America s Title Group

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "America s Title Group"

Transcription

1 America s Title Group Title Resource Guide Service is our Commitment

2 America s Title Group is a full service title insurance agency providing title and closing services throughout the United States. Our staff brings a diverse background that includes extensive experience not only within the title industry, but also as Loan Officer and lenders Account Executive. This experience makes us uniquely qualified to understand and service the needs of today s mortgage and real estate professionals. Our Courteous and Professional staff will: Confirm by phone, fax or that we have received your order Return Title Commitments promptly, usually within 24 hours Obtain payoffs of all liens Assist in clearing most title issues Conduct closings professionally at your customer s convenience: Í Weekends, evenings, any day of the week Í Home or office Deliver your proceeds to your office Provide additional customized services upon request Service is our Commitment

3 Title Order Form Fax completed form to Ordered By: Company: Phone: Property Address: City: County: State: Zip: Purchase Price: Seller Information: Married Sellers: Single Seller #1: SSN: Seller #2: SSN: Contact #: H: W: H: W: C: Fax: C: Fax: Listing Broker: Listing Agent: Commission: Agent Contact #: Office: Cell: Fax: Borrower/Buyer Information: Buyers: Married Single Buyer #1: SSN: Buyer #2: SSN: Contact #:: H: W: H: W: C: Fax: C: Fax: Selling Broker: Selling Agent: Commission: Agent Contact #: Office: Cell: Fax: Lender Name and Address: Loan Officer: Processor: Contact #:: Office: Cell: Office: Fax: Hazard Insurance Info: Payoff Info: 1st Mort.: Acct. #: Phone: 2nd Mort.: Acct. #: Phone: Other Items/Instructions: Service Provided By: Cost: Phone: Pest Inspection: Home inspection: Gas Line Warranty: Home Warranty: 2600 Oakstone Drive Columbus, Ohio Office: fax: toll free:

4 Price Schedule for Purchases TYPICAL COSTS Buyer Seller Settlement /Closing $175 $50 Title Exam $185 Title Commitment / Binder $50 $50 Shipping & Handling $50 $25 Wire Administration $15 Deed Preparation $75 Title Insurance HomeOwner s Policy (Extended Coverage) $6.62/Thousand Owner s Policy $5.75/Thousand Lender s Policy $100 (If issued simultaneously with HomeOwner s or Owner s Policy) Endorsements Rates vary per type of Endorsement. Please call for quote. ADDITIONAL COSTS Other Legal Documents Survey Charged at Cost Charged at Cost 2600 Oakstone Drive Columbus, Ohio office: fax: toll free:

5 Price Schedule for Refinances TYPICAL COSTS Settlement /Closing $225 Title Exam $185 Title Commitment / Binder $50 Shipping & Handling $50 Wire Administration $15 Title Insurance Lender s Policy Endorsements $4.00/Thousand Rates vary per type of Endorsement. Please call for quote. ADDITIONAL COSTS Deed Preparation $75 Other Legal Documents Charged at Cost Survey Charged at Cost (Usually $160) 2600 Oakstone Drive Columbus, Ohio office: fax: toll free:

6

7 Frequently Asked Questions Q. What is title insurance? Title insurance is an insurance policy that protects your legal rights to own, possess, use, control, and dispose of land. Q. Why is transferring the title to real estate different from transferring the title to other items such as a car? Transferring a real estate title can be complicated because land is permanent and the usage of land and the rights to use it can change over the years. Q. What is a title search? A title search is a detailed examination of the historical public records concerning a property. These records include deeds, court records, property and name indexes, and many other public documents. Q. Why do I need title insurance? There are two types of title insurance policies: a lender s policy and an owner s policy. The lender s policy is required for a mortgage, financially covers the amount of the loan, and provides protection to the lender. An owner s policy protects the land owner against any title loss, which ensures the value of the property. With title insurance, if a claim is made against the title, the underwriter must pay any and all costs associated with defense against the challenge, and if unsuccessful in that defense, reimburse the land owner for any reduction in the value of the land. Q. Is title insurance as important as homeowner s insurance? Homeowner s insurance typically provides protection against theft or damage. If a fire destroys your home, you can rebuild and buy new possessions. If the title to the land fails, you could lose the right to inhabit your home, as well as the land it occupies. Q. How much does title insurance cost? Title insurance charges vary in different parts of the country. However, you pay for a [owner s policy of] title insurance only once; there are no monthly premiums. Q. How long does title insurance coverage last? The lender s policy of title insurance lasts until the mortgage is paid in full. An owner s policy of title insurance lasts for as long as you or your heirs retain an interest in the property. Q. Where can I get title insurance? You can obtain title insurance from America s Title Group. If you have further questions about title insurance or any other questions related to Real Estate Transactions, please contact us at

8 What you can expect to sign at the closing table During the Real Estate closing, both buyer and seller are required to sign important documents. The following list contains brief explanations of many of the common documents: HUD Statement: This is the detailed financial itemization of the real estate transaction. It contains real estate and loan closing costs as well as tax pro-rations, homeowner dues, insurance, and title related charges. Warranty Deed: Transfers title of the real property from the seller to the buyer. Note: This document outlines the borrowing terms and is the agreement between the borrower and the lender. In effect it is an I.O.U. Mortgage: This is the document filed with the County Recorder placing a lien on the property in the amount of the note. Truth in Lending Statement (Regulation Z): Discloses the amount financed, interest rate, the annual interest rate and the total cost of the loan over its life. Itemization of Amount Financed: Explains the prepaid financed costs that are subtracted from the total loan amount which are on the Truth in Lending Statement. Payment Letter: Details the monthly payment. Location Survey: Assures the Lender and Buyers that the buildings are located within the building setback lines and the buildings do not encroach into easements. Anti-coercion Form: Buyers acknowledge that they have not been pressured to buy hazard insurance from a particular company. Tax Pro-ration Agreements: Buyer and Seller may choose to re-prorate the taxes and any homeowner association dues if there is a future adjustment in those amounts. Buyer s Affidavit: Information on the loan application is still true and correct. Seller s Affidavit: Sellers state that they have not altered the property in any way that might cloud the title and affirm that all liens have been addressed. Payoff Confirmation: An accounting of disbursements made to payoff lenders for all liens against the real property. Errors and Omissions/ Compliance Agreement: This mutual agreement requires Buyers and Sellers to cooperate, sign, and correct any unintentional typographical errors or mistakes on the closing documents. Initial Escrow Account Disclosure: Summary of expected deposits and disbursements from the loan s escrow account during the first year. W-9 and 4506: Federally proscribed documents where the borrower certifies their SSN (W-9) and authorize the IRS to release a transcript of the borrower s tax return to the lender (4506).

9 Prorating Real Estate Taxes Questions often arise from the issue of proration of real estate taxes. For example, all too often, Realtors, lenders and title company representatives hear questions like this one: "I just received a real estate tax bill for the second half of last year. I just bought this house. Should I have to pay these taxes even though I did not live in the house at that time?" The short answer is: Yes. Property taxes are paid in arrears. Taxes owed for the first six months of the year are not due until January of the following year. Several counties do not require payment until late February. In rare cases the taxes are not due until even later. Everyone will agree that these taxes are the responsibility of the party who owned the property during that tax period. However, there is no incentive for a former owner to pay taxes on a property they no longer own. And if the taxes remain unpaid the current owner will face penalties that could include a tax foreclosure. To prevent the new owner from getting stuck with the former owner s tax bill the taxes owed by the prior owner are prorated and given to the buyer as a credit at the closing. Here is how it works: Let s imagine a property is sold on February 15 th. The seller is responsible for all unpaid taxes through the closing date. Assuming the first half of the prior year s taxes was due and paid in January, the seller still owes for July 1 st through February 15 th or 230 days. The annual tax bill is divided by 365 and then multiplied by the days the seller is responsible to pay. For example, if the annual taxes due on the property are $3,650, the daily tax is equal to $10. Our seller s proration, or credit to the buyer is then $2,300 ($3,650 / 365=$10. $10 X 230 days = $2,300). The buyer, having already received from the seller the portion of taxes the seller will owe, is now responsible for any taxes coming due. IMPORTANT: For newly built homes the current taxes due are based on LAND ONLY, meaning the value for the house has not yet been assessed by the county. If you plan on escrowing taxes with your lender, please verify they are escrowing the correct estimated amount to cover the increased amount of taxes that will become due once the property is re-assessed.

