Title & Escrow News and Information
We are pleased to announce the opening of our new Spokane Valley Operation and that Mick Templeton AVP / Branch Manager / Escrow Closer, Melody Sarff, Escrow Assitant, and Tricia Osterholm, Escrow Assistant have joined our Spokane Ticor Team and will staff our new office.
Mick and his team have been serving the real estate community in the Spokane Valley area for many years as an independent escrow operation.
Please join us in congratulating the new members of our team!
Where to find us
720 N. Argonne, Suite E
Spokane Valley, WA 99212
If a buyer opts not to purchase an owner’s policy, in most states they would not receive the benefit of a simultaneous issue discount applied to the loan policy premium. Currently, in a typical residential transaction, a lender quotes the discounted rate on a Loan Estimate.
However, any increase in this premium would result in a tolerance violation or increased annual percentage rate. Therefore, the CFPB wrote into the new rules any simultaneous issue discount must be applied to the owner’s policy premium and not the loan policy premium.
Therefore, when the new CFPB rules are implemented, the lender will need to disclose the full lender’s policy premium on the Loan Estimate and the preparer of the Closing Disclosure will charge the full loan premium. The new formula for calculating the owner’s premium with the simultaneous issue discount applied is as follows:
||Simultaneous Issue Rate
||Full Loan Premium
We are very pleased to announce that Ticor’s Gig Harbor Escrow office has relocated to an updated and more spacious location just a few doors down from the previous location. The move is part of our plan involving the expansion of our Gig Harbor team and provides a freshly updated space with additional room to accommodate client signings, added escrow staff, and a dedicated Property Information Specialist. We think you’ll love the upscale look & feel, accessibility, ample parking, easy access to highway 16, and our team of experienced professionals. Where to find us: Ticor Title Gig Harbor Escrow Location […]