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Welcome From Bob Jett, General Counsel for eDocs-Express.
Welcome to the sixth issue of the eDocs-Express Dispatch!
"NAGGL Conference in Monterey, California" - November 1st to the 3rd.
If you're attending the NAGGL conference, be sure to stop by our booth in the exhibit hall to visit and learn more about Edocs-Express.
Free Credit Reports. Have you noticed all the free credit report advertising on TV? Almost always it's connected with scaring consumers into buying an identity theft product. You probably have some of your members asking questions on this subjects. Last issue we talked about identity theft legislation. This time read the article below on credit reports.
Suggest an Article In each issue of the Dispatch, we ask our readers to recommend a lending subject for us to discuss. We get some good ideas from this source.
Recently however we got what we think is good subject for an article from another source - from documenting a loan for one of our Colorado clients. We were documenting a first mortgage 504 CDC term loan, and the lender's counsel requested that we include a subordination, non-disburbance and attornment agreement with the other closing documents.
I commented to Loren Wilson, our General Manager, that I remembered drafting such an agreement a number of years ago and that I thought I had included it in Laser Pro. Sure enough, after some searching we found it in the real estate documents section of Laser Pro.
Loren had some questions about the purpose of the document, so I thought it might be a good subject for an article.
Be sure to read my article below, titled "Understanding Subordination Agreements."
We trust you'll find these articles to be informative and valuable in your day-to-day operations.
So enjoy the Dispatch and if there are any subjects you'd like us to cover, simply recommend a subject for a future issue of the Dispatch.
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News and Solutions from eDocs-Express
Understanding Subordination Agreements. Do you know the difference beteen a Standby Agreement and a Subordination Agreement? Do you know the difference between a rabbit and a hare?
Learn the answers to these exciting questions by reading Bob Jett's article on
"Understanding Subordination Agreements."
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Our Web Site of the Month. Each month we suggest you visit a web site that we think may be of value to you in your business or personal life.
You've probably been to "weather.com" sponsored by The Weather Channel.
We think it's a good site; however, you might like our favorite weather channel even better, "Weather Underground".
Weather Underground delivers free weather information for over 60,000 U.S. and international cities. Often you can find a local weather cam, so you can zero in on what's happening at your exact location.
Did You Miss the First Five Issues of the Dispatch? If you did, you can visit the eDocs-Express Lending Center on our web site to view past issues.
eDocs-Express Lending Center
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News from the Lending World
Free Credit Reports.
The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies – Equifax, Experian, and TransUnion – to provide consumers with a free copy of their credit report once every 12 months.
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The FCRA promotes the accuracy and privacy of information in the files of the nation's consumer reporting companies. The Federal Trade Commission (FTC), the nation's consumer protection agency, enforces the FCRA with respect to consumer reporting companies.
Eligibility for the annual free credit report was initially determined by the consumer's state of residence based on a rollout schedule set by federal law. The rollout was started on December 1, 2004 and was completed on September 1, 2005 for all states. So now everyone has access to free reports.
The three nationwide consumer reporting companies have set up a central website, a toll-free telephone number, and a mailing address through which consumers can order their free annual report.
To order online they can go to "AnnualCreditReport.com".
They can also call 1-877-322-8228, or complete the Annual Credit Report Request Form and mail it to:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281.
Consumers should not contact the three nationwide consumer reporting agencies directly.
For more information on credit reports and consumers rights, you should send your members to the FTC web page "Your Access to Free Credit Reports".
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eDocs-Express LLC
5666 La Ribera Street
Livermore, CA 94550-2501
925-245-4880
www.edocs-express.com ¤ sales@edocs-express.com
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