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.)

Timing references by day

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  • 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!

Title Reviews Get a Facelift

This month we’re rolling out an improved look and feel for our ‘Title Reviews.’ The handsome, new format provides a title review summary that is easier to read, and easy to share with your clients if you choose to. With any preliminary title ordered on your listings with Ticor, you’ll receive an email that includes a link or PDF to the new ‘at a glance’ report. Look for your Title Review within a few days of receipt of your initial title report.

Detect red flags early

Clouds on Title to a property have the potential of slowing the closing process if they are not identified and addressed early in the process. Our Title reviews will help you identify these potential red flags in order to set proper expectations with parties involved and save time in the long run.

Examples of red flags to look for

  • Seller not vested in title
  • Judgments and/or liens against seller
  • Pending law suits
  • Real estate contracts
  • Recorded housing code violations
  • Statement of Identity / I.D. Affidavit

Our specialists are part of your team

Your Ticor Property Information specialists are preparing these specifically for you for every listing transaction you place. This brings the added benefit of our team’s vast experience in virtually any item that may appear on your reports. Of course, we’re always glad to help you understand what these terms mean. And, most importantly, we’ll work closely with you, to help address and resolve these matters early in the course of the transaction.

Please take a moment to flip (scroll) through the handy new title review following your next (preliminary title) order with Ticor. If you have questions regarding your report, please contact us. We’re here to help.

Questions or comments? Please share below

Receive Recorders office holiday schedule via text

We’re launching a new service that will remind you via text message when the King County, Pierce County and Snohomish County Recorders’ Offices are closed for holidays!

Just text the word ‘RECORDER’ to the number 47170.

Recorders office holiday schedule King Pierce Snohomish County

Download The Recorders Office Schedule

The King Pierce and Snohomish county recorders’ offices will be closed for a total of nine holidays in 2011. And we all know that when the recorders offices are closed, it can affect the closing of our real estate transactions. So for your convenience we’ve put together an at-a-glance calendar that clearly shows the holiday schedule. That nice looking calendar can be downloaded by clicking the image to the right.

But wouldn’t it be better if you could just simply be reminded a few days in advance of when the Recorders’ offices will be closed for holidays? How about a text message reminder right to your phone?

Here’s how it works.

If you would like to receive a text message that reminds you of the recorders’ office holiday schedule, just text the word ‘RECORDER‘ to the number 47170. You’ll recieve a welcome message once you subscribe. Then three days prior to every Recorders office holiday closure date, you’ll get a short text message reminding you of the day and date of the closure.

Try it today! Text the word ‘RECORDER‘ to the number 47170

Or simply click on the button below to subscribe right now…

These are the dates that the recorders offices are closed during 2011

Monday, January 17
Monday, February 21
Monday, May 30
Monday, July 4
Monday, September 5
Friday, November 11
Thurs – Friday, November 24-25
Monday, December 26

Matt Sweet
Ticor Title