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Are You Ready for August 1st October 3rd?


By: Kimberly Rosenberg, President and Title Counsel

Real Estate transactions are going to change significantly with the implementation of the Consumer Financial Protection Bureau’s final integrated mortgage disclosure rule on August 1st October 3rd. Below is a list of some things you should be doing now to help ensure your office is ready for all of the changes. Keep in mind that this list is not all encompassing, and is being offered as a way to provide practical tips to help you get prepared for the changes.

1. Update your software and sign up for training on the new forms. The new borrower’s closing disclosure and the new seller’s disclosure will replace the HUD-1 for the majority of residential loan transactions that are originated on or after August 1st October 3rd. This change will require new closing software. You should get on your service provider’s list for the update and schedule your training. If you have not heard from your software provider on this issue, check and make sure your software provider is preparing for the new forms, and if not, start looking for a new provider NOW.

Familiarizing yourself with the new forms and the new timelines for delivery is also important. You will want to have a good understanding of the forms ahead of your first closing under the new rule. Information on the new forms is available at consumerfinance.gov. The forms are part of a program the Bureau calls “Know Before You Owe”.

2. Register with Closing Insight. Closing Insight is a closing collaboration portal where closing attorneys and lenders can communicate directly in a secure environment. Some lenders will require the use of Closing Insight for all of their loan transactions originated on or after August 1st October 3rd. You can register for Closing Insight at www.closinginsight.com.

3. Register your fees with ClosingCorp. ClosingCorp is a provider of fee management solutions. Lenders will be looking at companies like ClosingCorp when they complete the fee sections on the new Loan Estimate.

 

 

Holiday Closings


Attorneys Title offices across the state will be closed on Friday, July 3rd for Independence Day. We hope everyone has a happy and safe holiday weekend.​​

 

Best PracticeD - Our Best Practices Solution for Encryption of Email


Attorneys Title is working hard on compliance with ALTA's Best Practices and we know you are, too. In order to send and receive securely encrypted documents via email that are in compliance with the protection of valuable NPPI, we selected ShareFile by Citrix so that...

 

  • We can send encrypted documents.
  • We can provide a link for our customers to upload documents securely.
  • We can forward documents securely on behalf of our customers
  • Access to files is available anytime, anywhere.
  • Recipients are not required to have a ShareFile account to access files.

 

If you haven't checked encryption off your to-do list yet, don't lose a deal - contact us and we will help. We can send our document, or even your document, via ShareFile.

*Interested in learning more information regarding ShareFile by Citrix? Visit their website, ShareFile.com

 

 

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MyTitleLab is a personalized, unique title insurance resource designed by Attorneys for Attorneys and their staff.  Experience the best of technology and experience in one, easy online platform.  Visit MTLColorLogo.gif today or contact your local Attorneys Title office for a demo!

MyTitleLab

MyTitleLab is a personalized, unique title insurance resource designed by Attorneys for Attorneys and their staff.  MyTitleLab was designed from the beginning to be both flexible and intuitive.  Features include prior policy searching and rate calcuations too.  Visit MTLColorLogo.gif today or contact your local Attorneys Title office for a demo!

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Attorneys Title has been providing title insurance services to North Carolina real property attorneys for over thirty years.  We are long-standing supporters of the approved-attorney system and have continually provided  the best customer service in the industry.  With offices located throughout North Carolina and one of the most experienced legal teams in the business today, we are well-equipped to continue that proud tradition.  

We are agents for First American, Commonwealth Land Title Insurance Company, and Chicago Title Insurance Company. We have chosen to work only with those underwriters who have proved to have the financial strength you and your clients need in this economic environment. We maintain a library of over one million prior polices from First American, Commonwealth, Fidelity and Chicago Title and we are easily your best source and choice for information. 

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