as a former real property title recorder

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Post #332,974

9/23/10 1:39:16 PM

as a former real property title recorder

you accept any document that meets statutory requirements and make it public. The recorder does not accertain that the documents are real, negatively impacting, just acts as a public library. Thats why title companies exist.

Any opinions expressed by me are mine alone, posted from my home computer, on my own time as a free American and do not reflect the opinions of any person or company that I have had professional relations with in the past 55 years. meep

Post #332,978

9/23/10 2:05:01 PM

I knew that

I used to work at a company that did mortgage paperwork for banks. Title search was a huge part of our business.

For anyone who's never done it ...

Before underwriting a loan, banks want to make sure who actually owns it. They would pay us to do a title search. We contracted out to local vendors in the relevant jurisdictions. The systems that maintained a list of what "relevant jurisdictions" were for a given address, and who was licensed to do a search there, were a significant competitive advantage for us. It's harder than you might think. Does the property have state taxes assessed? City? Regional? School District? Other?

"Clean title" meant that after searching all relevant jurisdictions, the only documents found were the ones that listed the current owner and current mortgage holder. If we found anything else, banks could pay us extra to provide clean title, which meant contacting the parties on any other documentation found and asking if they could provide an update saying the issue was resolved. Frequently they could, which means lots of activities happened without the resolution ever being recorded like it should.

After we provided the results, the bank decided if it wanted to write the loan. If they did, when the loan closed we would file the paperwork with the recorder. At this point no one verified that the documents were correct, that was up to the parties -- the bank and the borrower. As Box said, the recorder just recorded that the documents had been provided.

Every step of this showed up as a line-item on the closing documents. The buyer paid all costs, but it was the bank that ordered all the work. (If the deal didn't close, the bank ate the cost.) Banks could save money, and close more loans, by skipping any part of this work, unless it was a HUD or other government-backed loan.

The incentive to do the search anyway is that they don't give somebody lots of money to pay for a house that the recipient doesn't actually own. But as long as the courts are willing to give those houses to the bank anyway, that's not much of a disincentive any more.

--

Drew

The magic of the marketplace at work. - (Another Scott) - (116) - Sept. 23, 2010, 10:12:14 AM EDT

Nice job - (drook) - (87) - Sept. 23, 2010, 10:59:11 AM EDT

Hmmm - (beepster) - (86) - Sept. 23, 2010, 11:41:33 AM EDT

Some hints. - (Another Scott) - (85) - Sept. 23, 2010, 12:12:24 PM EDT

So you are blaming the banks.. - (beepster) - (9) - Sept. 23, 2010, 01:15:06 PM EDT

Where was "Tax Assessor" in that story? - (drook) - (8) - Sept. 23, 2010, 01:33:57 PM EDT

as a former real property title recorder - (boxley) - (1) - Sept. 23, 2010, 01:39:16 PM EDT

I knew that - (drook) - Sept. 23, 2010, 02:05:01 PM EDT

What do you think they appraise them for, anyway? - (beepster) - (5) - Sept. 23, 2010, 02:03:15 PM EDT

"I don't know what's involved, so it must be easy." - (drook) - (4) - Sept. 23, 2010, 02:11:59 PM EDT

sigh - (beepster) - (3) - Sept. 23, 2010, 02:29:40 PM EDT

Scott pointed out half the problem, same as me - (drook) - (2) - Sept. 23, 2010, 02:42:14 PM EDT

You are missing it here. - (beepster) - (1) - Sept. 23, 2010, 02:55:09 PM EDT

nit - (boxley) - Sept. 23, 2010, 04:27:04 PM EDT

Two (and-a-half) issues - (drook) - (74) - Sept. 23, 2010, 01:16:34 PM EDT

Re: Two (and-a-half) issues - (beepster) - (73) - Sept. 23, 2010, 02:10:18 PM EDT

Um, it's my understanding... - (Another Scott) - (70) - Sept. 23, 2010, 02:19:12 PM EDT

What I think... - (beepster) - (69) - Sept. 23, 2010, 02:39:45 PM EDT

<sigh> - (Another Scott) - (50) - Sept. 23, 2010, 02:41:19 PM EDT

And why is their no fault - (beepster) - (49) - Sept. 23, 2010, 02:43:11 PM EDT

It's not their job - (drook) - (48) - Sept. 23, 2010, 02:47:08 PM EDT

Not even remotely - (beepster) - (47) - Sept. 23, 2010, 03:01:59 PM EDT

I see the solution! - (Another Scott) - Sept. 23, 2010, 03:10:11 PM EDT

Now you trust the government to be perfect? - (drook) - (45) - Sept. 23, 2010, 03:29:42 PM EDT

:-) Thank you. -NT - (Another Scott) - Sept. 23, 2010, 03:39:25 PM EDT

sigh - (beepster) - (43) - Sept. 24, 2010, 07:21:13 AM EDT

Try to keep up, I'll type slow - (drook) - (42) - Sept. 24, 2010, 08:30:51 AM EDT

who needs to type slow, I wot... - (beepster) - (41) - Sept. 24, 2010, 09:25:48 AM EDT

