Colorado Company Unveils Feature to Estimate Title Fees
March 11, 2010
TI Services recently upgraded its title insurance Web site and its TRACcalculator service to provide itemization of title costs and the completion of applicable title related settlement charges for the new GFE/HUD-1.
The new Good Faith Title Estimate (GFTE) enhancement allows subscribing Colorado title companies the ability to provide their lender customers with a GFTE instantly online.
“Since the new RESPA changes have taken place this year, many title companies are looking for a vehicle like our TRACcalculator service to deliver their Good Faith Title Estimate information to lender customers without having to provide a preliminary HUD or title commitment, which is very expensive for the title industry to produce especially on those transactions where borrowers end up not qualifying,” Wolff said.
For a small initial set-up fee and a monthly cost of only $30 per county, a subscribing title company utilizing the TRACcalculator service can provide their GFTE information directly from their own company Web site.
TI Services also provides a Consumer Protection Rating “CPR” feature, which compares and rates subscribing title companies on a scale of 1 to 10 based on various consumer oriented factors.
Subscribing title companies will be first compared and rated based on various tangible determining factors that include company information, services, policy coverages and available closing protections, then compared by costs. Colorado title companies can provide information about their company through myTitleIns.com to real estate professionals and consumers, allowing for a more educated and informed decision when recommending or selecting a title company.