NEWS


The mandated start date for using the new GFE and HUD1 is fast approaching and we are happy to say Gibraltar Title is RESPA Ready. We are excited to release our new Quote Calculators and look forward to your suggestions and feedback.

When approaching the challenges of the Final Rule we tried to look at this through the eyes of our customer. What would make your job easier? What would reduce the chance of needing a revised GFE? With so many variables, how can we be as complete as possible without making the process added work for the customer?

We think we are on the right track. Take a look at our Refinance calculator. The title charges you need are located at the bottom of the screen, identified with the corresponding GFE line.

We have identified specific common title issues which, if identified later in the process, could breach tolerances and require a revised GFE. When you select these items, the appropriate Government recording charges and title services add to the corresponding GFE line automatically. While adding these additional fees may make our charges look higher, we hope this service is an advantage to you. We want to still be able to provide those routine title clearance and services items, such as preparing a Power of Attorney, Certificate of Trust, Affidavit of Survivorship at a cost advantageous price over that of having a attorney prepare the same documents for your borrower. Your GFE will be high enough to cover the cost, and if it is found later that the item is not needed, the corresponding charges will be removed from the HUD1.

While our fees for closing your transaction have not increased from our prior standard pricing, we still give reissue credit/refi rates on qualifying files, our quotes are now all inclusive as to items in GFE 4. At GFE 7 our quote makes assumptions as to as to the number of documents for recording, but note that the actual amount will be what is shown on the HUD1.

We expect at times, certain issues will come up which could not have been anticipated by either yourself or the borrowers, such as hunting down deeds from five heirs or dealing with multiple sellers. Our Additional Items feature is contemplating standard routine title clearance issues and if your transaction contains facts which are out of the ordinary we will work with you to specify the costs and work towards a timely close. Please note that, other than Transfer Taxes (MRT) GFE Line 8, all of our fees fall into the 10% tolerance category.

For your convenience, we have links to the New HUD1, the New GFE, the Final Rule and HUD FAQ's.