10 Aggregate Adjustment An Aggregate Adjustment is a credit on the settlement statement made to a borrower by the lender to keep a loan in compliance with the federal lending laws that govern the maximum amount a lender may maintain in a customer s escrow account. Federal law allows a lender to maintain a cushion in a borrower s escrow account equal to 2 months of the escrow accounts annual expenses. This cushion is to help protect the lender from shortages in the account due to rising insurance and property tax rates or a borrower s failure to make the monthly payments. At closing the lender instructs the title agency to place funds into an escrow account that, along with additional deposits from the borrower s monthly mortgage payments, will cover the annual expenses for property taxes and hazard insurance. Occasionally, the escrow account will also be used for mortgage insurance, flood insurance, and condo or homeowner s association dues. The escrow account is held and administered by the lender. The amount initially deposited is equal to the next billed expense of each escrowed item minus 1/12 of the annual expense of that item times the number of monthly payments to be received before that item s payment is due, plus two additional months. For example, in Franklin County property taxes are due in January and June. If the sale closes in November on a home with a $1200 annual tax bill the lender will require that $700 be placed into the account for property taxes ($600 for the next half that is due in January minus $100 collected in the January payment plus $200 for the two month cushion = $700.) Once the total initial deposit into the escrow account is determined, the lender conducts an Initial Escrow Account Analysis. In this analysis the lender will project for the next twelve months the expected deposits into and expenses out of the escrow account and track the projected cash balance of the account at the end of each month. If the analysis reveals that the lowest projected balance during the coming year exceeds 2/12 of the annual expenses, the allowable cushion under federal law, the lender will reduce the initial deposit by the amount the escrow account is expected to exceed the allowable cushion. This reduction is shown as a credit on the settlement statement and is labeled Aggregate Adjustment.

11 Dower Interest in Ohio (or, "explain to me again why my spouse has to sign") By Christopher C. Pfendler, Esq. If you own real property in the State of Ohio and are married, you most probably have encountered the term dower when either purchasing, selling or refinancing that real property. "What is your marital status" will be one of the questions you are asked when listing a property for sale, having a deed prepared by an attorney, or borrowing money from a lender where you intend to secure your repayment by placing a mortgage on your home. Why should this matter? The answer relates back to a time when real property defined who had the power both economically and politically. It was a time when land was the chief form of wealth and its acquisition and transfer was limited mostly to rich, powerful males. Because of this, the law developed ways to protect the widow upon the death of her husband. The wife by law had a "dower interest" in any real property that the husband brought to the marriage or acquired during the marriage. But this interest did not actually materialize until the death of the husband. It kept the wife from being left penniless and specifically provided that she have a one third interest for the rest of her natural life in any real estate owned by her husband during their marriage. As time passed, many changes took place, including recognizing a woman's right to own real property. The law also found different ways to provide for a surviving spouse such as the intestate succession laws that provided for widows and widowers even when their spouse had failed to make a will or other provisions during their lifetime. As a result of these changes, at least forty-six States have abolished dower. Of course, Ohio wasn't one of these. Ohio Revised Code Section still provides that either spouse is entitled to a one-third dower interest (life estate) in real property that was acquired by their deceased spouse during their marriage. At this point you may find this all very interesting but may also be asking yourself the question... so what? The simple answer is if one spouse holds title to any real property, the other spouse must sign away, or "release dower" any time any interest in that property is transferred or encumbered. Although the interest is not perfected until the title owning spouse dies, it is real and must be released. Ohio law provides that a final divorce decree

12 terminates the dower interest as does the death of the spouse who is not in title. But, if the divorce or dissolution is still pending and final decree has not been issued by the court, the spouse must release their dower interest on any document transferring any interest in real property owned by the other spouse. Likewise, if the parties "have been separated for years" but there has been no court ordered decree of separation, the spouse must release dower on any document transferring any interest in real property owned by the other spouse. It makes no difference if the document conveying the interest is a warranty deed" or a "quit claim deed", the non-titled spouse must release dower. There is no blanket instrument that allows a spouse to sign away "all my dower interest". The signature must be on the document transferring the real property. Upon examination, this makes sense since the amount of real estate owned by the other spouse can increase at any time. Another confusing result of a spouse's dower interest is the effect it has when a spouse places a mortgage on real estate that they already own or have just purchased. We need to remember the actual purpose of that mortgage document. The person who owns or is purchasing real property is borrowing money to supply some of the purchase price or in the case of a refinance, to spend on repairs or some other worthy project. The bank has them sign the note, which is the promise to pay the money back to the bank. The bank also wants some way of getting their money back if their customer either cannot or will not pay them back. The mortgage secures the person's promise to pay the bank back, and if necessary, the bank will foreclose, take the house back and resell it to hopefully recover their loss. During that foreclosure process, the terms of the actual mortgage document act to, in effect, deed the property from the debtor back to the bank. If the debtor is married, the spouse must release dower on the mortgage because the mortgage document could be used in the future to transfer the real property back to the bank and therefore the non-titled spouse must sign off dower. Many times a spouse is concerned that they are somehow being obligated to pay part or all of the money borrowed by signing the mortgage. Again, it is important to remember that the note is the promise to pay the lender back the money. The mortgage document only secures that promise by giving the lender the ability to "cut their losses" in the event their customer fails to make good on the promise. Releasing dower on the mortgage only allows the lender to proceed with a foreclosure free from any claim by the non-titled spouse due to their dower interest in the property.

13 Good Funds Law The Ohio Revised Code prohibits a title agent or closing officer from accepting any monies other than "good funds." Ohio s Good Funds law, at its simplest, prohibits a title agent from disbursing a transaction until the agent knows that all funds are in hand. Further, Ohio s law states that any funds that are brought to the closing are required to be Guaranteed funds. Guaranteed funds are those monies delivered to the closing by: Cashiers' checks; Certified checks; Money orders; A bank check drawn upon a federally insured bank, saving and loan, or credit union; Checks from a government agency or municipality; A reciprocal title insurance agency check from a previous closing; or A wire transfer where verification of receipt has been established. A personal check in the amount of $1,000 or less may be used, but any amount in excess of this figure would result in the closing officer being unable to disburse the transaction until the check clears or guaranteed funds were provided to the agency. Examples of funds that are not guaranteed include personal checks, ACH transfers, and certain types of drafts from credit unions. Be aware that that Ohio s Good Funds law does not prohibit title agencies from adopting policies that are more strict than what is required by the law. For example, an agency may require that any funds over $500 or even $100 (or less) be brought as guaranteed funds. It is important to keep in mind that this requirement is applicable to every buyer in every transaction, even very large corporations or established partnerships.

14 Rescission or Right-to-Cancel If you re considering applying for a mortgage loan and using your home to guarantee repayment, you should know that a federal credit law gives you three days to reconsider a signed credit agreement and cancel the deal without penalty. Your "right to rescind" or "right to cancel" is guaranteed by the Truth In Lending Act. You can rescind for any reason but only if you are using your principal residence whether it is a condominium, mobile home, or house boat as collateral, not a vacation, investment or second home. Under the right to rescind, you have until midnight of the third business day to cancel the credit transaction. Day one begins after all three of the following occur: you sign the credit contract; you receive a Truth in Lending disclosure form containing certain key information about the credit contract, including the annual percentage rate; finance charge; amount financed; and payment schedule; and you receive two copies of a Truth in Lending notice explaining your right to rescind. For rescission purposes, business days include Saturdays but not Sundays or legal public holidays. For example, if the events listed above take place on a Friday, you have until midnight on the next Tuesday to rescind. If you decide to rescind, you must notify the creditor in writing. You may not rescind by telephone or in a face-to-face conversation with the creditor. Your written notice must be mailed, faxed, or delivered if by other written means, before midnight of the third business day. At closing you will be asked to sign a form titled Notice of Right to Cancel. This notice will clearly explain your right to cancel. It will also inform you of the date when your right to cancel expires and how to contact your lender if you decide to cancel. The notice will have two signature lines. You will be asked to sign the form at closing indicating that you have been informed of your right to cancel. The second signature line is where you will sign if you choose to cancel the loan.

