Open Forum

"Responsible for"? I'm uncertain. As the Closing Disclosure lies squarely within the lender's purview, it seems that the lender would be responsible for informing the buyer of funds needed at closing. The lender is also the party responsible for verifying those funds are available from acceptable, vetted, sources. That said - I ALWAYS inform my selling agent and buyer of the final amount necessary at closing, and provide my wiring instructions so those funds can be remitted. I do that not because it's my job, per se, but because it certainly makes my job easier. I can't account for a lender or agent's communication or responsiveness, only my own. And, after lo these many years, I absolutely CAN count on the fact that if a buyer shows up for closing having never been informed by the umpteen gazillion professionals charged with informing them, the blame will fall on the title company/closing agent. We are the last folks they see, and therefore all manner of blame comes to rest on us.

So - after hours, during hours, weekends...if I'm balanced, have docs, and know what they need to bring, I'll reach out and tell them. Saves me a whole lot of time.

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Jim Moody
Owner
Encore Title Services, LLC
Jacksonville FL
+1 (904) 619-6360
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Original Message:
Sent: 10-19-2023 08:26
From: Gail Malloy
Subject: Buyer's Funding Amount

So I would love for you to weigh in on, is title company responsible for informing buyer of their funding amount? Or is this a lender responsibility? We recently had a buyer call 2 days before closing inquiring as to his required final funds amount. Lender had balanced CD with us the night before. I say night because it was after 5 pm. I asked if Lender had sent him the final CD. No last he received CD was a week earlier. 

Gail Malloy
Westmoreland Paralegal Services
35 W. Pittsburgh St. Suite 300
Greensburg, PA  15601
t  724.832.8683
c 724.420.1015
f  724.838.8681
GMalloy@WestmorelandParalegal.com

We always send the buyer the final figure prior to closing with our instructions for how we will accept funds.  I never rely solely on the lender to make sure the buyer knows how much to bring.

Original Message:
Sent: 10-19-2023 08:26
From: Gail Malloy
Subject: Buyer's Funding Amount

So I would love for you to weigh in on, is title company responsible for informing buyer of their funding amount? Or is this a lender responsibility? We recently had a buyer call 2 days before closing inquiring as to his required final funds amount. Lender had balanced CD with us the night before. I say night because it was after 5 pm. I asked if Lender had sent him the final CD. No last he received CD was a week earlier. 

Gail Malloy
Westmoreland Paralegal Services
35 W. Pittsburgh St. Suite 300
Greensburg, PA  15601
t  724.832.8683
c 724.420.1015
f  724.838.8681
GMalloy@WestmorelandParalegal.com

Gail,

I agree with the replies that suggest that no matter what the "rule" is, as a practical matter my office always contacts the buyers to confirm the amount and type of funds.  Now, in fairness, the practice here in Massachusetts is a bit different than a lot of the country, as an "attorney closing " state.  As an attorney my focus is on the complete transaction, from agreements to disbursement, so it is critical that I am sure that the information to the buyers is complete and accurate.  We make the calls and send the emails...

NELSON EZEN

SPENCER, MA

Original Message:
Sent: 10-19-2023 08:26
From: Gail Malloy
Subject: Buyer's Funding Amount

So I would love for you to weigh in on, is title company responsible for informing buyer of their funding amount? Or is this a lender responsibility? We recently had a buyer call 2 days before closing inquiring as to his required final funds amount. Lender had balanced CD with us the night before. I say night because it was after 5 pm. I asked if Lender had sent him the final CD. No last he received CD was a week earlier. 

Gail Malloy
Westmoreland Paralegal Services
35 W. Pittsburgh St. Suite 300
Greensburg, PA  15601
t  724.832.8683
c 724.420.1015
f  724.838.8681
GMalloy@WestmorelandParalegal.com

Thanks for responses. I see everyone's point of view in replies. I think lenders skirt around their responsibility to deliver final CD to borrower. 

Original Message:
Sent: 10-20-2023 10:40
From: Kevin Kokesh
Subject: Buyer's Funding Amount

I believe the lender is responsible for this, not the title company. Under the (not so new) TRID regulations, the lender is responsible for producing the final CD. Therefore, it follows that they are responsible for informing the buyer of their cash to close. That being said, I always call the buyer the day before closing and confirm the amount and how they should get their funds (cashier's check, wire, correct name of the title company, etc.). 

