This page will help support you understanding all the rules and regulations for Agents regarding Title Insurance. If you need to Get a Quote or Place an Order please use the links provided below to access those forms. We look forward to working with you and your Buyer or Seller.

TOP THINGS REAL ESTATE AGENTS SHOULD KNOW ABOUT THE TILA-RESPA INTEGRATED DISCLOSURES (TRID)

A closing statement form called the Closing Disclosure or CD is used for most loan applications. The lender, not the closing agent, may be preparing and delivering the CD.

The CD must be delivered to the buyer/consumer at least three business days prior to the scheduled closing date.

The closing agent must get information to the lender approximately 10 to 14 days prior to the closing date for completion of CD to meet the delivery requirement.

  • You will need to communicate to the closing agent all your buyer paid charges 10 to 14 days prior to the closing date.

The closing agent will need your real estate company’s state license number and your individual real estate license number for the CD

The CD sent to the buyer/consumer will not include the “seller’s side” of the transaction.

  • The closing agent (not the lender) is responsible for providing the seller’s side of the CD.
  • The closing agent may decide to prepare a separate CD for the seller.

You likely will not receive an advance copy of the CD before it is delivered to the buyer/consumer.

  • The lender will likely send the CD to the closing agent when it is sent to the buyer/consumer.
  • The settlement agent will not be permitted to send a copy to real estate agents; you will need to obtain a copy from the borrower.

Even with the authorization of the borrower/seller to give a copy of the CD to you, the settlement agent would not be permitted to do so without the written approval of the lender since the CD is a loan document.

Changes to the CD after delivery to the buyer/consumer MAY trigger a new three-day waiting period if changes cause the Annual Percentage Rate to be inaccurate, the buyer changes loan product or a prepayment penalty is added.

  • Changes and adjustments affecting the value of the property (as determined by the lender) may trigger additional disclosure and review periods under the Equal Credit Opportunity Act (ECOA) controlling the delivery of the appraisals.
  • You may want to consider two pre-settlement inspections or “walk throughs” (e.g. first inspection 7 to 10 days in advance of closing and a second inspection on the day of the closing).

The CD refers to Owner’s Title Insurance as “optional.” Ask an Old Republic Title agent or representative for more information on the benefits of an Owner’s Title Insurance Policy or see Old Republic Title’s “The Importance of an Owner’s Title Insurance Policy” resource.

The TRID Rule may affect the contract terms that you help negotiate for either the buyer or the seller.

  • For example, a closing 30 days “out” may no longer be realistic.
  • If your contract form contains a “set” number of days for the closing to occur, then a minimum of 15 additional days may be advisable.
  • If your contract form requires you to fill in a specific date, take additional time into consideration. It is important for you to communicate with the lender and the closing agent to determine a realistic time frame for closings.

What system do you have in place to communicate changes to the contract (after it is been signed) to the lender? Consider having a conversation with buyers about their need to respond immediately to lender requests and remind the seller they must follow the contract to the letter because not doing so may delay the closing.

Reprinted with permission from Old Republic Title

Realty Title Solutions

CUSTOMER REVIEWS

The BESTEST! No other Title Closer is more experienced and knowledgeable as Crystal! ALWAYS happily available for answers on files! Gosh, too many positive superlatives necessary than this space can hold! Thank you Crystal, Cindy and Teresa for all your grrreat service!, always!! — Realtor Judith Ann New

“Excellent title company and Cindy took really good care of us. Would recommend to anyone who needs a professional company for title work.” — Carl Marotzke

ARE YOUR TITLE AGENTS AUTHORIZED?

Consumer Protection

At Realty Title Solutions, we know that serving your clients and protecting their interests is your most important goal. As an authorized agent of Old Republic Title, we write policies for an underwriter with unsurpassed independent financial strength ratings, which reflect strong operating performance, secure claims-paying ability and financial stability, an assessment yet to be matched by any other title underwriter! What good would it be for your client to work with an insurer that cannot pay claims or is not financially secure? Thank you for putting your trust in us.

Our Strengths

  • No other insurer in the country has a higher overall financial-strength rating than the Old Republic Title Insurance Group.
  • At Realty Title Solutions, we have access to a wealth of experience, knowledge, information and solutions, so we are prepared to complete even the most challenging residential and commercial transactions.
  • Realty Title Solutions is offered continuing education and training on matters affecting the real estate transaction process through live seminars, webinars and online instruction.
  • Access to current, industry-related information and tools, created specifically for attorneys and real estate professionals, can be provided to you through Realty Title Solutions.
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© 2021. Realty Title Solutions, LLC. * All rights reserved. Website by Visitivity Inc.

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1227 SE 47th Street, Cape Coral, FL 33904
Tel: 239-344-DEED (3333) • Fax: 239-242-2014

© 2021. Realty Title Solutions, LLC. * All rights reserved. Website by Visitivity Inc.

https://floridarealtyteam.com/wp-content/uploads/2021/06/271-2713890_bbb-a-plus-logo-better-business-bureau.png