STEPS Taking a Deeper Dive - Title Closing and Servicing ...

STEPS Towards Homeownership- Taking a Deeper Dive intoClosing, Title and NewServicing Issues

November 18th, 2021

Christopher Cook, VP TITLE 365

Abel Fregoso, Homebridge Financial

Marc Farfel, Lender Liaison, Transaction RescueManager, California Association of REALTORS®

SOURCE: California Association of REALTORS®page2

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Lending, Homeownership and Resource Update

SOURCE: California Association of REALTORS®

Transaction Rescue was established as the Finance Helpline in February of 2013.While we have adjusted the name a few times to Mortgage Rescue and now to itscurrent Transaction Rescue. http://mortgage.car.org to focus on Finance, Lending,Fair Housing, Better Business Bureau (BBB), Title and Property Valuation concerns.

As a Free Member Benefit, we focus on Education, Support and Expanding Optionsand Knowledge for our REALTORS® to be Local Experts for their Clients.

• Areas NOT covered by the Legal Hotline or offered through paid REBS courses

• We have three major areas that we divide our education:• Down Payment Assistance – http://FindDownPayment.car.org• STEPS Toward Homeownership http://on.car.org/STEPS• Individual Assistance for REALTORS® on their Transactions

[email protected] page5

The CALIFORNIA ASSOCIATIONOF REALTORS® TransactionRescue is a FREE C.A.R. memberbenefit providing you withinvaluable one-on-one assistancefor any of your mortgage relatedquestions or issues.

What can Transaction Rescuehelp you with?• Issue with a Lender• Finding a Lender• Loan Qualifications• Financing Assistance• Down Payment Assistance• Closing Delays• Title and Escrow• Short Sale• Forbearance• Foreclosure• Lending Discrimination• Appraisals• SBA Loans, PUA

Your direct line to all financeand mortgage related questions

(213) 739-8383

[email protected]

mortgage.car.org

7

Did you know?

63% of consumers would startsearching for a home if they

knew they could qualify for alow-down payment

Yes,63%

If you knew you couldqualify for a mortgage with amuch lower down payment,would you start to look for ahouse?

(n=1,008)

Source: 2019 C.A.R. Consumer Survey

C.A.R.’s Down PaymentResource Directory

http://FindDownPayment.car.orgWithin the C.A.R Tool, you can find:

• Participating Lenders

• Program Guide/Flyer

• Filters/Guidelines:• Special Groups (Teachers, Protectors, etc.)

• Eligible Properties

• Maximum Sales Price

• Eligible Borrowers

• Maximum Household Income

• Loan Terms

• Benefits

• Latest Updates

Get Down PaymentAssistance


Transaction Rescue™CALIFORNIA ASSOCIATION OF REALTORS®

Residential Lending in a

COVID-19-impacted Environment

STEPS Deeper Dive – A Look at Closing,

Title and Servicing Concerns

Abel Fregoso

Loan OriginatorHomebridge

Financial

Chris Cook

Vice PresidentTitle 365

Marc Farfel

Lender Liaison /Transaction RescueManager - California

Association of REALTOR®

STEPS Towards Homeownership – Taking a Deeper Dive

into Closing, Title and Servicing Issues2021 Conforming & High Balance Loan Limits

by County for Freddie & Fannie - (As of 1/01/2021)


Loan Limit Counties

$822,375 – Alameda, Contra Costa, Los Angeles, Marin, OrangeSan Benito, Santa Clara, Santa Cruz, San Mateo

$548,250 > San Diego, Ventura, Santa Barbara, San Luis Obispo, Monterey< 822.375 Napa, Sonoma, Yolo, Sacramento, Placer, El Dorado

$548,250 – All Remaining Counties for FHLMC/FNMA, FHA are less.

