Comments on: New RESPA Rules 2010: Disclosure of Settlement Services, Closing Attorneys’ Fees, And Title Insurance

By: Richard D. Vetstein, Esq.

Richard D. Vetstein, Esq. — Thu, 08 Apr 2010 15:40:46 +0000

Ellen, ethically I cannot opine on NM law. I would ask your lender or your attorney.

By: Ellen C

Ellen C — Thu, 08 Apr 2010 14:14:06 +0000

Here in NM the Buyer does not pay for the Title Insurance for a Purchase. So it seems very backwards we would have to pay the Buyer fro something they ever paid for in the first place. Please advise.

By: Richard D. Vetstein, Esq.

Richard D. Vetstein, Esq. — Thu, 08 Apr 2010 13:54:17 +0000

Ellen, here in Mass., the buyer pays for title insurance, so it’s a RESPA issue if it’s not disclosed on the GFE. It may be different in other states.

By: Ellen C

Ellen C — Thu, 08 Apr 2010 13:50:43 +0000

If you fail to disclose Title Policy on GFE for a purchase, then to cure it we would have to pay the buyer within 30 days the overage tolerance amount. Which makes no sense, because the Buyer wasn’t even paying for the Title Policy to begin with-that doesn’t make any sense. Please advise.

By: A R

A R — Fri, 26 Feb 2010 18:26:47 +0000

I was told that my attorney was charging 900 for legal fees in addition to other title search fees. when I asked him for the break down he wouldnt provide it (because he didnt do anything). What can I do?

By: Richard D. Vetstein, Esq.

Richard D. Vetstein, Esq. — Tue, 23 Feb 2010 02:10:12 +0000

Owner’s title policy comes into play only during a purchase, not a re-fi. If a purchase, it must be disclosed on GFE, Sec. B.

Richard D. Vetstein

By: Nicole Ramirez

Nicole Ramirez — Mon, 22 Feb 2010 21:54:54 +0000

are you required to list owner’s title insurance on GFE for all types of residential loan or just purchase of residence? thank you

By: Are You Ready For RESPA Reform? Part I, An Overview Of The New Regulations | The Massachusetts Real Estate Law Blog

Fri, 19 Feb 2010 16:16:56 +0000

[...] Please read my second post in this series, New RESPA Rules 2010: Disclosure of Settlement Services, Attorneys Fees and Title Insurance. [...]

By: Phil

Phil — Fri, 05 Feb 2010 03:36:54 +0000

to answer you question, A title company can NEVER pay a loan officer or anyone else in the industry for the referral of Title Insurance, It is a violation of RESPA

By: Mark Green

Mark Green — Tue, 02 Feb 2010 20:18:23 +0000

Please send to the correct email address grgreenb653@aol.com based on my title question. Also, if this is legal please let me know if there is anything in writing?
Thanks
Mark Green

By: Mark Green

Mark Green — Tue, 02 Feb 2010 20:13:11 +0000

I was told that a title company may pay a loan officer or anyone else who seeks to make money from the title policy, making several assumptions. They are;
1.) A seperate company, call it the ABC processing Co. must be set up legally to perform non licenced funtions of title.
2.)This ABC processing Co. must be paid the same amount of money per file from the title Co.
In this manner, can anyone be paid from the proceeds of the title policy?

By: Tracy Curtis

Tracy Curtis — Wed, 20 Jan 2010 01:51:42 +0000

Question: If Owners Title is optional, does it have to be shown on the GFE? If yes, does the additional amount for the Owners Title have to be verified in borrower’s bank account, even though they may opt not to go with Owners Title??