In the news ... Wednesday, April 09, 2014

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


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.


 

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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Old Republic Title Update is published by the Mid-Atlantic Area Office of Old Republic National Title Insurance Company in an effort to provide information relative to our industry on a timely basis. None of the materials included in this publication should be deemed legal or underwriting advice or should be acted upon without prior consultation with your underwriter or counsel.