May Fee Calculator Updates

We are constantly updating to reflect any increases or decreases in state fees or underwriter changes to ensure that you are pulling accurate quotes each time. Our calculator has been updated to reflect fee changes in the following state(s):

 

Massachusetts

 

Conveniently get a quote any time, day or night, by simply and accurately inputting the required information and let our interactive fee calculator do the rest. Please call 844-808-8299 or email solutions@allegiantreverse.com for further details or for a quote.

May Office Closures

Our offices will be closed:
  • Tuesday, May 7, 2024 at 3:30pm PST for our ARS Anniversary Celebration.
  • Monday, May 27, 2024 in observance of Memorial Day.

May Webinar: Fraud Prevention – CRMP Certified

Fraud Prevention – CRMP Certified

Thursday, May 16, 2024

10:00 am PST/1:00 pm EST

Click here to register.

Happy Anniversary ARS!

One of our favorite times of the year! Our whole team comes together to celebrate with some food, laughs and a little friendly competition. Who will win this year? Team Gold or Blue?

On Tuesday, May 7, 2024 our office will be closing at 3:30pm PST for our ARS Anniversary Celebration. 

NRMLA Eastern Regional Meeting

Save the date for NRMLA’s 2024 Eastern Regional Meeting in Washington DC on May 29, 2024. Registration is open now! 

Click here to learn more about this event.

Tips to Avoid Delay: Borrower’s Authorization

Please take note of the following to avoid any potential payoff delays.

There is a high probability a creditor will reject an e-signature and will require a wet signature on the Borrower’s Authorization form. In addition, some creditors will also require an ARS specific Borrower’s Authorization form when we are requesting payoffs on the client’s behalf.

Download a copy of the ARS Borrower’s Authorization form below.  

Please reach out to your Settlement Team or Solutions@AllegiantReverse.com with any questions.

Allegiant Borrowers Auth

Title Tale: Title Tips for Trusts

Instead of Title Tales this month, how about Title Tips?   Specifically, Title Tips for Trusts (say that ten times fast and see where your tongue ends up!).

ARS specializes in reverse mortgages, and for obvious reasons there are many more trusts to review in proportion to orders than for any other loan type.  They keep all of us busy.  Lenders, lenders’ attorneys, and the title company.   Anything we all can do to reduce the amount of correction requests going back and forth between the parties would be welcome, I’m sure, and I have a suggestion that may reduce the back and forth.  In fact, it already has for one of our clients, and I suspect it will work for you as well.

There are three parties in the transaction who comment on vesting:  the title company, the lender’s attorney, and the trust.  The trust controls if it requires a certain vesting, but we don’t run into that very often.  What we do experience, however, are deeds required by the lender to change vesting for relatively small matters.  Let’s start with a vesting sample from a deed:  “John Q. Public, Trustee of the John Q. Public Trust established April 15, 2010.”  You’ve probably already guessed where the issue lies; it’s with the word established.  A word which pretty much means the same thing as dated.  And there’s the rub.  Most attorneys if left to their own devices would use the word dated.  Normally, we would approve the trust with the current vesting, and inevitably be asked to draft a deed to change established to dated,  because that is the vesting on the lender’s attorney opinion letter (AOL).  Now, I think we can all agree the change of terminology is unnecessary, but loan officers are rightfully instructed that vesting on the title company’s trust approval must exactly match the vesting in the AOL.  That’s for a good reason, obviously.  Loan officers have enough to worry about with the loan; they aren’t attorneys, they aren’t title experts, and they shouldn’t be expected to make decisions about vesting in a trust and whether a deed is required.  So, there might be some communication between ARS and the loan officer, but in the end, we will most likely amend the trust approval and the commitment and draft and record a deed to change just one word.

In the above example, we issued the commitment, we approved the trust, and we did not require a deed.  Then we receive the AOL to review.   Uh-oh, right?  We look at it, and it says established!  Which is weird,  because  that’s not the usual way of designating the date the trust was created.   We were prepared to ask the loan officer if a deed was required by the lender, be told yes, then amend the trust approval to require a deed.  Much to our surprise, the attorney didn’t get the memo, and used the rather quaint established as opposed to dated in her required vesting.   No emails and no corrections were necessary.   How did that happen?

The attorney who prepared the AOL was provided with at least a copy of the title commitment, noted the current vesting, and was fine with it.  She knew there was no reason to require a deed to change the vesting.  That leads to our Title Tip for Trusts: share.  Share as much as you have with your title company and your attorney.  If the loan officer requests approval from the title company first, share a copy of that trust approval and commitment with the attorney.  If you receive the AOL before requesting title company approval, share a copy of the AOL with the title company.   As someone who looks at thirty to forty trusts every week, this author can attest that getting the AOL along with the approval request is gold.  I have a feeling attorneys feel the same way if they get copies of the commitment and the title company’s approval.   Such steps aren’t always possible, but when they are it can help eliminate further work down the road (usually near the closing date when you’re at your busiest), and it often results in the borrower not having to pay for the costs of a deed that isn’t necessary.

And who doesn’t want to save themselves time and the borrower money?

Title Tale: Power of Attorney Scenario

Written by: Mylene Marcelo, Title Manager/Title Officer

We have a current vesting deed adding son into title dated 2017 as joint tenants with rights of survivorship. The Deed was executed by a Power of Attorney (POA) made by Wilma, Principal to Fred Jr., as Agent. The POA was dated 1997. Wilma was competent at the time the Power of Attorney was signed but the problem is, review of POA shows it does not allow self-dealing. By Fred signing on behalf of Wilma adding himself into title is deemed self-serving. He did not have the authority to transfer title to himself. The worse part of it is Wilma is now deceased. Now, does Fred Jr. obtain title as surviving joint tenant? How do we fix this?

Fred Jr. does not automatically obtain title as surviving joint tenant. The fact that the Deed creating joint tenancy was created by self-dealing would be deemed invalid. In this scenario, Wilma originally owned the property. When she died in 2010, she left a Will leaving her estate to her two children: Fred Jr. and Pebbles and said Will was admitted to probate. We requested for the probate documents to be pulled. We want to review the Petition, the copy of the Will, the Letters issued to the Personal Representative and the Order of Distribution and all other pertinent documents regarding the Estate. Apparently, Fred Jr. was the appointed Personal Representative of the Estate of Wilma. The solution would be to have a Deed executed by the Personal Representative and a Deed from Pebbles who is the other heir in order to perfect vesting into Fred Jr., who is the proposed borrower to be insured.

It is very important that the authority of an Attorney-in-fact is reviewed every time a Power of Attorney is being used in a transaction. This is just one of the documents that we review on a daily basis. It can be one that has already been recorded or one that is about to be used in our transaction. Either way, it is always best to submit the executed Power of Attorney for review and approval.

Daylight Savings Reminder

Sunday, March 10, 2024

March Fee Calculator Updates

We are constantly updating to reflect any increases or decreases in state fees or underwriter changes to ensure that you are pulling accurate quotes each time. Our calculator has been updated to reflect fee changes in the following state(s):

 

Idaho, Michigan, Nevada

 

Conveniently get a quote any time, day or night, by simply and accurately inputting the required information and let our interactive fee calculator do the rest. Please call 844-808-8299 or email solutions@allegiantreverse.com for further details or for a quote.