Title Underground: Expressing Gratitude Amid Off-Market Transactions, Depressed Valuations, and Squeezed Homebuilders 24-Nov-2024
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Underworld Intel: Must-Read Articles & Resources
🐐In Case You Missed It, from the Wicked Title Forum: Comprehensive Guide to Mutual Indemnity Agreements in Title Insurance
📢 FinCEN Requests Comments on Proposed Form for Compliance with Residential Real Estate Rule
🎥 The rise of off-market transactions and how it reshapes the roles of traditional real estate agents
🎙️When You Owe More Than It’s Worth: Depressed Valuations In The Real Estate Market
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Wicked Insights: Crowd-Sourced Solutions About Managing Credit Card Payoffs at Closings
Questions and answers from title community across the internet.
Question:
How do title agents and escrow officers handle credit card payoffs during closings? Are additional fees charged? How do you manage post-closing issues?
Answers:
Here is what agents and other professionals across the country had to say…
Responsibility for Sending Checks:
Many professionals give the checks directly to the borrower, accompanied by a signed acknowledgment that the borrower is responsible for mailing the checks with statements
Some agents recommend in-person payments at the bank to ensure timely processing.
Some title agents mail checks directly to the creditor, including statements and account details, to reduce the risk of delays or misapplied payments. These are often sent via trackable mail, and fees may be charged for this service.
Requiring Documentation:
Borrowers are often required to provide up-to-date statements with full account details to ensure correct payment amounts and mailing addresses.
A payoff affidavit is commonly used to clarify the borrower’s responsibility for any delays or additional charges.
Fee Structures:
Additional fees are charged by some companies for handling multiple payoffs, typically after the first few. Some just pass along the charge for the overnight shipping.
Be sure to verify what fees or pass along charges are permitted in your state.
Challenges:
Common issues include borrowers losing checks, creditors losing checks, payments not clearing, and disputes from borrowers over delayed processing or interest charges.
Clear communication with borrowers and lenders, along with robust documentation, can mitigate these issues.
Key Advice:
Require borrowers to provide full statements and account details before closing.
Use signed acknowledgment forms to clarify borrower responsibilities and limitations on title agency liability.
Consider charging fees for multiple payoffs to account for time and effort.
Mailing checks directly, when feasible, can help avoid post-closing complications.
Upcoming Title Industry, Real Estate Industry, and Mortgage Industry events for education, networking, and business development…
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When: Dec 3, 2024, 1pmEST
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Who: ILTA
When: December 4, 2024
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Who: Louisiana Land Title Association
When: Dec 4-6, 2024
Where: Hotel Monteleone, New Orleans, LA
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P.S. Checking hundreds of blogs, podcasts, YouTube Channels, and Social Media outlets each week is time consuming. Creating articles, guides, forms, ebooks & manuals is time consuming. I'm doing the hard work that helps you run your business and stay on top of emerging issues, so you don't have to. I'm not a subsidiary of an underwriter, or staff at a big software firm.
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**DISCLAIMER**
The information provided here is for general guidance and educational purposes only. I am not an attorney and am not giving legal advice. Information should not be considered legal, underwriting, or financial advice and is followed at your own risk. Readers should consult with their attorney and/or underwriter to obtain advice tailored to their specific circumstances.
Some outbound links may financially benefit me and the page through affiliate programs. The affiliate relationship doesn’t influence my opinion, and I would never endorse programs, products, or services I didn’t use, approve of or feel familiar with. So If you use it, I will get compensated — but there’s no additional cost to you.