Should Title Insurance info be included on the GFE from the mortgage lender?

Question

I received my GFE a few weeks ago and now I have received the "Borrowers Estimated Closing Statement" which includes close to $1400 worth of Title fees. I bought my house new, have been the only owner and have lived there less than 5 years. Is this legit? I have heard if you have lived in your house less than 5 years that the title company can reissue the title saving me all those costs. Any info is appreciated!

Answer 1

Depends on the Company, sometimes they will give you a re-issue rate, but they dont have to. Your estimate is exactly that...an estimate of what they will charge. I would call the company that insured it last, see if they will give you the re-issue rate, and if they dont, you can take the policy to as many companies as you like to inquire about a reissue rate. That reduced fee will not effect your closing costs though, the discount is usually only the risk (premium) and exam/search fees. Also, dont let your lender tell you that you must go to whatever title company they use, you are free to take your business anywhere you like. That is why they only give an estimate.

Answer 2

Anything regarding the costs and\or fees should be included in the GFE.   A good faith estimate is just that, an estimate of fees.  It sounds like you're refinancing, so more info provided in your question would help.  

Answer 3

I'm not sure I entirely understand your question, but here's what I know.

Your Title Fees should be included on your GFE, but they are merely estimates and subject to change.  The only discount you can get from the Title Company is for the Title Insurance. If you purchased of refinanced the property within the last 10 years (given that you already have title insurance), they are required to give you the reissue rate.

Also remember, by law it is your choice to chose which Title Company you want to use.  You may want to look around and see who has the lowest fees.  

Answer 4

You can get a re-issue rate, but it's only a few hundred dollars lower than a non re-issue rate.  Whenever you sell, you are expected to provide a current title policy to the new owners.   Even if you have only owned for six months, you will end up paying substantial title insurance premiums.

Answer 5

http://1001-answers.com/answer3246.html

Answer 6

The GFE should contain the insurance even tho it is not strictly a "lender" fee.

The discount you seek is called the "reissue" rate.  SOme are 2 years; some 5 years.  SOme make you bring in your original copy of the title insurance.  Did you save it? /

Answer 7

Are you refinancing? It sounds as though you are since you stated you are reviewing a Borrowers Closing Statement. A majority of title companies offer a revamp rate or reissue rate for issuing title insurance to the Lender. However, you state title fees -- so I'm wondering if you lumping escrow/closing fee, recording and or filing fee, overnight mailing fee, notary fee, etc all together. These are just some of the normal costs that you may incur at closing. Call around to other title companies and ask what their costs are to gage if your charges are in line.