Archive for May, 2011

Utah Permits and Market Data Report by Inwest Title, a Utah Title Company

Tuesday, May 17th, 2011

Utah’s new construction and dwelling units report is available inside of Inwest Title’s Market Data Report for May 16, 2011.  In addition to Utah Permit activity, you may also find information pertaining to National Mortgage Loan applications for the past 52 weeks from the seasonally adjusted indices from the Mortgage Bankers Association of America (MBA). 

 

All indices increased an average of 8% for the week ended May 6, 2011.  The Purchase Index was up 6.7%, the Market Index was up 8.2%, and the Refi Index was up 9%. (see www.mortgagebankers.org).


To see the complete Inwest Title Market Data Report, graphs and permit activity, go to www.inwesttitle.com and click on the most current Market Data Report labeled 2011 05-16.


For this and other information on Utah Title Companies, Utah Title & Escrow, or Title Insurance Quotes contact Melissa Miller at www.mymark.com/melissamiller or 801.529.2905

Utah Permits and Market Data Report by Inwest Title, a Utah Title Company

Tuesday, May 17th, 2011

Utah’s new construction and dwelling units report is available inside of Inwest Title’s Market Data Report for May 16, 2011.  In addition to Utah Permit activity, you may also find information pertaining to National Mortgage Loan applications for the past 52 weeks from the seasonally adjusted indices from the Mortgage Bankers Association of America (MBA). 

 

All indices increased an average of 8% for the week ended May 6, 2011.  The Purchase Index was up 6.7%, the Market Index was up 8.2%, and the Refi Index was up 9%. (see www.mortgagebankers.org).


To see the complete Inwest Title Market Data Report, graphs and permit activity, go to www.inwesttitle.com and click on the most current Market Data Report labeled 2011 05-16.


For this and other information on Utah Title Companies, Utah Title & Escrow, or Title Insurance Quotes contact Melissa Miller at www.mymark.com/melissamiller or 801.529.2905

And It Goes Down to the Wire by Inwest Title, a Utah Title Company

Monday, May 16th, 2011

 

Did you know that a new Utah insurance law change went into effect that imposes new “good funds” requirements on the title industry? These changes dictate how quickly a title company can send money back out after they have received funds from their clients.

 

So why are we telling you this? We want to make all closings flow smoothly and quickly so we are recommending to everyone be prepared to WIRE any funds for your real estate or loan transactions. Wired funds are available for SAME DAY funding, and therefore are the preferred method for Inwest Title to receive funds so that there is no delay in your transaction.

 

Don’t be intimidated; sending a wire is a fairly simple process, and usually easier than getting a cashier’s check. All you need is Inwest Title’s account wiring instructions when setting that up with your or your clients’ bank. Just call one of our Escrow Officers or Assistants and they can provide you written wiring instructions. Once you have our wiring instructions you can use them on all future transactions as these instructions do not change.

 

For more information call your Inwest Title Escrow Officer or view our May 6, 2011 article on Inwest Title’s Blog (blog.inwesttitle.com).

 

For this and other information on Utah Title Companies, Utah Title & Escrow, or Title Insurance Quotes contact Melissa Miller at www.mymark.com/melissamiller or 801.529.2905

 

 

And It Goes Down to the Wire by Inwest Title, a Utah Title Company

Monday, May 16th, 2011

 

Did you know that a new Utah insurance law change went into effect that imposes new “good funds” requirements on the title industry? These changes dictate how quickly a title company can send money back out after they have received funds from their clients.

 

So why are we telling you this? We want to make all closings flow smoothly and quickly so we are recommending to everyone be prepared to WIRE any funds for your real estate or loan transactions. Wired funds are available for SAME DAY funding, and therefore are the preferred method for Inwest Title to receive funds so that there is no delay in your transaction.

 

Don’t be intimidated; sending a wire is a fairly simple process, and usually easier than getting a cashier’s check. All you need is Inwest Title’s account wiring instructions when setting that up with your or your clients’ bank. Just call one of our Escrow Officers or Assistants and they can provide you written wiring instructions. Once you have our wiring instructions you can use them on all future transactions as these instructions do not change.

 

For more information call your Inwest Title Escrow Officer or view our May 6, 2011 article on Inwest Title’s Blog (blog.inwesttitle.com).

 

For this and other information on Utah Title Companies, Utah Title & Escrow, or Title Insurance Quotes contact Melissa Miller at www.mymark.com/melissamiller or 801.529.2905

 

 

Utah’s New Good Funds Law Could Impact Your Closing!, by Inwest Title a Utah Title Company

Friday, May 6th, 2011

Did you know that May 10, 2011 is the effective date for most new legislation passed during the 2011 Utah Legislative Session?  One piece of legislation that goes into effect next week that everyone should be aware of is a change to Utah’s Good Funds law.

First, you may ask: What is Good Funds? Simply put “good funds” means that you have received money, it has been deposited into your account, and those funds are now available for use.   Title Companies are not allowed to do anything with the funds they receive in order to complete a purchase or finalize a loan unless those monies are good funds.  Title companies have to obey state and federal law that specify when the monies they receive are “good funds” before they can then disburse those funds according to the instructions they are given by Buyers, Sellers, Borrowers or Lenders.

The most recent changes to Utah’s Good Funds law can be found at Utah Code § 31A-23a-406(5) and the changes are dramatic.  The first and most important change is that title companies must have both collected and cleared money in order to disburse funds.  What does this mean? Money must actually be received from the originating bank and have cleared the payee’s account as a final settlement (in other words no ability to recall the funds).  This means the good old days of funding the day after depositing a large cashier’s check are over (except for some minor exceptions outlined below) as it may take several days for this process to occur.

What is still the best option for providing funds to your title company?  A title company can still fund the same day they receive the funds via WIRE or in CASH.  Of course since your title company is not a bank with armed couriers; a WIRE is the best option.  A Title company can verify if wired funds have been received in a short amount of time, sometimes in just a few minutes to a hour, and then can immediately disburse funds to finalize a transaction.  Wired funds are very difficult if not impossible to reverse or recall, unless the receiver gives their permission.

The minor exceptions allow for funding same day for amounts  received under $10,000 via Cashier’s and certain Trust Account Checks, and for amounts  $500 or less received in personal checks per closing.  In most circumstances title companies will be reluctant to apply these exceptions due to the high risk associated with funds never clearing, and therefore may still require collected and cleared money regardless of the more lienient requirements.

So the morale of the story is:

Steer clear of problems and avoid unnecessary and costly delays in funding/closing your real estate transaction by preparing your clients to WIRE all necessary funds to the title company!!!