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Answers to Your Common Closing Questions

What is a CEMA and how do I know if I qualify?

CEMA stands for Consolidated Extension Modification Agreement and is a process specific to the state of NY that allows a borrower on a refinance to reduce the amount of mortgage taxes they are paying.  The existing mortgage is rolled into the new mortgage being obtained so that taxes are only paid on the difference.  Eligibility for a CEMA will depend upon a number of factors including the current lender/servicer and applicable fees. 

If you have a NY refinance and would like to know if it can be consolidated to save money contact us at closings@res-title.comand our CEMA team will run an analysis for you to show you the potential savings.

Why are there taxes charged on my refinance transaction?

Some states charge “Mortgage Taxes” which is a tax based on the any recorded mortgage documents. This means that even a refinance will have taxes charged. The amount of these taxes vary based on the county and state requirements. In some cases the borrower may even be eligible for a discount on these taxes based on previous transactions they completed. You will see these taxes charged in such states as NY, FL, MD, VA and GA. To make sure you have an accurate quote for your refinance transaction visit our calculator by clicking the ‘Get a Quote button or contact us at closings@res-title.com.

What is the difference between lender’s and owner’s title insurance?

The Lender’s Title insurance policy protects the lender’s investment against any loss.  Obtaining the policy is a condition of securing the loan.  The Owner’s Title insurance policy protects the buyer from any title defects as a result of forgery, fraud, clerical errors and undiscovered liens or easements. 

Title policy rates vary from state to state.  For an accurate quote you can visit our guaranteed calculator by clicking on “Get a Quote” at the top of our home page or by emailing us directly at closings@res-title.com.

What is a reissue rate?

A reissue rate is a discount applied to lender’s title insurance premium on refinance transaction.  The discounted rate is applied as it is assumed that the borrower previously paid a full lender’s premium during their initial purchase.  The amount of the discount and requirements differ by state.  In many instances it is an automatic flat rate discount.  In some cases such as FL or VA it is determined on other factors such as the date of the previous policy or the amount of the loan being paid off.

For the most accurate calculation of the title insurance reissue rate utilize Res/Title calculator which will accurately and automatically provide your borrowers with the most competitive rate nationwide.

How do I know when I need to contact an attorney for closing?

Some states are considered ‘attorney states’ when it comes to title and closing.  This means that one or more parts of the closing process is considered to be the practice of law and requires the involvement of an attorney with a valid bar license for that state.  This involvement could range from anything to a behind the scenes certification of title to being present at the closing table during signing.

Res/Title has on staff attorneys and partners in all the attorney mandated states.  This means no matter what the requirements are in a particular state Res/Title still serves as your one point of contact without you having to incur an additional fee from outside counsel. For questions on a particular state feel free to reach out to us at closings@res-title.com

We are getting ready for our home closing. How do we know who needs to be at the table for signing?

Some states such have homestead or spousal signature requirements that require additional parties other than the borrower to be at the loan signing.  In some states such as Connecticut, South Carolina or Florida additional witnesses are also need to properly execute the documents.  When closing with Res/Title we will notify you of any specific state requirements prior to your closing being scheduled so you can prepare accordingly and all parties can be present for an accurate signing.