Understanding Title Insurance Costs

51 Properties
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#1 By Awareness Home Funding at 7/11/2017 3:45 AM

Thanks for the post. I just found your blog and really like your information. I did find you comments about GFE's being rather varied a little disconcerting. It has long been our practice to compare our original GFE with the final HUD at closing for our clients. We also found the new GFE to be rather straight forward and very helpful to clients. It's frustrating when already, it only takes a few to ruin a good thing for everyone. The intent is to help consumers who don't deal with these transactions everyday understand what is all involved. Not as a way for lenders to 'hide' more fees.

#2 By Joe Manausa, MBA at 7/11/2017 3:45 AM

Thank you AHF. I agree the intent is good, but they were trying to fix a problem that was broken due to the nature of the problem.

1. For the corrupt lenders who provide misleading information, a new form will not make them honest.
2. For the ignorant lenders who do not know what new property taxes will be (or other measurable costs), a new form will not make them informed.
3. For the 99% of the honest, knowledgeable lenders, the new form, like the old, allows them to communicate expenses to the client. I too like the new form.

I just think making the mortgage industry stand liable for quotes from other third-party providers does not make sense. Have the mortgage lenders quote for their services only, and then identify other possible costs. A good real estate agent will have already explained the buyers' estimated costs anyway, so all this does is add a layer to the process.

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