The court is not a party in a civil case. - (Another Scott) - (14) - Sept. 24, 2010, 10:09:31 AM EDT

No I'm not. - (beepster) - (13) - Sept. 24, 2010, 10:30:01 AM EDT

You're waving your hands around about a perfect world. - (Another Scott) - (12) - Sept. 24, 2010, 11:18:44 AM EDT

Re: You're waving your hands around about a perfect world. - (beepster) - (11) - Sept. 24, 2010, 12:09:26 PM EDT

You're still not getting it. - (Another Scott) - (10) - Sept. 24, 2010, 12:48:35 PM EDT

Simple question. You still didn't answer. - (beepster) - (9) - Sept. 24, 2010, 01:46:35 PM EDT

We already have a system, if we would use it - (drook) - (4) - Sept. 24, 2010, 02:09:45 PM EDT

Re: We already have a system, if we would use it - (beepster) - (3) - Sept. 24, 2010, 02:39:11 PM EDT

Your idea, right - (drook) - (2) - Sept. 24, 2010, 03:23:19 PM EDT

Getting there. - (beepster) - (1) - Sept. 24, 2010, 03:29:01 PM EDT

no, charge 3k for recording fees and they would have it - (boxley) - Sept. 24, 2010, 04:29:48 PM EDT

Your question doesn't matter. - (Another Scott) - (3) - Sept. 24, 2010, 03:51:56 PM EDT

No it isn't. - (beepster) - (2) - Sept. 24, 2010, 04:04:34 PM EDT

This is hilarious. - (Another Scott) - (1) - Sept. 24, 2010, 04:27:26 PM EDT

Hmmm ... - (drook) - Sept. 24, 2010, 04:34:07 PM EDT

Okay - (drook) - (24) - Sept. 24, 2010, 10:11:45 AM EDT

oh for chrissakes. - (beepster) - (23) - Sept. 24, 2010, 10:40:08 AM EDT

Let's start from the beginning - (drook) - (22) - Sept. 24, 2010, 01:31:16 PM EDT

Lets. - (beepster) - (21) - Sept. 24, 2010, 02:09:19 PM EDT

Got a question - (drook) - (20) - Sept. 24, 2010, 02:17:29 PM EDT

Its about effecting change. - (beepster) - (19) - Sept. 24, 2010, 02:36:28 PM EDT

You like that Act? - (drook) - (18) - Sept. 24, 2010, 03:20:44 PM EDT

You are the one telling me - (beepster) - (17) - Sept. 24, 2010, 03:33:11 PM EDT

Standard format != data validation -NT - (drook) - (16) - Sept. 24, 2010, 03:48:14 PM EDT

so what? - (beepster) - (15) - Sept. 24, 2010, 04:01:06 PM EDT

Punt - (drook) - (14) - Sept. 24, 2010, 04:25:02 PM EDT

Except - (beepster) - (13) - Sept. 24, 2010, 04:50:50 PM EDT

data entry != data validation -NT - (drook) - Sept. 24, 2010, 05:55:18 PM EDT

hi 90's accuracy for legally binding docs? watchu smoking? -NT - (boxley) - (11) - Sept. 24, 2010, 06:55:24 PM EDT

He's corporate - (crazy) - (10) - Sept. 24, 2010, 11:13:33 PM EDT

Excuse me - (beepster) - (9) - Sept. 25, 2010, 10:55:35 AM EDT

I don't think you know what that word means - (crazy) - (8) - Sept. 25, 2010, 11:43:42 AM EDT

for a guy - (beepster) - (7) - Sept. 25, 2010, 01:47:48 PM EDT

So now ... - (drook) - (6) - Sept. 25, 2010, 02:10:01 PM EDT

Ah, so.. - (beepster) - (5) - Sept. 25, 2010, 02:17:46 PM EDT

Ah, let's compare our big swinging - (crazy) - Sept. 25, 2010, 10:47:40 PM EDT

You're still fixing the wrong problem - (drook) - (3) - Sept. 26, 2010, 09:19:37 AM EDT

Re: You're still fixing the wrong problem - (beepster) - (2) - Sept. 26, 2010, 10:30:07 AM EDT

They already do - (drook) - (1) - Sept. 26, 2010, 11:54:34 AM EDT

Look at SCO v IBM. SCO v Novell. SCO v AutoZone... - (folkert) - Sept. 26, 2010, 02:19:52 PM EDT

Re: who needs to type slow, I wot... - (malraux) - Sept. 24, 2010, 10:50:33 AM EDT

They did ... sort of - (drook) - (17) - Sept. 23, 2010, 02:45:26 PM EDT

Who is the controlling authority - (beepster) - (16) - Sept. 23, 2010, 03:04:13 PM EDT

