Real Estate Closings Archives - Attorney's Closing Services

Mortgage Industry Pushes for Improved TRID Consumer-Disclosure Rules

November 11, 2016 by PWSAdmin

Several mortgage and housing trade groups have requested that the Consumer Financial Protection Bureau (CFPB) go a step further in cleaning up the agency’s TRID consumer-disclosure rules, the increased regulation that took effect one year ago.

Industry groups are asking that the bureau extend a ‘soft enforcement’ period for several months, and proposed changes that the CFPB had previously declined. For example, the industry wants the bureau to establish a way for companies to correct errors found in the documents after the loan has been originated. This would help protect a lender from legal liability should the loan ultimately default, and reassure issuers of mortgage-backed securities. TRID errors have shown up in recent loans that were to be collective into securities.

Industry groups also requested the bureau give lenders more flexibility around the time of the closing. TRID has largely forced companies to lock in mortgage rates and the consumer’s expenses three days before closing. The CFPB has proposed to allow companies to make adjustments of the loan costs in the final closing document, but the industry has requested further modifications.

The industry is asking for numerous technical changes that will clarify aspects of the rule.

TRID, or the TILA-RESPA Integrated Disclosure rule, took effect on Oct. 3, 2015, creating new streamlined forms on the initial rate disclosure and final closing documents. It also established a timeline for disclosures. The rule was intended to make it easier for consumers to understand, but the changes created huge technical challenges for the industry. In April, CFPB announced it would make changes to TRID using the industry’s input.

The Mortgage Bankers Association, the National Association of Realtors and other groups submitted separate letters ahead of the deadline, including their comments and suggestions. The CFPB is expected to publish a final rule sometime next year.

Not up-to-date or unsure of the new TRID Rules? Losing a paralegal? Tired of tedious bookkeeping? Let Attorneys’ Closing Services (ACS) save you time and money. Whether your office needs assistance with full or partial closing processing services, ACS is ready to step in at a moment’s notice. We tailor our services to meet each client’s individual needs. We offer full-service processing for commercial and residential attorney title agents and charge a flat fee for our services. While we handle the processing, you can remain the closing agent and collect the premium. We would be honored to work with you on any and all of your real estate closings. Call us today at 407-270-8855 to see how we can help you. To learn more, visit https://attyclosingservices.com/about-us/

How ACS Can Help You

October 20, 2016 by PWSAdmin

Selecting the right firm to help with your specialized real estate needs is crucial to making the best real estate decisions for your organization. When you partner with ACS, you benefit from our years of experience and an unmatched team approach.

Additional benefits our clients see from using our services? They get to handle more real estate closings and focus on new business development.

So what are some reasons partnering with Attorneys’ Closing Services (ACS) is the right option for you:

– Down a paralegal;

– Tired of tedious bookkeeping;

– Worried about falling behind;

– Concerned about an unexpected audit;

– Not up-to-date or unsure of the new TRID Rules?

– Using outdated forms?

– No time to order title & lien searches? Surveys? Estoppel letters?

– No time to coordinate closing documents with lender?

– Losing time in assembling and verifying closing packages?

– No time to produce draft closing statements for clients well in advance of closing?

ACS assists everyone from the sole practitioner to fully staffed offices. We tailor our services to meet each client’s individual needs. Whether your office needs assistance with full or partial closing processing services, ACS is ready to step in at a moment’s notice. We offer full-service processing for commercial and residential attorney title agents and charge a flat fee for our services.

While we handle the processing, you can remain the closing agent and collect the premium. We would be honored to work with you on any and all of your real estate closings. Call us today at 407-270-8855 to see how we can help you.

6 Tips to Ensure a Smooth Home Closing

October 5, 2016 by PWSAdmin

Real estate closings can be marred with complications and setbacks, if not properly planned and executed carefully. Unresolved title issues, such as an unknown lien from a former building contractor, or a serious structural problem revealed in an inspection report can cause weeks or even months of delay.

A common issue that often delays a closing is repair disputes. If you are selling a property, it is a good idea to have a general inspection of your home before putting it on the market. You may find problems that you were otherwise unaware of; you can then either correct them, or consider selling the property in “as is” condition.

Another important tip: Ask a real estate agent, local title company or closing agent to perform a “preliminary title report” for your review, particularly if you suspect there is or might be a possibility of a prior lien, estate or divorce issue that could affect your title to the property.

The buyer will receive a “title commitment” from the title agent as part of the initial title work after the purchase contract is signed, and prior to closing. Most contracts stipulate how many days in advance that the buyer will have the commitment. The title commitment will list prior liens, deed restrictions, easements, or other encumbrances (if any) to the property. Typically, the Seller will have an opportunity to clear the encumbrances. If the Seller cannot provide clear title to the property, the buyer may exercise the option to terminate the contract.

By being involved in the process and reviewing these documents early on, you will have the opportunity to clear up any existing issues, avoiding a possible delay due to title defects.

Here are some additional steps that can help shorten the loan process and ensure the deal closes on time:

Get pre-approved. Getting pre-approved for a loan will help you determine how much you can afford and give you a realistic expectation of the price range for your new home. Buyers who have been pre-approved are generally able to finalize their loan application faster and more efficiently.

Stay organized. Assemble your bank statements, pay stubs, tax returns and other documents as soon as possible, even before you begin looking for a home to buy. Getting these documents together can take time and the better you prepare, the faster your loan will be approved — and processed. If you are unsure of which documents you need, ask your local bank for a “mortgage loan checklist.”

Work with an experienced mortgage lender. Whether you use a mortgage broker, or work directly with a lender, ask what the average time is for processing a loan application and, specifically, how quickly they will be able to complete your mortgage. Try to anticipate potential setbacks, like any credit or employment-related issues.

Make sure that you have the money for closing costs. The lender will require proof that you have sufficient funds for the down payment and closing costs prior to closing. Make sure those funds are readily available. Generally, checks are no longer accepted at the closing table. More often, wire transfer of funds must be confirmed received by the title escrow agent’s trust account – prior to closing – usually the day before – or morning of closing.

Create a timeline for any repairs the seller is obligated to make. Make sure any repairs the seller has agreed to make are completed on time. This should be at least several days before your scheduled closing. Do the final walk-through inspection the day before closing, or sooner, if the seller agrees to it.

Follow up with your lender. Lenders are known for asking for information at the last minute. A day or two before closing, contact your lender and ask if everything will be ready for the closing date. On the day of closing, verify with your closing agent that the loan documents have been received.

Attorneys’ Closing Services (ACS) assists everyone from the sole practitioner to fully staffed offices. We offer full service processing for commercial and residential attorney title agents. While ACS is in the background preparing all of your closing documents, you can handle more closings and develop new business. Whether your office needs assistance with full or partial closing processing services, ACS stands ready to assist you at a moment’s notice. We would be honored to work with you on any and all of your real estate closings. To learn more, visit https://attyclosingservices.com/about-us/.

Source: The Washington Post