: Fannie Mae: You can now choose your own Title Insurance and Escrow Company

Fannie Mae: You can now choose your own Title Insurance and Escrow Company

Fannie Mae: You can now choose your own Title Insurance and Escrow Company 

You and Many homebuyers have encountered the typical experience when dealing with an REO deal.   After driving around for days and putting in countless offers, you get one of your offers accepted to only have the listing agent tell you that you have no choice in who you and your client can use in regards to their title insurance and escrow company

Once you sign the contract you are told to open escrow by depositing an agreed amount known as an Earnest Money Deposit, as you well know.  This company happens to be on the other side of town or sometimes out of state.  It is rare that someone will get an title insurance and escrow company that is close by.  Call it Murphy's Law! 

Here comes the fun part! Click Here Fannie Mae allow you to choose

Comment balloon 4 commentsTed Canto • March 09 2010 08:41PM

Comments

Good information to know.  I know that HUD tries to force you to use their closing company and title company.

Posted by Damon Gettier, Broker/Owner ABRM, GRI, CDPE (Damon Gettier & Associates, REALTORS- Roanoke Va Short Sale Expert) over 8 years ago

Isn't it ironic the very same people who enforce RESPA are breaking the law.

Posted by Ted Canto, Arizonan #1 Mortgage Lender (Amerifirst Financial, Inc) over 8 years ago

Ted, our contracts agree that buyer and seller will agree on the title company.  I'm closing one in two different title companies.........not sure how it will turn out, but we'll see.

Posted by Kay Van Kampen, Realtor®, Springfield Mo Real Estate (RE/MAX Broker, RE/MAX Solutions) over 8 years ago

Ted..

Great news! And great information for everyone. Thanks for the links.

cosmic cow

Posted by Carra & Shae Riley, Helping people Transition at all ages! (Brokers Guild Cherry Creek Ltd) over 8 years ago

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