TITLE QUOTE APP
The CSS Title Quote APP
CSS is proud to offer a user-friendly title quote app with specialized features for lenders, Realtors and real estate brokers, buyers and sellers!
The app is customizable and can even apply your logo, as well as any settlement fees and title insurance rates, to be presented to customers in a professional format. You won’t have to worry about compliance or accuracy when it comes to getting loan estimates! The TILA/RESPA Integrated Disclosure rule makes a clear distinction between two phases of the loan process: one before a buyer fills in a loan estimate and one right after that event. We refer to the phase before the loan application as the “pre-disclosure phase,” while the one afterward is the “disclosure phase.” Our app has functions to address both phases, and it predominantly addresses steps before the loan application is submitted.
Pre-Disclosure Phase: Before the Loan Application is Filed
Our title quote app provides a wide range of valuable tools for this phase.
The Title Quote Tool
(Benefits lenders, realtors, buyers and sellers)
This is a very simple, but effective, tool that allows everyone to see specific title fees and recording and transfer taxes for a particular transaction. It’s seriously accurate AND seriously impressive!
The Buyer Estimate
(Benefits lenders, realtors and buyers)
This estimate tool—one of the most accurate on the market—was created specifically for the lender and benefits buyers and Realtors as well, allowing the issuing of a “preliminary written estimate” before the lender is required to submit an official Loan Estimate form. It’s designed to get the buyer to that point. Lenders should use this tool only before the official loan application has been filed. This tool includes a user-friendly mortgage calculator that factors in costs due at closing, including taxes, HOA dues, impounds, lender’s fees, and any other relevant information.
ALTA Settlement Statements
(Benefits lenders, realtors, buyers and sellers)
The ALTA forms feature provides an alternative way to issue loan estimates—all to be utilized before TRID requires the use of official Loan Estimate or Closing Disclosure forms.
The Seller Net Sheet Tool
(Benefits realtors and sellers)
This is an extremely detailed seller net sheet tool that Realtors and real estate sellers should be delighted to get their hands on. It’s designed to allow the seller to clearly see what the net gain will be after the transaction is complete. This tool organizes all the information you need in one place, including closing costs, title insurance, mortgage payoffs, home insurance, property taxes and more.
Disclosure Phase: After the Loan Application is Filed
Once an investor submits a loan application, lenders must, of course, issue the official Loan Estimate form. Before closing, a Closing Disclosure form is also required. Only one version of each of these official forms is valid and compliant, so the CSS Title Quote App offers tools for lenders to make filling out these forms smoother:
The Loan Estimate View
(Benefits lenders)
Our app contains a “Loan Estimate View” for lenders who need title fees, as well as recording and transfer charges, so they can put them into the actual Loan Estimate form. The Loan Estimate View details all these numbers and organizes them by their respective sections on page 2 of the official loan estimate paperwork. This allows the lender to easily access them when filling in the official form, which makes for a more efficient process.
APP Compliance
The CSS Title Quote App follows TRID’s guidelines concerning “preliminary written estimates,” and it also incorporates some of the regulations for the Loan Estimate and Closing Disclosure forms, for consistency. Those guidelines break down as follows:
- The app will use the TRID formula to split between lender’s policies and owner’s policies when in a simultaneous-issue situation.
- The Buyer Estimate app features, as well as the ALTA Settlement Statement features, when addressing the buyer/borrower, will include special language required by TRID (e.g., “Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing the loan.”) However, the forms/estimates that concern the buyer/borrower will not have headings, content and format substantially similar to the official Loan Estimate or Closing Disclosure forms, as that would not be compliant.
- The app will not feature official forms for Preliminary Loan Estimate or Preliminary Closing Disclosure. (See previous bullet point for explanation.)
If you have any questions regarding the CSS Title Quote App or TRID, please feel free to contact us!