In an effort to keep Hampton Roads Realtors®, agents, brokers and lenders up to date on title and closing issues, Reliant Title publishes a bi-weekly email. Our mission is to provide the very best settlement service, client support and training. Professional knowledge helps us all be more successful.
The Value of the Good Faith Estimate — One the biggest “heart burns” in real estate settlement is not knowing how much money is needed to bring to closing. The morning of a purchase closing often finds the buyers running from walk-through, to the bank for certified funds, to the closing; thus making the day quite hectic. You can help alleviate some of this stress by providing Reliant Title with a copy of your client’s Good Faith Estimate (GFE) early on. Why is this necessary? In preparing the settlement statement (HUD-1), Reliant Title already knows the settlement and title insurance fees, the recording fees are standardized throughout the state, and we’ve obtained a copy of the hazard/flood insurance to include the annual premium. The only mystery to Reliant Title is what the loan officer disclosed as their fees at loan application. This includes the lender/broker fees, plus the pre-paids (escrows and interim interest). By providing Reliant Title with the GFE, we are able to provide your buyer with a figure very close to the actual figure, generally within a one-two hundred dollars. This balance can therefore be covered with a personal check at closing (NOTE: Reliant Title accepts personal checks $500 and below). If you provide Reliant Title with the Good Faith Estimate, we guarantee that you will receive a draft HUD at least 48-hours prior to closing.
Please call us at 493-7600 if you have any questions.
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