During the annual business meeting, the membership of NRMLA unanimously ratified the Nominating Committee Report and elected individuals to serve on the Board of Directors for the 2024-2025 term.
We are thrilled to announce Tina Meilinger, ARS Senior Vice President, has joined the NRMLA Board! She is joined by returning member, Rob Awalt, ARS Founder,
Congrats to Tina and the other new NRMLA Board members!
Oklahoma recently passed Senate Bill 57 (SB 57) to amend margin requirements found in title 19 of Oklahoma Statutes Section 298 (Okla. Stat. tit.19, § 298).
Effective on November 1, 2024, new margin requirements will apply to “every instrument offered which may be accepted by the county clerk for recording, affecting specific real property whether of conveyances, encumbrance, lease, assignment of lease or release of lease.” Documents that affect the ownership of real property will require a top margin of two inches instead of one inch. All other margins must be at least one inch instead of one-half inch.
Title 19 of Oklahoma Statutes Section 298 does not apply to plats, filings under the Uniform Commercial Code, or any other instruments that may be filed pursuant to any other law.
Written By: Kevin Weaver, Underwriting Counsel
A few issues ago we addressed the problem of zombie mortgages. Here is a recent example of how we managed to kill one. No names have been used so as not to embarrass the zombie lender.
The mortgage in question was a $48,000 loan from an LLC in 2007. In 2014, the loan was assigned to another LLC, and there the trail ended. Our escrow team did copious amounts of research to find the assignee or its successors-in-trust. We finally found a company who claimed to own the debt, and they were willing to get the necessary couple of assignments from intervening owners of the debt. The paperwork was appropriate, and until we received the payoff demand we figured we’d be paying the loan and moving on. However, we received a payoff demand for over $100,000 (remember, the loan was originally for $48,000), and a spreadsheet indicating no payment had been made on the loan in almost ten years. A true zombie mortgage, but one where the facts just didn’t feel right, or fair.
So, we questioned the borrower over any knowledge he had of this loan, and in that conversation found that he had filed for bankruptcy in 2011. That sounded like it could be a clue, so we reviewed the bankruptcy file and, lo and behold, an order stripping the lien of this specific mortgage (because there was not enough equity in the home to support the lien) was located. A copy of the order was emailed to the alleged owner of the debt, who responded by saying their attorney agreed that once the debtor was discharged the lien was effectively stripped from the property, and they advised they were closing their file.
So, if you encounter a zombie mortgage, do your research, check all the paperwork, talk to your borrower, and you too might be able to save your borrower $100,000. Or, just use Allegiant Reverse Services and we’ll do the hard work for you.
Our offices will be closed Monday, November 11, 2024 in observance of Veterans Day and Thursday, November 28, 2024 in observance of Thanksgiving Day.
Ins and Outs of Title and Settlement in Texas
Thursday, November 14, 2024
10:00 am PST
Click here to register.
Successfully closing reverse mortgage transactions can be an intricate and complex process. With ARS, you’ll have the advantage of an experienced team that understands the settlement requirements and intricacies of HECM and proprietary closings. Put our specialized knowledge to work for you to get your transactions closed the right way – with minimum hassle and no unpleasant surprises down the road.
As a full-service title and settlement company dedicated to reverse mortgage closings nationwide, our experienced team provides security and peace of mind for lenders, mortgage brokers and senior borrowers that their transactions will be completed accurately and on-time with a process that’s efficient and easy.
Disadvantages of working with non-reverse title company:
Reverse specific amounts and terminology:
Recording documents before disbursing is not required for reverse transactions and can cause funding delays.
We have excellent relationships with all parties involved in the closing of a reverse mortgage.
Reverse mortgages have significant differences in the types of documents:
Notaries without reverse mortgage experience can cause delays or a negative experience:
We are constantly updating to reflect any increases or decreases in state fees or underwriter changes to ensure you are pulling accurate quotes each time. Our calculator has been updated to reflect fee changes in the following state(s):
Alaska
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.
Thursday, October 17, 2024
10:00 am PST
Click here to register.
What sets StewartNow apart from other property profile tools? Not only will StewartNow provide you with a property profile (including property details, transaction history and sales comparables), but it will also provide you with access to search and download copies of recorded documents (county permitting).
Want to give StewartNow a try? Email Solutions@AllegiantReverse.com to request an account.