Link to Freddie Mac (FHLMC) / Fannie Mae (FNMA) 2021 Loan Limits▪ https://www.fhfa.gov/DataTools/Tools/Pages/Conforming-Loan-Limits-Map.aspx

Link to FHA Loan Limits just changed on the 24th of November for 2021 Limits – Conforming $548,250 max, less in many areas

https://entp.hud.gov/idapp/html/hicost1.cfm

The Federal Housing Finance Agency’s (FHFA) announcement to increase the 2021 conforming loan limits for mortgages acquired by Fannie Mae and

Freddie Mac to $548,250 on one-unit properties and a cap of $822,375 in high-cost areas. The previous loan limits were $510,400 and $765,600,

respectively. Higher Loan Limits = More Properties Available to Entry Level Buyers

Lending Terms /Abbreviations


• AUS – Automated Underwriting System• LPA – Loan Prospect Advisor (previously – Loan Prospector LP) (Freddie)• DU – Desktop Underwriter (Fannie)• GUS – Government Underwriting System• FICO – Fair Isaac Company (Loan Scoring Model Used By a Majority of Lenders / Investors)

• DPA – Down Payment Assistance• MI – Mortgage Insurance

• UFMIP - Up-Front Mortgage Insurance (FHA Loans)• MMI – Monthly Mortgage Insurance (FHA Loans)• PMI – Private Mortgage Insurance (Conventional Loans)• LPMI – Lender Paid Mortgage Insurance

• OO - Owner Occupied Borrower / Co-Borrower• NOO – Non-Owner-Occupied Borrower / Co-Borrower• FTHB – First Time Home Buyer• CalHFA – California Housing Finance Agency• GSFA – Golden State Finance Authority (Platinum)• Flipping – Selling within 3 months, with large value increase, may trigger Lender RED Flags• Calculations

• DTI – Debt to Income• LTV – Loan to Value and Combined Loan to Value (CLTV)• PITIA w/MI – Principal, Interest, Taxes, (Hazard) Insurance, Association Fees, and Mortgage Insurance

page10

Title Reports


Property Profiles

Preliminary Title Reports

Supplemental Reports

Title Date Downs

Key Reporting Items:

Property Details

Loan Encumbrance

Taxes

Liens (IRS, Mechanics, Judgments, ETC.)

Other Title & Closing Items


Default Concerns

Notifications

Timelines

Escrow

Closing Role, Instructions & Expectations

Statement of Information

Vesting / Possession Types (Sole, Shared, Business, Trust, etc.)

Types of Transfers / Releases (Grant, Warranty, Special, Quit Claim, etc.)

Wires

Important Things to Understand

Supplemental Taxes


A supplemental tax bill is one you get for additional charges not

covered by your annual tax bill. These tax bills are mailed directly

to the homeowner and are not paid out to the impound account.

Really never discussed or made aware of them

After a change in ownership the property is reassessed

The bill covers the difference between the previously assessed

value taxes and the newly assessed value. Think of it as catch-up

bill


Utilizing an ARC Agreementhttps://www.car.org/-/media/CAR/Documents/Alterian---

import/PDF/pdf/financehelpline/Sample-ARC-with-Fields-and-Instuction.pdf

Understanding Delinquency

Delinquent Mortgage Payments


Immediately reach out to servicer (no head in the sand

approach)

Ask for payment plan

Prove hardship (loss of job, illness)

Ask for modification or forbearance

Seek HUD counselor

Foreclosure


Notice of Intent to foreclose

o Lender must contact borrowers at least 30 days before beginning

the foreclosure process

Notice of Default

o Know your rights. Judicial vs nonjudicial

Notice of Trustee Sale

o If you don’t cure the default, an NTS can be filed five days before the

end of the three months period. The sale date must be at least 20

days after the end of the three months

Trustee Sale

o Sale takes place on the steps of the Court house between 9-5,

Monday through Friday

Foreclosure (Cont’d)


3rd Party Sale

o During a foreclosure auction, a 3rd party decides to buy the property

instead of reverting back to the lender

• Short Sale

o May be approved by the Lender(s) when Established Value is less than

Outstanding Debts

Deed in Lieu of a Foreclosure

o Defaulted borrower signs the deed over to the lender to avoid the

foreclosure process. The transaction is still perceived as a foreclosure.

