Lenders and Borrowers FAQ

FAQs for Lenders/Mortgage Companies

	When will I receive my title commitment? Our average turn-around time for a title examination is 24 to 48 hours. Some states or counties do take longer. If you need the commitment right away please let our office know. Once the title examination comes to our office we will email you the title commitment and a preliminary Settlement Statement for your review.
	What kinds of transactions are handled by Cascade Settlement Agency? We handle Residential and Commercial refinance, purchase, reverse and home equity/2nd mortgage transactions across the country.
	I prefer to fax in my title order. Is that a problem? No, we accept fax and email title orders or you may use our online order form. Our fax number is 585-697-0829.
	Do you conduct in-home closings? Yes, a majority of our closings are conducted at the borrower’s home or office. We will schedule a closing that is convenient for the borrower.
	Are you experienced with Reverse Mortgage closings? Yes, our team is very experienced with Reverse Mortgage closings. Our experience will give your borrowers confidence with the closing process. We travel to the borrowers’ homes and allow additional time for closing.

FAQs for Borrowers

	What should I bring to closing? You will always need a copy of your driver’s license, passport or a picture ID. Many Lenders require a copy of your ID to be returned with the closing package. If you need funds at closing we require a bank or certified check. If you are receiving funds at closing we can mail, overnight or wire the funds. If you would like us to wire your proceeds please provide a voided check at the time of closing.
	What if I need money for closing? If you need to bring funds at the time of closing you will need a bank or certified check. Your check must be payable to Cascade Settlement Agency. You may also arrange for a wire transfer; please contact our office for our wire instructions.
	Why do I need a Bank or Certified check? Most states have a “good funds” requirement. That means that our office must have funds that are able to be immediately transferred. This allows us to payoff any liens on the property and provide funds to the seller without delay.
	Who does Cascade Settlement Agency represent? Cascade Settlement Agency represents the interests of the Lender in the closing. Cascade Settlement Agency will not provide you with any legal or financial advice. If you have legal questions we recommend that you retain your own attorney to represent you.
	What is Title Insurance? Title insurance is an insurance policy which guarantees an interest in a parcel of real property against claims, liens or judgments that might arise after a closing is completed. There are two types of title insurance; title insurance that protects the Lender, during the life of the loan, and title insurance which protects the property owner. The Lender requires that the borrower purchase the lender’s title insurance policy at the time of closing. If you are purchasing a property you will also be given the opportunity to purchase Owner’s Title Insurance to protect your interest in the property. Owner’s Title Insurance is a one time fee and covers the property as long as you or your heirs own the property.
	Do I need Title Insurance? Even though a title examination is performed on the property, claims can still arise. The title examination will only reveal what could be discovered by a review of the documents at the recorder’s office. Errors or unanticipated claims can occur. Some common hidden defects include: forgery, a missing spouse or heir, improperly executed documents, defective recording of a document, and outstanding liens not discovered at the time of closing. No matter how through a title examination, it can not protect against hidden defects which are not a part of the records. If you have not purchased Owner’s Title Insurance and a claim is made against your interest in the property, you will bear the cost of legal fees in defending the claim and be subject to a loss of your interest in the property if a claim is successful. There are numerous other title defects covered by owner’s and lender’s title insurance. The policy also covers the legal cost of defending a claim against the property. While you might think that you will never need title insurance, you might be surprised. When a situation arises that would be covered under you Owner's Title Insurance Policy you will be thankful that you opted to purchase the policy. An enhanced Owner’s policy is also available in some states for purchase at the time of closing. If an enhanced Owner’s policy is available we will default to the enhanced coverage.
	Do I have to purchase title insurance? The Lender will require that you purchase title insurance for the loan. Even if you have recently purchased or refinanced the property you will need a Lender’s title insurance policy on the new mortgage. If re-issue rates are available in your state we will automatically calculate the reduced cost for you. The Lender’s policy will not cover your interest or equity in the property. You also have the option of purchase a title insurance policy which will protect your interest in the property and cover defects that existed prior to your purchase. The Owner’s coverage may also be paid for by the Seller in some states. Owner’s Title Insurance is a one time fee and covers you for the entire time you or your heirs own the property. You also receive a discount on the Owner’s title insurance when it is purchased in connection with a Lender’s policy.