Blog

18 Nov

Q & A | May we pay the property taxes for 2015 and insure that 2016 taxes are “not yet due and payable”?

Q: May we pay the property taxes for 2015 and insure that 2016 taxes are “not yet due and payable”? A: Short Answer is “no”.   Please read on as Procedural Rule P-20.C.1 contains the phrase “ for the year of the issuance of the Loan Policy or Interim Binder” therefore the “no” answer applies to all

14 Oct

Q & A | Will an Owner’s Policy provide insurance coverage for an illegal lot situation?

Q: Will an Owner’s Policy provide insurance coverage for an illegal lot situation (land division without compliance with the subdivision regulations and ordinances)? A: No, due to an Exclusion from Coverage found in the promulgated language of the jacket that excludes coverage for any loss, damage, costs, expenses, attorney’s fees  and/or the effect of a

12 Aug

Q & A | May a devisee under a probated will excute a formal disclaimer of their interest in the decedent’s estate in order to avoid the attachment of child support arrearages owed by said beneficiary?

Q: May a devisee (“beneficiary”), who would otherwise inherit property, real or personal, under a probated will execute a formal disclaimer of their interest in the decedent’s estate in order to avoid the attachment of child support arrearages owed by said beneficiary? A: No. Effective January 1, 2014, Texas Estates Code 122.107 states that a

15 Jul

Q & A | Can a T-23 Access Endorsement be issued on a road or street or highway that is not physically open?

Q: Can a T-23 Access Endorsement be issued on a road or street or highway that is not physically open? A: No. The T-23 insures against loss if the land does not abut and have actual vehicular and pedestrian access to and from a named street/road/highway and insures against loss sustained by the insured if

15 Apr

Q & A | What do I need to know about CFPB?

Q: What do I need to know about CFPB? A: The CFPB is the Consumer Financial Protection Bureau.  It is an independent bureau within the Federal Reserve System, created by the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was enacted in 2010 and implemented the most significant changes to financial regulation in the United States since the regulatory

11 Mar

Q & A | Revision of the “Prepayment Penalty”

Q: The FHA has always required borrowers to pay interest through month end, irrespective of the actual date the payoff was received by the lender, when a borrower paid a loan off prior to maturity.  Did the CFPB revision of the definition of “prepayment penalty” under the Ability to Repay and Qualified Mortgage rules mean

11 Feb

Q & A | Reverse Mortgage Forms

Q: Since Reverse Mortgages are not covered by the new TILA-RESPA Rule, does a lender have the option to use the new Integrated Disclosure Forms (Loan Estimate and Closing Disclosure) on these transactions? A: The CFPB has answered this question, stating that the lender would not be prohibited from using the new disclosure forms on