In the News
Jan 27 2010

The Title Report

TitleVest launches GFE closing cost guarantee



TitleVest, a Manhattan-based provider of title insurance and related real estate services, announced the launch of a free service that helps lenders comply with new disclosure requirements. (1/27/2010)

TitleVest, a Manhattan-based provider of title insurance and related real estate services, announced the launch of a free service that helps lenders comply with new disclosure requirements.

While some of the GFE-disclosed fees are charged by the lender itself, many are thirdparty fees, which lenders are ill-equipped to calculate and disclose accurately. Under-disclosing puts the lender at risk for any charges that exceed the amount it discloses on its GFE. However, over-disclosing these fees can backfire if it causes an otherwise qualified mortgage applicant to not proceed with the transaction or to switch to another lender whose GFE disclosures are lower.

With TitleVest's complimentary GFE Closing Cost Guarantee, lenders complete a simple Web-based form with the transaction details and within minutes receive an itemized breakdown of title insurance and related settlement closing costs in a user-friendly format that allows them to plug these numbers into their GFE. Most importantly, TitleVest guarantees the accuracy of these fees.

On a refinance of a $500,000 mortgage in New York, the title insurance and related closing costs can vary by more than $10,000 depending upon a multitude of factors.

According to Bill Baron, TitleVest's president, "It's in the best interest of both lenders and borrowers to obtain a Good Faith Estimate that is 100 percent accurate. With our new free service, there is no excuse for lenders to over- or under-disclose any of the title insurance and related settlement fees on their GFEs."