The Benefits of an Owner’s Title Insurance Policy

Is Title Insurance Optional?

As part of the new CFPB rules, creditors are required to disclose the cost of a Title Insurance policy if it’s the borrower’s responsibility to pay for it. However, the charge must be listed as “optional” on both the Loan Estimate and Closing Disclosure, which might discourage homeowners from buying this protection.

So let’s talk about this word, “optional.” Yes, it’s technically optional, but for most people, owning a home is the biggest investment of their life! Don’t you think they should protect it? And by the way, creditors require their own title insurance policy. That’s how important they think it is to protect their investment.

Protection & Peace of Mind

Here’s something to consider: Title problems are discovered in more than a third of residential real estate transactions. Over the years, things like liens, easements, and subdivisions cause confusion over who has rights to the property, and the last thing the homeowner wants is drama that puts their investment in jeopardy. But when a consumer has an owner’s Title Insurance policy, these issues are known or resolved before signing on the dotted line, even things that are done illegally or without proper documentation giving borrowers peace of mind that their investment is protected for as long as they own the property.

So there’s our two cents about the value of an Owner’s Title Insurance Policy and listing it as an “optional” expense. The one-time cost for an owner’s title policy is a small price to pay for the peace of mind you gain. And the good news is we’re part of the nation’s largest family of title insurance underwriters, so we’ve got you covered.

To learn more about how the CFPB changes impact you, contact a local representative.

Announcing Ticor Title’s Spokane Operation

We are pleased to announce the opening of our new Title & Escrow office in Spokane. You’ll find us conveniently located at 1330 N Washington St, in the Rock Pointe Corporate Center Building. Thank you for choosing Ticor Title as your preferred Spokane Title Company!

Spokane Title Company - Ticor Title

National Strength & Local Feel

The growth of our Washington State operation has brought us into 19 counties including our newest location and dedicated staff of Title and Escrow experts serving the Spokane area.  The unrivaled strength of our national brand and experience of our local professionals provide the peace of mind and personalized service levels our clients have come to expect from Ticor Title.

Spokane Title & Escrow Rates

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A Better Closing Experience

When you and your clients arrive at Ticor Title in Spokane, you’ll be greeted with a smile, offered refreshments, and promptly escorted to your reserved signing room. Families are welcome as we have accommodations for children as well.

We look forward to serving you at our new Spokane location and thank you for choosing Ticor Title for your residential and commercial real estate transactions.

Where to find us

Ticor Title – Spokane

1330 N Washington St.
Suite 3525
Spokane, WA 99201
Phone: 509-327-2381
Fax: 866-846-1127

Map & Directions

CFPB [Infographic]- How the CFPB Impacts You

In October of 2015, the lending and real estate industries will be required to use new forms and new rules that were created for the purpose of protecting consumers and making financial products easier to understand and compare. The new organization that published the new regulations is the Consumer Financial Protection Bureau or CFPB.

Below is an infographic that illustrates the brief history of the CFPB, what new forms to look for, 5 things you need to know before October 2015, and how the closing calendar will be impacted.

Questions or comments?  Please share below!

CFPB Tips – An Overview of the Loan Estimate


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 six events which qualify as changed circumstances. Creditor errors are not legitimate reasons for revising Loan Estimates. The CFPB commented, “If a creditor is allowed to reset the estimate used for good faith analysis every time there is a changed circumstance, it weakens the tolerance rules.”

Provider Lists

The Loan Estimate must be delivered to the Borrower with an attached provider list for those services the Borrower is permitted to shop for. the provider list reflects the required services to be performed, the approximate cost for the service, the suggested company to provide that service, and the company’s contact information. If the Consumer selects the provider named on the list, the fee for that service cannot increase at closing.

Note: If our company is named on the list and the Consumer selects our company as the provider, our fees must match the quoted fee by the lender.

Lenders are 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. The settlement service providers identified on the list must match up with the services the borrower can shop for as disclosed on the Loan Estimate. The lender may also identify on the written list of providers those services for which the Borrower is not permitted to shop, as long as they are clearly distinguished from those services for which the Borrower can shop for.

What Determines Good Faith

Whether or not a Loan Estimate was made in good faith is determined by calculating the difference between the estimated charges originally provided in the Loan Estimate and the actual charges paid by or imposed on the Consumer in the Closing Disclosure. The charges on both forms must be alphabetized in each section by the charge description. Title and Escrow charges must all be grouped together by the preceding word “Title”, with the exception of the owners policy which is categorized as “other” on both forms and set apart from the balance of the title and escrow charges.

Questions or comments? Please contact us or share below!

CFPB – [Video] New Terms & Language to Look For


CFPB-TerminologyStarting October 3, 2015, the new CFPB Integrated Mortgage Disclosures under the Real Estate Settlement Procedures Act (Regulation X) and the Truth-In-Lending Act (Regulation Z) will be used for residential real estate transactions. Any residential loan originated after October 3, 2015 will be subject to the new rules and forms set forth by the CFPB. The Rule replaces the Good Faith Estimate (GFE) and early TILA form with the new Loan Estimate. It also replaces the HUD-1 Settlement Statement and final TILA form with the new Closing Disclosure.

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:

CFPB New Terms and Definitions
Terminology Definition
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

Ticor is your CFPB Readiness Partner

Forms, dates, rules, and laws… it can seem like a lot to take in. The good news is that we’ve done our homework and we’re here to guide you through.

To learn more about how the CFPB changes impact you, contact a local representative.

CFPB – The New Loan Estimate In Plain English

What is the CFPB?

A plain-english guide to the Consumer Financial Protection Bureau. You’ll find simple answers about the CFPB and how the new rules will change real estate transactions. To download a PDF, click here.

