Wednesday, May 11, 2016

STA Title Home Buyers Settlement Guide

CFPB Seeks Input on Possible Fixes to Controversial TRID

The Washington Post | May 10, 2016
A recent effort by the federal government to make the home closing process smoother and more transparent for buyers has instead turned into a quagmire of inconsistency and confusion, according to title companies and real estate agents. ALTA is committed to working with the CFPB to correct the inaccurate calculation of title insurance premiums on the mortgage disclosures when policies are issued simultaneously. Under the current rule, the calculation is inconsistent with the Bureau's mission to inform consumers about the true costs of their real estate transaction. During ALTA's Lobby Day on May 18, the title industry will encourage members of Congress to tell the CFPB to provide consumers with accurate information about title insurance costs. Help ALTA in this effort to correct the inaccurate disclosure of title fees under TRID. Become a member of the Title Action Network. It’s free and easy to join.

Monday, May 2, 2016




You’re a Realtor®, so you know that buying a home can be overwhelming for your clients. Homebuyers can feel confused and frustrated by the mounds of paperwork they have to sign. Plus, the fees associated with closing can sometimes be overwhelming even to an experienced buyer. Owner’s title insurance is one of those items often misunderstood by homebuyers at closing, yet its value is tremendous. As an important advisor to your clients, you are in a position to help homebuyers understand the benefit of owner’s title insurance and the dangers that can be incurred without it.

 WHAT IS TITLE INSURANCE? Owner’s title insurance is a policy that protects homebuyers’ property rights. For the same reasons the bank requires a lender’s insurance policy, the homebuyer obtains owner’s title insurance to protect against possible claims against the title. For more information about title insurance, or to find an ALTA member that can issue an owner’s policy, please direct your clients to

 HOW IT PROTECTS Say, for example, your client recently purchased a new home from a builder, but the builder failed to pay the roofer. Wanting to be paid, the roofer filed a lien against the property. Without owner’s title insurance, your client could be responsible for paying this existing debt. This is just one example of how owner’s title insurance protects homebuyers from various financial risks.

ENDURING VALUE The good news is that owner’s title insurance protects homebuyers financially, as long as they own their home. For a low, one-time fee, homebuyers can rest assured, knowing they are protected against possible debts or claims to their property.

 For more information about owners title Insurance, please call STA Title & Escrow (540) 368-5501