Title Touches Everything: Streamlining Communications in Default Servicing

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Homes are a Better Investment than Retirement Savings Next: Looking for a Universal Solution Subscribe February 2, 2018 2,155 Views Title Touches Everything: Streamlining Communications in Default Servicing Demand Propels Home Prices Upward 2 days ago Share Save Title insurance and title-related products are an integral, and often expensive, part of the mortgage default process. Every aspect of default servicing touches title, from loss mitigation to REO disposition. Although many servicers have designed their internal functions, groups, and departments to optimize loan management, their workflow design can have the unintended consequence of creating silos. As a title provider, it has been our observation that many of these default servicing silos don’t always communicate effectively with each other when it comes to title issues, causing redundancy and adding to cost.This lack of internal communication about title appears to be counterintuitive. After the 2008 mortgage crisis, scores of regulatory changes and internal best-practices reviews were installed. Today, servicers are better-than-ever equipped to handle cross communications within default servicing due to single-point-of-contact assignments, LOS and servicing technology enhancements, and just plain old interdivision management oversight. Title is the one constant that potentially touches each department that has not been addressed and streamlined overall. Various title products ordered during the default servicing process may include the Deed Report, also known as Legal and Vesting (L&V); Property Report, often referred to as Ownership & Encumbrance (O&E); American Land Title Association (ALTA) Residential Junior Loan Policy; and the Full ALTA Title Policy.One department may order a similar type of title product that another department has already ordered, just because “that is the way it’s been done for a long time.” Simple title search work ordered for the foreclosure department could assist the bankruptcy or workout areas using the initial product ordered from one or many of the departments involved.Prior to the crisis, there was a movement to unify and/or reuse mortgage title-related products in aspects of the foreclosure and REO departments. The term used for the unification of these products was called “Cradle-to-Grave.” The concept was simple: a title commitment would be ordered at the initiation of foreclosure, supplanting the simple title update. During the long foreclosure process, the title commitment would be used to cure any and all defects prior to the foreclosure sale. At foreclosure sale, a simple and inexpensive date-down would be ordered to ensure lien priority prior to REO. If the loan moved into REO for handling post-foreclosure sale, then the foreclosure commitment could be converted to an insurable product, an Owner’s Title Policy (OTP). The marketable OTP could be procured very quickly and cheaply using the same title provider and product used throughout foreclosure.Although the concept was rudimentary and evolving prior to 2008, Cradle-to-Grave was adopted by many servicers, particularly special servicers who specialized in default servicing as they focused on reducing investor costs (severity) while looking for speed of execution (recency). Following 2008, however, the default servicing industry (and the entire mortgage servicing industry) had too much on its plate as delinquencies spiked across the country. Cradle-to-Grave and title unification took a back seat to HAMP I and II, HAFA, HARP, SPOC, consent orders, new CFPB regulations, national servicing standards, etc. The industry was in complete dislocation, with all hands on deck, grappling with a very new set of complex and sometimes conflicting servicing standards. Buzzwords like velocity, recency, and expense control were a thing of the past in the default world following the meltdown. The ship needed to get righted as focus turned toward much more pressing and immediate matters.Fast forward 10 years and mortgage servicing has found its footing. The time is right to look for title unification efficiencies within default servicing and to manage expenses throughout an expensive process. This unification of title products is low-hanging fruit. We now have better communication than ever within default servicing. The systems and personnel all “talk” to one another. Processes are no longer opaque. With a keen eye for efficiencies and cost savings, it is time to reexamine at how title products can be used throughout all default workflows, not just between the foreclosure and REO. Default title unification can be put into practice by using an experienced title provider who can help navigate across default-department boundaries by using and re-using similar title products throughout the life-of-loan within default servicing. Home / Daily Dose / Title Touches Everything: Streamlining Communications in Default Servicing  Print This Post The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Tagged with: cradle-to-grave Default Servicing Foreclosure Title Insurance title unification Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Foreclosure, Headlines, Journal, News Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago cradle-to-grave Default Servicing Foreclosure Title Insurance title unification 2018-02-02 David Wharton Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