15 Example of Notice of Right to Cancel Form Date of Closing Deadline to Cancel is midnight of the third business day after closing. Note: Some Lenders include Saturday as a business day. Borrower must sign here to cancel the loan. Sign to Acknowledge disclosure of the right to cancel. This form must be executed by all borrowers and their spouses (see Dower) at the closing of all owner occupied residential refinances.

16 How to Read a HUD-1 Settlement Statement Line 103: Buyers Column from Page 2 Line Section: Charges to Buyer Line 201: Deposit Returned to Buyer per Contract Line 202: Buyer s Loan Amount from Note and Mortgage 200 Section: Credits to Buyer Line 209 and 509: Money from Seller to Buyer for Closing Costs per Contract Line 211 and 511: Taxes in Ohio run 1 year in arrears. The Seller credits Buyer for the time they owned the property during the current year. Line 303: Amount Buyer needs at closing. Amounts larger than $ will need to be in the form of a Cashier s Check. Line 101 and 401: Contract Sales Price 400 Section: Credits to Seller Line 502: Sellers Column from Page 2 Line 1400 Line 504: Sellers Mortgage Payoff 500 Section: Charges to Seller Line 209 and 509: Money from Seller to Buyer for Closing Costs Line 211 and 511: Taxes in Ohio run 1 year in arrears. The Seller credits Buyer for the time they owned the property during the current year. Line 603: Seller s Proceeds

17 How to Read a HUD-1 Settlement Statement 700 Section: Real Estate Broker Fees 800 Section: Lender Charges Section 900: Prepaid Items Section 1000: Escrow Account Taxes and Insurance 1100 Section: Title Company Fees Total Real Estate Commission Interest on mortgages run 1 month in arrears. Buyer pays interest through end of month and makes 1st payment after the 1st full month has passed. Homeowner s Insurance paid outside of closing, or POC Money pre-paid into your lender s escrow account to pay taxes and insurance. Loan Policy Endorsements vary and are dictated by the lender Section: Recording and Transfer Fees 1300 Section: Survey, Inspections and Warranties Recording Fees vary based on the number of pages. Total of each column are carried over to Page 1. Page 2

18 How to Read a HUD-1 Settlement Statement GFE Comparison: Broker Fees that can not increase. Charges that cannot increase More than 10%. These fees must be less than or equal to the GFE. These fees cannot increase more than 10% from the quoted fees on your GFE Charges that can change. Loan Terms. These items can change and you are able to shop around for the best price on these services. These are your loan terms. Your total monthly payment is listed here. Mortgages with adjustable rates will be listed here. Any additional terms of your loan will be listed here. Page 3

19 How to Read a Title Commitment Effective Date of the Commitment. Needs to be dated within 30 days of closing. Buyer s names as they will appear when taking title to the property and on the Mortgage. Lender s name Current Title holder to the property, usually the seller in a purchase transaction. In a refinance transaction, this name must match the loan documents. Amount of Owner s Policy Coverage. Coverage Amount is based on Home Sales Price. Amount of Loan Policy Coverage. Amount of Coverage is specified by lender and usually in the amount of the loan. Schedule A

20 How to Read a Title Commitment Section 1: Items the title company will require before the loan can close. Payoff any current mortgages. Deed transferring the property in a purchase transaction. Mortgage to the new lender from the buyer/borrower. Section 2: Items not covered by title policy unless removed by endorsement, affidavit or lien release. Items A-E & G: Standard exceptions that will be cleared through endorsement or affidavit. Tax information Current Mortgage information. Any other items affecting title including Liens, Mortgages, Judgments, Suits, Foreclosure, Easements and Restrictions will be listed here. Schedule B

21 How to Read a Title Commitment Legal Description of property. This is the land that will be transferred and/or secured by the mortgage. Schedule C

22 Policy Owner's Loan Policy Owner's Loan Policy Owner's Loan Policy Owner's Loan Amount Policy* Policy Amount Policy* Policy Amount Policy* Policy Amount Policy* Policy 30, , , ,000 1, , , , ,000 1, , , , ,000 1, , , , ,000 1, , , , ,000 1, , , , ,000 1, , , , ,000 1, , , , ,000 1, , , , ,000 1, , , , ,000 1, , , , ,000 1, , , , ,000 1, , , , ,000 1, , , , ,000 1, , , , ,000 1, , , , ,000 1, , , , ,000 1, , , , ,000 1, , , , ,000 1, , , , ,000 1, , , ,000 1, ,000 1, , , ,000 1, ,000 1, , , ,000 1, ,000 1, , , ,000 1, ,000 1, , , ,000 1, ,000 1, , , ,000 1, ,000 1, , , ,000 1, ,000 1, , , ,000 1, ,000 1, , , ,000 1, ,000 1, , , ,000 1, ,000 1, , , ,000 1, ,000 1, , , ,000 1, ,000 1, , , ,000 1, ,000 1, , , ,000 1, ,000 1, , , ,000 1, ,000 1, , , ,000 1, ,000 1, , , ,000 1, ,000 1, , , ,000 1, ,000 1, , , ,000 1, ,000 1, , , ,000 1, ,000 1, , , ,000 1, ,000 1, , , ,000 1, ,000 1, , , ,000 1, ,000 1, , , ,000 1, ,000 1, , , ,000 1, ,000 1, , , ,000 1, ,000 1, , , ,000 1, ,000 1, , , ,000 1, ,000 1, , , ,000 1, ,000 1, , , ,000 1, ,000 1, , , ,000 1, ,000 1,

23 Policy Owner's Loan Policy Owner's Loan Policy Owner's Loan Policy Owner's Loan Amount Policy* Policy Amount Policy* Policy Amount Policy* Policy Amount Policy* Policy 234,000 1, ,000 1, , ,000 1, , ,000 2, , ,000 1, ,000 1, , ,000 1, , ,000 2, , ,000 1, ,000 1, , ,000 1, , ,000 2, , ,000 1, ,000 1, , ,000 1, , ,000 2, , ,000 1, ,000 1, , ,000 1, , ,000 2, , ,000 1, ,000 1, , ,000 1, , ,000 2, , ,000 1, ,000 1, , ,000 1, , ,000 2, , ,000 1, ,000 1, , ,000 1, , ,000 2, , ,000 1, ,000 1, , ,000 1, , ,000 2, , ,000 1, ,000 1, , ,000 1, , ,000 2, , ,000 1, ,000 1, , ,000 1, , ,000 2, , ,000 1, ,000 1, , ,000 1, , ,000 2, , ,000 1, ,000 1, , ,000 1, , ,000 2, , ,000 1, ,000 1, , ,000 1, , ,000 2, , ,000 1, ,000 1, , ,000 1, , ,000 2, , ,000 1, ,000 1, , ,000 1, , ,000 2, , ,000 1, ,000 1, , ,000 1, , ,000 2, , ,000 1, ,000 1, , ,000 1, , ,000 2, , ,000 1, ,000 1, , ,000 1, , ,000 2, , ,000 1, ,000 1, , ,000 1, , ,000 2, , ,000 1, ,000 1, , ,000 1, , ,000 2, , ,000 1, ,000 1, , ,000 1, , ,000 2, , ,000 1, ,000 1, , ,000 1, , ,000 2, , ,000 1, ,000 1, , ,000 1, , ,000 2, , ,000 1, ,000 1, , ,000 1, , ,000 2, , ,000 1, ,000 1, , ,000 1, , ,000 2, , ,000 1, ,000 1, , ,000 1, , ,000 2, , ,000 1, ,000 1, , ,000 1, , ,000 2, , ,000 1, ,000 1, , ,000 1, , ,000 2, , ,000 1, ,000 1, , ,000 1, , ,000 2, , ,000 1, ,000 1, , ,000 1, , ,000 2, , ,000 1, ,000 1, , ,000 1, , ,000 2, , ,000 1, ,000 1, , ,000 1, , ,000 2, , ,000 1, ,000 1, , ,000 1, , ,000 2, , ,000 1, ,000 1, , ,000 1, , ,000 2, , ,000 1, ,000 1, , ,000 1, , ,000 2, , ,000 1, ,000 1, , ,000 2, , ,000 2, , ,000 1, ,000 1, , ,000 2, , ,000 2, , ,000 1, ,000 1, , ,000 2, , ,000 2, , ,000 1, ,000 1, , ,000 2, , ,000 2, , ,000 1, ,000 1, , ,000 2, , ,000 2, , ,000 1, ,000 1, , ,000 2, , ,000 2, , ,000 1, ,000 1, , ,000 2, , ,000 2, , ,000 1, ,000 1, , ,000 2, , ,000 2, , ,000 1, ,000 1, , ,000 2, , ,000 2, , ,000 1, ,000 1, , ,000 2, , ,000 2, , ,000 1, , ,000 1, , ,000 2, , ,000 2, , ,000 1, , ,000 1, , ,000 2, , ,000 2, , ,000 1, , ,000 1, , ,000 2, , ,000 2, , ,000 1, , ,000 1, , ,000 2, , ,000 2, , ,000 1, , ,000 1, , ,000 2, , ,000 2, ,392.50

