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#78112 - 05/05/03 11:09 AM Title Opinion - "Commonly Acceptable"
JMB Offline
Member
JMB
Joined: Mar 2002
Posts: 59
Michigan
Fannie and Freddie require that "Attorney's opinions of title must be commonly acceptable in lieu of title insurance by private institutional Mortgage investors in the area where the Mortgaged Premises are located."

We know that there are areas of the country where this is "commonly acceptable". How does your institution determine what is "common" and what is "acceptable" for your area? Also, do you evaluate the individual attorney in some manner? Specifically, we are interested in Ohio, Kentucky and Tennessee, but would be interested in hearing about practices in other states as well.

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#78113 - 05/06/03 02:10 PM Re: Title Opinion - "Commonly Acceptable"
MiMi Offline
Gold Star
MiMi
Joined: Mar 2002
Posts: 364
I have been told by a bank chairman/attorney that FHLMC and Fannie Mae will only accept title insurance, however, FHLMC has never sited title opinions as exception to policy during a real estate file review. Our bank is located in a different MSA than the attorney?...

I am interested in the answers received to your question also.

Have a great day.

Mimi

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#78114 - 05/08/03 03:17 PM Re: Title Opinion - "Commonly Acceptable"
IUalum Offline
Platinum Poster
IUalum
Joined: Mar 2002
Posts: 942
Kentucky
Other banks where I have worked and have sold mortgages on the secondary market have always used title opinions in lieu of title insurance. TI just isn't common here, unless maybe around Louisville or other larger metro areas.
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Opinions expressed are mine and not necessarily that of my employer.

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#78115 - 05/08/03 04:42 PM Re: Title Opinion - "Commonly Acceptable"
Skittles Offline
10K Club
Skittles
Joined: Sep 2002
Posts: 13,963
TN
It is common in the Louisville market.
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My Opinions Only

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#78116 - 05/23/03 04:18 PM Re: Title Opinion - "Commonly Acceptable"
RGS Offline
Platinum Poster
RGS
Joined: Jul 2002
Posts: 689
Home of the 8 time NCAA Champ ...
Title insurance is the rule, not the exception, on all Secondary Market loans that I've seen in Paducah.
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#78117 - 05/23/03 10:51 PM Re: Title Opinion - "Commonly Acceptable"
twin1 Offline
100 Club
twin1
Joined: Feb 2003
Posts: 111
Gateway to the South
JMB,
I can only comment on what our normal practice is in this area. I am in the larger metro area in Kentucky. The majority of the time we use title opinions but we also do not particiapate in the secondary market. We generally work with a hand full of attorneys, title companies, etc., where over the years we have been able to become familiar with their work; their accuracy,professionalism, their ability to work with us, etc. We also keep a copy of their errors and ommissions policy on file. If we have a customer who wants to use an individual we are not familiar with, at that time we generally do require lenders title insurance.
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My opinions belong to only three people...me, myself, and I.

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