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Enough is enough’: St. Louis circuit attorney defends lawsuit accusing ‘racist conspiracy’

first_imgABC News(ST. LOUIS) — Black elected prosecutors from across the country have come to the defense of St. Louis Circuit Attorney Kim Gardner, saying her federal lawsuit against the city and its police union alleging a coordinated, racist conspiracy to drive her from office reflects a national trend.Prosecutors from California to Baltimore said that, similar to Gardner, they’ve endured smear campaigns by police unions and experienced a status-quo mindset pervasive in local courts and government when attempts were made to push through criminal justice reforms.Gardner told ABC News in an interview on Tuesday that the lawsuit isn’t about her — it’s about constituents who want to see criminal justice reform in St. Louis that could level the playing field for minorities disproportionately affected by the current system.“It’s about the people, and that’s why we have to fight. Enough is enough,” Gardner said in an interview for “Nightline.” “It’s about being the first African American prosecutor in the city of St. Louis, running on a platform about bringing criminal justice reform, bringing equality to the criminal justice system.”Gardner, a registered nurse and a former funeral director, has managed to implement a diversion program for non-violent defendants caught up in the justice system due to drug addiction. Her office has also stopped prosecuting people for low-level marijuana possession.But other reforms she proposed have been stymied, including wanting independent investigations of police-involved shootings.“This is not about Kim Gardner,” she added. “This is about certain individuals within these organizations that have gone beyond unprecedented amounts of coordination to stop the will of the people. I had no choice but to act for the will of the people because they want me to fight for what’s right.”On Monday, Gardner, the first black woman elected as chief prosecutor in St. Louis, filed a federal civil rights lawsuit against the city and its police union alleging she’s endured racist and illegal efforts from opponents to block reforms meant to benefit minorities.The suit accuses the city and police union of violating the Ku Klux Klan Act of 1871, designed to combat white supremacy organizations. The suit also appears to mark the first time an elected local prosecutor has brought a federal case against the police union for racially motivated civil rights violations.The suit, filed in the Eastern District of Missouri, claims to take aim at “entrenched interests” that Gardner said have tried to prevent her reforms through a “broad range of collusive conduct,” including the appointment of a special prosecutor to investigate her office.The group of six black female prosecutors who went to St. Louis on Tuesday to rally support for Gardner said they can relate to her struggles to buck the tide in implementing criminal justice reforms.“Quite candidly, Kim, like the others who stand before you today, has challenged the status quo and the keepers of the status quo don’t like that, which is why she is being personally and professionally attacked,” Baltimore City State’s Attorney Marilyn Mosby said at a news conference in St. Louis. “Every prosecutor here has had similar experiences to Kim.”Mosby said she endured death threats and protests when her office prosecuted six Baltimore police officers after the 2015 death of 25-year-old Freddie Gray, who suffered a catastrophic spinal injury while in custody.“We’ve lived through the personal, professional, ethical attacks on our competency and our leadership abilities, and, in many cases, still living through these attacks,” she added. “Yet we are here to tell Kim and everyone else, we shall not only overcome but, collectively, we shall prevail in reforming the criminal justice system.”Mosby was joined by black female elected prosecutors from California, Maryland, Massachusetts, Florida, and Virginia standing in solidarity with Gardner. Other prosecutors from Washington, New York, Alabama, North Carolina and Illinois could not attend but sent words of support for Gardner.“These conspired and concerted attacks are part of a national trend of a federal administration to silence and intimidate progressive prosecutors all across the country,” Mosby said.She and the other prosecutors cited a denouncement by U.S. Attorney General William Barr that prosecutors like Gardner are crusaders backed by liberal billionaire Geoge Soros and represent a danger to law enforcement.Rachel Rollins, the Suffolk County district attorney in Massachusetts, whose jurisdiction includes Boston, said Gardner’s reputation is being besmirched because she “dares to try and build a system that is just for everyone not just those with wealth, power and privilege.”“I know that one person can make a difference and change the system, but I also know that we can do it faster when we do it together,” Rollins said.Aramis Ayala, state attorney for Orange and Osceola counties in Florida, said she and the other elected prosecutors supporting Gardner in her legal fight “represent diversity in the profession and we represent diversity of thought that is new to our criminal justice system.”“Despite unprecedented attacks, we press on,” Ayala said.Gardner’s lawsuit cites data from the state attorney general showing African Americans in Missouri are subjected to nearly twice as many traffic stops and arrests as whites.Several racist social media posts allegedly made by Missouri police officers are also listed in the complaint. In one, a former police division officer allegedly “posted a photograph on Facebook of an African American police officer standing with two African American demonstrators, calling the officer ‘Captain ‘Hug a Thug’ and a disgrace to the uniform.’”In another, a lieutenant is accused of posting, “I’m not sure what the hell is going on in our country these days. I just drove by an authentic Mexican restaurant in town; and there were white guys putting on a new roof, cutting the grass and doing landscaping.”In another Facebook post, a Missouri officer wrote, according to the lawsuit, “Offered to sell a T-shirt emblazoned with the words, ‘Black Lives Splatter, because Blue lives matter.’”The lawsuit also alleges that the St. Louis Police Officers Association “has gone out of its way to support white officers accused of perpetrating acts of violence and excessive force against African American citizens,” including the August 2014 shooting of 18-year-old Michael Brown by Darren Wilson.Additionally, the SLPOA paid the bail of Jason Stockley, a white officer who shot and killed African American motorist Anthony Lamar Smith in December 2011, according to the lawsuit.Gardner, who sought to launch several police reforms, including improving investigations of police misconduct in St. Louis, received threatening letters sent to her office that were “filled with racial invective,” the lawsuit alleges. In some of the letters, Gardner was called racial slurs and various sexist expletives.While Gardner’s lawsuit portrays her as a victim of a racist police force and an entrenched power structure, she also has faced substantive accusations of incompetence after her office’s indictment of former Missouri Gov. Eric Greitens was dropped.Gardner’s former investigator, William Don Tisaby, also African American, has been charged with perjury and evidence tampering for his role in the Greitens’ investigation. Gardner is scheduled to give a deposition in the Tisaby case on Wednesday.The police union issued a statement calling Gardner’s lawsuit “frivolous and without merit.”“The union believes this is a grand distraction meant to misdirect the attention that Gardner’s deposition is sure to generate,” said the statement from the union, which has renewed calls for Gardner, elected in 2016, to step down or “to be removed from office through any means available.”Jeff Roorda, the business manager of the St. Louis Police Officers Association, who’s named as a defendant in Gardner’s lawsuit and whom she described as a “divisive” individual, held a news conference on Tuesday to refute the prosecutor’s allegations.“Gardner essentially claims that her critics have conspired together to prevent her from doing her job as a prosecutor. Nothing could be further from the truth,” Roorda said. “My police officers and I want her to do her job.“We desperately want her to stand up for innocent victims, put dangerous criminals behind bars and respect the rule of law. She has not done her job, and this lawsuit demonstrates that she has no intention of doing her job, of doing the important work of defending the most vulnerable citizens in America’s deadliest city.”Copyright © 2020, ABC Audio. All rights reservedlast_img read more

