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FROM THE REAL ESTATE TRENCHES: FEBRUARY 8, 2012




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By Charlotte Reed, Realtor

Real estate is my business...my only business.
 
A weekly column that focuses on Real Estate news that will have an impact on buyers and sellers of real estate in San Diego East County.
 
February 8, 2012 (San Diego’s East County)--In this week's column:
 
  • Installation of local Realtor officers and directors
  • Title information outsourcing
  • Another lawsuit for B of A and other big banks 

Realtor officers and directors installed

 
On Saturday, January 28, members and friends of the ESDCAR and PSAR Realtor Associations met at the Steele Canyon Golf Club in Jamul for the yearly installation of Realtor officers and directors. The occassion was to honor our respective 2011 Presidents, Officers, Dirctors and Committe Chairs and to install the 2012 Presidents, Officers and Directors.  After a delicious dinner, awards were given to deserving Realtors for their contributions to the industry. 
 
Realtor of the Year went to Pat Bjenernefalt of Century 21-Award for her work as the East County representative to Board of Directors of SANDICOR.
Steve Buice of Quality Escrow was awarded for his outstanding contributions to the ESDCAR in so many ways it would be impossible to count them in this article. As the writer of the Weekly Newslink said, "Anyone who has spent five minutes with Steve has been impressed by his exceptional willingness to be helpful to individual Realtors, their brokerages and to the Association.  He is a goldmine of ideas, inspiration and enthusiasm.  He has never met a probem for which a creative solution couldn't be found."
 
Sheila Dines of Keller Williams won Office Manager of the year.  She has been described as the energizer bunny of Real Estate, a success coach and a great team leader.
 
Title information outsourcing
 
Title information outsourcing was news to me when I learned about it recently from a local Title Representative.  While attending a two hour class at the East San Diego Board of Realtors last week I asked why the reports I get on the MLS from the assessor's office were so difficult to read.  That's when I learned about CoreLogic of India.  With over 6,500 employees, CoreLogic of India recently merged with Cogniant and plan to expand the business.  A spin off from The First American Corporation, Corelogic "combines the leading providers of financial, property and consumer information, analytics and business intelligence into one dymanic new company. It starts with proprietary information and expertise - billions of pieces of public and private data plus the sharp minds of more than 6,500 dedicated employees."  
 
Although Corelogic of India proudly states in their brochure that, "Corelogic is the largest and most comprehensive U S Real Estate, mortgage application, fraud, and loan performance data bases and is a recognized leading provider of mortgage and loan credit reporting, property tax and valuation", there are many more companies that are also outsourcing this information.  If you would like to learn more about CoreLogic of India, just go to http://www.corelogic.com
 
Another lawsuit for B of A and big banks
 
Yes, a lawsuit brought by the Attorney General of New York does have national and local implications.  Last week Attorney General A. G. Schneiderman announced a major lawsuit against the nation’s largest banks for deceptive and fraudulent use of electronic mortgage registry.  The complaint charges:
 
1- use of MERS by Bank of America, J.P, Morgan Chase, and Wells Fargo resulted in fraudulent foreclosures fillings;
2- Servicers and MERS filed improper foreclosure actions where authority to sue was questionable;
3- MERS and servicers engaged in deceptive and fraudulent practices that harmed homeowners and undermined judicial foreclosure process. 
 
The suit states that the three banks "have repeatedly submitted court documents containing false and misleading information that make it appear that the foreclosing party had the authority to bring a case when in fact it may not have." In addition it states that the banks created the MERS system as an end-run around the property recording system, to facilitate the rapid securization and sale of mortgages and that this system eliminated the ability of homeowners and the public to track property transfers.
 
Merscorp, when asked for a comment, said, "Merscorp, Inc., and its subsidiary, Mortgage Electronic Registration Systems, Inc. (MERS) comply with laws as well as county and state recording statutes and mortgage regulations.  Federal and state courts around the country have repeatedly upheld the MERS business model, and the validity of MERS as legal mortgagee and nominee for lenders.  We refute the attorney general's claims and will defend the case vigorously in court.  A Wells Fargo spokesman said the bank is reviewing the lawsuit, but has no further comment at present.  J P Morgan and Bank of America declined to comment.
 
Charlotte Reed is a Realtor with Windermere SoCal Real Estate in La Mesa and has been a full-time Realtor in the East County since 1988.  She can be reached at CharlotteReed@cox.net or (619) 997-7333.