Yes, the coming months will likely present some old and new problems for businesses in our space. Some will not be up to the challenge.
Season 3 is in full swing, and we’re excited to chat with Larry Bailey, CEO of Mortgage Workflow Partners. Larry is a big proponent of rolling up your sleeves, getting under the hood, and analyzing how a business really works. Not how the CEO thinks it works, but how it actually works.
An “attorney state,” or a state that requires that closings be supervised by a licensed attorney, transactions taking place in Massachusetts subsequently will require attorney fees. Land surveys, referred to as “plot plans,” are required for purchase transactions, which means an additional fee to each transaction.
The state of Colorado is fairly straight-forward when it comes to closing costs and fees. The state is noteworthy in that title insurance rates are grouped by zone, rather than county, which could result in multiple-counties within a specific zone.
Like all other “attorney states,” an attorney’s supervision is required for each real estate transaction involving property situated in Delaware. This, of course, means each transaction will have its own attorney fee.
With 254 counties, Texas offers numerous opportunities for tax or fee variability, and thus, its fair share of LE challenges.
While much of its real estate transactional volume takes place in Maricopa County, the state of Arizona does offer one occasional challenge in the assembling of the LE.
Perhaps Georgia’s most notable feature (in terms of LE challenges) is that it’s part of the class of so-called “attorney states.”
The Commonwealth of Pennsylvania holds a special place in our hearts, since it’s where LodeStar calls home. Pennsylvania does offer a handful of challenges for those assembling Loan Estimates for transactions occurring there.
Illinois is a state of contrasts and complexities. Home to the notorious (for settlement services purposes, that is!) Cook County, Illinois is a place that certainly keeps loan officers and title agents preparing CD’s and LE’s on their toes.
Like some of its neighbors to the south, Washington is best known—at least, when it comes to generating a Loan Estimate, for it’s varied and sundry county-specific and city-specific transfer taxes. These also can change from time to time, and never in unison.
Read our CEO Jim Paolino’s Deeper Thoughts and get the latest mortgage industry news.