TRID seminar September 22nd at Compton Park

As promised, click here to get an outline of the Powerpoint presentation. Here are some other documents you might find helpful:

Example of the new Loan Estimate, Closing Disclosure, Seller Closing Disclosure, ALTA Settlement Statement-Combined, ALTA Settlement Statement-Cash.

You can email comments to me by clicking the AboutUs/Contact Us tab and clicking my name underneath the photo.

If you’d like to leave comments about the TRID presentation, click the Testimonials Tab and post your feedback.

Good and bad news

Implementation of the new TILA RESPA Integrated Disclosure has been pushed back to affect loan applications taken October 1, 2015 and thereafter. That’s good news because it will allow our industry more time to amend the rules affecting disclosure of title charges on the Closing Disclosure for the 21 states like Florida, where the buyer pays a flat simultaneous rate for a policy insuring his lender when the seller pays for the owners policy of title insurance insuring the new buyer. As it stands now, the Closing Disclosure form is really clear but what title companies are compelled to put in the boxes is really confusing. Another good news story is we can adjust to change when not in our busy season. So what’s the bad news? The bad news is delaying the three day wait period, so we now have more than two more months of getting loan figures and packages a couple hours ahead of closing (or at closing, or after the scheduled closing) and then scrambling to get it all done and give the clients the attention they need and deserve.

All Your Estimates, Kept Safe In One Place

Ever wondered what the owner’s premium for that nice condo downtown a couple of months ago was?

Well, there’s no need to go on a manhunt to find out. All you need to do is access your account with the app, go to your Saved tab (for saved buyer estimates, net sheets, quotes or preHUDs), and pull up the information.

And since the app works on desktops as well as mobile devices, you have seamless access to this information… whenever and wherever you need it.

Our clients love our new App – browse to www.etotb.com/instantquote on your iphone or droid to install it.

 

New Closing Disclosure Deadline extended?

The president of the American Land Title Association, Diane Evans, gave testimony May 14, 2015 before the Housing and Insurance subcommittee of the House Committee on Financial Services, asking to allow accurate disclosure of title fees on the new Closing Disclosure. The requirements now for disclosing title fees do not work with the way Florida and twenty other states charge for title insurance. We will be forced, after August 1, 2015,  to inaccurately disclose our fees by ignoring Simultaneous Rate for the loan policy and instead charging full rate offset by a Seller credit (if the seller is paying for the owners policy of title insurance). Also, the request has been made for the CFPB to allow a period of restrained enforcement of the new rules until January 1, 2016 to allow the lending industry to adapt to the new rules without fear of non compliance.

Mobile App for iphone, ipad, droid

The new users of our App are loving it! Its easy to install on your phone or ipad/tablet…go to www.etotb.com on your phone or tablet and select Instant Quote and follow the instructions. Test out a net sheet and before you Email it or Get Printer Friendly Version, Save it — you can name it whatever you’d like. If you Send via Email the numbers will appear in an email from you to your client. If you select Get Printer Friendly Version, the App will create a pdf which you can then email as an attachment. If you don’t want a net sheet but just want a title quote, select Title Quote/GFE.