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[+] The Most Unhappy News of the Day - Patrick Scott/IL (6 replies)
11/20/2009 9:32:15 PM (3975 views)

[+] Abstracting for surveyor's - Wayne James/TX (5 replies)
11/20/2009 4:11:07 PM (3331 views)

[+] Pre-Foreclosure Search Requirements - JENNIFER HOLZMAN/PA (7 replies)
11/20/2009 1:43:12 PM (3546 views)

[+] Prestige Title Specialists - chris denham/GA (1 reply)
11/20/2009 12:57:30 AM (3963 views)

[+] Social Media in Today's Marketplace - Jarrod Clabaugh/OH (1 reply)
11/18/2009 10:53:35 AM (4253 views)


Real Title Services


[+] Nonpayers: Velahos Law, Woodbury Title, The National Foreclosure Consultants Group (TNFCG) - Patrick/NY (10 replies)
11/16/2009 10:06:26 AM (5417 views)

[+] Question? - Dorothy Payne/NY (2 replies)
11/13/2009 10:44:37 PM (3951 views)

[-] Why ask for a fixed fee for title abstracting ... - Bobbi Shorthouse, Notary Public/CT (5 replies)
11/13/2009 1:36:30 PM (3925 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 (3767 views)
Re: Why ask for a fixed fee for title abstracting ... - Smitty Strickland/SC
11/15/2009 10:53:46 AM (3654 views)
Re: Why ask for a fixed fee for title abstracting ... - William Pattison /CA
11/16/2009 12:16:25 PM (3475 views)
Re: Why ask for a fixed fee for title abstracting ... - Alix Ott/MI
11/16/2009 3:16:56 PM (3502 views)
Re: Why ask for a fixed fee for title abstracting ... - Patrick Scott/IL
11/16/2009 11:03:52 PM (3399 views)

[+] Premier Abstracting Services, LLC - Cliff Boltz/VA (3 replies)
11/13/2009 11:19:34 AM (4581 views)

[+] Thank you for your service! - Nils Nelson/ME (1 reply)
11/11/2009 9:38:57 AM (3465 views)

Abstract Research Group in Lansdowne, VA?? - Paul Hajacos/VA
11/10/2009 7:56:59 PM (3135 views)

[+] Owner Response - Genesis Title - Sue Connor/OH (5 replies)
11/9/2009 12:18:37 PM (4475 views)

[+] One Owner Search Survey Results - Jeanine Johnson/FL (1 reply)
11/5/2009 9:55:05 PM (4786 views)

[+] Brainy Treats Inc. (You're gonna love this....) - Alix Ott/MI (8 replies)
11/3/2009 2:21:06 PM (5410 views)

[+] Gensis Title /Trident/Buckeye Clear Title - CONFUSION - Ownership Response - Sue Connor/OH (4 replies)
11/3/2009 12:39:33 PM (5220 views)


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