Title & Escrow News and Information
When the CFPB rules take effect in August 2015, the closing timeframes on purchases and refinances will be impacted. As part of the final rule creating the new Closing Disclosure and Loan Estimate forms, the CFPB determined that borrowers would be better served by having a short time to review the new Closing Disclosure prior to signing their loan documents. As a result, in its rule the CFPB mandated borrowers have three days after receipt of the Closing Disclosure to review the form and its contents.
Click below for the complete article and a brief illustrated guide.
On November 20, 2013, the Consumer Financial Protection Bureau (CFPB) published its final rule concerning the creation of Integrated Mortgage Disclosures. This combines the disclosures consumers receive under the Truth-in-Lending Act (TILA), and the Real Estate Settlement procedures Act (RESPA). The final rule includes new forms that will be used on virtually every transaction involving a mortgage loan originated and closed after August 1st , 2015. The new rules are 1,888 pages long and we are thoroughly reviewing these to discover the effects they will have on our work as settlement agents and title insurers.
Title to real property may be held in a variety of ways in the state of Washington. And the specific way a vesting is written determinines how title is held. Below are several explanations and examples of the common ways title may be held by individuals or two or more people in Washington State.
VESTING FOR ONE SINGLE PERSON -
When holding title as a single person, any of the following vestings are acceptable:
"John Q. Brown, a single man",
"Mary S. Jones, a single individual",
"John Q. Brown, an unmarried person",
"Mary S. Jones, an unmarried woman",
It is acceptable, although unnecessary, to...