Posted by BrendaTx on 3/22/10 9:25am
Msg #328349

Interesting BOA v. First American Lawsuit

http://www.dsnews.com/articles/bank-of-america-sues-first-american-2010-03-19

Reply by jba/fl on 3/22/10 9:39am
Msg #328351

"But according to multiple media reports, the title policies were issued under what was called the QuickClose Program, more of a “lien protection” plan than full-fledged title insurance. Mortgage lenders, including Bank of America, started turning to these lien protection plans because they were faster and cheaper, in order to keep up with the pace of the booming real estate market in the middle part of the last decade."

But, I'll bet the homeowner was still charged full fledged fees for these "quickie" policies. Now will BOA accept responsibility for their cost-cutting measures, or ask Uncle Sam to subsidize their losses? Will BOA have some new admin. fees inclused on new loans?

Reply by 101livescan on 3/22/10 10:45am
Msg #328362

Bank of American already has the highest "ancillary" loan fees of any lender, this will only make them less competitive. Again, someone was sleeping at the wheel.

Reply by Notarysigner on 3/22/10 10:46am
Msg #328363

Thanks Brenda, very interesting.

I keep thinking, why can't we sue the TC for continually contracting to SS who don't pay us. Who's making out and who knows about it?..and who's paying for it. Sorry, NOT trying to hijack thread....just thinking.

Reply by MW/VA on 3/22/10 1:09pm
Msg #328380

I saw this on Source of Title. Wow--I guess they didn't

become the big guys for nothing.