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Title & Escrow News and Information
The new Loan Estimate replaces the early TILA disclosure and the Good Faith Estimate. The Creditor must provide the Loan Estimate to the Borrower within three days of application. An application is considered received when the consumer provides the following information: Consumer Information Name Income Social Security number to obtain a credit report Address of the subject property Estimate of the value of the property Mortgage loan amount sought Unlike the Good Faith Estimate, the Creditor is not allowed to revise and re-disclose if charges go up or down prior to the closing. The Creditor can only reissue a Loan Estimate based on […]

Learn the CFPB Lingo

With the new rules and new forms comes new terminology and language. The video here explains what language to look for, including:
  • Consumer = The Borrower
  • Consummation = The day the borrower becomes legally obligated to repay the debt – the date of the signing of the loan documents
  • Creditor = A Loan Originator, Lender or Mortgage Broker
  • Business Day = A day on which the creditor’s offices are open to the public for carrying on substantially all of its business functions. For purposes of rescission under TILA – all calendar days EXCEPT Sundays and Legal Public Holidays
The new Loan Estimate form replaces the early TILA disclosure and the Good Faith Estimate. It lists all the potential costs for the consumer’s loan like title insurance, percentage rates, closing costs, and the estimated monthly loan payment.

Creditors are responsible for calculating the best estimates possible for these services, which will be checked against the actual costs listed in the Closing Disclosure form when the loan is consummated. And unlike the former Good Faith Estimate, creditors can no longer revise and re-disclose if charges go up or down prior to closing.
We are very pleased to announce that Ticor’s Washington State Headquarters has relocated from Time Square in Renton to Columbia Center in Downtown Seattle.

The move is part of our plan involving the continual steady expansion of our Washington State operation and the recent creation of the Seattle-Metro FNTG Centralized Production Facility. The new Columbia Center location is home for our management team, administrative staff, and our Seattle Metro escrow team.

We think you’ll love the upscale look & feel, nearby amenities, ample in-building parking, easy access to Interstate-5, and of course, the view.
When the CFPB rules take effect in August 2015, the closing timeframes on purchases and refinances will be impacted. As part of the final rule creating the new Closing Disclosure and Loan Estimate forms, the CFPB determined that borrowers would be better served by having a short time to review the new Closing Disclosure prior to signing their loan documents. As a result, in its rule the CFPB mandated borrowers have three days after receipt of the Closing Disclosure to review the form and its contents.

Click below for the complete article and a brief illustrated guide.