North American Title Unveils Videos Targeting Consumers
July 14, 2015
Someday, a home buyer will find a home on his or her smartphone; conference the real estate agent, lender and settlement company together; make and accept the offer; arrange financing; and close on the property – all online, within an hour or two. But that is not today.
Today, buying or selling a home is a complex process that from the acceptance of a contract to the actual closing or settlement can take anywhere from 30-45 days. And with the advent of new Loan Estimate and Closing Disclosure forms mandated by the Consumer Financial Protection Bureau (CFPB) sometime later this year, another 15 days could be added to the closing process.
To help consumers, real estate professionals and lenders, North American Title Co. has launched a new online video channel, NAT TV. Located on its website and on YouTube, NAT TV offers informational videos lasting from three to six minutes, covering topics such as choosing a real estate agent, selecting a home, what is escrow and understanding title insurance.
Even more timely videos cover the new CFPB Loan Estimate and Closing Disclosure forms. The new forms will replace the traditional Good Faith Estimate, Truth in Lending disclosure, and HUD-1 Settlement Statement, used at closing for decades.
“We know that a home purchase is usually the largest single investment for an individual or a family,” said Otto Suarez, national marketing director for North American Title Co. “Because consumers appreciate information that helps them more easily navigate the homebuying process, our team worked diligently to generate videos that are educational as well as lively.
“We know these videos will be very accessible to consumers via their smartphones, laptops or desktops, and will also be excellent tools for real estate professionals and lenders to share with their clients,” he added. “Especially with the new CFPB forms coming out sometime this fall, agents and lenders will have another way to review the forms with their clients and emphasize the new timelines the forms will impose.”
In addition to videos that target the consumer, North American Title Co. has aimed two videos at lenders and at real estate agents, builders and attorneys. The videos explain how the company is implementing the processes mandated by the CFPB for the new forms and timelines.
“The escrow and closing services provided by our North American Title offices are the heart of the homebuying and selling process,” Suarez said. “We are pleased to provide these videos as an educational service for all our customers, ahead of this fall’s significant changes in how escrows are settled across the country.”
Contact ALTA at 202-296-3671 or [email protected].