24 Policy Owner's Loan Policy Owner's Loan Policy Owner's Loan Policy Owner's Loan Amount Policy* Policy Amount Policy* Policy Amount Policy* Policy Amount Policy* Policy 438,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, , ,000 2, ,867.25

25 Policy Owner's Loan Policy Owner's Loan Policy Owner's Loan Policy Owner's Loan Amount Policy* Policy Amount Policy* Policy Amount Policy* Policy Amount Policy* Policy 642,000 2, , ,000 3, , ,000 3, , ,000 3, , ,000 2, , ,000 3, , ,000 3, , ,000 3, , ,000 2, , ,000 3, , ,000 3, , ,000 3, , ,000 2, , ,000 3, , ,000 3, , ,000 3, , ,000 2, , ,000 3, , ,000 3, , ,000 3, , ,000 2, , ,000 3, , ,000 3, , ,000 3, , ,000 2, , ,000 3, , ,000 3, , ,000 3, , ,000 2, , ,000 3, , ,000 3, , ,000 3, , ,000 2, , ,000 3, , ,000 3, , ,000 3, , ,000 2, , ,000 3, , ,000 3, , ,000 3, , ,000 2, , ,000 3, , ,000 3, , ,000 3, , ,000 2, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, ,326.25

26 Policy Owner's Loan Policy Owner's Loan Policy Owner's Loan Policy Owner's Loan Amount Policy* Policy Amount Policy* Policy Amount Policy* Policy Amount Policy* Policy 846,000 3, , ,000 3, , ,000 3, , ,000 4, , ,000 3, , ,000 3, , ,000 3, , ,000,000 4, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , Please Call for Rates over $1,000, ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , Oakstone Drive 859,000 3, , ,000 3, , ,000 3, , Columbus, Ohio ,000 3, , ,000 3, , ,000 3, , Phone (614) ,000 3, , ,000 3, , ,000 3, , Fax (614) ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , ,000 3, , *Owner's Rates are Expanded Coverage 866,000 3, , ,000 3, , ,000 3, , rates as perscribed by the Columbus Board 867,000 3, , ,000 3, , ,000 3, , of Realtors purchase contract. 868,000 3, , ,000 3, , ,000 4, , ,000 3, , ,000 3, , ,000 4, , ,000 3, , ,000 3, , ,000 4, , ,000 3, , ,000 3, , ,000 4, , ,000 3, , ,000 3, , ,000 4, , ,000 3, , ,000 3, , ,000 4, , ,000 3, , ,000 3, , ,000 4, , ,000 3, , ,000 3, , ,000 4, , ,000 3, , ,000 3, , ,000 4, , ,000 3, , ,000 3, , ,000 4, , ,000 3, , ,000 3, , ,000 4, , ,000 3, , ,000 3, , ,000 4, , ,000 3, , ,000 3, , ,000 4, , ,000 3, , ,000 3, , ,000 4, , ,000 3, , ,000 3, , ,000 4, , ,000 3, , ,000 3, , ,000 4, , ,000 3, , ,000 3, , ,000 4, , ,000 3, , ,000 3, , ,000 4, , ,000 3, , ,000 3, , ,000 4, , ,000 3, , ,000 3, , ,000 4, , ,000 3, , ,000 3, , ,000 4, , ,000 3, , ,000 3, , ,000 4, , ,000 3, , ,000 3, , ,000 4, , ,000 3, , ,000 3, , ,000 4, , ,000 3, , ,000 3, , ,000 4, , ,000 3, , ,000 3, , ,000 4, , ,000 3, , ,000 3, , ,000 4, , ,000 3, , ,000 3, , ,000 4, , ,000 3, , ,000 3, , ,000 4, ,670.50

Summary of Borrower s Transaction Gross amount due from borrower 101. Contact Sales Price- The full purchase price as stated in the contract.

Summary of Borrower s Transaction Gross amount due from borrower 101. Contact Sales Price- The full purchase price as stated in the contract. 1 Your Guide to the Settlement Statement A real estate transaction involves a series of exchanges, not only between the buyer and seller, but also with the lenders, brokers, and state and local governments.

More information

NORTH AMERICAN TITLE COMPANY Like Clockwork. www.nat.com/cfpb

NORTH AMERICAN TITLE COMPANY Like Clockwork. www.nat.com/cfpb NORTH AMERICAN TITLE COMPANY Like Clockwork www.nat.com/cfpb UNDERSTANDING THE NEW LOAN ESTIMATE AND CLOSING DISCLOSURE FORMS American Title, we want to make sure all of our customers have the information

More information

Loan Closing. One right and honest definition of business is mutual helpfulness -William Feather

Loan Closing. One right and honest definition of business is mutual helpfulness -William Feather chapter 9 Loan Closing You ve waited and worked so hard and the big day is here at last. You ll sign lots of papers, hand over lots of money, and finally get the keys to your new home. Closing will complete

More information

First Mortgage Documents User Guide 139

First Mortgage Documents User Guide 139 HUD 1 Settlement Statement Line instructions General Instructions Information and amounts may be filled in by typewriter, hand printing, computer printing, or any other method producing clear and legible

More information

Appendix C: HUD-1 Settlement Statement

Appendix C: HUD-1 Settlement Statement Appendix C: HUD-1 Settlement Statement HUD-1 Settlement Statement The Settlement Statement, or HUD-1 Form, details the exact breakdown of all the money paid or received by both the buyer and the seller.

More information

EXPLANATION OF THE HUD-1 Settlement Statement

EXPLANATION OF THE HUD-1 Settlement Statement EXPLANATION OF THE HUD-1 Settlement Statement The Settlement Statement is the financial picture of the closing. All money deposited into the escrow account and the disbursals out of the escrow account

More information

Seller s Closing Checklist

Seller s Closing Checklist Seller s Closing Checklist Your real estate closing is an important financial and legal transaction. Early and adequate preparation will help to ensure a carefree closing day. Please use the following

More information

APPENDIX A TO PART 3500 INSTRUCTIONS FOR COMPLETING HUD-1 AND HUD-1A SETTLEMENT STATEMENTS; SAMPLE HUD-1 AND HUD-1A STATEMENTS

APPENDIX A TO PART 3500 INSTRUCTIONS FOR COMPLETING HUD-1 AND HUD-1A SETTLEMENT STATEMENTS; SAMPLE HUD-1 AND HUD-1A STATEMENTS APPENDIX A TO PART 3500 INSTRUCTIONS FOR COMPLETING HUD-1 AND HUD-1A SETTLEMENT STATEMENTS; SAMPLE HUD-1 AND HUD-1A STATEMENTS The following are instructions for completing the HUD-1 settlement statement,

More information

Completing the New HUD-1 Settlement Statement

Completing the New HUD-1 Settlement Statement Completing the New HUD-1 Settlement Statement The new HUD-1 Settlement Statement ( HUD ) is designed to correlate closely to the new GFE, allowing borrowers to see how the estimate settlement costs disclosed

More information

Page One of Settlement Statement A. U.S. Department of Housing B. Type of Loan and Urban Development 1. [ ] FHA 2. [ ] FMHA 3. [ ] Conv. Unins.

