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Proposed Title Insurance "GFE" Could Bode Well For AfBAs And Consumers

A New Win-Win for Title Insurance consumers Just when the title insurance industry thought it couldn't get any worse....I have heard rumors that the Colorado Department of Insurance (DOI), is cooking up something really special to let the general public know how much (or how little) they are paying for Title Insurance.  Whether you, as a real estate broker or mortgage lender, are part of an AfBA (affiliated business arrangement)  Title Company or not, you could BE VERY INVOLVED in the future.
Read on  It seems that the Colorado Department of Real Estate (DORE) is very pleased with the results of SB 216, Mortgage Loan Acts.  Within this bill are new mandated disclosure documents that buyers have to sign. One very interesting document states that the buyer is aware of all mortgage costs and that the loan provides a "tangible net benefit to the borrower".   Borrowers have always had to sign Good Faith Estimates on mortgage costs.  With these concepts in mind, let's fast forward to another real estate industry product, Title Insurance.
In Colorado, not all title or escrow fees are the same from company to company.
I am pretty sure the DOI thinks that the ... more

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