La Playa Title is RESPA Compliant. Peace of mind.
The new RESPA regulations have jarred the mortgage industry, but La Playa Title continues to maintain a positive and proactive approach to ensure no last minute surprises at the settlement table.
New regulations require that loan originators provide borrowers with a standard Good Faith Estimate that clearly discloses key loan terms and closing costs. The stated numbers cannot change, within a certain tolerance, and must match the new HUD-1 settlement statement provided at closings.
It is vitally important that closing companies truly understand these new RESPA regulations and can effectively meet the new requirements. As a reputable settlement partner, La Playa Title has always been committed to accuracy, timeliness and technology in order to maintain their high level of expertise and customer service.
La Playa Title is committed to giving its customers the most-accurate quotes possible. To provide an accurate GFE, originators must have an exact quote of all closings costs, including title services, title insurance, taxes and recording.La Playa Title is committed to accurate fee estimates and guarantees our fees will not change on settlement day. Mortgage brokers and lender can feel confident that the quote they receive will be within tolerance at closing orLa Playa Title pays the difference.
La Playa Title guarantees quick turnaround time for all paperwork changes. Any change over and above the tolerance percentage requires that a new GFE be issued. In addition to obtaining an accurate GFE, borrowers now must also receive a new HUD-1 settlement statement that clearly compares final and estimated costs. The HUD-1 must be available to the borrower at least 24 hours before the closing appointment. Ultimately, paperwork changes can lead to long delays.
La Playa Title is dedicated to innovative online capabilities to streamline and speed up processes. We deliver accurate closing costs quickly and efficiently with our online settlement system. Our Web based quote calculator provides instant quick quoting capabilities for all title services.La Playa Title also offers a “fees only” order option, which provides loan originators with a complete preliminary HUD-1 without formally placing a full title order.
La Playa Title guarantees all closing cost estimates and ensures that if all information is consistent on the lending end, the closing estimate will remain the same. This will save time and headaches in the days leading up to the actual closing, and avoid endless worry about tolerance violations.Learn More