Page One of Settlement Statement A. U.S. Department of Housing B. Type of Loan and Urban Development 1. [ ] FHA 2. [ ] FMHA 3. [ ] Conv. Unins. Page One of Settlement Statement A. U.S. Department of Housing B. Type of Loan and Urban Development 1. [ ] FHA 2. [ ] FMHA 3. [ ] Conv. Unins. 4. [ ] VA 5. [ ] Conv. Ins. 6. File Number 7. Loan Number

More information

The New RESPA Closing Process

The New RESPA Closing Process The New RESPA Closing Process Presented by Thomas G. Cullen Managing Attorney Wisconsin Operations Attorneys Title Guaranty Fund, Inc. Roman Reynolds Member Services Representative Member Sales and Support

More information

Information & Instructions: HUD 1 Settlement closing statement PREVIEW

Information & Instructions: HUD 1 Settlement closing statement PREVIEW Information & Instructions: HUD 1 Settlement closing statement 1. Section 5 of the Real Estate Settlement Procedures Act of 1974 (Public Law 93-533), effective on June 30, 1976 (RESPA), requires certain

More information

BUYING A HOME. Do your homework. Gather all the basic information about your income, existing debts and credit history.

BUYING A HOME. Do your homework. Gather all the basic information about your income, existing debts and credit history. BUYING A HOME Buying a home is a big step. Whether you are buying your first home or buying a newer home, there are many issues that you need to think about to make sure that you are ready to make such

More information

Settlement. Guide to

Settlement. Guide to Settlement Guide to Mid-States Title of Southwest Virginia is a settlement agency dedicated to being a knowledgeable and practical resource for all parties involved in the real estate closing process.

More information

International Real Estate Guide. A Guide to Purchasing and Selling a Home in Arizona

International Real Estate Guide. A Guide to Purchasing and Selling a Home in Arizona International Real Estate Guide A Guide to Purchasing and Selling a Home in Arizona FIRPTA Does This Apply to You? Foreign Investment in Real Property Tax Act FIRPTA is a U.S. law governing the sale of

More information

Mortgage- and Lender-Related Settlement Costs. Charges for Establishing and Transferring Ownership. Amounts Paid to State and Local Governments

Mortgage- and Lender-Related Settlement Costs. Charges for Establishing and Transferring Ownership. Amounts Paid to State and Local Governments Mortgage- and Lender-Related Settlement Costs Charges for Establishing and Transferring Ownership Amounts Paid to State and Local Governments "All-in-One" Pricing of Settlement Costs Estimates of Settlement

More information

Appendix A to Part 3500 -- Instructions for Completing HUD - 1 and HUD - 1A Settlement Statements

Appendix A to Part 3500 -- Instructions for Completing HUD - 1 and HUD - 1A Settlement Statements Appendix A to Part 3500 -- Instructions for Completing HUD - 1 and HUD - 1A Settlement Statements The following are instructions for completing Sections A through L of the HUD - 1 settlement statement,

More information

Foreign Investors. Guide to Purchasing and Selling a Home in Arizona

Foreign Investors. Guide to Purchasing and Selling a Home in Arizona Foreign Investors Guide to Purchasing and Selling a Home in Arizona FIRPTA Does This Apply to You? Foreign Investment in Real Property Tax Act FIRPTA is a U.S. law governing the sale of real property by

More information

UNDERSTANDING THE LOAN ESTIMATE

UNDERSTANDING THE LOAN ESTIMATE The following breaks down the Loan Estimate by section with examples from Encompass followed by official commentary. Also attached, is a copy of a completed Loan Estimate form provided by the Encompass..

More information

Title Insurance Glossary

Title Insurance Glossary Title Insurance Glossary Abstract of Title A condensed history or summary of all transactions affecting a particular tract of land. Adjustable Rate Mortgages Mortgages with an interest rate that may change

More information

You ve Applied For Your Mortgage. What Happens Next? A Simple Guide To Help You Through The Mortgage Process

You ve Applied For Your Mortgage. What Happens Next? A Simple Guide To Help You Through The Mortgage Process You ve Applied For Your Mortgage. What Happens Next? A Simple Guide To Help You Through The Mortgage Process Four Easy Steps You have found the right home at the right price in the right location. Now

More information

Your Mortgage Guide: The Process, Meet Your

Your Mortgage Guide: The Process, Meet Your Your Mortgage Guide: The Process, Meet Your Team, Definitions, and Frequently Asked Questions Getting Started The first step begins by completing your mortgage application. You may hear this referred to

More information

TOP 20 TITLE ISSUES In no particular order, here are brief summaries of the top 20 title issues that can arise in a real estate transaction: 1. Trusts 2. Power of Attorney 3. Death 4. Divorce 5. Foreclosure

More information

WHAT IS TITLE INSURANCE?

WHAT IS TITLE INSURANCE? WHAT IS TITLE INSURANCE? A title is the collective ownership records of a piece of real estate, including the transfer of any property rights and any loans using the property as collateral. A clear line

More information

TITLE & ESCROW OVERVIEW

TITLE & ESCROW OVERVIEW WE MAKE COMPLEX EASY. TITLE & ESCROW OVERVIEW The following materials are intended only for educational and informational purposes. They do not contain a complete analysis of the laws, regulations and

More information

Chapter 47. The Closing THE REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA)

Chapter 47. The Closing THE REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA) Chapter 47 The Closing THE REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA) For federally related first mortgages to purchase one-to-four-family dwellings (i.e., almost all residential first mortgage loans

More information

THE PURCHASE AND SALE AGREEMENT

THE PURCHASE AND SALE AGREEMENT Buying a Home 1 2 INTRODUCTION Buying a home may be the biggest single investment of your lifetime. Your life s savings may be invested in this one venture. Thus, it is extremely important that you, the

More information

Buying a Home. Do you know of any serious physical defects in the property? If so, how can you protect yourself against such defects?

Buying a Home. Do you know of any serious physical defects in the property? If so, how can you protect yourself against such defects? Buying a Home What should I consider when buying a home? Document last updated 12/23/2014. For most people, a home purchase is the biggest single investment of their lives. It is, therefore, extremely

More information

Presented by TREC Instructor: Laura Perry, Attorney TREC course: 7748

Presented by TREC Instructor: Laura Perry, Attorney TREC course: 7748 Presented by TREC Instructor: Laura Perry, Attorney TREC course: 7748 Comprehensive Outline Say Goodbye to the HUD1 and GFE on October 1 st, 2015 (or Hello Loan Estimate and Closing Disclosure) Opening

More information

Title/Settlement Agent Application

Title/Settlement Agent Application Title/Settlement Agent Application Completed Forms MUST be returned to Live Well Financial, Inc.: Email: counterpartyapproval@livewellfinancial.com *This application to be returned to above email address

More information

Settlement. Coming to Grips With. What to Know before Your Closing. The Event. What Is Closing?

Settlement. Coming to Grips With. What to Know before Your Closing. The Event. What Is Closing? Coming to Grips With Settlement What to Know before Your Closing The closing, or settlement, is the last step in getting your mortgage and actually becoming the owner of your new home. You ll probably

More information

Home Mortgage Interest Deduction

Home Mortgage Interest Deduction Department of the Treasury Internal Revenue Service Publication 936 Cat.. 10426G Home Mortgage Interest Deduction For use in preparing 1998 Returns Contents Introduction... 1 Part I: Home Mortgage Interest...

