Ask Your Title Officer

asktitleofficer

Chuck Bishop | Vice President, Senior Title Officer
California Title Company | San Diego

Q: The “owner’s” title insurance on our home was issued through your office. The value of the property has increased due to construction done last year. Can we get additional coverage for the new value?
A. One way we can help to address this situation is by a “reissue” of the owner’s coverage for the higher value. This may be available provided there has been no change of ownership. The process can also be used to change the form of coverage. One example is where the original policy was CLTA Standard coverage. However, now the property qualifies for the more comprehensive “ALTA/CLTA” Homeowner’s policy. In each case, all the usual “title” concerns exist. It may be necessary to provide an appraisal or other material supporting the new value. Post-policy matters such as easements or restrictions would need to be shown on the reissue policy. In addition, taxes and possible mechanic’s liens will have to be addressed. Each case is unique. Contact our Title Department for help with your situation.

 

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DIRECT: 844.544.2752 | EMAIL: cs@caltitle.com
CUSTOMER SERVICE HOURS: MON-FRI | 8:30 a.m. – 5:30 p.m.

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“Quicken Loans brings digital mortgages to secondary market through eOriginal partnership”

Quicken Loans brings digital mortgages to secondary market through eOriginal partnership

Digitalizes final steps of Rocket Mortgage

Quicken loans

A new partnership between Quicken Loans and eOriginal takes the digital mortgage to the next level and helps bring it to the secondary market.

Through the partnership, Quicken Loans’ end-to-end online mortgage platform, Rocket Mortgage, will be able to digitally create an electronic note, and securely store it as an authoritative copy with delivery to both custodians and the secondary market.

The electronic place the eNote is stored is known as the eVault. A break down of all the digital mortgage terms can be found here.

eOriginal added that the eNote will accelerate the time between origination and replenishment of capital, which is a part of the mortgage process that has struggled to go digital.

“Quicken Loans has worked diligently to provide clients a completely online mortgage experience from application to closing. The next step in this evolution is to digitally move the note to the industry stakeholders who need it,” said Jay Farner, Quicken Loans CEO.

When Quicken Loans first unveiled the first-ever digital mortgage nearly two years ago, the industry was quick to point out that the closing process failed to live up to the digital standard.

Users would complete most of the mortgage process online and then hit a roadblock when it was time to close the loan.

However, as of late, the industry has started to make a lot of progress in electronic closings.

Earlier this month, Quicken Loans’ sister company, Title Source, an independent provider of title insurance, valuations and closing services, announced it partnered with the eClosing platform company Pavaso. Title Source’s partnership with Pavaso allowed Quicken Loans’ clients to finish the mortgage process online.

“Our goal is to provide a closing experience that is fast and easy, both for the closing agent and the client they are helping,” said Title Source Chief Operating Officer Brian Hughes on the announcement. “Rather than dealing with a mountain of paperwork, a digital closing allows clients to scroll through every page of their closing package, eSigning each document as needed.”

This latest announcement with eOriginal now takes the eClosing one step further and gives Rocket Mortgage the ability to create an eNote and store it in an eVault.

The announcement explained that from an investor perspective, the eNote is the most critical component of a mortgage transaction.

And the digital concern to investors has been enough to hold up the final stages of the closing process and moving into the secondary market.

Nancy Pratt, Pavaso vice president of Partner Relations & Government Affairs, previously explained that a hybrid closings are necessary since many investors still require a physical, rather than digital signature for certain closing documents.

The hold up wasn’t due to the capability to make this part digital but from investors only accepting wet signatures.

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