Hello Fellow Superstars! I am coming across this issue ALOT lately and wondered if anyone else is, and how are you handling it?

Schedule B on title commitments have this condition:

Satisfactory evidence original note was assigned to Bank of America or sufficient evidence Bank of America has the authority to negotiate and approval proposed short sale on behalf
of lender.

This is not just with BAC, its other lenders, too... and they are needing 4-6 weeks to produce the proof that we need, which is far too long. What I do have, in most cases is the letter BOTH banks send to the Borrower, letting them know where the new payments are to be sent, but the assignments are not getting recorded in the Public Records, and the letters are not sufficient proof for the title insurer.

Any help or comments are appreciated!

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Interesting. I haven't had this happen but I'm sure I will at some point. The solution is to have title pulled very early in the transaction. Preferably right after listing. If they need the recorded assignment at  least you'll know early enough to get what title needs before it causes delays with closing. 

Hi Bryant, we do pull early, before we even create the HUD, these are "updated requirements"... its looking like they want to see a copy of the Pooling and Servicing Agreement to satisfy the requirements, but the banks are very slow to produce and most customer service rep's don't know what that is... oh well, another day, another hurdle!!

I had a recorded assignment and it came after the offer was in and being negotiated.  I am convinced this switcheroo was why they turned down my offer as the property is now reduced $15,000 below the amount originally offered.  Crazy Lenders!  ONce again leaving money on the table..FNMAE by the way.

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