HERA and HOEPA Update

The new federal laws under HERA and HOEPA provide that, should the final APR increase more than .125% from the initial TIL disclosures, re-disclosure is required to be given to the buyer/borrower at least three (3) days prior to settlement.

As title insurance premiums and costs attendant to the closing are items that affect the APR, we have modified our procedures and will now provide our clients with a preliminary settlement statement at the time the commitment is given to you. This settlement statement will list our title fees that affect the APR calculations.

If you are aware your loan will require additional endorsements that affect the APR (e.g., a variable interest rate), please let us know as soon as possible so we can adjust the preliminary settlement statement well in advance of closing.

Thank you,
United One Resources

Posted by United One Team Member on 7/29/2009

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