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.

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.)
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Timing references by day

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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!

17 Points of Communication for Smoother Closings at Ticor Escrow

Celebrating a successful escrow closing

A resource you can count on…

Celebrating a successful escrow closingEveryone knows that great communication is key for a smooth and successful closing,  but what does great communication mean?

The table below illustrates each point of contact our clients can count on with every closing at Ticor Escrow.  Not only will we keep you and your clients informed throughout the closing but we will also provide the guidance and information to prepare you for the next step in the process.

We are a resource you can count on.

Points of contact during escrow

The proven communication schedule below provides a better client experience with every escrow we close:

Points of Contact Throughout the Escrow Closing Process
Point of Contact Real Estate Agents Lenders Buyers Sellers
Download PDF
Introduction Phone Calls
Introduction Emails
Email Earnest Money Receipt
Title Review Email with Title Report Included
Detailed File Review Emails (Throughout Transaction)
Contact Both Real Estate Agents to Verify Purchase Price and Closing Date
Loan Document Status Emails to Real Estate AgentsWe relay any updates/correspondence we receive as to loan status includingfinal approval received and eta on loan docs
Contact Buyers & Sellers to Prepare the Clients for Closing Process
Loan Documents Arrive in Escrow – Email Notification to All Parties
Email Estimated HUD for Lender Approval & Agent Review
Email Approved HUD to Real Estate Agents, Buyer, Seller
Contact Clients to Schedule Signing Appointments
Email Agents & Lender to Notify that Signing Appointments Have Been Scheduled
Email All Parties Once Lender Funding Authorization is Received
Email All Parties Once Loan Funds are Received and we RELEASE for RECORDING
Call All Parties Once Recording Numbers Are Received
Email All Parties Final Settlement Statements and Recording Numbers

Download

Escrow Points of Contact

Click here to download a PDF copy of this article.

Do you have questions or comments? Please share below.

Open House – October 9 – Ticor Title in Kent, WA

Ticor Title - Kent, WA Open House

Ticor Title - Kent, WA Open House

Ticor Title Kent – Open House

Our Kent, WA escrow location has relocated and you are cordially invited to join us for appetizers and drinks as we celebrate.  The festivities will begin at 4:00PM October 9th. We hope you will join us!

When

October 9, 2014
4:00PM – 7:00PM

Where

Ticor Title Company
Kent Escrow Branch
10840 SE 208th St
Kent, WA 98031

Please RSVP

Via Phone: (253) 631-3990

Contact & Customer Service

Phone: (253) 631-3990 Customer Service: cs.wa@ticortitle.com

Location & Directions

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Gallery

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View the invite

Ticor Title Kent, WA Open House invitation

Open House September 25 – Ticor Title Federal Way

Ticor Title Federal Way – Open House

You are cordially invited to join us for appetizers and drinks as we celebrate at our new escrow location in Federal Way.  The festivities will begin at 4:00PM September 25th. We hope you will join us!

When

September 25, 2014
4:00PM – 7:00PM

Where

Ticor Title Company
Federal Way Escrow Branch
33400 9th Ave S, Suite 102
Federal Way, WA 98003

Please RSVP

Via Phone: (253) 765-7255

 

View the invite

federal-way-open-house

Contact & Customer Service

Phone: (253) 765-7255 Customer Service: cs.wa@ticortitle.com

Location & Directions

Video Tour and Photo Gallery – Ticor Title in Everett

A view of the reception area at Ticor Title in Everett

It’s been a few weeks since the opening of our new escrow office in Everett. And with our open house quickly approaching we wanted to give everyone a glimpse of the new space. Below you’ll find a brief virtual tour and a photo gallery.

Where to find us

Ticor Title – Everett

2825 Colby Ave, Suite 300
Everett, WA 98201
Phone: (425) 586-6964
Map & Directions

Your Closing Experience

Our office is conveniently located on the corner of Colby Ave. and Hewitt Ave. in Everett. When you arrive, you’ll be greeted with a smile, offered refreshments, and promptly escorted to your own private signing room. Our team’s goal is to provide you with the best possible closing experience for your real estate transaction.

Come See Us

All are welcome to pop in and check out the fantastic new office, but in the mean time check out the video tour and photo gallery here. We’re confident that buyers, sellers, real estate agents, and lenders will appreciate our new location in Everett.

We look forward to seeing you soon!

Photo Gallery of Ticor Title – Everett, WA