Federal Title and the new RESPA rule

Federal Title & Escrow Company is already meeting the department of Housing and Urban Development's (HUD) new proposal under RESPA guidelines for providing the borrower a guaranteed maximum closing cost in advance of settlement.

When lenders and borrowers use Federal Title & Escrow Company's new proprietary technology, the Automated Quote Generator (AQG), the guesswork and estimating in final closing costs is eliminated. We instantly deliver the exact figures, broken down line-by-line, in an easy to read - and understand - modified HUD1.

What exactly is HUD proposing?
The new guidelines are supposed to streamline the home-buying process, simplify disclosures, create clarity for consumers and decrease legal and compliance risks for lenders by replacing existing mortgage-related disclosures. According to an economic impact estimate by HUD, consumers would save more than $10 billion a year in loan fees and settlement charges.

Four documents would be issued: a mortgage information booklet, an application disclosure, a commitment disclosure and a simplified settlement statement, which would include a guaranteed closing cost statement, all provided by the loan originator.

How We Can Help You
Federal Title & Escrow Company has been aggressively promoting and introducing technology into the Washington DC area real estate market for the last few years in an attempt to streamline and simplify the paper-laden settlement process. By using the AQG, you can give accurate estimates, with the fees broken down line-by-line, for the closing portion of the new loan packages.

Our Role as a Settlement Firm
We want borrowers to understand the closing process and the various fees that they are obligated to pay. As part of our online service, we offer standard closing documents so borrowers can read the fine print before they come to settlement. It eases the borrower's anxiety and enables them to be prepared with any questions they may have about the paperwork.

How Does the AQG Work?
Curious about how the AQG works? Go to www.FederalTitle.com, click on "Our Services" and select "Get a Quote". Feel free to take a test drive by putting the word "Test" in all of the required fields. You will quickly see how easy our system is to use, plus how we put the consumer first by stating all of our fees upfront

Should you have any questions regarding our services, please call us: 202-362-1500 or email us.