Knoxville, Tennessee Closing Agency
With more than 32 years of experience in the real estate and title business, owners Pam Rice and Beth Crox have built their reputations upon the virtues of personal service and integrity. They believe that reputation as an honest and reliable business is the recipe for success.
Title fees may need to be adjusted at closing and explained:
Both the new Loan Estimate and Closing Disclosure forms require any listing of settlement service involving title insurance or closing activities precede by the phrase “Title ”. This will allow the borrower to clearly see all charges in the same area. The disclosure of fees will adjust and explained on page 3 to reflect the following:
The new forms have 7 areas for fees:
The line numbering on the HUD-1 familiar to most is gone. Instead, the fees and charges placed on the Closing Disclosure in one of seven areas:
Individual charges within each of these major groupings are alphabetically listed. Columns provide separate charges of the buyer, seller, and others (as well as columns for both payments before and at closing).
Your clients will likely receive more than one Closing Disclosure:
The Buyer/Borrower will receive a Closing Disclosure several days before the closing. Also, likely a few days before a walkthrough on the property. Buyers/Borrowers will likely receive a new, adjusted Closing Disclosure at the closing show. Any changes that occurred between the initial disclosure and the closing, including adjustments due to the timing of the closing, walk through adjustments, and other matters.
Changes may not end there and CFPB mandates that changes in financial disclosure numbers (i.e., changes in a recording fee) in any amount must be re-disclosed, even post-closing.