In Massachusetts, the borrower can now select their own local Massachusetts law firm to conduct the mortgage loan closing.
If you are already working with a lender, they may have provided you with a sheet of Settlement Service Providers. On that sheet, you are told “You are permitted to shop for your own provider of these settlement services. You are not required to use the providers listed.”
You are free to contact the Law Office of Timothy A. Sherman to handle your closing and provide these settlement services.
In October of 2015, the Federal Government mandated a new closing procedure for mortgage loans. The new rules, known as TRID, clarified the consumers’ right to shop around for services to reduce their closing costs. Instead of having the lender’s pick of closing attorneys handle the closing, the borrower can now select their own local Massachusetts law firm to conduct the mortgage loan closing.
Many national lenders such as Quicken Home Loans, Navy Federal Credit Union, and USAA default to having an out-of-state company conduct the closing. Instead, it may be beneficial to select a more local law firm, such as The Law Office of Timothy A. Sherman. Our attorneys will close your loan at our office, your home or even your place of work. Appointments can be made to accommodate your schedule, including morning and evening closings.
In addition, we may be able to pass along cost savings.
For example, the Loan Estimate you receive from your lender will outline in Section C Services You Can Shop For. They may include:
• TITLE – DEED PREPARATION
• TITLE – DOCUMENT PREPARATION FEE
• TITLE – SETTLEMENT FEES
• TITLE – SURVEY REQUIRED BY TITLE
• TITLE – TITLE EXAMINATION
• TITLE – TITLE INSURANCE LENDER
Not all of these items are required and are very dependent on your specific loan’s structure. Please contact us to inquire which are needed for your particular loan. For example, on a refinance in Massachusetts, a survey is NOT required. In addition, it would be rare for a closing to need Deed Preparation.
Per the CFPB, the services in this section are required by the lender, but you can save money by shopping for these services separately.
Along with the Loan Estimate, the lender should provide you with a list of approved providers for each of these services. You can choose one of the providers on the list. But you can also look for other providers such as a Boston-area law firm.
About the author: The above Real Estate information on Massachusetts Settlement Service Provider Near Me was provided by Timothy Sherman, an active attorney in the real estate law field. Tim can be reached via email at firstname.lastname@example.org or by phone at 781-664-4936. Attorney Sherman has helped people close on their homes in many Massachusetts cities and towns for the last 10+ Years.
Thinking of buying, selling or refinancing your home? I have a passion for Real Estate and love to share my legal expertise!
I handle closings throughout the South Shore and Greater Boston Area such as: Boston, Braintree, Canton, Cohasset, Dartmouth, Dedham, Duxbury, Fairhaven, Hanover, Hingham, Marshfield, Milton, Nantucket, Newton, Norwell, Plymouth, Quincy, Walpole, Wellesley, Westwood, Weymouth and Wrentham.