This morning, as I settled in to my cup of coffee and turned on the TV, I listened to the comments on Senator Ted Kennedy's passing, the first day of school chatter and then WHAM! MORTGAGE FRAUD INDICTMENTS IN CLEVELAND!
I woke up very quickly and it had my full attention. This kind of news always gets my attention and it is too few and too far between.
I was familar with some of the names mentioned. I think there are 45 people
indicted in this wave. Bridget, my title officer and I just shake our heads.
We have known for years this was happening. Our customers would want us to do the title work. We would look at the paper work and tell them what they were getting themselves into was a scam and we would have no part of it.
Within a week or two we would see on the records that another title company had "closed" it.
I think independent title agents are the "watch dogs " of the real estate industry. Most of this fraud would not have happened if the mortgage brokers did not own the title agency that looked the other way and closed them. This ownership is not illegal.Law permits them to be in the title business. It's like hiring the fox to guard the chicken coop!
COnsumers have the power to choose the title agency to handle their transaction. The role of the title agency is to insure the title and conduct the settlement as a "disinterested 3rd. party".
I can't imagine why consumers would want it any other way.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment