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[+] Prestige Title Specialists - chris denham/GA (1 reply)
11/20/2009 12:57:30 AM (3955 views)

[+] Social Media in Today's Marketplace - Jarrod Clabaugh/OH (1 reply)
11/18/2009 10:53:35 AM (4242 views)

[+] Nonpayers: Velahos Law, Woodbury Title, The National Foreclosure Consultants Group (TNFCG) - Patrick/NY (10 replies)
11/16/2009 10:06:26 AM (5409 views)

[+] Question? - Dorothy Payne/NY (2 replies)
11/13/2009 10:44:37 PM (3940 views)

[-] Why ask for a fixed fee for title abstracting ... - Bobbi Shorthouse, Notary Public/CT (5 replies)
11/13/2009 1:36:30 PM (3917 views)

"Please don't shoot the messenger," which is what I heard from the attorneys representing different national title insurance companies explaining HUD's new RESPA regulations. You will see more requests to quote your abstracting fee as a "fixed amount" with no add-ons to the quoted fee for variable copying costs, mileage, additional time required, etc.

 In its wisdom to "save the consumer at least $700 in mortgage loan costs" by creating a shopping list and consolidating all costs into three buckets, HUD placed "all title services" within the new GFE "bucket"  that cannot increase more than 10% from the Good Faith Estimate  to the HUD-1 settlement statement.  Because this "bucket" is overflowing with other technically uncontrolled, third-party costs and fees (including lenders title insurance, owners title insurance [if the borrower decides to purchase a more expensive policy, the cap is popped] and government recording charges), many will be asked to "fix an exact fee" for an inexact science with expenses that vary from search to search.

What happens if it's two days before a purchase closing or before the rate lock expires and the HUD-1 shows the 10% capped bucket exceeds the cap? It has to be "cured" or a new GFE issued to the borrower and the closing Is Delayed by at least "3 business days after the corrected disclosures are mailed to the borrower".

There's more to the January 1, 2010, changes than this ... but this bucket alone was enough to give everyone in the room heartburn and headaches.  The regulations allow you to "fix" your fee using an average cost method. (I understood it, but I'm not explaining this one!)

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Re: Why ask for a fixed fee for title abstracting ... - Robert Franco/OH
11/13/2009 1:44:22 PM (3737 views)
Re: Why ask for a fixed fee for title abstracting ... - Smitty Strickland/SC
11/15/2009 10:53:46 AM (3625 views)
Re: Why ask for a fixed fee for title abstracting ... - William Pattison /CA
11/16/2009 12:16:25 PM (3447 views)
Re: Why ask for a fixed fee for title abstracting ... - Alix Ott/MI
11/16/2009 3:16:56 PM (3473 views)
Re: Why ask for a fixed fee for title abstracting ... - Patrick Scott/IL
11/16/2009 11:03:52 PM (3370 views)


Real Title Services


[+] Premier Abstracting Services, LLC - Cliff Boltz/VA (3 replies)
11/13/2009 11:19:34 AM (4573 views)

[+] Thank you for your service! - Nils Nelson/ME (1 reply)
11/11/2009 9:38:57 AM (3457 views)

Abstract Research Group in Lansdowne, VA?? - Paul Hajacos/VA
11/10/2009 7:56:59 PM (3124 views)

[+] Owner Response - Genesis Title - Sue Connor/OH (5 replies)
11/9/2009 12:18:37 PM (4466 views)

[+] One Owner Search Survey Results - Jeanine Johnson/FL (1 reply)
11/5/2009 9:55:05 PM (4779 views)

[+] Brainy Treats Inc. (You're gonna love this....) - Alix Ott/MI (8 replies)
11/3/2009 2:21:06 PM (5403 views)

[+] Gensis Title /Trident/Buckeye Clear Title - CONFUSION - Ownership Response - Sue Connor/OH (4 replies)
11/3/2009 12:39:33 PM (5210 views)

[+] US Land Title, LLC aka USLT - Marian Littleton/VA (11 replies)
11/2/2009 4:36:03 PM (4682 views)

[+] Ohio Bar Exam - Robert Franco/OH (19 replies)
10/30/2009 10:06:57 AM (3798 views)

[+] Land Contract Question - Helene /GA (10 replies)
10/29/2009 9:20:57 PM (3682 views)


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