I have never experienced a situation like yours. That would indicate a very poor performance by the loan officer. 

Kevin R. Kokesh

Attorney

Executive Associates Title

Underwritten by Fidelity National Title

3525 Plymouth Blvd., Suite 107 | Plymouth, MN 55447

Cell/Text: (952) 201-2632 | Direct: (952) 767-5391 | Fax: (763) 312-2077

WARNING - FRAUDULENT FUNDING INSTRUCTIONS

Email hacking and fraud are on the rise to fraudulently misdirect funds. Please call your escrow officer immediately using contact information found from an independent source, such as the sales contract or internet, to verify any funding instructions received. We are not responsible for any wires sent by you to an incorrect bank account.

The information in this electronic mail message is the sender's confidential business and may be legally privileged. It is intended solely for the addressee(s). Access to this internet electronic mail message by anyone else is unauthorized. If you are not the intended recipient, any disclosure, copying, distribution or any action taken or omitted to be taken in reliance on it is prohibited and may be unlawful. 

Original Message:
Sent: 10/19/2023 8:26:00 AM
From: Gail Malloy
Subject: Buyer's Funding Amount

So I would love for you to weigh in on, is title company responsible for informing buyer of their funding amount? Or is this a lender responsibility? We recently had a buyer call 2 days before closing inquiring as to his required final funds amount. Lender had balanced CD with us the night before. I say night because it was after 5 pm. I asked if Lender had sent him the final CD. No last he received CD was a week earlier. 

Gail Malloy
Westmoreland Paralegal Services
35 W. Pittsburgh St. Suite 300
Greensburg, PA  15601
t  724.832.8683
c 724.420.1015
f  724.838.8681
GMalloy@WestmorelandParalegal.com

I'll usually send the buyer the amount needed for the Cashiers check (after I match with the lender CD) along with a copy of their sale for review a day or so before closing, but I also let them know that if the amount needed for closing should change, they can bring a personal check up to the amount of $2,500.00. I found it best to not rely on the Lender to give them the amount needed since if there is a hiccup, the buyer will not be looking to blame the lender but will be looking at the Title Company for dropping the ball.

Original Message:
Sent: 10-20-2023 10:40
From: Kevin Kokesh
Subject: Buyer's Funding Amount

I believe the lender is responsible for this, not the title company. Under the (not so new) TRID regulations, the lender is responsible for producing the final CD. Therefore, it follows that they are responsible for informing the buyer of their cash to close. That being said, I always call the buyer the day before closing and confirm the amount and how they should get their funds (cashier's check, wire, correct name of the title company, etc.). 

I have never experienced a situation like yours. That would indicate a very poor performance by the loan officer. 

Kevin R. Kokesh

Attorney

Executive Associates Title

Underwritten by Fidelity National Title

3525 Plymouth Blvd., Suite 107 | Plymouth, MN 55447

Cell/Text: (952) 201-2632 | Direct: (952) 767-5391 | Fax: (763) 312-2077

WARNING - FRAUDULENT FUNDING INSTRUCTIONS

Email hacking and fraud are on the rise to fraudulently misdirect funds. Please call your escrow officer immediately using contact information found from an independent source, such as the sales contract or internet, to verify any funding instructions received. We are not responsible for any wires sent by you to an incorrect bank account.

The information in this electronic mail message is the sender's confidential business and may be legally privileged. It is intended solely for the addressee(s). Access to this internet electronic mail message by anyone else is unauthorized. If you are not the intended recipient, any disclosure, copying, distribution or any action taken or omitted to be taken in reliance on it is prohibited and may be unlawful. 

Original Message:
Sent: 10/19/2023 8:26:00 AM
From: Gail Malloy
Subject: Buyer's Funding Amount

So I would love for you to weigh in on, is title company responsible for informing buyer of their funding amount? Or is this a lender responsibility? We recently had a buyer call 2 days before closing inquiring as to his required final funds amount. Lender had balanced CD with us the night before. I say night because it was after 5 pm. I asked if Lender had sent him the final CD. No last he received CD was a week earlier. 

Gail Malloy
Westmoreland Paralegal Services
35 W. Pittsburgh St. Suite 300
Greensburg, PA  15601
t  724.832.8683
c 724.420.1015
f  724.838.8681
GMalloy@WestmorelandParalegal.com