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#2099588 - 09/20/16 10:37 PM Title Service Fees when not obtaining Title Ins
Shondra Offline
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Joined: Apr 2014
Posts: 89
We occasionally obtain a title opinion from the title company instead of getting a lender's title policy. Since the title related charges are not a component of issuing title insurance or conducting a closing, should we disclose the fees with the word Title- in front of the fees?

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TRID - TILA/RESPA Integrated Disclosures Rule
#2099600 - 09/21/16 12:14 PM Re: Title Service Fees when not obtaining Title Ins Shondra
RR Joker Offline
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The Swamp
I always have as it's our assurance of a clear title to the collateral.
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#2099616 - 09/21/16 01:26 PM Re: Title Service Fees when not obtaining Title Ins Shondra
rlcarey Online
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Galveston, TX
Yes, but if all you are doing is a title search, it probably belongs in Section B and labeled "Title Search". I don't think it meets the standard of "required for the issuance of title insurance policies to the creditor in connection with the consummation of the transaction or for conducting the closing."
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#2099639 - 09/21/16 02:55 PM Re: Title Service Fees when not obtaining Title Ins Shondra
Shondra Offline
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Joined: Apr 2014
Posts: 89
Randy, that's what I was thinking. We have been disclosing with Title- before the fee but after reading the compliance guide again I don't feel that it's the correct way to disclose.

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#2099689 - 09/21/16 05:22 PM Re: Title Service Fees when not obtaining Title Ins Shondra
Truffle Royale Offline

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Iowa requires an opinion as part of their process of perfecting title and issuing title guaranty.
State law also requires an abstract update.
Both of these items are shown in B with 'Title - ' preceding them.
Especially because you're having a title company do the letter for you, I would definitely follow suit and show it in B as Title - Title Opinion.

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#2099707 - 09/21/16 05:41 PM Re: Title Service Fees when not obtaining Title Ins Shondra
RR Joker Offline
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The Swamp
I think the Power's that Be use way too much secondary market terminology and thinking. And always have. whistle Title work is title work, regardless of what form it's in.
_________________________
My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

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#2099717 - 09/21/16 05:57 PM Re: Title Service Fees when not obtaining Title Ins Shondra
JoeG Offline
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DuPage county, IL
We use "Title - Title search"

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#2099732 - 09/21/16 06:15 PM Re: Title Service Fees when not obtaining Title Ins Shondra
rlcarey Online
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Galveston, TX
Since this is an issue that actually has little importance, choose your poison and stick with it.

In Texas, a banker can make a loan without a title search or title insurance if they choose. If they choose to just get a title search, it has nothing to do with title insurance or closing the transaction, as they are most likely closing it themselves. Maybe State law has an impact, maybe not. I can only go by what the regulation states, it has to be related to the provision of title insurance or closing.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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