More information

GENERAL TIPS FOR BUYING/SELLING A HOME Office of the Staff Judge Advocate, MacDill Air Force Base, Florida (813) 828-4422

GENERAL TIPS FOR BUYING/SELLING A HOME Office of the Staff Judge Advocate, MacDill Air Force Base, Florida (813) 828-4422 GENERAL TIPS FOR BUYING/SELLING A HOME Office of the Staff Judge Advocate, MacDill Air Force Base, Florida (813) 828-4422 TYPES OF HOMES Buying a house will be one of the biggest investments one will ever

More information

Mortgage Loan Information

Mortgage Loan Information Mortgage Loan Information Thank you for expressing an interest in your Credit Union s Mortgage loan programs. We look forward to being of service to you. Please take time to read over the following information

More information

Important Information Regarding TILA-RESPA Integrated Disclosure (TRID) Rule

Important Information Regarding TILA-RESPA Integrated Disclosure (TRID) Rule Important Information Regarding TILA-RESPA Integrated Disclosure (TRID) Rule Notice to students: If your course contains information on the Truth in Lending Act (TILA) and the Real Estate Settlement Procedure

More information

TRID. Loan Estimate and Closing Disclosure Cross-reference Guide 07.01.2015. 2015 Temenos USA. All rights reserved

TRID. Loan Estimate and Closing Disclosure Cross-reference Guide 07.01.2015. 2015 Temenos USA. All rights reserved TRID T I L A-RESPA INTEGRAT E D D I S C L O S U R E S Loan Estimate and Closing Disclosure Cross-reference Guide 07.01.2015 2015 Temenos USA. All rights reserved w: temenos.com/tricomply p: 205.991.5636

More information

Lesson 15: Closing Real Estate Transactions

Lesson 15: Closing Real Estate Transactions 1 Real Estate Principles of Georgia Lesson 15: Closing Real Estate Transactions 2 Closing Closing: Final stage in real estate transaction. Also called settlement. Buyer pays seller; seller transfers title

More information

HERE ARE FIVE THINGS YOU WILL NEED TO KNOW BEFORE THE NEW RULES TAKE EFFECT OCTOBER 3, 2015

HERE ARE FIVE THINGS YOU WILL NEED TO KNOW BEFORE THE NEW RULES TAKE EFFECT OCTOBER 3, 2015 5 THINGS TO KNOW BEFORE OCTOBER 3RD, 2015 As a result of the 20 financial meltdown, the Consumer Financial Protection Bureau (CFPB) has published a new set of game changing rules and forms that will impact

More information

PURCHASE AGREEMENT. 1.0 - SELLER(S): Marital Status: Current Address: Home Phone: Work Phone: Cell Phone: Alternate Phone:

PURCHASE AGREEMENT. 1.0 - SELLER(S): Marital Status: Current Address: Home Phone: Work Phone: Cell Phone: Alternate Phone: PURCHASE AGREEMENT 1.0 - SELLER(S): Marital Status: Current Address: Home Phone: Work Phone: Cell Phone: Alternate Phone: 1.1 - BUYER(S): Marital Status: Current Address: Home Phone: Work Phone: Cell Phone:

More information

A CONSUMER'S GUIDE TO TITLE INSURANCE. from YOUR North Carolina Department of Insurance CONSUMER'SGUIDE

A CONSUMER'S GUIDE TO TITLE INSURANCE. from YOUR North Carolina Department of Insurance CONSUMER'SGUIDE A CONSUMER'S GUIDE TO from YOUR North Carolina Department of Insurance CONSUMER'SGUIDE A MESSAGE FROM YOUR INSURANCE COMMISSIONER Greetings, The North Carolina Department of Insurance recognizes that insurance

More information

BUYING A HOME Office of the Staff Judge Advocate, MacDill Air Force Base, Florida (813) 828-4422

BUYING A HOME Office of the Staff Judge Advocate, MacDill Air Force Base, Florida (813) 828-4422 BUYING A HOME Office of the Staff Judge Advocate, MacDill Air Force Base, Florida (813) 828-4422 BUYING A HOME Buying a home may be the biggest single investment of your lifetime. An entire life's savings

More information

ESCROW ACCOUNT OPTION NOTICE TO BORROWER

ESCROW ACCOUNT OPTION NOTICE TO BORROWER ESCROW ACCOUNT OPTION NOTICE TO BORROWER The mortgage interest rate and discount points agreement which you are entering into with Mission Mortgage is based on the assumption that you will be making monthly

More information

What to Expect. During the Settlement Process

What to Expect. During the Settlement Process What to Expect During the Settlement Process Lindsey Birr Port Lawrence Title 419-202-0692/lbirr@firstam.com First American Title Insurance Company makes no express or implied warranty respecting the information

More information

What Is A Title Insurance Policy?

What Is A Title Insurance Policy? What Is A Title Insurance Policy? A title insurance policy is a policy of indemnity. The policy says that the insurer will indemnify the insured against loss if title to the property turns out to be anything

More information

Settlement THE. process

Settlement THE. process Settlement THE process Settlement Pros is a highly experienced settlement company exclusively dedicated to transactions in the District of Columbia, Maryland and Virginia. Our team is committed to providing

More information

CRMS Exam Study Guide

CRMS Exam Study Guide CRMS Exam Study Guide The following five sections of this study guide provide questions similar to the ones you will encounter in the CRMS exam. The number of questions appearing below is proportional

More information

A N S W E R S TO YO U R Q U E S T I ONS A B O U T

A N S W E R S TO YO U R Q U E S T I ONS A B O U T A N S W E R S TO YO U R Q U E S T I ONS A B O U T A M E S S A G E T O HOME BUYERS from the Arizona Department of Insurance r Buying a home is, for many of us, the most substantial, single investment we

More information

Line 700: This line should reflect a calculation of the commission to be paid.

Line 700: This line should reflect a calculation of the commission to be paid. Section L: The Second Page of the HUD-1 Section L appears on and is comprised of the second page of the HUD-1. The two columns reflect the settlement charges to both the Borrower(s) and Seller(s). The

More information

21 EXTRA COSTS TO BE AWARE OF BEFORE BUYING A HOME IN GEORGIA

21 EXTRA COSTS TO BE AWARE OF BEFORE BUYING A HOME IN GEORGIA 21 EXTRA COSTS TO BE AWARE OF BEFORE BUYING A HOME IN GEORGIA Whether you're looking to buy your first home, or trading up to a larger one, there are many costs - on top of the purchase price - that you

More information

TILA RESPA Integrated Disclosure

TILA RESPA Integrated Disclosure FEBRUARY 7, 2014 TILA RESPA Integrated Disclosure H-25(E) Mortgage Loan Transaction Closing Disclosure Refinance Transaction Sample This is a sample of a completed Closing Disclosure for the refinance

More information

First Time Home Buyer Glossary

First Time Home Buyer Glossary First Time Home Buyer Glossary For first time home buyers, knowing and understanding the following terms are very important when purchasing your first home. By understanding these terms, you will make

More information

A New Era in Closings CFPB s Final Rule for Integrated Mortgage Disclosures

A New Era in Closings CFPB s Final Rule for Integrated Mortgage Disclosures A New Era in Closings CFPB s Final Rule for Integrated Mortgage Disclosures Agenda Basics: Why We re Here Final Rule The New Forms Evaluating the Rule Cost to Implement What s Next Questions Basics Dodd-Frank

More information

When it comes to title insurance, the choice is yours. CONSUMER S GUIDE TO TITLE INSURANCE 4 BR 2 BA 1 THING. to know before you sign.

