn't right…I wouldn't pay for the mistakes." I've also learned every company has a department good at pointing fingers and blaming someone else. 2 yrs after my loss, an employee of the bank sent me a copy of an email saying he could not insure the transaction because of a title mistake he found. He told no one, but FNT charged me for their services, they got paid and informed no one until it was way to late. Also, when you sign closing documents, sign both sets and have them notarize them both. That way, if they add something after you leave their office, they have to answer to it. They charge to much for their service. With today's technology, you can easily do your own title search. Be well informed. Learn from my mistake. After 28 yrs of building, I didn't double check the legal description I provided them for their closing docs, then wrote a second legal on the deed and wrote a third when they scheduled the closing. Double check everything. When some of their own employees told me they wouldn't stand for the mistakes, the upper level showed me they could care less of their mistakes that cost me thousands. Be sure to read every last word, especially legal descriptions that are supposed to written correctly in several places within the closing docs.

]]> By: Masi Rogers http://www.therealestatebloggers.com/real-estate-fraud/title-insurance-fraud-put-under-the-microscope/comment-page-1/#comment-417591 Masi Rogers Thu, 12 Aug 2010 15:08:28 +0000 http://therealestatebloggers.com/2006/05/06/title-insurance-fraud-put-under-the-microscope/#comment-417591 I know for a fact that tile companies in Texas are doing it. what they will do is "sell stock" of the tile company to realtors and then they pay kickbacks to the agents. It is a sham and theyhave found a loophole to pay kickbacks. Frontier Title in Katy, tx does this. I know for a fact that tile companies in Texas are doing it. what they will do is "sell stock" of the tile company to realtors and then they pay kickbacks to the agents. It is a sham and theyhave found a loophole to pay kickbacks. Frontier Title in Katy, tx does this.

]]> By: Low in Ohio http://www.therealestatebloggers.com/real-estate-fraud/title-insurance-fraud-put-under-the-microscope/comment-page-1/#comment-159760 Low in Ohio Thu, 07 Feb 2008 20:54:49 +0000 http://therealestatebloggers.com/2006/05/06/title-insurance-fraud-put-under-the-microscope/#comment-159760 I own a title agency in Ohio, where joint ventures are permitted. When that happened, my marketshare was immediately decreased by 60% - 70%. I haven't seen one of the joint ventures who weren't violating the regulations. They all basically REQUIRE their title company to be used by coaching the consumer to say that they want their joint venture company. Few use disclosures and consumers don't understand what they're for anyway. The JVs are NOT in the best interest of the consumer because they are no longer a neutral party looking out for the best interest of everyone. They obviously look out for the interest of the owners of the Joint Venture. Once the deals are closed, if the consumer has an issue, they're told by the Joint Venture company to take them to court. A consumer who has been overcharged $400, for example, will not spend $1,000 to take the joint venture company to court. Further, the service provided by the joint venture companies is horrible, but apparantly it doesn't matter. As far as title insurance rates being too high, I would have to disagree with that too. If I paid escrow closers $7.00 an hour, I might be able to cut my fees, but I prefer to pay very good quality people who care, because we do care about the consumer and they should be taken care of professionally and with care. My customers are very service oriented people, and they are getting fed up having to fight over the title company. They try, but when the other agent is in a JV, the other agent fights much harder. Joint Ventures need to be stopped in the real estate industry immediately. I own a title agency in Ohio, where joint ventures are permitted. When that happened, my marketshare was immediately decreased by 60% – 70%. I haven't seen one of the joint ventures who weren't violating the regulations. They all basically REQUIRE their title company to be used by coaching the consumer to say that they want their joint venture company. Few use disclosures and consumers don't understand what they're for anyway. The JVs are NOT in the best interest of the consumer because they are no longer a neutral party looking out for the best interest of everyone. They obviously look out for the interest of the owners of the Joint Venture. Once the deals are closed, if the consumer has an issue, they're told by the Joint Venture company to take them to court. A consumer who has been overcharged $400, for example, will not spend $1,000 to take the joint venture company to court. Further, the service provided by the joint venture companies is horrible, but apparantly it doesn't matter. As far as title insurance rates being too high, I would have to disagree with that too. If I paid escrow closers $7.00 an hour, I might be able to cut my fees, but I prefer to pay very good quality people who care, because we do care about the consumer and they should be taken care of professionally and with care. My customers are very service oriented people, and they are getting fed up having to fight over the title company. They try, but when the other agent is in a JV, the other agent fights much harder. Joint Ventures need to be stopped in the real estate industry immediately.