The CFPB Loan Estimate Form

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. After all, resetting the estimate every time a circumstance changes weakens the purpose of the estimate!

Once a consumer’s application is received, the creditor has three days to deliver the Loan Estimate and should include a list of providers for services the consumer can shop around for.

Ticor is your CFPB Readiness Partner

Forms, dates, rules, and laws… it can seem like a lot to take in. The good news is that we’ve done our homework and we’re here to guide you through.

To learn more about how the CFPB changes impact you, contact a local representative.

Announcing the Relocation of Ticor’s Washington State Headquarters

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.

Ticor Title relocates Washtington State Headquarters to the Columbia Tower in SeattleThe 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.

Where to find us:

Ticor Title
Washington State Headquarters

New address:
701 5th Ave, Ste 2560
Seattle, WA 98104

New phone:
206-393-9810

*Please note that our main phone number (425-255-7575) will also be forwarded to the new location.

How Closing Timeframes will be Impacted by the CFPB

Closing Disclosure Timeline - CFPB

When the CFPB rules take effect in October 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.

However, note that the three-day review period starts upon “receipt” of the form by the borrower. Unless some positive confirmation of the receipt of the form (i.e., hand delivery), the form is “deemed received” three days after the delivery process is started (i.e. mailing). As a result, the combination of the “delivery time period” and the “review time period” results in six business days from mailing to loan signing.

Below is an illustration of how closing timeframes will be impacted

(Click the image for a larger view.)
Closing_Disclosure_Timing4-blue_03

Timing references by day

(Click the image for a larger view.)
Closing_Disclosure_Timing4-blue_06

Note:

  • If a federal holiday falls within the Delivery and/or Waiting Periods, add an additional business day.
  • The three-day period is measured by days, not hours. Thus, disclosure must be delivered three days before closing, and not 72 hours prior to closing.
  • Disclosures may also be delivered electronically to start the Delivery Period and may be signed in compliance with E-Sign requirements.

Questions or comments? Please share below!

Ticor Restructures and Localizes Title Department

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We are excited to announce a restructuring of our title department that is designed to improve the overall client experience by creating efficiencies and a more localized title officer presence in our branches across the Puget Sound region. Below are a few things we want our clients to know with regards to these exciting changes.

Greater Efficiencies & Localized Title Officer Presence

We have recently established the FNTG Centralized Production Facility in Seattle under the leadership of our own James Griffin. This facility is designed to streamline our workflow and create synergies among our back-office operations that produce our title commitments.

In conjunction with the formation of the Centralized Production Facility, Ticor’s Title Officers have been distributed to our Ticor Title branch locations across the Puget Sound area. The result is greater accessibility and a more localized Title Officer presence for our clients. For title related questions, challenges, or status requests our clients have a local, dedicated Ticor Title Officer to provide solutions.

Your Local Ticor Title Officer Contacts

Ticor Title Seattle

Reid Vance
Title Officer
Phone 206-393-0921
Fax 877-521-9846
Reid.Vance@TicorTitle.com

Ticor Title Renton

Donna Roetter
Title Officer
Phone 425-255-7472
Fax 877-521-9938
Donna.Roetter@TicorTitle.com

Danny Osborn
Title Officer
Phone 425-873-7576
Fax 425-255-0285
Danny.Osborn@TicorTitle.com

Ticor Title Kent

Dave Watson
Senior Title Officer, Commercial/Residential
Phone 253-460-2921
Fax 877-521-9770
David.Watson@TicorTitle.com

Ticor Title University Place

Dave Watson
Senior Title Officer, Commercial/Residential
Phone 253-460-2921
Fax 877-521-9770
David.Watson@TicorTitle.com

Ticor Title Everett

Georgia Hallett
AVP/Senior Title Officer
Phone 425-586-6966
Fax 866-878-4473
Georgia.Hallett@TicorTitle.com

Changes to the Title Commitment Exceptions

There will be slight changes to the layout of the exceptions on the Title Commitment/Title Report. You will now see the special exceptions first (Easements, Agreements, CC&R’s), followed by taxes, assessments and any monetary liens.

Questions or comments? Please share below!

Ticor Title Expands to Serve 19 Counties in Washington State

Map of counties in WA where Ticor Title provides title insurance

Did you know that Ticor Title provides title insurance in 19 major counties in Washington State?

Benefits

  • Streamlined transactions across WA State
  • Work with your preferred Escrow Team
  • Consistency and unrivaled financial strength
Read more...

The past year has brought steady growth for our operation in the State of Washington and our goal is to streamline the process for our clients who have transactions across our evergreen state.

You’ll have the benefit of working with your preferred Ticor Escrow team while having the consistency and financial strength that Ticor’s Title Insurance provides.

For your convenience, we have included an illustration here that shows the areas we serve. In addition we’ve included a link to an illustrated PDF document that you can save and share for future reference.

List of counties where Ticor provides Title in WA:

  • Adams
  • Asotin
  • Benton
  • Clark
  • Cowlitz
  • Ferry
  • Franklin
  • Grant
  • Island
  • King
  • Kitsap
  • Pierce
  • San Juan
  • Skagit
  • Snohomish
  • Spokane
  • Thurston
  • Whatcom
  • Yakima

How to order

You have the choice of placing an order via MyTicor.com or contacting your local preferred Ticor Title sales executive, customer service representative, or escrow closer to open title in any of the counties highlighted here.

Open an order online

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Thank you for joining the thousands of other real estate professionals who have made Ticor Title their preferred title & escrow company in the Pacific Northwest! We are grateful for your continued support.