LodeStar’s Jim Paolino talks with Melissa Langdale about the future of mortgage lending and what it really means to collaborate as an industry.
One of our core values at LodeStar is Clarity. We aspire to be honest and straightforward. Sometimes that’s easy. Sometimes, especially when the market is just “kind of OK,” that’s tough.
Nestled deep in the heart of the American Midwest, Michigan is probably best known as the long-time home of the automobile industry. It is also home to almost 3,000 miles of fresh water shoreline and 11,000 inland lakes.
Virginia is one of the few states to levy specific grantor taxes based upon a property’s purchase price. The state also requires deed taxes, which are paid by the purchaser, as well as mortgage taxes assessed by both the state and county where the property is located and which are based upon a tiered schedule.
The recording fees in Vermont are scaled by the size (length in page count) of each security instrument (mortgage), conveyance instrument (deed), or other recordable sent to the county for recordation.
Easily the nation’s largest state at 663,300 square miles, Alaska is larger than the next three largest states (Texas, California and Montana) combined. That also means that the statewide recording fees, which are uniform, cover the largest array of land in the country.
Throughout the state of Rhode Island, recording fees are scaled by the size (length in page count) of each security instrument (mortgage), conveyance instrument (deed), or other recordable sent to the county for recordation.
Oregon is one of only a few states in which the title insurance rate is promulgated, meaning all title insurers are required to charge the premium rates set by the state or agency overseeing the regulated rates, and no discounting or variation from the promulgated rates is permitted.
New Mexico is a state in which title insurance rates are promulgated. Accordingly, title insurance premiums are governed by the New Mexico Office of Superintendent of Insurance. Rates are adjusted state wide, regardless of the identity of the title insurance provider.
Well-known for its feisty state motto, “Live Free or Die,” New Hampshire’s closing fee requirements are unsurprisingly straightforward.
One of the most straight-forward of states when it comes to LE and closing cost complexities, Maine assesses recording fees statewide, on a scale determined by the size (length in page count) of each security instrument (mortgage), conveyance instrument (deed), or other recordable sent to the county for recordation.
Connecticut is one of the nation’s 22 states or districts that require an attorney’s involvement in residential real estate purchase transactions.
Read our CEO Jim Paolino’s Deeper Thoughts and get the latest mortgage industry news.