]]> By: BigTx http://www.therealestatebloggers.com/real-estate-fraud/title-insurance-fraud-put-under-the-microscope/comment-page-1/#comment-42748 BigTx Thu, 10 May 2007 09:59:26 +0000 http://therealestatebloggers.com/2006/05/06/title-insurance-fraud-put-under-the-microscope/#comment-42748 OK, Pollyanna, it's good to know that all is well and right in the States of Texas and Washington, but being involved in the real estate industry in Texas, I have seen some questionable practices and I wouldn't be surprised to find same in Washington. OK, Pollyanna, it's good to know that all is well and right in the States of Texas and Washington, but being involved in the real estate industry in Texas, I have seen some questionable practices and I wouldn't be surprised to find same in Washington.

]]> By: Marlow Harris http://www.therealestatebloggers.com/real-estate-fraud/title-insurance-fraud-put-under-the-microscope/comment-page-1/#comment-2022 Marlow Harris Tue, 09 May 2006 02:41:38 +0000 http://therealestatebloggers.com/2006/05/06/title-insurance-fraud-put-under-the-microscope/#comment-2022 Hello! Just a note here from Washington State. We too are regulated by law and there are no kickbacks or rebates paid that I know of or have ever heard of. Once in awhile, the title reps come around and give everyone a pen or a pad of sticky notes, but that's it. I can't believe that this sways anyone to use their company over another one. I'm happy to say that there's no fraud here in Washington! Hello! Just a note here from Washington State. We too are regulated by law and there are no kickbacks or rebates paid that I know of or have ever heard of. Once in awhile, the title reps come around and give everyone a pen or a pad of sticky notes, but that's it. I can't believe that this sways anyone to use their company over another one.

I'm happy to say that there's no fraud here in Washington!

]]> By: Stacy http://www.therealestatebloggers.com/real-estate-fraud/title-insurance-fraud-put-under-the-microscope/comment-page-1/#comment-2017 Stacy Mon, 08 May 2006 12:38:37 +0000 http://therealestatebloggers.com/2006/05/06/title-insurance-fraud-put-under-the-microscope/#comment-2017 I too am a realtor in Texas and agree with everything Jackie said! Not happening here to my knowledge. I too am a realtor in Texas and agree with everything Jackie said! Not happening here to my knowledge.

]]> By: jackie http://www.therealestatebloggers.com/real-estate-fraud/title-insurance-fraud-put-under-the-microscope/comment-page-1/#comment-2011 jackie Sun, 07 May 2006 22:58:27 +0000 http://therealestatebloggers.com/2006/05/06/title-insurance-fraud-put-under-the-microscope/#comment-2011 I am in the Real Estate business in Texas and I happen to know for a fact that any kickbacks offered to agents or brokers in Texas is strictly forbidden. Title Insurance companies are not allowed to do anything for Real Estate professionals that is not a paid service by the agent or broker, in other words they cannot offer to do something for an agent or broker that that agent or broker does not pay for. In other words no kickbacks or rewards for referrals. Also title companies set their fees and agents or brokers have nothing to do with it. I am in the Real Estate business in Texas and I happen to know for a fact that any kickbacks offered to agents or brokers in Texas is strictly forbidden. Title Insurance companies are not allowed to do anything for Real Estate professionals that is not a paid service by the agent or broker, in other words they cannot offer to do something for an agent or broker that that agent or broker does not pay for. In other words no kickbacks or rewards for referrals. Also title companies set their fees and agents or brokers have nothing to do with it.

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