in this issue

By Lisa A. Tyler
National Escrow Administrator

Myrna Espinoza, A.V.P. and Branch Manager with Alamo Title, worked on a sale transaction. The sellers had fallen on hard times. They had defaulted on their mortgage payments and foreclosure was looming. The commitment for title insurance revealed a federal tax lien and another deed of trust with a private beneficiary. The sellers enlisted the assistance of a third party to negotiate a discharge of the tax lien which was attached to their property. The third party promised he could get it discharged for them so they could sell their property. Read "FRAUDULENT discharge of federal tax lien" for more details.

The new buzzword in the industry is forbearance, which occurs when the borrower's loan servicer allows the borrower to pause or reduce their payments for a limited time period. Forbearance is different than a loan modification, which is what borrowers were offered during the last downturn in the economy. In a loan modification, the lender typically lowers the monthly payment and brings the loan up to date by adding any past–due amounts to the balance of the debt. Read "FORBEARANCE" to discover why forbearance is important to the title insurance industry.

Lenders are realizing the advantages of eClosings. In addition, Fannie Mae and Freddie Mac accept eClosings on the secondary mortgage market. So what exactly is an eClosing, eMortgage and eNote and where are they stored? In the cloud? The cyber buzz article entitled "ECLOSINGS and emortgages or enotes" will define these terms and describe what does or does not qualify as an eClosing.


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