Upcoming Events

NJICLE Seminar: The NEW Real Estate Checklist – The Only Way to Do Closings in 2016! **Jon Timpanaro, Business Development Manager, Fortune Title Agency, presenter, “Title Closing Checklists and Issues”** February 23, 2016 – 9:00am to 12:30pm – Wilshire Grand, West Orange, NJ **Nicole Plath, CEO, Fortune Title Agency, presenter, “Title Closing Checklists and Issues”** March 8, 2016 – 9:00am to 12:30pm – Law Center, New Brunswick, NJ NJSBA 2016 Solo & Small Firm Conference **Fortune Title Agency, event sponsor and exhibitor** March 5, 2016 – 8:00am to 4:00pm – Hilton, Parsippany, NJ March 19, 2016 – Crowne Plaza, Cherry Hill, NJ ALTA 2016 Business Strategies Conference – March 16-18, 2016 – JW Marriot, Indianapolis, IN **Nicole Plath, CEO, Fortune Title, speaker, “Compliance Is a Culture, Not Just A Policy”** March 17, 10:30-11:30am, Rooms 309 & 310 **Jon, Timpanaro, Business Development Manager, Fortune Title Agency, panelist, “A Lender, A Realtor and a Title Agent Walk Into Bar…”** March 17, 10:30-11:30am, Room...

Fortune Fact – We’re a Culture of Teamwork & Lifelong Learning

Fortune Title Agency goes above and beyond the required staff training as we approach continuing education as a vital and active, everyday event.  Our production room is filled with the sound of managers and staff discussing and resolving issues, together, as a team.  At Fortune Title Agency everyone is at once a student and a teacher, dedicated to lifelong learning and working collaboratively to improve the knowledge of...

We’re All in This Together!

By Nicole Plath   I recently attended a meeting with title agents from all across the country to discuss the issues that we, as an industry, face today.  Our topic of discussion was TRID (aka “Know Before You Owe”).  During the discussion, we were joined by two Lenders who added their unique perspectives.  It was an honest and enlightening exchange of experience and ideas, from which one singular message rang out loud and clear: We’re All in This Together!   The Final Rule, published November 20, 2013, and effective October 3, 2015, gave our industry almost two years to prepare for a monumental change to our forms, our processes and our relationship to the consumer.  While it may seem like we had more than enough time to prepare for this, I don’t think any amount of time would have truly sufficed.  There’s a big difference between training, practicing, and testing and going through a real transaction from start to finish.   It’s no secret that everyone in our industry – Lenders, Realtors, Real Estate Attorneys, Title Agents, and consumers alike – have struggled with adherence to the rule.  In December of 2015, Moody’s reported that several third-party firms found TRID violations in more than 90 percent of the loans that were audited, which means they’re most likely not marketable on the secondary market.  We are facing two problems here; change, and the rule itself.   Although in effect for over four months now, many people are still just learning the basics of TRID.  Even those who are well educated on the Final Rule are struggling to determine how to...

Ask Nick – Mortgagor Not Served

Question: We have a property that our client purchased at Sheriff’s sale. The original mortgagor was not named in the foreclosure action because he conveyed 100% of his interest in the property prior to the foreclosure to a third party (and that third party was named). In doing some research it appears that the mortgagor is not a necessary party if he has conveyed 100% of his interest in the property and the lender does not intend to pursue a deficiency action. In this case, the statute of limitations on the note has run, as the default was in 2007. Hence, as a matter of law there can be no deficiency. Would you be able to insure this purchase? Answer: We would definitely be able to insure this purchase transaction. Since the mortgagor is no longer in title, the only interest he had was his obligation to the note, not the property. He did not need to be named. Further, since he was not served, the lender cannot pursue a deficiency. Therefore we would be able to insure without an issue in this transaction. Do YOU have a title query? Please submit your question to info@fortunereo.com. Check back regularly and sign up for our e-newsletter for Nick’s answers to client questions and his thoughts on topics related to all aspects of the title industry. Under no circumstances is Fortune Title Agency, Inc. or any of its employees giving any legal advice.  The Ask Nick Q’s and A’s are based on situations that the company has experienced and is sharing with the public for informational purposes only.  Always contact your attorney for any legal...

Fortune Cares – The NJ Seeds Scholars Program

This month Fortune Cares is privileged to volunteer as tutors and mentors for the NJ Seeds Scholars Program, assisting high achieving but economically disadvantaged 8th graders with their prep for 9th grade placement in independent schools. It is deeply rewarding to share our love of learning with these students who are working so hard in this 14-month program that not only prepares them academically, but also ensures their acceptance into rigorous independent day and boarding schools. The NJ Seeds Scholars Program is led by educational coordinators who pair volunteers with students, guiding them through homework assignments, test prep and school applications.  It’s an educational partnership that truly nurtures a student’s critical thinking, love of learning and self-confidence by opening the door to a quality education that these students surely deserve. For more information about the NJ Seeds Scholars Program, go to http://njseeds.org/scholars-program/. Just an hour of your time makes a lifetime of difference for these students.  Volunteer...