Real Estate Owned/Bank Owned

o The property reverts back to the lender and now the lender owns the

property and must sell it in the open market

California AB 175


Governor Newsome executed on September 23rd, 2021, contains clarifications and negotiated itemsto SB 1079 (effective 1/1/21) - Some of the key elements:

Deadline to record the Trustee’s Deed Upon Sale to retain the relation-back priority isextended from 18 to 21 days (and from 45 to 60 days in the case of a Notice of Intent)

Clarified the definition of a Prospective Owner Occupant to exclude borrower-relatedtrust, and related actors on behalf of an entity borrower

Clarified that the Prospective Owner Occupant Affidavit must be delivered to thetrustee at the auction or by 5:00 pm the business day after the sale

Requires a Notice of Intent or bid received inside the 15-day period to include thestatutory affidavit regarding category of authorized bidder

Requires a Notice of Intent to be received by 5:00 p.m. on the 15th day after the sale. Confirms the Representative of All Tenant Bidders can submit a bid by the 45th day if at

least one tenant buyer submitted a Notice of Intent. Limits the information required to be provided by the trustee about the post-sale

auction process to the sale date, sale result & trustee contact information.page20

Other Title Process Concerns


Closing Protection Letter

o The letter will only offer coverage to who is included explicitly in the

document

Quit Claim Deed

o A document by which a grantor conveys his or her present interest

in real property to a grantee without representing or warranting

that the title is good.

Loss Mitigation Tools:

Forbearance – Pause in time, usually proving Hardship

Modification - Mutually agreed upon change in the terms and

conditions of the Security Instruments (Rate, Term, Recapitalization of

Outstanding Debt, or a combination of any or all of these)



o PACE - Property Assessed Clean Energy

o HERO - Home Energy Renovation Opportunity

o A Supplemental Item attached through Tax Lien for the potential

improvements to the property, NOT ABLE TO BE FINANCED during

Loan Refinance or Home Sale, MUST BE PAID OFF without

potential Value Enhancement.

o Exceptions may exist for Termination & Re-Attachment - Sale

o Subordination, with the exception of FHA



o HELOC / 2nd TD

o Zero Balance Concern vs. Payoff Reconveyance

o Lien Position and LTV/CLTV Concerns

o Loan Type Limitations

o Reverse Mortgage

o Taxes & Insurance Maintained

o Primary Residence, Valuation Determination needed for Sales

o Rules Upon Death of the Primary Borrower

Possession AlternativesVesting / Ownership

Sole Ownership


Sole ownership may be described as ownership by an individual or other entity capable ofacquiring title. Examples of common vesting cases of sole ownership are:

1. A Single Man or Woman, an Unmarried Man or Woman or a Widow or Widower:

A man or woman who is not legally married or in a domestic partnership. For example:Bruce Buyer, a single man.

2. A Married Man or Woman as His or Her Sole and Separate Property:A married man or woman who wishes to acquire title in his or her name alone.

The title company insuring title will require the spouse of the married man or womanacquiring title to specifically disclaim or relinquish his or her right, title and interest tothe property. This establishes that both spouses want title to the property to be grantedto one spouse as that spouse’s sole and separate property. The same rules will applyfor same sex married couples. For example: Bruce Buyer, a married man, as his soleand separate property.

Sole Ownership


Sole ownership may be described as ownership by an individual or other entitycapable of acquiring title. Examples of common vesting cases of sole ownership are:

3. A Domestic Partner as His or Her Sole and Separate Property:

A domestic partner who wishes to acquire title in his or her name alone.

The title company insuring title will require the domestic partner of the personacquiring title to specifically disclaim or relinquish his or her right, title andinterest to the property. This establishes that both domestic partners want titleto the property to be granted to one partner as that person’s sole and separateproperty. For example: Bruce Buyer, a registered domestic partner, as his soleand separate property.

Co-Ownership


Title to property owned by two or more persons may be vested in the following forms:

1. Community Property:A form of vesting title to property owned together by married persons or by domesticpartners. Community property is distinguished from separate property, which is propertyacquired before marriage or before a domestic partnership by separate gift or bequest, afterlegal separation, or which is agreed in writing to be owned by one spouse or domesticpartner.

In California, real property conveyed to a married person, or to a domestic partner ispresumed to be community property, unless otherwise stated (i.e. property acquired asseparate property by gift, bequest or agreement). Since all such property is owned equally,both parties must sign all agreements and documents transferring the property or using it assecurity for a loan. Each owner has the right to dispose of his/her one half of the communityproperty by will. For example: Bruce Buyer and Barbara Buyer, husband and wife, ascommunity property, or Sally Smith and Jane Smith, registered domestic partners ascommunity property. Another example for same sex couples: Sally Smith and Jane Smith, whoare married to each other, as community property.

