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HUD No. 11-292

Lemar Wooley

(202) 708-0685 FOR RELEASE


December 28, 2011


WASHINGTON – In an effort to continue stabilizing home values and improve conditions in communities experiencing high foreclosure activity, Acting Federal Housing Administration Commissioner Carol J. Galante today extended a temporary waiver of FHA’s anti-flipping regulations through 2012. Read FHA’s anti-flipping waiver.

“This extension is intended to accelerate the resale of foreclosed properties in neighborhoods struggling to overcome the possible effects of abandonment and blight,” said Galante. “FHA remains a critical source of mortgage financing and stability and we must make every effort to promote recovery in every responsible way we can.”

With certain exceptions, FHA rules prohibit insuring a mortgage on a home owned by the seller for less than 90 days. In 2010, however, FHA temporarily waived this regulation through January 31, 2011, and later extended that waiver through the remainder of 2011. The new extension will permit buyers to continue to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. It will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities.

The extension announced today is effective through December 31, 2012, unless otherwise extended or withdrawn by FHA. All other terms of the existing Waiver will remain the same. The Waiver contains strict conditions and guidelines to prevent the predatory practice of property flipping, in which properties are quickly resold at inflated prices to unsuspecting borrowers. The Waiver continues to be limited to sales meeting the following conditions:

All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction;

In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the Waiver will apply only if the lender meets specific conditions, and documents the justification for the increase in value; and

The Waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

Since the original waiver went into effect on February 1, 2010, FHA has insured nearly 42,000 mortgages worth more than $7 billion on properties resold within 90 days of acquisition.

FHA research finds that in today’s market, acquiring, rehabilitating and reselling these properties to prospective homeowners often takes less than 90 days. Prohibiting the use of FHA mortgage insurance for a subsequent resale within 90 days of acquisition adversely impacts the willingness of sellers to allow contracts from potential FHA buyers because they must consider holding costs and the risk of vandalism associated with allowing a property to sit vacant over a 90-day period of time.

Read FHA’s anti-flipping waiver.

Art Oswald, LLC dba

551 404 5341

Skype: art.oswald


The richest man is not the one with the most stuff – it is the one with a satisfied mind.


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Continuing Ed for Title Agents


FOR IMMEDIATE RELEASE CONTACT: Susan Nolan Candace Thorson NCOIL National Office 518-687-0178 NCOIL TO TAKE TOUGH LOOK AT TITLE INSURANCE REGULATION, WEIGHS NEED FOR MODEL LAW Point Clear. Alabama. November 18. 2012-lawmakers at the NCOIL Annual Meeting kicked off their review of the title insurance market and committed to exploring possible model legislation in 2013. The special November 16 panel discussion held by the Property-Casualty Insurance Committee responded to strong legislator interest in the issue at the Summer Meeting and focused on cost and competition concerns, among other things. Participating in the discussion were Commissioner Joe Murphy (MA) who overviewed various National Association of Insurance Commissioners (NAIC) title insurance efforts; Justin Ailes of the American land Title Insurance Association, who outlined how title insurance works and its economic impacts; and Robert Holman representing the National Association of Independent land Title Agents (NAILTA) who spoke to conflict-of-interest concerns, among other items. Sen. Carroll Leavell (NM), who served as NCOIL President at the time of the discussion, asserted after the debate that “We need to pay close attention to anything that costs homebuyers money-particularly in today’s troubled market and particularly when there are very real concerns over unfair pricing. That’s a major motivation in looking at this issue.” Rep. Steve Riggs (KY), P-C Committee Chair, commented that: Title insurance plays a necessary role in the proper functioning of real estate markets around the country. The coverage can protect both lenders and consumers and prevent much difficulty down the road. But-like all forms of insurance-it must be properly regulated. State laws must exist to ensure that consumers know what they’re buying, know their options, and know that they’re paying a fair price. Our investigation into the effectiveness of title insurance oversight will identify any regulatory gaps. During the course of the discussion, Mr. Ailes said that title insurers in 201 1 had a combined ratio-in other words, the amount of expenses and losses as related to premium earned — of 112.7 percent, compared to the rest of the p-c industry’s ostensibly healthier 108.3 percent. He explained that title insurance covers against past events, rather than-like auto insurance, for instance-possible future losses, and that the title insurance industry was working on best practices to enhance efficiencies and consumer protections. Mr. Holman said consumers should be concerned about consolidation and anti-competition, noting that just four companies write a significant majority of coverage in the U.S. He said that arrangements between title insurers and entities such as realtors and settlement lawyers limit consumer choice and help increase prices. He also commented that improvements and protections were warranted. At the conclusion of the Committee meeting, the group adopted a 2013 Committee charge to investigate title insurance concerns and take a position as appropriate. Title insurance-which is primarily a U.S. phenomenon-protects lenders from liability and losses related to land title disputes. Lenders require their borrowers to purchase title insurance on lenders’ behalf in order to secure a loan. The borrower can buy title insurance for himself if he chooses-at an additional cost. The NCOIL Annual Meeting took place from November 15 to 18 in Point Clear, Alabama. The 2013 Spring Meeting will be held March 8 to lain Washington, DC. NCOIL is an organization of state legislators whose main area of public policy interest is insurance legislation and regulation. Most legislators active in NCOIL either chair or are members of the committees responsible for insurance legislation in their respective state houses across the country. More information is available at For further details, please contact the NCOIL National Office at 518-687-0178 or by e-mail at

