Posts Tagged ‘Mortgage’

Explaining Why Title Insurance is Necessary to your Clients, by Inwest Title, a Utah Title Company

Friday, October 19th, 2012

Other types of insurance coverage focus on possible future events and charge an annual premium, such as flood insurance or hazard insurance. Title insurance protects against loss from hazards and defects already existing in the title and is purchased with a one-time premium.

Insuring a home’s title begins with a search of public land records affecting the property. The title agent or attorney working on behalf of the underwriter examines pertinent documents to determine whether the property is insurable. Those documents include deeds, wills, trusts, outstanding mortgages and judgments, property liens, highway or utility line easements, pending legal actions and notary acknowledgements.

When title problems are disclosed during the search process, they are corrected whenever possible to avoid future claims. According to surveys done by the American Land Title Association (ALTA), title problems consistently arise in one out of three real estate transactions (36%).

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For this and other information on Utah Title Companies, Utah Title & Escrow, or Title Insurance Quotes locate and contact your nearest Inwest Title office at


Comments on the Modified HARP (2.0) program, by Inwest Title, a Utah Title Company

Friday, November 11th, 2011

Here is some  information regarding HARP 2.0 posted by Ted Jones of Stewart Title Guaranty out of Texas.  Ted C. Jones, PhD is the Senior Vice President-Chief Economist for Stewart Title Guaranty Company and also Director of Investor Relations for Stewart Information Services Corporation (NYSE-STC).

A Brief History of Title Insurance, by Inwest Title a Utah Title Company

Thursday, January 27th, 2011

Unlike any other kind of insurance, title insurance originated in America. In 1874 Pennsylvania enacted the first statutes authorizing the issuance of title insurance. In the years that followed, title insurance became common first on the east coast, and then spread westward as real estate transactions grew in numbers. During the industrialization and westward expansion of America, the buying and selling of real estate became an important sector of the economy. The American Dream of land ownership may have begun with the Pilgrims, but it wasn’t until regulated systems within government to record real estate ownership, (Title), were established that a Buyer’s investment was legally protected.

Companies issuing title insurance played an important role in standardization of mortgages, procedures, and forms. These policies would assure a Buyer that the Seller was the legal owner of the real estate being purchased. American Land Title Association (ALTA) was formed in 1907 and is still fully participative in the industry today. With the advent of Fannie Mae in 1938, mortgages became the most common instrument used for real estate purchase. To protect its investors, Fannie Mae required the Borrower to purchase Title Insurance that would cover the loan in the event the Borrower did not perform. This policy pledged that the Lender would be made owner of record and could legally sell the real estate and use the proceeds to settle the loan.

Regulation of title insurance is each state’s obligation, and we are experts in Utah’s directives and statutes. If you have questions about Utah’s real estate or title insurance, please feel free to call Inwest Title Services at 801-399-3544 or visit us on the web at

HVCC officially set for elimination in less than 90 days, by Inwest Title a Utah Title Company

Friday, August 6th, 2010

On July 21, 2010 the Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law.  Included in this bill was a provision that officially started the countdown for the elimination of the Home Valuation Code of Conduct (HVCC).

HVCC was implemented by the The federal Housing Finance Agency in May of 2009.  HVCC was said to be an attempt to give appraisers more independence, and prohibit lenders, realtors, or other third parties from influencing and pressuring appraisers to get a certain value on a property.

HVCC regulations were controversial from the get go, as many independent appraisers felt that they were being cut from the market due to a mandatory requirement by some banks and lenders to use appraisal management companies (AMCs).  Many Appraisers, Real Estate Agents, and Lenders feel that HVCC has not only hurt their business, but in many cases is hurting the very person it was intended to protect, the consumer.

With the elimination of HVCC on the horizon, many in the Real Estate industry rejoice,  but  the realization remains that we are not in the clear yet,  as we await to see what the Fed will write in the “appraisal independence standards” which are slated to replace HVCC.

As the saying goes…..  “We may have won the battle, but we still haven’t won the war” on this issue.