Co-Ownership – (Cont’d)



2. Community Property with Right of Survivorship:

A form of vesting title to property owned together by spouses or by domestic partners.This form of holding title shares many of the characteristics of community property butadds the benefit of the right of survivorship similar to title held in joint tenancy. Theremay be tax benefits for holding title in this manner. On the death of an owner, thedecedent’s interest ends and the survivor owns all interests in the property. For example:Bruce Buyer and Barbara Buyer, husband and wife, as community property with right ofsurvivorship, or John Buyer and Bill Buyer, husband and husband, as communityproperty with right of survivorship. Another example for same sex couples: Sally Smithand Jane Smith, registered domestic partners, as community property with right ofsurvivorship.



3. Joint Tenancy:A form of vesting title to property owned by two or more persons, who may or may not bemarried or domestic partners, in equal interests, subject to the right of survivorship in thesurviving joint tenant(s). Title must have been acquired at the same time, by the sameconveyance, and the document must expressly declare the intention to create a jointtenancy estate. When a joint tenant dies, title to the property is automatically conveyed byoperation of law to the surviving joint tenant(s). Therefore, joint tenancy property is notsubject to disposition by will. For example: Bruce Buyer, a married man and George Buyer, asingle man, as joint tenants.

Note: If a married person enters into a joint tenancy that does not include their spouse, thetitle company insuring title may require the spouse of the married man or woman acquiringtitle to specifically consent to the joint tenancy. The same rules will apply for same sexmarried couples and domestic partners.




4. Tenancy in Common:

A form of vesting title to property owned by any two or more individuals in undividedfractional interests. These fractional interests may be unequal in quantity or duration andmay arise at different times. Each tenant in common owns a share of the property, isentitled to a comparable portion of the income from the property and must bear anequivalent share of expenses. Each co-tenant may sell, lease or will to his/her heir that shareof the property belonging to him/her. For example: Bruce Buyer, a single man, as to anundivided 3/4 interest and Penny Purchaser, a single woman, as to an undivided 1/4interest.



1. A Corporation*:A corporation is a legal entity, created under state law, consisting of one or moreshareholders but regarded under law as having an existence and personality separatefrom such shareholders.

2. A Partnership*:A partnership is an association of two or more persons who can carry on business forprofit as co-owners, as governed by the Uniform Partnership Act. A partnership may holdtitle to real property in the name of the partnership.

3. Trustees of a Trust*:A Trust is an arrangement whereby legal title to property is transferred by a grantor to aperson called a trustee, to be held and managed by that person for the benefit of thepeople specified in the trust agreement, called the beneficiaries. A trust is generally notan entity that can hold title in its own name. Instead title is often vested in the trustee ofthe trust. For example: Bruce Buyer trustee of the Buyer Family Trust.

Other Ways of Vesting Title Include as:


4. Limited Liability Companies (LLC)*:This form of ownership is a legal entity and is similar to both the corporation and thepartnership. The operating agreement will determine how the LLC functions and istaxed. Like the corporation its existence is separate from its owners.

*In cases of corporate, partnership, LLC or trust ownership - required documents mayinclude corporate articles and bylaws, partnership agreements, LLC operatingagreements and trust agreements and/or certificates.

RememberHow title is vested has important legal consequences and tax consequences. The taxconsequences may be different for same sex legally related couples. You may wish toconsult an attorney or tax advisor to determine the most advantageous form ofownership for your particular situation.

FOOTNOTE (1): Note: Registered domestic partnership status is not limited to same sexcouples.

Other Ways of Vesting Title Include as:

Wire Fraud

Wire Fraud Concerns


Caution:Wire transfer fraud is on the rise. If you receive an email ortext message containing wire instructions, call the closingagent or attorney at a verified phone number immediately toconfirm the information prior to sending the funds. You willnever receive wire instructions or changes to previouslyprovided wire instructions from Guild Mortgage Company.Any such communications should be considered suspiciousand reported to your Loan Officer. For more information, visitour wire fraud Webpage:

https://www.guildmortgage.com/tips-protect-wire-fraud/

CommunicationsWire Warnings

Language and general letter contact:

• WIRE FRAUD IS ON THE RISE. PROTECTYOUR FUNDS. Do not wire funds basedon an email request, without verbalconfirmation. (Lender Name) willNEVER request that borrowers wirefunds in connection with theirtransaction.

