As a result of the new Rule, HUD has now required title and closing agents to include all of our title processing and administrative services into one lump fee which can be found on the Page 2, Item 4 of the GFE – “Title Services and Lender’s Title Insurance” which will be given to you by the lender. In the past we were able to itemize our fees however, that is no longer the case. I feel that it is important for you to understand all the title services we provide that are included in our fee:
- Title Search
- Title examination and evaluation
- Clearance of underwriting objections
- Preparation and issuance of title commitments
- Preparation and issuance of the title policy or policies
- Closing Fee
- The Lenders Title Insurance Premium
- Wire Transfer Fees
- Payoff transmittals
- Document Preparation
- Email charges
- Warehousing and Post Closing
- Loan Package Transmittal
- Courier/FedEx fees
- Downloading Charges
- Endorsement Fees
- Mileage/Travel (outside closings)
- Document Storage and Scanning Fees
- Notary Fees
- Policy transmittals