WTF beep - (boxley) - (15) - Sept. 23, 2010, 04:33:24 PM EDT

Ahh, a magic moment - (crazy) - Sept. 24, 2010, 07:06:34 AM EDT

1983? - (beepster) - (13) - Sept. 24, 2010, 07:26:03 AM EDT

FIFY - (Another Scott) - (3) - Sept. 24, 2010, 07:55:57 AM EDT

Re: FIFY - (beepster) - (2) - Sept. 24, 2010, 09:35:21 AM EDT

People keeping records aren't investigators. HTH. -NT - (Another Scott) - (1) - Sept. 24, 2010, 10:23:50 AM EDT

and if they keep the correctly - (beepster) - Sept. 24, 2010, 10:41:01 AM EDT

so you got the money in west palm? - (boxley) - (8) - Sept. 24, 2010, 09:16:58 AM EDT

No, a true libertarian would never leave the house - (crazy) - Sept. 24, 2010, 09:56:51 AM EDT

6k times 5...30k, sound outlandish? - (beepster) - (6) - Sept. 24, 2010, 10:01:10 AM EDT

Where did I say I want paper? - (drook) - (5) - Sept. 24, 2010, 10:28:18 AM EDT

Ok. - (beepster) - Sept. 24, 2010, 10:42:54 AM EDT

Two things: - (malraux) - (1) - Sept. 24, 2010, 10:49:03 AM EDT

Back to this. - (beepster) - Sept. 24, 2010, 10:55:08 AM EDT

Re: Where did I say I want paper? - (beepster) - (1) - Sept. 24, 2010, 10:52:21 AM EDT

Forms - (beepster) - Sept. 24, 2010, 10:55:46 AM EDT

Don't you know how courts work? - (drook) - (1) - Sept. 23, 2010, 02:21:59 PM EDT

Nice red herring - (beepster) - Sept. 23, 2010, 02:30:58 PM EDT

Variation on a theme. - (Another Scott) - (1) - Sept. 23, 2010, 07:26:36 PM EDT

another thing to remember, title insurance is just that - (boxley) - Sept. 23, 2010, 11:25:06 PM EDT

Foreclosure system rife with fraud and negligence - (jay) - (10) - Sept. 24, 2010, 09:50:22 AM EDT

This covers all the problems... - (folkert) - Sept. 24, 2010, 01:00:03 PM EDT

Hmm - (beepster) - (8) - Sept. 24, 2010, 02:18:48 PM EDT

Did you read the "whining of the rich" thread? - (drook) - (7) - Sept. 24, 2010, 02:38:08 PM EDT

D'uh - (beepster) - (6) - Sept. 24, 2010, 02:52:48 PM EDT

BeeP, meet Beep ... maybe you guys should talk - (drook) - (5) - Sept. 24, 2010, 03:27:44 PM EDT

Cost to government /= process cost to bank - (beepster) - (4) - Sept. 24, 2010, 03:34:47 PM EDT

A unique viewpoint for you - (crazy) - (3) - Sept. 25, 2010, 07:35:58 AM EDT

Even it it costs 5x private - (beepster) - (2) - Sept. 25, 2010, 10:56:39 AM EDT

Remember that post - (crazy) - (1) - Sept. 25, 2010, 11:46:12 AM EDT

Whatever. -NT - (beepster) - Sept. 25, 2010, 01:48:20 PM EDT

Ok. I give up. - (beepster) - (6) - Sept. 24, 2010, 05:05:07 PM EDT

<snoopy dance> - (Another Scott) - (5) - Sept. 24, 2010, 05:23:34 PM EDT

Re: <snoopy dance> - (beepster) - (4) - Sept. 24, 2010, 05:44:19 PM EDT

Sure he did - (crazy) - (3) - Sept. 25, 2010, 07:53:18 AM EDT

ICLRPD: This is RCMC quality. -NT - (drook) - Sept. 25, 2010, 10:49:55 AM EDT

I might actually agree with you - (beepster) - (1) - Sept. 25, 2010, 01:50:34 PM EDT

The things you are forgetting... - (folkert) - Sept. 25, 2010, 08:37:25 PM EDT

Oh, one more thing... - (Another Scott) - (7) - Sept. 24, 2010, 11:56:44 PM EDT

funny - (beepster) - (6) - Sept. 25, 2010, 10:58:39 AM EDT

No you're not - (drook) - (5) - Sept. 25, 2010, 02:08:31 PM EDT

This ---^ -NT - (Another Scott) - Sept. 25, 2010, 02:10:57 PM EDT

ok. - (beepster) - (3) - Sept. 25, 2010, 02:22:57 PM EDT

You've heard of "separation of powers" I assume? - (Another Scott) - (2) - Sept. 25, 2010, 02:39:50 PM EDT

not talking about the radio problem - (beepster) - (1) - Sept. 25, 2010, 02:44:09 PM EDT

The system is pretty good. - (Another Scott) - Sept. 25, 2010, 03:46:20 PM EDT

It's a bunch of RVs, yurts, tepees, and geodesic domes set up in a field and organized by consensus.
509 ms