The Consumer Financial Protection Bureau (CFPB) is an independent agency of the United States government responsible for consumer protection in the financial sector. Its jurisdiction includes banks, credit unions, securities firms, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors and other financial companies operating in the United States. The Great Recession of ‘07-‘08, the catalyst of which was the meltdown in the secondary mortgage market, proved a difficult time for many Americans. As residential home values depreciated rapidly over the coming years while the market for employment concurrently contracted, many homeowners defaulted on their upside down mortgages. The resulting… read more →
In order to truly understand the benefits and limitations of title insurance we’re breaking it down for you in a four-part series. Last week was Part 3: What is a “title examination” and why is it important? The final topic to cover is Part 4: Title Insurance Basics. Part 4: Title insurance Basics Title insurance is substantially different than other types of insurance coverage, which can often lead to a misunderstanding of the product. Title insurance emphasizes risk prevention rather than risk assumption. This emphasis on risk prevention is labor intensive and expensive, but the coverage offers the best possible… read more →
In order to truly understand the benefits and limitations of title insurance we’re breaking it down for you in a four-part series. Last week was Part 2: What is the “public records doctrine” and why does it matter? The remaining topics to cover are: Part 3: What is a “title examination” and why is it important? Part 4: Title insurance basics Part 3: What is a “title examination” and why is it important? An attorney may perform the search of the public records and examine the records himself and then issue the title opinion to the client. More often than… read more →
In order to truly understand the benefits and limitations of title insurance we’re breaking it down for you in a four-part series. Last week was Part 1: What is title? The remaining topics to cover are: Part 2: What is the “public records doctrine” and why does it matter? Part 3: What is a “title examination” and why is it important? Part 4: Title insurance basics Part 2: What is the “public records” doctrine, and why does it matter? As briefly touched on in Part 1, not only must ownership transfers of immovables be recorded in the public records, in… read more →
In order to truly understand the benefits and limitations of title insurance we’re breaking it down for you. This article is the first part of a four-part series. We will cover the following topics with you over the next four weeks: Part 1: What is title? Part 2: What is the “public records doctrine” and why does it matter? Part 3: What is a “title examination” and why is it important? Part 4: Title insurance basics Part 1: What is “title”? The types of real rights, that is, interests in immovable property, that Louisiana law recognizes are ownership, personal servitudes, predial… read more →
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