title reseach

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We are applying for a home equity loan in illinois. We have been approved except for the title. It is already a week & the loan officer says, they are probably doing a full research on your title insstead of a limited or alternate research, and thats probably why it's taken so long to get the title. Do you think there could be a problem or is this normal.

 

[MortgageGuru]

No. They probably just didn't order title from the get go.

 

[Ciarraine]

We are applying for a home equity loan in illinois. We have been approved except for the title. It is already a week & the loan officer says, they are probably doing a full research on your title insstead of a limited or alternate research, and thats probably why it's taken so long to get the title. Do you think there could be a problem or is this normal.

Ask for the name of the title company, if it hasn't been provided to you, and call and ask. Or choose your own title company.

I don't know how Illinois works as a market, but on the east coast title abstracts run about 48-72 hours, then compiling that into a title insurance binder can take about the same again.

I have no idea what limited or alternate research is. In my part of the country, we need a sixty-year title abstract to be able to issue a title commitment. I know in other, newer parts of country the abstract can be done entirely electronically, and maybe there are different levels of research allowed, but I'm speculating... Anyway it sounds like a bull**** excuse. Find out the real story if you're anxious about it.

 

[MortgageGuru]

Biggest problem with Illinois is the Chicago Title companies. They are slow and seemingly unorganized. Make sure everything gets recorded properly after closing. Every refinance I have done that had Chicago Title or one of their other title companies, nothing was ever recorded.

 

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They (being Washington Mutual) mentioned Chicago Title or Illinois Title..