Best Business Practices in Land Title Insurance Law and Risk Management – Spring 2014 Paul

Investors often find lenders ' requirements for title seasoning an obstacle to selling their properties. Holding costs and declining market value can eat into profits. Leaving a house vacant can make it a target for vandalism. So... What is title seasoning? This refers to the length of time a person 's name has been on the title document recorded on a piece of real estate. Lenders ' underwriting guidelines vary as to how long a person 's name must be on title for a purchaser to buy an investor 's home or for the investor to refinance the property and cover his costs to rehab it. Why did lenders institute the title seasoning requirement? Can we say mortgage fraud? The scenario goes like this: Crook #1 buys a house for $100,000 in Week 1 and sells it to Crook #2 for $150,000 in Week #3. Crook #2 has his sister, brother-in-law, cousin Marvin appraise the property for $200,000 in Week #5 and in Week #6 sells it to Clueless Buyer who is so afraid of being priced out of a rapidly escalating housing market that she pays him a $25,000 premium over his asking price just to stay out of a bidding war. Problem is, Clueless Buyer is often a figment of some hot shot creative loan broker 's imagination trying to score a commission, points on the loan or the yield spread premium from the lender. After a few hundred of these scenarios, lenders wised up and wanted to believe they could stop property flipping (which is not illegal). Hey, it worked great - right up until about 2003. This is

The purpose of this project was to ensure the client is compliant with the requirements specified by the Grahm-Leach-Bliley Act. Information is what drives business today and if the information is not available or reliable then the business cannot function. Most customer’s information, financial records, medical records, and sales records are stored on computers today. Clients and the

The regulation that I have chosen for this paper is amendment in the Regulation X i.e. “Real Estate Settlement Procedures Act” and Regulation Z which is for “Truth in Lending”, for establishing the new disclosure requirements and forms in Regulation Z for the most closed-end consumer credit transactions secured by the real property. This regulation is controlled by the Bureau of Consumer Financial Protection. The role of the Consumer Financial Protection Bureau (CFPB) is to provide consumers information related to the terms of their agreements with financial companies during their application for a mortgage, choosing among credit cards, or using any number of other consumer financial products. The mortgage market is the single largest market for the consumer of financial products and the services in the United States, with approximately $10.4 trillion in loans outstanding. Since last decade, market went through an unprecedented cycle of the expansion and the contraction that was fuelled in the part by securitization of mortgages and the creation of increasingly sophisticated derivative products. This led to the collapse of financial system in 2008 and sparked the most severe recession in United States.

We have placed the suitable physical, managerial process to safegaurd and secure the information that is collected online.

Another step involves security checks upon implementation and describes agency-level threat to the business scenario or the mission. It similarly entails sanctioning the information system for processing and lastly constant monitoring of the security controls. FISMA and NIST's standards are aimed at offering the ways for agencies to achieve their identified missions with safety commensurate with the threat (United States Department of Agriculture, 2015). Together with guidelines from the Office of Management and Budget (OMB), FISMA and NIST create a framework for advancing and growing an information security scheme (SecureIT, 2008). Such framework includes control descriptions and evaluation, program development, and system certification and accreditation. The final objective involves conducting daily functioning of the agency and achieving the agency's articulated objectives with sufficient security commensurate with risk.

The real estate industry is thriving with approximately sixty-eight percent of all Americans being homeowners. With low interest rates, 1st time home buyer down payment assistance programs, and government funded educational opportunities (i.e. the Home Ownership Center of Greater Cincinnati), the real estate and mortgage lending industries will continue to flourish. However, there are some unethical lending practices that are threatening the housing industry as a whole.

Some include administrative, physical and technical safeguards. In administrative safeguards it allows the reader to understand the security management process to reduce risk and vulnerabilities. Security personnel responsible for developing and implementing security policies. Information access management minimum access to perform duties. Physical safeguard is about the limit of physical access to facilities, and how workstation and device security policies and procedure covering transfer, removal, disposal, and reuse of electronic media. Finally, technical safeguard is about the access control that restricts access to authorized personnel’s. Audit controls for hardware, software, and transitions. Integrity controls to ensure data is not altered or destroyed. Transmissions security to protect against un authorized access to data transmitted on network and via email. Moreover, there are three pillars of data security confidentiality, availability, and integrity. Confidentiality refers to the prevention of data loss, and is the category most easily identified with HIPAA privacy and security within healthcare environments. Usernames, passwords, and encryption are common measures implemented to ensure confidentiality. Availability refers to system and network accessibility, and often focuses on power loss or network connectivity outages. Integrity describes the trustworthiness and permanence of data, an assurance that the lab results or personal medical history of a patient is not modifiable by unauthorized entities or corrupted by a poorly designed process. Database best practices, data loss solutions, and data backup and archival tools are implemented to prevent data manipulation, corruption, or loss; thereby maintaining the integrity of patient

The purpose of this paper is to review State of Maryland information security program documentation and to determine the security standards used to create the program in order to protect confidentiality, integrity and availability of agency operations, organizational assets or individuals which is the main agenda of State of Maryland Department of information technology. We will also discuss about other standards that can be useful for the State of Maryland Information technology and compare and contrast the standards.

The organisation maintains policies for the effective and secure management of its information assets and resources.

Steps are taken to maintain the confidentiality of data through digital signatures by the personnel and through the computer security assurance using the key coding and unlinking of the data.

Confidentiality is very important when in the workplace, in order for to maintain confidentiality there needs to be some set rules and regulations that all service users must adhere to. This includes putting passwords on computers/laptops that have confidential information on, information kept in files or filling cabinets should be locked away and secure, never leaving offices unlocked for long periods of time

Buying or selling a house or an apartment is one of the biggest decisions of a person’s life. And when selling or establishing a price for real estate, people seek out real estate agents to do the dirty work. A real estate agent has to convince a prospective homeowner that he or she is trustworthy and knowledgeable. In many ways, the agent acts as a counselor to individuals and families about to embark on a huge commitment. Real estate agents have a thorough knowledge or real estate market in their community. They

As technology grows and information has become a critical asset companies currently are devoted their resource and money to protect their data as important as their finance and human resource assets.

Mortgage Professionals in New York rely on Vertical Title for their experience within the real estate industry.

This paper will seek to provide an overview of the real estate process and its affects on the real estate agent. An agent needs to be knowledgable about the steps required to make a sale, and the risks involved when the sale does not go as planned. Real estate sales require much of the agent, including sacrifices in their personal lives and in their financial stability. Agents must be teachable and willing to seek to see others succeed. A successful real estate sale consists of many steps, sacrifices to personal time, and an agent’s ability to work well with others while remaining incredibly flexible.