• Any changes to wiring instructions orpayoff instructions or amounts are redflags and should be verified.

Other Information

37

Qualified Mortgage (QM) Loans

• Conventional Loans

• Conforming Loans (Fannie Mae & Freddie Mac)

• Low Down Payment Loans (3% & 5% Down)

• Fannie Mae Home Ready

• Freddie Mac Home Possible & Home One

• Down Payment Assistance 1st TD Loans – Backed by State & Local Housing Finance Groups(w/CalHFA & GSFA 2nd TD’s)

• Government Loans

• FHA – 3.5% down

• VA – 0% down

• USDA – 0% down

• High Balance & Jumbo Loans

38

Key Elements Changing on New RPALender Limits Relating to Seller Credits

Maximum Interested Party Financing Concessions Updated – 10-28-21

Financing Concessions: Financing concessions are funds that originate from an interested party to the transaction that are used to:−Reduce permanently the interest rate on the Mortgage−Fund a buydown plan to temporarily subsidize the Borrower’s monthly payment on the Mortgage−Make contributions in any way related to the Borrower’s Closing Costs, including up to twelve (12) months of HOA dues

Freddie Mac (FHLMC)

FHA:

VA: (note that VA is the only one that allows seller to payoff borrowers credit balances)

FHLMC:

:

VA: (note that VA is the only one that allows seller to payoff borrowers credit balances)

Fannie Mae (FNMA)

39

Key Elements Changing on New RPAFinancing & Closing Related

Paragraph 3E(3) Occupancy defaults to primary (like in current contract) but gives two alternate choices,Secondary (home) or investment. - Important if 2nd home or distance, or occupying

Paragraph 3G(1) Seller credits to be applied to closing costs (not open ended like in current contract)- specific limits as to amounts and purpose see attached

Paragraph 4A Separate addendum for Manufactured home purchases (C.A.R. Form MF-PA). Mobile homepurchase agreement is being discontinued. - important based on rental park or mobile, as itwill affect Down, and lender capacity

Paragraph 23 If buyer assigns contract, the assigned must provide seller with the same prequalification orpreapproval type as the named buyer – I understand this may include adding/replacing co-coborrower, so this is something to check w/Lender based on timing

Paragraph 8A(1) If buyer waives appraisal contingency, and property does not appraise, and failure to appraise isreason lender will not loan, buyer does not have a contractual right to cancel – May affectLending based on loan type

Paragraph 8A(2) If lender will not make loan because buyer has not acquired insurance, and buyer has alreadyremoved investigation contingency, buyer does not have a contractual right to cancel – simplesolution in advance, don’t get to this final stage without conversation

40

Non-Qualified Mortgage(Non-QM) or “Niche” Loans

• For self-employed borrowers

• Tax Return Issues• Timing of Filing, Write-Offs, Income Inconsistencies (banner, up/down, etc.)

• Options for this type of issue• 12-month bank statement programs• 24-month bank statement programs (Business Name, Ownership interest & Expense Ratio)• 1 yr. Tax Return (rather than normal 2 years needed)

• Asset Allocation/Depletion/Qualifier Loans (utilizing cash assets)

• Land, Renovation & Other Portfolio Loans

• Credit Event Loans – Recent Foreclosure, BK, Credit Derogatory, etc.

41

REALTOR® Resource: A checklist of seriousbuyer financing challenges (Red Flags)

Buyers with one or more of these issues will find it very difficult to qualify for a conventional or government-insuredloan. Realtors should proceed with caution before submitting purchase offers for buyer’s with these issues:

The buyer has one or more years of unfiled tax returns The buyer is married but the non-buying spouse is not available or unwilling to cooperate with the purchase All of the buyer’s income sources are cash and have not been reported for income tax purposes The buyer is self-employed with minimal net business income reported in recent tax years One or more of the buyers will not occupy the property as their principal residence The buyer’s assets are all cash and can’t be sourced The buyer discharged bankruptcy within the last 24 months or had a foreclosure less than three years ago The buyer’s Social Security number is not valid Buyer is a non-citizen and is not a permanent resident (green card holder) and they do not have a valid work

authorization card The property the buyer wants to purchase has serious health and safety problems, sub-standard non-permitted

improvements and can not be immediately occupied by the buyers

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Loan Approval and Closing Steps

Prequalification - Lenderprovides an estimate ofbuying power based onunverified information.

