Title & Escrow News and Information
The new Loan Estimate form replaces the early TILA disclosure and the Good Faith Estimate. It lists all the potential costs for the consumer’s loan like title insurance, percentage rates, closing costs, and the estimated monthly loan payment.
Creditors are responsible for calculating the best estimates possible for these services, which will be checked against the actual costs listed in the Closing Disclosure form when the loan is consummated. And unlike the former Good Faith Estimate, creditors can no longer revise and re-disclose if charges go up or down prior to closing.
We are very pleased to announce that Ticor’s Washington State Headquarters has relocated from Time Square in Renton to Columbia Center in Downtown Seattle.
The move is part of our plan involving the continual steady expansion of our Washington State operation and the recent creation of the Seattle-Metro FNTG Centralized Production Facility. The new Columbia Center location is home for our management team, administrative staff, and our Seattle Metro escrow team.
We think you’ll love the upscale look & feel, nearby amenities, ample in-building parking, easy access to Interstate-5, and of course, the view.
When the CFPB rules take effect in August 2015, the closing timeframes on purchases and refinances will be impacted. As part of the final rule creating the new Closing Disclosure and Loan Estimate forms, the CFPB determined that borrowers would be better served by having a short time to review the new Closing Disclosure prior to signing their loan documents. As a result, in its rule the CFPB mandated borrowers have three days after receipt of the Closing Disclosure to review the form and its contents.
Click below for the complete article and a brief illustrated guide.
On November 20, 2013, the Consumer Financial Protection Bureau (CFPB) published its final rule concerning the creation of Integrated Mortgage Disclosures. This combines the disclosures consumers receive under the Truth-in-Lending Act (TILA), and the Real Estate Settlement procedures Act (RESPA). The final rule includes new forms that will be used on virtually every transaction involving a mortgage loan originated and closed after August 1st , 2015. The new rules are 1,888 pages long and we are thoroughly reviewing these to discover the effects they will have on our work as settlement agents and title insurers.