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A Talk Back message was received from K.T. with subject:
Title Insurance
The relevant content of the messsage was:
"My husband an I are buying a new home and our real estate agent is pushing us to use her broker's title insurance company. We received a quote from one of your affiliates and the fees are aprroximately $325 lower. Our real estate agent is telling us that unless we use their company... there's no guarantee that we'll be able to settle on time. Can you offer any advice? Thank You, Kathy T. Blue Bell PA "
Response by: Frank Dowd
Hello Kathy,
Unfortunately your experiencing some of the games that are played every day in our industry. Your agents broker more than likely has what's known as a 'Controlled Business Arrangement' with a local title insurance company. This means that he/she shares in the profits of the title insurance company and that's why he/she is pushing so hard for you to use them.
I will personally guarantee you that our affiliate will be ready to close on the date of your settlement and if they're not... I'll personally pay your title insurance premium.
Good luck in your new home!
Frank Dowd
A Talk Back message was received from G.A. with subject:
Mortgage Fees
The relevant content of the messsage was:
"I'm looking to refinance my house and applied online with a large national lender who advertised total lender fees of $495 When I received my closing cost estimate they were actually charging me nearly $1,200 in fees, not including title insurance. When I questioned the additional fees I was told that they were third party fees and not lender fees... what is the difference and should I pay them? Thank You"
Response by: Dan Avanzato
Hi Gary, great question. Some lenders advertise low fees just to get you to call. Third party fees may be appraisal, tax service, flood, credit, underwriting and the list can go on. I have always considered these fees 'lender fees' since they are included in APR calculations and they are being charged. So to answer your question, should I pay? It is obvious that you feel that you were misled by this lender's advertising. A better question would be, do you want to work with a lender that has already misled you?
A Talk Back message was received from M.S. with subject:
Title Insurance
The relevant content of the messsage was:
"I'm in the process of refinancing my house... my lender asked me to contact a local title insurance company to order my title insurance. I've talked to several companies and received two different premiums. How do I know how much I should be paying.
Mark
Lansdale, PA"
Response by: Frank Dowd
Mark,
The amount that you pay for title insurance for your refinance is determined by the the year you took out your existing mortgage. If your existing mortgage is less than two years old you're entitled to a 30% discount off of the reissue rate. If your current mortgage was taken out in the last two to four years... you're entitled to 20% off of the reissue rate. Over four years you would simply pay the reissue rate.
Good Luck!
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