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You can always choose your own title company, no matter which lender you go with. It is your right.
Also, the title company did not provide their fees to the lender yet. This is only their estimate based on what they normally see from their preferred title company. Lender's often mislabel fees on a quote. They also include fees that aren't needed or remove fees that are needed. Until you get fees from the actual title company, all of those mean nothing. And, since you can choose your own title company, title fees should not even be remotely considered when deciding between lenders.
The lender policy is $100, and then you'll have endorsements, and each lender requires something different so can't give the exact amount there.
If you're obtaining financing, and owner's policy is NOT optional. The lender wants to secure their collaterol, and if there is an issue on the owner's side, there's going to be an issue for them getting their money, so it is technically mandatory. It's optional on a cash transaction.
They don't "cost" the same amount. I think this person is trying to say they are both based on the same amount, the price of the house.
Yes, I should have been clearer. The second policy costs less, but the insured amount is the same.
You can always choose your own title company, no matter which lender you go with. It is your right.
Also, the title company did not provide their fees to the lender yet. This is only their estimate based on what they normally see from their preferred title company. Lender's often mislabel fees on a quote. They also include fees that aren't needed or remove fees that are needed. Until you get fees from the actual title company, all of those mean nothing. And, since you can choose your own title company, title fees should not even be remotely considered when deciding between lenders.
That's true - but the builder conveniently ties the incentives with their own "preferred" Title company and "preferred" Lender.
That's true - but the builder conveniently ties the incentives with their own "preferred" Title company and "preferred" Lender.
Quote:
Originally Posted by jaynarie
You can always choose your own title company, no matter which lender you go with. It is your right.
Again, Title policies in Texas are regulated and will cost the exact same no matter where you close. The relationship you're looking for is a customer service issue, not a cost issue. When the title company has a relationship with the builder, they aren't going to screw that up, so you're going to get better customer service as they want to keep their volume client happy. Going elsewhere, you're one person and one closing. You're not volume...
Again, Title policies in Texas are regulated and will cost the exact same no matter where you close. The relationship you're looking for is a customer service issue, not a cost issue. When the title company has a relationship with the builder, they aren't going to screw that up, so you're going to get better customer service as they want to keep their volume client happy. Going elsewhere, you're one person and one closing. You're not volume...
Are ALL title fees regulated or just things like the premium? Wire fees, prep fees, payoff fees, courier fees, etc... There are a million fees that can be tacked on depending on the company that have nothing to do with the actual title policy.
We have an office in Texas, so Texas is one of two states (New York is the other) that I do not work with. I handle closings in the other 48 plus DC. I will have to remember to look in a few Texas orders to see if our standard fees are different in Texas. Most of our non-policy related fees are negotiated with the lender, and can vary between lenders. I primarily work with one lender as a specialist and our non-policy fees are the same in all the states except for a handful that we are not licensed in (we act as an agent between larger title companies and the lender, so they set some of those fees).
Are ALL title fees regulated or just things like the premium? Wire fees, prep fees, payoff fees, courier fees, etc... There are a million fees that can be tacked on depending on the company that have nothing to do with the actual title policy.
We have an office in Texas, so Texas is one of two states (New York is the other) that I do not work with. I handle closings in the other 48 plus DC. I will have to remember to look in a few Texas orders to see if our standard fees are different in Texas. Most of our non-policy related fees are negotiated with the lender, and can vary between lenders. I primarily work with one lender as a specialist and our non-policy fees are the same in all the states except for a handful that we are not licensed in (we act as an agent between larger title companies and the lender, so they set some of those fees).
All other fees are only allowed to be charged at the cost it costs them. Payoff fees are set by the seller's lender to payoff their loan. Courier fees are set by the couriers, was it a rush situation or a basic notice one, like $20. Texas has a $3 Guarantee fee per side, used to be $1. Recording fees are like $45.
The only fee the title company has control over is their escrow fee. Are they a Fee office, which means an attorney runs the office and they only use the title company's name and usually charges a slightly higher fee, or are they an actual Title company office. Either way, you're talking about $250-350, most hovering around the $300 mark. So, with a mere $100 difference between any given title company, it's the customer service you're looking for.
All other fees are only allowed to be charged at the cost it costs them. Payoff fees are set by the seller's lender to payoff their loan. Courier fees are set by the couriers, was it a rush situation or a basic notice one, like $20. Texas has a $3 Guarantee fee per side, used to be $1. Recording fees are like $45.
The only fee the title company has control over is their escrow fee. Are they a Fee office, which means an attorney runs the office and they only use the title company's name and usually charges a slightly higher fee, or are they an actual Title company office. Either way, you're talking about $250-350, most hovering around the $300 mark. So, with a mere $100 difference between any given title company, it's the customer service you're looking for.
Gotcha. I peeked into a few files and was surprised to not see some of our typical fees.
We have standard pricing, then if we have a lender partner, they can negotiate some of our fees into their contract. I am a specialist, working primarily for one of the major lenders. So we have flat fees- a loan payoff fee, deed prep fee, and other small fees are contracted. We charge the same loan payoff fee, no matter how much the bank costs or how many copies we order. (We lose money on this 99% of the time.) I assumed that Texas files from the same lender fell into the same contracted fees. I now know they do not!
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