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Settlement Services

13

Apr
2016

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In Settlement Services

By OSettlement

Settlement Services for Attorneys

On 13, Apr 2016 | No Comments | In Settlement Services | By OSettlement

The U.S. Department of Housing and Urban Development (HUD) adopted a new Real Estate Settlement Procedures Act (RESPA) reform rule on November 17, 2008. The new rule effected significant changes to Regulation X, most notably, dramatically changing the Good Faith Estimate (GFE), establishing consequences for inaccurate disclosures on that form, and modifying the HUD 1 and HUD 1A Uniform Settlement Statement forms. This, in turn, has made closing real estate transactions much more complex and paper intensive for attorneys.

The purpose of this new HUD-1 form is to enable a customer to compare from their new lender required GFE, the actual costs incurred at closing. The changes consist primarily of the following: (1) Replacing the fee terminology that appears on the existing HUD-1 with the terminology that is used on the new GFE, specifically, the origination charge, the credit or charge for the specific interest rate chosen, and the adjusted origination charge; (2) including after each such fee the line number on the GFE at which the same charge appears; and (3) providing a breakdown of the portion of the total title insurance premium that goes to the title underwriter and the title agent.

Omega Settlement Services offers attorneys and mortgage professionals a dependable partnership where they can find peace of mind in having their normally complex and taxing process taken off their plates and handled with care and professionalism. A full-service title insurance company, the team at Omega has been assisting professionals, attorneys and mortgage professionals for more than a decade with all their title insurance and settlement needs. Omega’s services include closing coordination and scheduling of cash transactions, institutional and private finance transactions, and refinance transactions, including FHA, VA and state and local bond secured finance transactions. Omega also assists in document retrieval, preparation (including deed preparation), signing, notarization and recording.

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