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Refinance Guide Small

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  • 1. AMERISTAR TITLE COMPANY - ACCURACY - - DEPENDABLE - - EXPERIENCED - - EFFICIENT - With years of experience gained in working with the nation's largest lenders doing thousands of jobs each month, we have streamlined and centralized all of our businesses, empowering us to accurately and efficiently provide title and closing services for refinance, home equity, home improvement and reverse mortgage loans. These refinements include order processing, title plant operations, curative, closing, escrow and policy production. Additionally, we have developed and implemented sophisticated technologies to coordinate all parties involved in the transaction, ensuring that solid communication can be maintained throughout the process. When files are completed, they are scanned, archived and indexed to make sure that we can support the client efficiently with all post-closing requirements. Consequently, Ameristar is able to ensure that all orders are fulfilled with the highest level of care, consistency, accuracy and efficiency. The Statewide Title Services Division offers a customized settlement solution for refinance transactions. Refinance Closing Provide insured closing letter to Lender Obtain payoffs and tax certificates Review title commitment for curative matters Work with Lender and Borrower to determine insurability of property in accordance with Lender requirements Prepare documents, through attorney, for curative matters, deeds, releases and other documents as may be required Order insurance endorsements on homeowner's policy per Lender instructions Provide Lender with title fees and closing costs to determine loan amount Prepare HUD-1 upon receipt of Lender instructions Obtain Lender approval of HUD-1 Schedule signing with the Borrower Review all documents for proper signature and notarization Ship loan package to Lender prior to expiration of the 3 day right of rescission Upon Lender approval, disburse all funds in accordance with the HUD-1 Settlement Statement Record documents with the county clerk in the appropriate county Issue the Mortgagee Title Policy and necessary endorsements Resolve any post closing issues 500 S Nolen Dr, Ste 100 Southlake TX 76092 Ph (800) 920-9270 Fx (800) 519-9270 www.ameristarusa.com
  • 2. AMERISTAR TITLE COMPANY REFINANCE CREDITS ON MORTGAGE TITLE POLICY PREMIUMS R-8. Mortgagee Policy, on a Loan to take Up, Renew, Extend or Satisfy an Existing Lien(s) On a Mortgagee Policy, issued on a loan to fully take up, renew, extend or satisfy an old mortgage(s) that is already insured by a Mortgagee Policy(ies), the new policy being in the amount of the note of the new mortgage, the premium for the new policy shall be at the Basic Rate, but a credit shall reduce the premium by the following amount: a) 40% of the premium calculated at the current rate on the written payoff balance of the old mortgage, such renewal occurring within two (2) years from the date of the Mortgagee Policy insuring the old mortgage; b) 35% of the premium calculated at the current rate on the written payoff balance of the old mortgage, such renewal occurring more than two (2) years but less than three (3) years from the date of the Mortgagee Policy insuring the old mortgage; c) 30% of the premium calculated at the current rate on the written payoff balance of the old mortgage, such renewal occurring more than three (3) years but less than four (4) years from the date of the Mortgagee Policy insuring the old mortgage; d) 25% of the premium calculated at the current rate on the written payoff balance of the old mortgage, such renewal occurring more than four (4) years but less than five (5) years from the date of the Mortgagee Policy insuring the old mortgage; e) 20% of the premium calculated at the current rate on the written payoff balance of the old mortgage, such renewal occurring more than five (5) years but less than six (6) years from the date of the Mortgagee Policy insuring the old mortgage; f) 15% of the premium calculated at the current rate on the written payoff balance of the old mortgage, such renewal occurring more than six (6) years but less than seven (7) years from the date of the Mortgagee Policy insuring the old mortgage. After the lapse of seven (7) years from the date of the Mortgagee Policy insuring the old mortgage, the Basic Rate shall apply. Where more than one chain of title, as the term quot;chain of titlequot; is from time to time defined by the Commissioner, was involved in the issuance of the original policy(ies), and the new policy includes one or more of such additional chains of title involved in the issuance of the original policy(ies), an additional premium charge as established by the Commissioner shall be added for each additional chain of title involved. On Mortgagee Policies, issued on multiple loans to fully take up, renew, extend or satisfy an old mortgage insured by a single Mortgagee Policy, the new policies being in the amount of the new mortgages, the premium