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Title & Escrow News and Information

As part of the new CFPB rules, creditors are required to disclose the cost of a Title Insurance policy if it’s the borrower’s responsibility to pay for it. However, the charge must be listed as “optional” on both the Loan Estimate and Closing Disclosure, which might discourage homeowners from buying this protection.

So let’s talk about this word, “optional.” Yes, it’s technically optional, but for most people, owning a home is the biggest investment of their life! Don’t you think they should protect it? And by the way, creditors require their own title insurance policy. That’s how important they think it is to protect their investment.
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.

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.

In August 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.

Here is an infographic that illustrates the brief history of the CFPB, what new forms to look for, 5 things you need to know before August 2015, and how the closing calendar will be impacted.

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 […]

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:
  • 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