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

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Closing_Disclosure_Timing4-blue_03

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

Ticor Everett Grand Opening – September 18

Ticor Title Everett

Ticor Title Everett

Ticor Title Everett – Open House

You are cordially invited to join us for appetizers and drinks as we celebrate the opening of our Snohomish County Everett branch.  The festivities will begin at 4:00PM September 18th.

We hope you will join us!

When

September 18, 2014
4:00PM – 7:00PM

Where

Ticor Title Company
Shohomish County Everett Branch
2825 Colby Ave
Suite 300
Everett, WA 98201

Please RSVP

Via Phone: (425) 586-6964

Contact & Customer Service

Phone: (425) 586-6964

Customer Service: cs.wa@ticortitle.com

Location & Directions

Announcing the Relocation of Ticor’s Kent Branch

Ticor Title Kent, WA

Ticor Title Kent, WA

We are very pleased to announce that our escrow branch in Kent has relocated to a more convenient and central location! The growth of our business in Kent has brought with it the need for a fresh space, a more central location, and an upscale look & feel to better serve our clients.

You’ll find our Kent branch located at the intersection of SE 208th St and 108th Ave SE.

We think you’ll love the ample parking, easy access from the street level, upscale look & feel, and of course the same friendly faces! Please stop by and see us soon.

Where to find us

Ticor Title – Kent Branch

10840 SE 208th St
Kent, WA 98031
Phone: (253) 631-3990
Fax: (253) 631-3991

Map & Directions

NEW! Buyer & Seller Resources for Smoother Transactions

Buyer-Seller-Guide-1New Buyer/Seller Guides

Check out the freshly updated Buyer and Seller resource library on myTicor.com! The new guides and booklets are free to download and can improve the client experience with every real estate transaction.

Read more...

Educating & Communicating for Greater Success!

buyer-seller-resourcesClear communication, knowledge, and mutual understanding can make all the difference in a real estate transaction. Read more

Will the Real Seller Please Stand Up?

The real estate agent opened escrow with KimberLee C., an experienced escrow officer at our sister branch in Salem, Ore. About a week and a half before closing, the agent came in to the office and explained the seller was not really the true seller, but instead his boss was the actual owner.

p1878M-5444-RT8The boss had transferred properties to various people as he was going through a nasty divorce. KimberLee became suspicious right then and started asking questions in order to sell — did the seller have a valid, unexpired ID? Where will the funds go at closing?

Over the next week or so, the agent in an attempt to ensure the closing would happen, sent KimberLee an expired driver’s license, one that had been taken away from the seller by the Department of Motor Vehicles.

The agent also sent a Mexican Matricula Consular identification card, which she told him was not an acceptable form of identification. The pictures between the two identification cards did not match up (probably because they were taken years apart).

The agent gave KimberLee various scenarios such as, “Would we take a Washington driver’s license,” and what other type of identification would be acceptable. KimberLee thought the agent was being very naïve (not devious) and just trying to help his client.

Something wasn’t right

Being on high alert by all this, the seller, his boss and the agent came in for the scheduled signing appointment. When KimberLee went to show them to a closing room, she was pretty sure there would be an issue — just by the signer’s body language.

KimberLee requested the signer’s driver’s license and headed to the copy machine and the Fraud Fighter™ black light purchased from UVeritech. She felt the card was an obvious fake.

Someone had taken the picture from the Mexican Matricula Consular identification card, and cut and pasted it to the new driver’s license. The feel of it was off and putting it under the black light confirmed KimberLee’s suspicions. “Oregon” is supposed to be diagonally repeated on front of license and is also visible under UV light. There was nothing visible under the black light.

KimberLee did not stop there! She called the Department of Motor Vehicles and they confirmed the identification number did not match up with the name. She asked them if we should keep the license and they said for her to call the police.

Step away from the transaction

She contacted her manager, Ted U., and he advised her not to call the police but instead give the license back to the seller and send them on their way as quickly as possible, to remove the potentially violent customer from our office and our employees from harm’s way.

KimberLee did have some alternatives. She could have used a credible witness acknowledgement for the seller. However, the definition of credible witness in her notary handbook reads as follows, “A believable witness worthy of confidence who personally knows the signer of a document.”

KimberLee felt that no one involved in the sale of the property was being completely honest and elected to resign as escrow holder rather than jeopardize the company by insuring a deed that might have been forged.

Luckily for KimberLee this is the first time anything of this nature has happened in her 36 year career. For her diligent effort to prevent a possible forgery, KimberLee has been rewarded and recieved a letter of recognition.

Keen Title Examiner Discovers Forgery

The vesting on the open order sheet did not match the vested owner of record. That is not an unusual discovery in the title industry, but this time it triggered the title examiner to dig deeper and to uncover a forgery!

forged signatureOne of our sister branches in Denver opened a sale transaction in the amount of $450,000 and ordered the title report/commitment. The title examiner, Venita O., noticed the open order sheet reflected the property owner as an Estate of a named individual. The most current deed, however, reflected the owner as an LLC.

There was no death certificate of public record for the decedent, so Venita was unable to determine if he died prior to the deed to the LLC. She looked at previous deeds of trust in the chain of title to compare the decedent’s signature to the signature on the deed to the LLC. The signatures were not the same at all. Read more