Preapproval - Income,asset and credit

documents have beenreviewed, file scored by

AUS and if neededunderwriter.

Conditional approval -Underwriter has

approved the file withconditions to be

satisfied prior to closing

Clear to close -Underwriter hassigned-off on all

closing conditionsprior to release of

loan docs.

Funding conditions- Borrower’s credit,income, and assets

are updated andreviewed prior to

funding.

Loan Closes!

<<< Pre-contract stages >>> <<< Contract stages >>>

Remember, loan approval is a dynamic, ongoing process that takes place up to and including theclosing date! Help your buyer stay mortgage-ready through the entire process!

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Homebuying Team

• REALTOR®

• Lender

• Attorney

• Escrow Officer

• Title Insurance Officer

• Housing Inspector

• Appraiser

• Surveyor

• Insurance Agent

• Housing Counselor

44

What TRID Means for the REALTOR®

• What does TRID stand for?• TILA (Truth-in-Lending Act 1974)• RESPA (Real Estate Settlement Procedures Act)• Became TILA-RESPA Integrated Disclosure Rule (effective Oct. 3, 2015).

• From this Rule came 2 new disclosures forms:• Loan Estimate (LE)• Closing Disclosure (CD).

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What is TRID & What OurREALTORS® Should Know

Lenders must comply with very strictconsumer disclosure requirementsmandated by the Truth-In LendingRESPA Integrated Disclosure rules. TRIDimposes specific time frames for issuingthe Loan Estimate and ClosingDisclosures. Most loan changes willrequire re-disclosures and a new waitingperiod. Buyers often have questionsabout the TRID disclosure documents,REALTORS® can familiarize themselveswith these documents atwww.consumerfinance.gov/owning-a-home/

Questions?

Thank you

California Association of REALTORS®

CAR Resources:http://on.car.org/STEPS

http://www.car.org/FinWebinarshttp://mortgage.car.org

CALIFORNIA ASSOCIATION OF REALTORS®

California Association of REALTORS® Free Member Benefit:

page49

Loan Education:

• FHLMC – Freddie Mac - http://www.freddiemac.com/creditsmart/

• FNMA - Fannie Mae - https://www.frameworkhomeownership.org/get-started/homebuyer-education

Down Payment Assistance (DPA) programs

• GSFA Materials:

• https://wholesale.lhfs.com/download/GSFA_Gov_FHA_Select.pdf

• https://www.eprmg.net/guidelines/NHF-GSFA%20Platinum%20FHA.pdf

• CalHFA

• https://www.calhfa.ca.gov/homeownership/bulletins/index.htm

• https://www.calhfa.ca.gov/homeownership/materials/index.htm

• https://www.calhfa.ca.gov/homeownership/programs/myhome.pdf

HUD Counselor Selection Options

Loan Limits: Conventional Loan Limits FHA Loan Limits

CALIFORNIA ASSOCIATION OF REALTORS®

California Association of REALTORS® Free Member Benefit:

page50

• Transaction Rescue™

• Assist you with Communication & Escalations with Your Lender

• Property Concerns with Valuations, Title, & Vesting.

• Provide Insights to Lender & Down Payment Assistance

Website http://Mortgage.car.org

• Email [email protected]

• Hotline (213) 739-8383

• Webinars http://car.org/FinWebinars

https://www.amortization-calc.com/ - amortization schedule for mortgages to show

how much is going toward principal & interest.

https://www.calculator.net/amortization-calculator.html - another site that I

use to show amortization schedule along with figuring out mortgage P&I

Speaker Contact Information


Title 365Chris W. Cook | Vice President, Client Relations

Direct : 714.287.1350Email : [email protected]

HomeBridge FinancialABEL FREGOSO, JR, Mortgage Loan Originator, NMLS #1567894

o: 951-294-9123 c: 619-572-3316 f: 877-592-0950e: [email protected]

web: www.Homebridge.com/AbelFregoso

STEPS Taking a Deeper Dive - Title Closing and Servicing ...

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