Addressing the Confusion Surrounding Closing Costs

The American Land Title Association (ALTA) recently released an article regarding consumer confusion and misunderstanding when in comes to title insurance fee calculation within the Consumer Financial Protection Bureau’s mortgage disclosures. While the genuine intent to recent changes in disclosure methods was meant to demystify the cloud of confusion surrounding obtaining a mortgage and associated risks, as well as simplify the process, it seems these efforts may be missing their mark. (Read the article here.) At Linear Title & Escrow, we want all those who sit at our closing tables to have full understanding of not only title insurance fees, but any fees associated with the closing process.

We believe in being transparent with the settlement procedure, and aim to provide closing information to the best of our ability in the most obvious, open and easy to understand means possible. If you or your clients have any questions or concerns, or would like further clarification on how closing costs are calculated, please contact us today at (757) 340.0340.

 

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