- This topic has 2 replies, 3 voices, and was last updated 5 years, 5 months ago by
.
-
Posts
-
I want to confirm that line 1104 of the HUD includes only the title insurance premium and any assiciated premium tax.
Also, do we need to do a breakout of 1101 to show any misc. charges such as, title commitment and mileage?
We are currently breaking out the agent portion and underwriters portion on lines 1107 & 1108.Following are the instructions for completing Section 1100 of the HUD-1:
Lines 1100–1108. This series covers title charges and charges by attorneys and closing or settlement agents. The title charges include a variety of services performed by title companies or others, and include fees directly related to the transfer of title (title examination, title search, document preparation), fees for title insurance, and fees for conducting the closing. The legal charges include fees for attorneys representing the lender, seller, or borrower, and any attorney preparing title work. The series also includes any settlement, notary, and delivery fees related to the services covered in this series. Disbursements to third parties must be broken out in the appropriate lines or in blank lines in the series, and amounts paid to these third parties must be shown outside of the columns if included in Line 1101. Charges not included in Line 1101 must be listed in the columns.
Line 1101 is used to record the total for the category of “Title services and lender’s title insurance.” This amount must be listed in the columns.
Line 1102 is used to record the settlement or closing fee.
Line 1103 is used to record the charges for the owner’s title insurance and related endorsements. This amount must be listed in the columns.
Line 1104 is used to record the lender’s title insurance premium and related endorsements.
Line 1105 is used to record the amount of the lender’s title policy limit. This amount is recorded outside of the columns.
Line 1106 is used to record the amount of the owner’s title policy limit. This amount is recorded outside of the columns.
Line 1107 is used to record the amount of the total title insurance premium, including endorsements, that is retained by the title agent. This amount is recorded outside of the columns.
Line 1108 used to record the amount of the total title insurance premium, including endorsements, that is retained by the title underwriter. This amount is recorded outside of the columns.
Additional sequentially numbered lines in the 1100-series may be used to itemize title charges paid to other third parties, as identified by name and type of service provided.
Processing and administrative services are services to perform origination and title services functions. For the title services function, charges for such services must be included in the title underwriter’s or title agent’s charge and are shown in the total on Line 1101. Examples of processing and administrative services include, but are not limited to, the following: document delivery, document preparation, copying, wiring, preparing endorsements, document handling, and notarization.Courier and overnight delivery fees are considered to be fees for administrative or processing services. Processing and administrative services are part of a primary service, such as the origination service or title service, and may not be separately itemized.
Can you tell me how I would quote Exhibit B Title endorsements on a loan estimate under our Affiliate Service providers? they charge 10% of the owners premium, which will always be different depending on sales prices. They do have minimums of $75.00. This charge is on top of the $150 we already show for Title Endorsements. Is there a best practice for disclosing this at LE? I know this is a service that can be shopped and if they do not shop it is subject to the 10% tolerance. Any advice or what you have seen being done regarding this? This pertains to Mineral rights… WE are in PA if that helps…
thank you
Jenny Severs
- You must be logged in to reply to this topic.