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Title & Escrow News and Information
This video discusses how the charge for the lenders and owners title policy must be disclosed on the loan estimate and the closing disclosure. Where is the discount applied on the Loan Estimate and Closing Disclosure? Traditionally, when an owner’s title policy and a loan title policy are issued at the same time, insuring the same property, a discount is applied to the cost of the loan policy. In order to prevent an increase in the loan policy premium paid by the borrower in the event where borrower elected not to purchase an optional owners policy, the CFPB requires any […]
When the CFPB wrote the new rule, they didn’t see the need for the cost of the owner’s title policy to be disclosed on the loan estimate if the borrower is not going to pay for it. The new rule only requires the lender to disclose the cost of the owner’s title policy on the Loan Estimate if the borrower will be paying for the policy. Unfortunately, if the borrower is paying for it, the charge must be labeled as optional on both the loan estimate and closing disclosure. This is a concern because telling a consumer owners title insurance […]
On June 24, 2015, the Consumer Financial Protection Bureau (CFPB) issued a proposed amendment to the Know Before You Owe mortgage disclosure rule, which proposes to move the rule’s effective date to October 3, 2015.
“The CFPB is proposing a new effective date of Saturday, October 3. The Bureau believes that moving the effective date may benefit both industry and consumers with a smoother transition to the new rules,”
the Bureau said in the statement.
As discussed in previous videos, the lender has to disclose to the borrower services and service providers they can shop for on a provider list. The Lender is responsible for ensuring the figures stated in the Loan Estimate are made in good faith and consistent with the best information reasonably available at the time the loan estimate is issued to the borrower to ensure there are no tolerance violations. The rule tightens the tolerances and does not allow changes to even more types of charges from the Loan Estimate to the date of consummation. Charges That Cannot Increase at Closing […]
As the real estate community makes the transition to the new rules and new forms set forth by the CFPB beginning August 1, there will be a period where existing escrow transactions will use the HUD-1 Settlement Statement and new transactions will begin using the new Closing Disclosure Form.

The Loan Application Date is the Determining Factor

The key factor in determining which form will be used is the date of the loan application. In other words, transactions with loan applications made before August 1st will use the HUD-1 Settlement Statement and transactions with a loan application date after August 1st will use the new Closing Disclosure.