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Droves of mourners flock to Clinton to bid fallen firefighter farewell

first_imgCLINTON — The eastern Iowa town of Clinton will grow by several thousand today as a public visitation is held for the firefighter who was killed in the line of duty last weekend.Thirty-three-year-old Lieutenant Eric Hosette died in an explosion Saturday while fighting a fire at the ADM plant in Clinton. Another firefighter was critically hurt.Clinton Fire Chief Mike Brown says mourners are expected from near and far to pay their respects, adding, the outpouring of support is tremendous.“Our community really becomes an amazing place when things are bad,” Chief Brown says. “They’ve really shown that again. They’re coming in here just to hug people, just to drop off food or flowers or money and they care. They really care about these two guys and the rest of us.”Special red lighting is now illuminating the fire station at night and many residents are displaying red lights on their homes to show support for the department. Reports say local stores have sold out of the red light bulbs.Chief Brown says it’s difficult to imagine how they proceed without Hosette, but he knows they will.“We’re going to move on and we’re going to have a big void to fill but we’re going to get stronger, eventually,” Brown says. “It’s going to take a while but everybody’s doing everything they can to move forward.”The firefighter who was injured in the blast, 23-year-old Adam Cain, remains at University Hospitals in Iowa City in critical but stable condition.The chief says he’s been told by veterans from other fire departments that this death will leave a permanent mark on the department.“It is going to be changed forever but we absolutely hope that it’s going to change for the better, make us stronger, make us care for each other more, make us train harder, make us safer, make us work harder,” Brown says. “It’s going to be positive change.”He says the support has come not just from within the community but from across Iowa and from all over the nation. “How do you honor somebody’s memory? By doing something good,” Brown says. “We’ll continue to change for the better in his honor.”Adam CainHosette’s public visitation is scheduled from 2 to 8 PM today at Zion Lutheran Church in Clinton. Services for the community to honor Hosette will be held at 11:30 A-M tomorrow at the bandshell in Riverview Park in Clinton.A private family burial service will be held at the Rossiter Cemetery rural Charlotte (char-LOT) after the service. Hosette leaves behind a wife and young daughter. He also served as the fire chief in the Charlotte Volunteer Fire Department.Donations can be made to the family through a fund established at Clinton National Bank.last_img read more

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