Meanwhile, talking about title insurance

The New York Times’ Mary Ann Haggerty writing writes “Paying for Title Insurance” in the Sunday real estate section.

She begins,

THERE’S not much you can do about title insurance.”

“If you take out a mortgage to buy a home, you have to buy this specialized form of insurance. If you refinance a mortgage, you have to rebuy it. And comparison shopping may not save you much money, as premium rates throughout the New York area are regulated.”

And that’s true. What you are doing when you select a title agent is one thing, seeking the best service.

What is service? In our book, service is thoroughness in the examination
of title, communication with the client, professionalism in the resolution of
title issues (and they do exist,) and promptness in getting you to the closing
table.

We look forward to serving you in the future.

Read the full article.

For your next title order or
if you have questions about what you see here, contact
Stephen M. Flatow, Esq.
Vested Title Inc.
165 Passaic Avenue, Suite 101
Fairfield, NJ 07004
Tel 973-808-6130 - Fax 973-227-0645
E-mail vti@vested.com - www.vested.com

title insurance agent essex county refinance

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Wells Fargo settles mortgage-abuse case for $85M

The AP reports,

“Wells Fargo & Co. has agreed to pay $85 million to settle civil charges that it falsified loan documents and pushed borrowers toward subprime mortgages with higher interest rates during the housing boom.

“The fine is the largest ever imposed by the Federal Reserve in a consumer-enforcement case, the central bank said Wednesday.

“Wells Fargo, the nation's largest mortgage lender, neither admitted nor denied wrongdoing as part of the settlement. The bank agreed to compensate borrowers who were steered into higher-priced loans or whose income was exaggerated.”

Wells Fargo was accused of inflating borrowers' incomes on loan applications from 2004 until 2008. Sales reps also pushed borrowers towards subprime loans, even if they were eligible for lower rate mortgages.

“Between 3,700 and roughly 10,000 people could be compensated under the
settlement, the Fed said. The payments will likely range from $1,000 to
$20,000.”

Read the full report.

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Title Inc.

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 201-656-4506

E-mail vti@vested.com - http://www.vested.com/

Stephen Flatow Wells Fargo mortgages fraud subprime

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For some borrowers, adjustable rate mortgages are the key

The New York Times’ Maryann Haggerty writes about The Appeal of Adjustable Rates

“THE 30-year fixed-rate loan has earned its reputation as the sensible, conservative move in the aftermath of the financial crisis, especially with near-low interest rates. But despite risks, some borrowers still are getting or keeping adjustable-rate loans, which have even lower rates.”

“Adjustable rate mortgages generally attract borrowers when rates are high. The rate is set for a specific time — generally one, five or seven years — and then it adjusts to prevailing rates within boundaries. That means payments can go up. Payment shock has caused plenty of problems over the years. [From the Ed – shows us the cases.] Rates can also go down, as borrowers who took out ARMs five to seven years ago are finding now. But it’s tough to imagine how rates could get much lower than now, short of Japan-style negative rates.”

 According to Sari Rosenberg of Manhattan Mortgage Company whom we’ve worked with, “If a person is debt-averse and has a history of paying off his or her mortgage within 5 to 10 years, then he or she would definitely consider an ARM.”

Who else would benefit?  According to Ms. Rosenberg, “I have another client who knows he is selling his home within the next few years and even with the closing costs he will be saving money,” so he took out a three-year ARM.

“Keith Gumbinger, a vice president of HSH Associates, a financial publisher in Pompton Plains, N.J., said, “ARMs are good for borrowers with short-term time frames, usually seven years or less.”

“Conversely, ARMs aren’t wise for borrowers who plan to stay put, Mr. Gumbinger said, or those who would have trouble managing rising payments. That includes people who expect cash-flow strains, such as those starting a family.”

Is an ARM right for you?  A savvy mortgage counselor can help.  Read the full story.

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Title Inc.

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 201-656-4506

E-mail vti@vested.com - www.vested.com

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