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#1367779 - 04/01/10 02:33 PM Owners vs Lenders Title Insurance GFE
CompDat Offline
Platinum Poster
Joined: Dec 2005
Posts: 553
USA
We sell some loans to the secondary market. On purchases, we disclose an owners title insurance, which includes the $75 for lenders title insurance. After reading the Q&As I believe we would need to show both a lenders and an owners title insurance. After discussing this with the department, they told me that the lenders title insurance is part of the committment fee, which is included in our origination.

This makes it very difficult to break out the two values. Any thoughts?

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RESPA
#1368104 - 04/01/10 07:29 PM Re: Owners vs Lenders Title Insurance GFE CompDat
TB 12 Offline
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TB 12
Joined: Feb 2005
Posts: 6,559
Foxboro
Lenders Title Insurance should be included in the lump sum total of block 4 of the GFE/Line 1101 of the HUD1. The OTI is a seperate line item on each form.
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#1368225 - 04/01/10 09:03 PM Re: Owners vs Lenders Title Insurance GFE TB 12
CompDat Offline
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Joined: Dec 2005
Posts: 553
USA
I do not disagree, however that was not the question (although I did just put any thoughts smile ). The problem is that we are not charged a fee specifically for owners TI. We are charged a committment fee. The committment fee is used by the investor to pay OTI. Thus, are we ok just including the commitment fee, as part of the origination fee?

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#1368230 - 04/01/10 09:05 PM Re: Owners vs Lenders Title Insurance GFE CompDat
CompDat Offline
Platinum Poster
Joined: Dec 2005
Posts: 553
USA
I apologize I mean lenders title insurance.

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