When it comes to title insurance, the choice is yours. CONSUMER S GUIDE TO TITLE INSURANCE 4 BR 2 BA 1 THING. to know before you sign. When it comes to title insurance, the choice is yours. CONSUMER S GUIDE TO TITLE INSURANCE 4 BR 2 BA 1 THING to know before you sign. What is title insurance? Are you aware that you have a choice when

More information

Mortgage Fraud. Table of Contents. Home Equity Scams Choosing a Loan Home Equity Dos Home Equity Don ts

Mortgage Fraud. Table of Contents. Home Equity Scams Choosing a Loan Home Equity Dos Home Equity Don ts Mortgage Fraud Table of Contents Home Equity Scams Choosing a Loan Home Equity Dos Home Equity Don ts Reverse Mortgages Home Loan Law HOEPA Prevents For more information on Mortgage Fraud visit: You could

More information

Home Finance Seminar. Presented by Commonwealth Credit Union Mortgage Department

Home Finance Seminar. Presented by Commonwealth Credit Union Mortgage Department Home Finance Seminar Presented by Commonwealth Credit Union Mortgage Department Times have changed Then Any employee could provide mortgage loan information 100% financing was an option The disclosure

More information

Texas Home Equity Section 50(a)(6)

Texas Home Equity Section 50(a)(6) Texas Home Equity Section 50(a)(6) Revised 09/16/2015 rev. 16 Plaza s Underwriting Guidelines are designed to provide guidance as a standard to underwriting loans. There are cases where specific loan programs

More information

Loan Estimate. Loan Terms. Projected Payments. Costs at Closing. Save this Loan Estimate to compare with your Closing Disclosure.

Loan Estimate. Loan Terms. Projected Payments. Costs at Closing. Save this Loan Estimate to compare with your Closing Disclosure. Loan Estimate DATE ISSUED APPLICANTS PROPERTY SALE PRICE Loan Terms Save this Loan Estimate to compare with your Closing Disclosure. LOAN TERM 30 years PURPOSE Purchase PRODUCT 5 Year Interest Only, 5/3

More information

What is Title Insurance? What is a Title Search and Examination? What is a Title Defect or Encumbrance?

What is Title Insurance? What is a Title Search and Examination? What is a Title Defect or Encumbrance? B uying a home is, for most of us, the most substantial single investment we ll ever make and all of us want to make sure we do it right! Indeed, for many people the purchase of a home is the American

More information

Understanding TRID Forms

Understanding TRID Forms YOUR GUIDE TO Understanding TRID Forms Learn more about the Loan Estimate, Closing Disclosure and Settlement Statement. This book includes details such as tolerance/variance levels, form changes based

More information

Upon completion you will be able to:

Upon completion you will be able to: Agenda This training manual consists of three parts that will provide you with step-bystep instructions about how to complete the Closing Disclosure form required by the Integrated Disclosures Rule Upon

More information

General Resources CFPB Resources ALTA Best Practices Closing Insight Notaries Business & Commercial Loans Foreign Consumers

General Resources CFPB Resources ALTA Best Practices Closing Insight Notaries Business & Commercial Loans Foreign Consumers Remember, a knowing or reckless violation of TRID, even if done under instructions from the lender, may result in penalties of up to $1 million a day per violation against the individual settlement agent.

More information

NOW PLEASE REVIEW THIS PACKAGE AND FOLLOW THE INSTRUCTIONS TO GET YOU SALE STARTED.

NOW PLEASE REVIEW THIS PACKAGE AND FOLLOW THE INSTRUCTIONS TO GET YOU SALE STARTED. Thank you for contacting EnTrust Title Agency, LLC. Please find enclosed our for sale by owner package. This includes all of the required documents for selling property in the State of Ohio in addition

More information

Good Faith Estimate (GFE)

Good Faith Estimate (GFE) OMB Approval No. 2502-0265 Good Faith Estimate (GFE) Name of Originator Originator Address Borrower Property Address Originator Phone Number Originator Email Date of GFE Purpose Shopping for your loan

More information

Be prepared for your Mortgage Closing.

Be prepared for your Mortgage Closing. Be prepared for your Mortgage Closing. The Process That Leads Up to Your Mortgage Closing. Once you ve purchased your property and completed a loan application, or made a loan application for a refinance,

More information

a consumer guide to insurance INSURANCE ADMINISTRATION

a consumer guide to insurance INSURANCE ADMINISTRATION a consumer guide to Title insurance INSURANCE ADMINISTRATION a consumer guide to title insurance Table of Contents Introduction... 1 What Is Title Insurance... 1 Who Is Protected By Title Insurance?...

More information

Transaction Information. Michael Jones and Mary Stone 123 Anywhere Street. Anytown, ST 12345. Steve Cole and Amy Doe 321 Somewhere Drive

Transaction Information. Michael Jones and Mary Stone 123 Anywhere Street. Anytown, ST 12345. Steve Cole and Amy Doe 321 Somewhere Drive Closing Disclosure This form is a statement of final loan terms and closing costs. Compare this document with your Loan Estimate. Closing Information Date Issued 4//20 Closing Date 4//20 Disbursement Date

More information

Real Property Contracts Key Clauses

Real Property Contracts Key Clauses Real Property Contracts Key Clauses Parties, including the names of Buyer and seller (including marital status if two of them are married) Name of the agent or broker Corporate information if either side

More information

HUD-1. GFE vs. HUD-1: HUD-1 Introduction:

HUD-1. GFE vs. HUD-1: HUD-1 Introduction: HUD-1 GFE vs. HUD-1: The new HUD-1 Settlement Statement (the HUD-1 ) is designed to allow the borrower to compare the document with the Good Faith Estimate (the GFE ) received before closing, including

More information

Uniform Residential Loan Application

Uniform Residential Loan Application This application is designed to be completed by the applicant(s) with the Lender s assistance. Applicants should complete this form as Borrower or Co-Borrower, as applicable. Co-Borrower information must

More information

Adjustment Date - The date on which the interest rate changes for an adjustable-rate mortgage (ARM).

Adjustment Date - The date on which the interest rate changes for an adjustable-rate mortgage (ARM). Glossary A Adjustable Rate Mortgage - An adjustable rate mortgage, commonly referred to as an ARM, is a loan type that allows the lender to adjust the interest rate during the term of the loan. Generally,

More information

Questions and Answers on: O F F E R A N D A C C E P T A N C E

Questions and Answers on: O F F E R A N D A C C E P T A N C E Questions and Answers on: O F F E R A N D A C C E P T A N C E The purchase contract is the most important document in any real estate sale. It must reflect the entire agreement between the buyer and seller.

More information

Glossary of Lending Terms

Glossary of Lending Terms Glossary of Lending Terms Adjustable Rate Loan or Adjustable Rate Mortgage (ARM) A loan with an interest rate that changes during the term of the loan. The payments generally increase or decrease with

More information

As part of your evaluation process, your loan was reviewed for all options available to you at the time we received your required documents.

As part of your evaluation process, your loan was reviewed for all options available to you at the time we received your required documents. C3_2182 TradSSApprLtr_ND 17281 12/26/2013 Mail Stop TX2-982-03-02 7105 Corporate Dr. Plano, TX 75024 Notice Date: August 28, 2014 Loan No.: Property Address: Sacramento, CA 95826 IMPORTANT MESSAGE ABOUT

More information

THE PURCHASE AND SALE AGREEMENT

THE PURCHASE AND SALE AGREEMENT Buying a Home INTRODUCTION Buying a home may be the biggest single investment of your lifetime. Your life s savings may be invested in this one venture. Thus, it is extremely important that you, the prospective

More information

Glossary of Title Insurance Terms

Glossary of Title Insurance Terms Glossary of Title Insurance Terms abstract of title The condensed history of the title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances

More information

Understanding the (GFE) Good Faith Estimate

Understanding the (GFE) Good Faith Estimate A good faith estimate is a document that estimates the total costs to get a loan when you are buying or refinancing a home. The good faith estimate details costs you will incur on all loan related fees

More information

Title/Settlement Agent Approval Recommendation

Title/Settlement Agent Approval Recommendation Reverse Mortgage Solutions, Inc. Attention: Elly Johnson 5604 Wendy Bagwell Parkway Bldg. 100, Suite 112 Title/Settlement Agent Approval Recommendation Company Name: Company Address: City, State, Zip:

More information

Settlement. Coming to Grips With. Coming to Grips With Settlement. What to Know Before Your Closing. The Event. What Is Closing?

