From the Director
It's summer - usually one of the busiest times of the mortgage services year. Lenders and closers are busy with transactions generated by the first time homebuyer rebate and all time low interest rates. We have seen record volume and revenue this past fiscal year and we hope the trend continues.
One topic that has been fairly frequent in our discussions with lenders is the need to get files completed in a timely manner. That's one of the reasons you will hear us talking about the Rapid Certificate program and encouraging our field issuing partners to use it more often. It's easy to use, provides final title Certificates in at least one third the time and still keeps the land titles clean. See the accompanying article for the statistics on Rapid Certificate vs. traditional Certificates. We are happy to provide additional information as well as training for those wishing to offer this great program. Timeliness, cost and service will continue to drive all of our businesses.
We hope you will join us at our upcoming conferences - the Settlement Conference on August 26 in Des Moines, and the Annual Conference on November 9 in Coralville.
Have a great rest of the summer and, as always, please contact me directly with any questions or concerns about the Title Guaranty business. We appreciate your business and we will continue to work to develop the best possible title solution for Iowa.
Loyd W. Ogle, Director
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Welcome Angela Davis!
Title Guaranty is pleased to welcome back our former law clerk, Angela Kenyon Davis as Compliance Officer. While a law clerk, Angela was actively involved in the legislative process from research to active lobbying. One of the two bills she worked with - the regulation of independent ecrow agents, passed this session.
In her new role, Angela will oversee all aspects of the training and compliance functions at Title Guaranty. She will work with all field issuing attorneys, abstractors and independent closers. The knowledge and experience she gained as a clerk will allow her to step in and quickly become a valuable member of the Title Guaranty team.
Angela completed her degree work at Drake University Law School in May, 2010. Contact Angela at 515.725.4964. |
Title Guaranty Annual Conference
Join us November 9, 2010 at the Coralville Marriott for the Title Guaranty Annual Conference. We will feature a variety of general sessions and workshops covering everything from the national economy and future forecasts to the changing real estate climate in Iowa. We are pleased to include Ted Jones, Ph.D., Sr. Vice President-Chief Economist for Stewart Title Guaranty Company. Dr. Jones is a noted national speaker on real estate and economic forecasts.
Registration and additional information will be coming soon - mark you calendar and plan to join us in Coralville in November. |
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 In this issue
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Title Guaranty Annual Settlement Conference
The annual Settlement Conference is always a popular event, and this year promises to be even bigger. The conference will be August 26 at the Sheraton Hotel in West Des Moines, IA. Registration begins at 8:30 AM and the conference will conclude at 4:30 PM.
The 2010 Iowa Legislature passed a bill which requires independent closing companies (not affiliated with a lender, real estate broker, attorney, etc.) to register with the Iowa Division of Banking annually beginning July 1, 2011. We have a session scheduled to discuss this and other changes that will impact closers.
That's not the only change we'll be covering. The revised RESPA rules impacting the Good Faith Estimate and HUD-1 took effect January 1, 2010 and continue to cause confusion and many questions. Ronette Schlatter, Sr. Compliance Coordinator with the Iowa Bankers Association will address the latest updates and answer your Iowa-specific questions!
Zora Ilic will share her best practices when it comes to real estate closings and Chuck Augustine will cover title issues. Both of these attorneys have impressive credentials and a wealth of experience closing real estate transactions in Iowa.
It will be a full day of great sessions and valuable information. If you have not yet registered, you may do so online. Need more information? Email Linda Berg or call 515.725.4893.
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Title Guaranty Commercial Services
 Title Guaranty's Commercial Services team recently provided title coverage for a rehabilitation project in Oskaloosa. Lincoln Terrace Apartments is designed for people aged 55 and older. The project was planned to provide an affordable and service enriched environment by offering onsite services. The building, formerly the Lincoln Elementary School - vacant since 2005, is equipped with 15 units ranging from 850 to over 1,100 square feet and features a community room, a computer and learning center, a health and wellness center, and a community garden. The 20,000 square foot building was among the last commissions of one of Iowa's most famous architects, Frank E. Wetherell, and is listed on the historic registry. The restoration work preserved original five panel doors, wood trim, hardwood floors and glass transoms.
This project was funded using low-income housing tax credits administered through the Iowa Finance Authority, historic tax credits, HOME funds from the Iowa Department of Economic Development, investment equity and conventional financing. The project was developed by Community Housing Initiatives, Inc.
This is just one example of the numerous projects - both private and public covered by Title Guaranty Commercial Services. Our full range of title services includes escrow, closing and construction disbursement services as well as title coverage. Whether your project is large or small, we offer competitive rates and knowledgeable, efficient service. For more information, please visit our Web site or contact Matt Veldey or Becky Petersen. |
Rapid Certificate - Easy and Fast
A review of Title Guaranty volume for the just ended fiscal year disclosed some very interesting statistics - Title Certificates issued using the Rapid Certificate program were issued 56% faster than those using the traditional method. The majority of all Rapid Certificate files are issued within a month - many just days after closing!
We created Rapid Certificate for those situations where a lien is paid in full at closing, to allow the final Certificate to be issued without waiting for a release to be filed. All that is necessary is for the field issuer to have proof of payment - usually a copy of the payoff statement, cancelled check or wired funds receipt. If the lien is a mortgage, and it is not released within four months, the issuer can request a release from Title Guaranty. It streamlines the transaction, speeds the process and keeps the title clean - either the lender records a release or Title Guaranty will. Rapid Certificate is only available through the attorneys, abstractors and independent closers issuing Commitments and Certificates on behalf of Title Guaranty. A quick search of our Web site will provide a complete list of providers and services offered. It is not available if documents are sent to Title Guaranty to be issued. Want more information on Rapid Certificate? Contact Linda Berg or call 515-725-4893
Open-ended Mortgages-
Extra Caution Required
Unlike payments made on a regular mortgage, paying a line of credit mortgage down to zero does not require the lender to release the mortgage or close the line of credit. For abstractors, it's very important to properly identify the mortgage as open-ended. It's up to closers to take the necessary steps to not only pay off the lien, but make certain the line of credit is closed. Open-ended mortgages may come back to haunt closers when the lines are not paid in full or property closed.
The best way to ensure an open-ended mortgage is property satisfied is to have the borrower(s) sign an authorization to close the line of credit and send this to the lender prior to closing. Be sure to follow the necessary steps spelled out in the lender's instructions to complete the payoff. |
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