Home Closing and Fees
Crossland Title, Inc. is fully committed to providing quality products and services to our communities. With more than 36 years of experience in the real estate and title agency 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. They have a knowledge base and support. The staff of Crossland Title, Inc. is more than capable of guiding each client through the myriad of issues surrounding a real estate closing. Crossland Title Inc. seeks the opportunity to continually earn your business. Trust our service driven, customer sensitive approach to the title industry.
Closings are now impacted by delivery rules of the new forms:
There is a part of the final rule creating these two new combined forms. The CFPB determined that borrowers would be better served by having a short time to review the new Closing Disclosure form. This is prior to signing their loan documents. As a result, in its rule, CFPB mandated borrowers have three days after receipt of the Closing Disclosure to review the form and its contents.
Note: The three-day review period starts upon the “receipt” of the form by the borrower. Unless some positive confirmation of the receipt of the form (i.e., hand delivery), the form is “deemed received” three days after the delivery process starts (i.e., mailing). As a result, the combination of the “delivery time period” and the “review time period” results in seven business days (excluding Sundays) from mailing to loan signing.
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 adjuste 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 no longer a thing. 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 other (as well as columns for both payments before and at closing).
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