for the larger Mortgagee Title Policy shall be at the Basic Rate, but a credit shall be allowed upon the premium as set forth previously in this rule. The premium for the remaining new Mortgagee Title Policy(ies) shall be at the Basic Rate. A credit shall still be allowed upon the premium as set forth in this rule even if not all of the new loans are insured or if only one of the new loans is insured. The reduction in rate as herein prescribed shall not apply to any case where any additional property not covered by the original policy(ies) is included in the policy to be issued. In the calculation of the credit, the amount from the written payoff balance shall not exceed 100% of the original amount of the old mortgage. In no event shall the premium collected be less than the regular minimum promulgated rate for a Mortgagee Policy. For additional information or for assistance in figuring the title policy premium credits, contact Ken Mask at (800) 920-9270 ext 7118 or ken.mask@ameristarusa.com 500 S Nolen Dr, Ste 100 Southlake TX 76092 Ph (800) 920-9270 Fx (800) 519-9270 www.ameristarusa.com
  • 3. AMERISTAR TITLE COMPANY ESTIMATED CLOSING COSTS FOR REFINANCE TRANSACTIONS Escrow Fee $200 Tax Certificates $57.50 Mortgagee Title Policy $150.00 plus required endorsements Courier Fees Approximately $35 Recording Fees Approximately $125.00, based on the number of pages in the documents recorded, cost to record deed of trust, releases, assignments, etc. Ameristar works with numerous lenders, realtors and builders throughout Texas to facilitate thousands of real estate transactions every year. Outlined below are some of the primary reasons Ameristar continues to be the title company of choice for many industry-leading companies: Statewide Coverage o The Statewide Title Group at Ameristar has established relationships to provide clients with title work for all 254 counties in the State of Texas. Statewide Signing Services o Through our sister company, Synergy Signing Services, we have established relationships to provide signing services and courtesy closings for every county in Texas. o We have Bi-lingual closers******* Multiple Underwriters o Ameristar works with the highest rated title insurance underwriters in the United States, including LandAmerica Title Insurance Company and First American Title Corporation Vast Experience o Our Statewide Title Group has extensive knowledge, experience and understanding of how to cure and close every type of real estate transaction in Texas. Technology o Ameristar uses a state-of-the-art software technology to communicate with our customers – Paperless Closer! The Power of One o One point of contact to complete every title order in the State of Texas. 500 S Nolen Dr, Ste 100 Southlake TX 76092 Ph (800) 920-9270 Fx (800) 519-9270 www.ameristarusa.com
  • 4. AMERISTAR TITLE COMPANY PLANNING AHEAD FOR REFINANCING Ameristar Title Company appreciates the opportunity to assist you with refinancing and home equity loans. Below are a few helpful hints that will further aid us in providing you with a smooth, trouble-free transaction. Please provide us with the following information: Name of existing lien holder, loan number and phone number Social Security numbers Copy of survey and notification if changes have been made since the date of the survey. Plan ahead for your closing: Please inform Ameristar when the loan has been approved. We can then set the closing date and time. It is important to schedule the closing more than three business days prior to the end of the month to ensure funding within the same month. This is due to a three day right of rescission and to ensure that FHA pay-offs are made no later than the first day of the following month. To ensure accuracy and timeliness, please deliver closing instructions and original closing package to Ameristar at least 24 hours in advance of the closing. Please remember the Department of Insurance requires certified funds upon closing. Contact your closing officer prior to closing to determine the amount of the closing cost. Certified or cashiers checks, tellers checks and wired funds are acceptable methods of payment for closing costs. 500 S Nolen Dr, Ste 100 Southlake TX 76092 Ph (800) 920-9270 Fx (800) 519-9270 www.ameristarusa.com
  • 5. ORDER FORM AMERISTAR TITLE COMPANY Lender Information Lender Address City, ST ZIP Phone Fax Contact Email Borrower Information Borrower Name Home Phone Work Phone Cell Phone Email SSN Date of Birth Co-Borrower Name Home Phone Work Phone Cell Phone Email SSN Date of Birth Property Information Address City, ST ZIP County Parcel Number Legal Description Loan Information Loan Type Rate/Term Refinance Cash-out Refinance Home Equity/Line of Credit Reverse Mortgage Purchase Other ______________________ Loan Number Loan Amount Estimated Closing Date Mtg Ins Case No. Payoff 1 Payee Amount Payoff 2 Payee Amount Payoff 3 Payee Amount Notes / Comments Please fax your order to (800) 519.9270 or email to orders@ameristarusa.com 500 S Nolen Dr, Ste 100 Southlake TX 76092 Ph (800) 920-9270 Fx (800) 519-9270 www.ameristarusa.com