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Continuing Ed for Title Agents

PA – Full-Time – Title Examiner/Reader

Job Description: Overview: POSITION SUMMARY: Responsible for the reading/examination and completion of all assigned tasks required for property title searches, ranging in various levels of complexity, to determine the status of title, encumbrances, objections and exceptions for the Mid-Atlantic area. This position has in-house opportunities in Doylestown, Harrisburg, Media, Philadelphia, Reading and West Chester, Pennsylvania. Responsibilities: ESSENTIAL DUTIES AND RESPONSIBILITIES: 1. Review abstract of title, tax and survey information and other applicable documents in their entirety for accuracy and completeness to ensure final product meets defined company/industry standards. 2.Verify vesting and encumbrances to title. 3. Read/Examine documents to set forth objections and exceptions to title using underwriter codebook. 4. Ensure that all rules and guidelines were followed in search. 5. Assist and advise typist in preparing title report/commitment. 6. Perform other duties and responsibilities as assigned. The duties and responsibilities listed above are representative of the nature and levels of work assigned and are not necessarily all-inclusive. SUPERVISORY RESPONSIBILITIES: None TRAVEL: None PHYSICAL DEMANDS: The work is sedentary, typically employee sits comfortably to do the work. There may be some walking; standing; bending; carrying of light items such as paper, books, or notebooks. WORKING ENVIRONMENT: Work is normally performed in a typical interior/office work environment that requires normal safety precautions. This position is located the Pennsylvania office. Qualifications: EDUCATION/EXPERIENCE External Candidates Required: * High School Diploma or GED * Minimum 24 months prior title reading/examination experience including probate, foreclosure and bankruptcy * Proficient in Microsoft Office, Internet Explorer, and Web navigation Preferred: * 3+ years experience performing title readings/examinations with complex title issues including probate, foreclosure and bankruptcy * Prior title clearance experience * Proficient in use of company order processing platform Internal Candidates Required: * Minimum 12 months prior title reading/examination experience, including probate, administration, foreclosure and bankruptcy * Must have successfully completed a minimum of 90 days at RedVision * Must have successfully completed a minimum of 30 days as a member of the RedVision Title Team as an Intermittent Employee * Must currently be performing at the acceptable standard of Grade A or B on a RedVision production team SKILLS/COMPETENCIES Required: * Ability to work in an accurate, detail-oriented and highly productive manner * Working knowledge of legal documents affecting title to real property and methods by which they are recorded, liens, encumbrances and circumstances that affect title to real property * Knowledge of local filing requirements, recording fees, and abstracting procedures * Knowledge of surveys and plotting metes and bounds * Familiarity with all procedures performed in commitment production-including abstracts, examinations, document retrieval, surveys, plat maps, tax data, etc. * Ability to perform basic mathematical calculations and tasks requiring detail, concentration, and accuracy * Ability to communicate professionally, both verbally and in writing * Ability to work both independently and contribute in every aspect to a team environment

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Continuing Ed for Title Agents