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Post Statistics: 741 Views, 3 Replies
Latest Post: Thu, Jun 18 2009 1:41 PM by Bryan Bledsoe
  • Wed, Jun 17 2009 10:45 PM
    Using an Attorney to Close and a Title Company for insurance only in MN?

    I am scheduled to close on July 24 on a SF in MN, Primary Residence.  I have a legal plan (works just like a health plan) through work that covers all legal service costs (not actual fees) in aquiring and closing on a mortgage.  For example that would include everything from recordation, filing the mortgage tax, pulling the title and reviewing it, etc...

     

    Based on lender's/titel companies' industry practice is it feasible to use my legal plan to close my mortgage and only buy title insurance from a title company.  I am hoping to avoid settlement costs, deed preperation, etc... by taking advantage of my legal benefit plan. 

     

    Has anyone done something similar?  Thank you very much for your input!! Cool

  • Wed, Jun 17 2009 10:55 PM

    You would have to check with the attorney that you get referred to.  It should be possible.

     - View My Profile
    Mortgage Consultant
    M & M Mortgage, LLC #213677
    kmikkola@themmmortgage.com
    (651) 558-9807
  • Wed, Jun 17 2009 11:15 PM

    I'll check with the Attorney, but does it matter to Lenders at all?  Or Title Companies?

    Thanks!  I'll report back to inform everyone of what I found out.

  • Thu, Jun 18 2009 1:41 PM

    You should cover this issue with the lender/broker up front as it does matter to the lender who the closer is.  The lender depends on the closer to follow their closing instructions to the letter.   They are responsible to prepare all documents, receive funds, payout funds and record the documents in accordance with the lender instructions.   In my state the closer must provide a Closing Protection Letter, adequate E&O insurance, etc.  In some states it's customary to do a sub escrow where funds are received and paid out by the title company. 

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