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#415641 - 08/29/05 08:46 PM ABC loans
Texas Boy Offline
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Joined: May 2005
Posts: 1,717
There was some discussion on this topic on another thread but not much discussion regarding title work. Do other banks waive any or all title work when taking real estate as abundance of caution? I was told the only true exemption for ABC loans is the appraisal requirement. My bank has always waived title work when taking real estate as ABC.
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Lending Compliance
#415642 - 08/29/05 08:49 PM Re: ABC loans
HRH Okie Banker Offline
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Joined: Jan 2003
Posts: 3,070
Oklahoma
We require at least a title search, but not a Title Policy for ABC
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#415643 - 08/29/05 09:19 PM Re: ABC loans
Anonymous
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By title search, do you mean either a written title report from an abstract company, a verbal gap check, or an attorney's written title opinion is performed?

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#415644 - 08/30/05 03:23 PM Re: ABC loans
Great River Offline
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Joined: Feb 2004
Posts: 64
Iowa
We use a written title search completed by our abstracting company.

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#415645 - 08/30/05 07:33 PM Re: ABC loans
Texas Boy Offline
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Joined: May 2005
Posts: 1,717
To be more clear, would we get wrote up by examiners if we waive title requirements for abundance of caution loans? Have any banks been cited for not requiring title work?
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#415646 - 08/31/05 02:38 AM Re: ABC loans
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 80,388
Galveston, TX
It is an abundance of caution - why would an examiner require you to do anything? Ask them for a citation?
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#415647 - 08/31/05 05:30 AM Re: ABC loans
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,292
You would not be written up for lack of title work if the loan is truly abundance of caution.
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