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Mid-Atlantic
Area
Pennsylvania
Three Glenhardie Corporate Center
1265
Drummers Lane, Suite 220
Wayne,
PA 19087
(610)
687-8020
(800)
842-2080
(610)
687-6056 - fax
Calder
Square
P.O.
Box 10326
State
College, PA 16805-0326
(814)
238-3600
(814)
238-3604 - fax
125
Technology Drive, Suite 101
Canonsburg, PA 15317
(866)
364-2777
(724)
746-5434 - fax
Delaware
32
The Green
Dover,
DE 19901
(302)
734-3570
(800)
722-0784
(302)
734-3254 - fax
The
800 King Street Building
800
King Street, Suite 304
Wilmington,
DE 19801
(302)
661-1997
(302)
661-1996 - fax
Maryland
Columbia Corporate Park
8850 Stanford Blvd., Suite 2900
Columbia,
MD 21045
(410)
953-6763
(800) 664-8306
(410) 953-6761 - fax
Virginia
9303
Center Street, Suite 101
Manassas,
VA 20110-5547
(703)
365-2300
(800)
232-6817
(703)
365-2400 - fax
1503 Santa Rosa Road, Suite 233
Richmond,
VA 23229
(804)
288-4090
(888) 859-922
(804)
288-4092 - fax
6802 Paragon Place
Suite 410
Richmond,
VA 23230
(804)
441-6112
(804)
441-6050 - fax
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Housing and Economic Recovery Act
Effective
July 30,
2009,
lenders
and
title
agents
must
comply
with the
new
Housing
and
Economic
Recovery
Act
(HERA)
Mortgage
Disclosure
Improvement
Act.
The
purpose
of the
Act is
to
extend
the
disclosure
notification
period
from
three
business-days
to seven
business-days.
In
addition,
should
the APR
increase
by
0.125%
within
the
seven
day
period,
the
lender
is
required
to
re-disclose
the
information
to the
borrower
and then
wait an
additional
three
business-days.
As
a
result,
the
title
agent
may be
required
by the
lender
to
schedule
the
closing
seven
business-days
in
advance
and
provide
accurate
fees for
the TIL.
Should
the
closing
date
and/or
fees
change
(i.e. a
significant
closing
date
change
could
adjust
the
prepaid
interest)
enough
to cause
a 0.125%
APR
increase,
the
lender
would
need to
re-disclose
the TIL
and
therefore
wait
three
additional
business-days
to
close.
Click
here
to view
a copy
of a
press
release
issued
by the
Board of
Directors
of the
Federal
Reserve
System.
A copy
of the
revised
Reg Z
can be
located
here.
Should
you have
any
questions,
please
contact
our
underwriting
counsel:
Paula
Mack,
Steve
Gratman,
Sue
Swick,
or
Dwight
Edwards.
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Please contact
Sue Morgan at Old Republic Title with any
questions
or give us a call at 610-687-8020 or
800-842-2080.
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to this newsletter, please
click here. |
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