Settlement. Coming to Grips With. Coming to Grips With Settlement. What to Know Before Your Closing. The Event. What Is Closing? Coming to Grips With Settlement Coming to Grips With Settlement What to Know Before Your Closing The closing, also known as the settlement, is the last step in getting your mortgage and actually becoming

More information

TABLE OF CONTENTS. Form Number Title / Description Page

TABLE OF CONTENTS. Form Number Title / Description Page TABLE OF CONTENTS Form Number Title / Description Page TIME CHART / ROUNDING FORMS LOAN ESTIMATE Loan Estimate and Closing Disclosure Time Chart 1 TILA RESPA Time Chart 3 Loan Estimate Rounding Chart 5

More information

Congratulations on your recent decision to purchase a new home!

Congratulations on your recent decision to purchase a new home! TITLE PARTNERS of South Florida, Inc. 2400 E Commercial Blvd. Suite 104 Fort Lauderdale, FL 33308 Phone: 800.678.9977 Facsimile: 800.958.4599 Dear Homebuyer; Congratulations on your recent decision to

More information

Shopping for your home loan. Settlement cost booklet

Shopping for your home loan. Settlement cost booklet Shopping for your home loan Settlement cost booklet January 2014 This booklet was initially prepared by the U.S. Department of Housing and Urban Development. The Consumer Financial Protection Bureau (CFPB)

More information

Review and Approvals. 2 Short Sales. 3 Short Sales. 4 Short Sales. 5 Short Sales. 6 Short Sale is approved! Now what? 7 What s the next step?

Review and Approvals. 2 Short Sales. 3 Short Sales. 4 Short Sales. 5 Short Sales. 6 Short Sale is approved! Now what? 7 What s the next step? 2 Short Sales Review and Approvals Presented by: Kelly Ashton Underwriting Specialist 3 Short Sales A Short Sale occurs when the homeowner owes more on their mortgage than the price for which the property

More information

A consumer guide to. insurance INSURANCE ADMINISTRATION

A consumer guide to. insurance INSURANCE ADMINISTRATION A consumer guide to Title insurance INSURANCE ADMINISTRATION Table of Contents Introduction 1 What Is Title Insurance? 1 Who Is Protected By Title Insurance? 1 How Is A Title Insurance Policy Different

More information

MORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another.

MORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another. MORTGAGE TERMS Acceleration Clause This is a clause used in a mortgage that can be enforced to make the entire amount of the loan and any interest due immediately. This is usually stipulated if you default

More information

AllSellers PropertyAddressCSZ. Re: Sale of PropertyAddress1 File # OrderNum. To Whom It May Concern;

AllSellers PropertyAddressCSZ. Re: Sale of PropertyAddress1 File # OrderNum. To Whom It May Concern; AllSellers PropertyAddressCSZ Re: Sale of PropertyAddress1 File # OrderNum To Whom It May Concern; Thank you for choosing Eastern Title & Settlement to handle the details in the sale of your property.

More information

The Reverse Mortgage Opportunity. Today s Solution to your Peace of Mind

The Reverse Mortgage Opportunity. Today s Solution to your Peace of Mind The Reverse Mortgage Opportunity Today s Solution to your Peace of Mind The 2009 Retirement Environment 2008 Market downturn Net worth losses portfolio restrictions Age restrictions on employment Travel

More information

A Primer on the New CFPB Regulations Governing Residential Closings. Navigating the New Forms (Loan Estimate and Closing Disclosure.

A Primer on the New CFPB Regulations Governing Residential Closings. Navigating the New Forms (Loan Estimate and Closing Disclosure. A Primer on the New CFPB Regulations Governing Residential Closings. Navigating the New Forms (Loan Estimate and Closing Disclosure.) For loan applications received beginning October 3, 2015. Disclaimer:

More information

USER GUIDE FOR HOME EQUITY LENDING

USER GUIDE FOR HOME EQUITY LENDING USER GUIDE FOR HOME EQUITY LENDING EML487 USER GUIDE FOR HOME EQUITY LENDING COPYRIGHT CUNA MUTUAL INSURANCE SOCIETY, 1989, 1992, 98, 2003, 04, 06, 07, ALL RIGHTS RESERVED. REPRODUCTION WITHOUT WRITTEN

More information

NON-RESIDENTS PURCHASING REAL PROPERTY IN THE U.S.

NON-RESIDENTS PURCHASING REAL PROPERTY IN THE U.S. NON-RESIDENTS PURCHASING REAL PROPERTY IN THE U.S. A. The Attorneys Role in the Purchase of Real Estate The purchase of real estate in the U.S. without the proper assistance can become a complex transaction.

More information

Line 1101 is used to record the total for the category of Title services and lender s title insurance. This amount must be listed in the columns.

Line 1101 is used to record the total for the category of Title services and lender s title insurance. This amount must be listed in the columns. Lines 1100-1108. This series covers title charges and charges by attorneys and closing or settlement agents. The title charges include a variety of services performed by title companies or others, and

More information

BORROWER'S SIGNATURE AUTHORIZATION

BORROWER'S SIGNATURE AUTHORIZATION BORROWER'S SIGNATURE AUTHORIZATION (s) Name and Address Lender Name and Address Subject Property Address Lender Contact Lender Phone No. Loan Number Authorization I hereby authorize the Lender to verify

More information

Are you planning to use a Reverse Mortgage to Purchase a Home? Then the following checklist will be very handy.

Are you planning to use a Reverse Mortgage to Purchase a Home? Then the following checklist will be very handy. Are you planning to use a Reverse Mortgage to Purchase a Home? Then the following checklist will be very handy. 1) The sale must be an Arm s Length Transaction which means that you must be buying from

More information

Scott County Collector Mark Hensley. Delinquent Tax Certificate Sale

Scott County Collector Mark Hensley. Delinquent Tax Certificate Sale Scott County Collector Mark Hensley Delinquent Tax Certificate Sale Revised 7-27-15 7/27/2015 1:40 PM Dear Potential Delinquent Tax Certificate Sale Participant: THANK YOU for your interest in the 2015

More information

BUYER'S DISCLOSURE STATEMENT

BUYER'S DISCLOSURE STATEMENT BUYER'S DISCLOSURE STATEMENT CITY OF WALNUT CREEK INCLUSIONARY HOUSING PROGRAM ADMINISTRATIVE COVER SHEET (Remove Upon Completion) BLANK LINES: CHECKLIST Eligible Purchaser Income Level, p. 3, Section

More information

Mortgage Loans. Understand the Terms of Your Loan before You Sign. Mortgage Loans. Standard Home Equity Loans or Second Mortgages

Mortgage Loans. Understand the Terms of Your Loan before You Sign. Mortgage Loans. Standard Home Equity Loans or Second Mortgages Mortgage Loans Understand the Terms of Your Loan before You Sign This brochure can help you determine what is best for your situation, become familiar with mortgage loan terms, and learn what is involved

More information

Table of Contents Introduction Purchasing Time-line II. Before You Buy

Table of Contents Introduction Purchasing Time-line II. Before You Buy Table of Contents I. Introduction Purchasing Time-line II. Before You Buy Are You Ready to be a Homeowner? III. Determining What You Can Afford IV. Shopping for a House Role of the Real Estate Broker Selecting

More information

You Can Buy a Home The keys to Homeownership

You Can Buy a Home The keys to Homeownership You Can Buy a Home The keys to Homeownership The keys to homeownership Buying a home is one of the most important purchases you ll ever make. Owning your own home helps you build wealth, save on taxes

More information

Reverse Mortgages in Texas: New Uses and Limitations

Reverse Mortgages in Texas: New Uses and Limitations Reverse Mortgages in Texas: New Uses and Limitations Paul McNutt, Jr. General Counsel Title Resources Guaranty Company Our mission is to provide knowledgeable and responsive underwriting solutions to support

More information

Chicago Title Insurance Company

Chicago Title Insurance Company Short Sale Processing Document Check List Letter of Authorization & Release Client Information Form Hardship Letter (must be signed and dated) Financial Statement (Profit & Loss Statement or Budget must

More information

Settlement Disclosure Form

Settlement Disclosure Form Settlement Disclosure Form This form is a statement of final loan terms and actual settlement costs. SETTLEMENT INFORMATION Date 11/9/2011 Agent Martha Jones Location ABC Settlement 54321 Random Blvd,

More information