TitleVest Launches GFE Closing Cost Guarantee™
New Service Provides Mortgage Lenders with Essential Guidance and Over-Charge Protection on Good Faith Estimate Disclosures
New York, New York – January 26, 2010 - TitleVest, a Manhattan-based provider of title insurance and related real estate services, announced the launch of a free service which helps lenders comply with new stringent disclosure requirements imposed by recent revisions to the Truth in Lending Act or "Regulation Z".
The new regulations, which went into effect on January 2, 2010, stipulate that, with few exceptions, the fees quoted by mortgage lenders in their Good Faith Estimates ("GFE") may not increase at the time of closing.
While some of the GFE-disclosed fees are charged by the lender itself, many are third party 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 simple 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% 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."
To obtain a GFE Closing Cost Guarantee™ on a pending mortgage transaction or to learn more about TitleVest, go to www.titlevest.com .
The TitleVest family of companies consists of TitleVest Agency, Inc., 1031Vest, LLC, and InsureVest Brokerage, LLC:
TitleVest (TitleVest Agency, Inc.) .) is a leading provider of title insurance, cooperative apartment lien searches, and related real estate services. TitleVest is a policy issuing agent for First American Title Insurance Company, Chicago Title Insurance Company, Fidelity National Title Insurance Company, Stewart Title Insurance Company, Old Republic National Title Insurance Company and Commonwealth Land Title Insurance Company .
1031Vest (1031Vest, LLC) is a leading Qualified Intermediary for IRC Section 1031 Tax-deferred Exchanges. A proud member of the Federation of Exchange Accommodators, 1031Vest is fully bonded and insured .
InsureVest (InsureVest Brokerage, LLC) is a full-service property and casualty insurance brokerage offering a full line of business and personal insurance products from its network of the leading and highest-rated insurance carriers.