'COUNT' ON OWNERS TITLE INSURANCE
Before Dodd-Frank regulations, Dracula could get a mortgage loan. He could fog a mirror, even if he couldn’t be seen in it and therefore he qualified. Dracula had observed many trends in his time, but nothing like this craze for home loans. In the deregulation of lending, money had become easy to get, and big-ticket items like home ownership were all the rage. Homes were also more expensive because the demand was there. The Count figured he’d save his stash of cash and get a home mortgage loan. What he didn’t know is that the boys in the back were bundling his loan, and selling it three more times.
Dracula had been renting a roost, but the problem with renting is that he was always having to find another place; something always happened to the owner. Dracula had a lot of heavy Old World antiques and he was tired of moving them. Plus, belfry properties were becoming more scarce.
The closing was scheduled for after sunset, per the buyer’s request, and all aspects of it were legitimate. Dracula had a keen sense to smell a rat, but not mortgage fraud. No one at the closing company could see that the mortgage company took Mr. Dracula’s loan behind the scenes and assigned it to three different lenders. The mortgage company was collecting fees each time they sold it. That’s good work if you could get it—and not get caught—one loan, sold three times.
The Count was not happy with that count! When he found out, he released his bats to drive that fraudulent mortgage company absolutely batty.
Dracula was happy with his Owners Title Insurance Policy, though. Regardless of the mortgage loan fraud, Dracula could count on Owners Title Insurance to protect his financial investment in real estate. (He didn’t smile too much because people found his fangs off-putting.)
Since the Dodd-Frank Act of 2010, mortgage fraud is more difficult. However, the nature of fraud is constantly evolving. Meanwhile Owners Title Insurance remains the same to protect property owners financially from unforeseen complications with their ownership rights. It’s expensive to be right, and it’s the homeowner’s responsibility to defend that right, otherwise wrong wins. An Owners Title Insurance Policy provides the legal team to defend your ownership rights, and will pay out the policy amount if necessary.
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