Frequently Asked Questions

Although mortgage insurance does not directly benefit a buyer or a seller of a home, it does afford many buyers who otherwise could not afford a large down payment to obtain a loan. Generally, the more that you can afford to pay down and the greater your investment, the less likely you would be to allow a default in payments. Even if you allowed a default, the equity would protect the mortgage company from any financial losses upon foreclosure and resale. If you can’t afford to make a large down payment of up to twenty percent, the bank will generally insure against your potential default at your expense by requiring mortgage insurance.

It is generally suggested that the seller close at the same time or after the buyer. Until the buyer closes, no money is available from which to fund the sale and disburse to the seller. Also, from a practical standpoint, documents and mortgage instructions affecting the seller may arrive with the lender’s closing package. By closing the buyer side first, all required documents and instructions should have a chance to reach the seller’s closing agent in time for the seller’s closing.

If you are buying with a new loan, your lender will be able to give you “good faith estimates” of your closing costs and down payment. We, as your closing agent, can give you an exact figure once the lender has provided us with the final loan instructions and closing package. Sometimes these instructions are not provided until a day or even a few hours prior to closing. Please use your good faith estimates if we can not give you a figure in time for you to obtain a cashiers check. As a seller or as a buyer without a new loan, our office would be able to estimate the cost for you in advance of the closing, but final figures may not be available until we have accumulated information such as the insurance premium, title work, tax information, termite and pest inspection fees, surveying fees, or assumption fees (if any), etc. Once again this information may not be available until immediately prior to closing.

Generally the mortgage company does not send the closing agent a copy of the appraisal to the closing unless someone requests it. Please let your mortgage company know if you wish to have a copy of the appraisal at closing. Of course you can always request that one be given to you by the lender after closing.

The answer depends on the likelihood for a dispute between the buyer and seller. If there is only one settlement agent handling a transaction, that agent cannot act in favor of one party over the other if a dispute arises. Although the agent may attempt to negotiate a resolution, the agent cannot take sides. If the agent is representing only one party to a closing, the agent can give more assistance to you in formulating the correct legal response to preserve your rights and protect your position. Consider the likelihood of a dispute arising, and if one is likely, use your own representative. Keep in mind that your real estate agent’s ethical responsibilities parallel those of the settlement agent, and if each side already has there own real estate agent, he or she could help resolve an issue in dispute.

Accordingly, we recognize that if both parties choose our services, our job is made easier, and we are able to correspondingly discount our fees.

Probably, but in some cases the mortgage company may allow documents to be signed prior to the all requirements being met. If any requirements or conditions as contained in the contract have not yet been met then the closing is not final and documents, keys and funds should not be exchanged.

Memphis Title Company Privacy Statement

MEMPHIS TITLE COMPANY respects the privacy and security of your non-public personal information (“Personal Information”) and protecting your Personal Information is one of our top priorities. This Privacy Statement explains the MEMPHIS TITLE COMPANY privacy practices, including how we use the Personal Information we receive from you and from other specified sources, and to whom it may be disclosed. MEMPHIS TITLE COMPANY follows the privacy practices described in this Privacy Statement and, depending on the business performed, MEMPHIS TITLE COMPANY may share information as described herein.

Personal Information Collected

We may collect Personal Information about you from the following sources:

• Information we receive from you on applications or other forms, such as your name, address, social security number, tax identification number, asset information, and income information;
• Information we receive from you through our Internet websites, such as your name, address, email address, Internet Protocol address, the website links you used to get to our websites, and your activity while using or reviewing our websites;
• Information about your transactions with or services performed by us, our affiliates, or others, such as information concerning your policy, premiums, payment history, information about your home or other real property, information from lenders and other third parties involved in such transaction, account balances, and credit card information; and
• Information we receive from consumer or other reporting agencies and publicly recorded documents.

Disclosure of Personal Information

We may provide your Personal Information (excluding information we receive from consumer or other credit reporting agencies) to various individuals and companies, as permitted by law, without obtaining your prior authorization. Such laws do not allow consumers to restrict these disclosures. Disclosures may include, without limitation, the following:

• To insurance agents, brokers, representatives, support organizations, or others to provide you with services you have requested and to enable us to detect or prevent criminal activity, fraud, material misrepresentation, or nondisclosure in connection with an insurance transaction;
• To third-party contractors or service providers for the purpose of determining your eligibility for an insurance benefit or payment and/or providing you with services you have requested;
• To an insurance regulatory authority, or a law enforcement or other governmental authority, in a civil action, in connection with a subpoena or a governmental investigation;
• To lenders, lien holders, judgment creditors, or other parties claiming an encumbrance or an interest in title whose claim or interest must be determined, settled, paid or released prior to a title or escrow closing.

We may also disclose your Personal Information to others when we believe, in good faith, that such disclosure is reasonably necessary to comply with the law or to protect the safety of our customers, employees, or property and/or to comply with a judicial proceeding, court order or legal process.

Disclosure to Affiliated Companies — We are permitted by law to share your name, address and facts about your transaction with other FNF companies, such as insurance companies, agents, and other real estate service providers to provide you with services you have requested, for marketing or product development research, or to market products or services to you. We do not, however, disclose information we collect from consumer or credit reporting agencies with our affiliates or others without your consent, in conformity with applicable law, unless such disclosure is otherwise permitted by law.

Disclosure to Nonaffiliated Third Parties — We do not disclose Personal Information about our customers or former customers to nonaffiliated third parties, except as outlined herein or as otherwise permitted by law.

Confidentiality and Security of Personal Information

We restrict access to Personal Information about you to those employees who need to know that information to provide products or services to you. We maintain physical, electronic, and procedural safeguards that comply with federal regulations to guard Personal Information.

Access to Personal Information/Requests for Correction, Amendment, or Deletion of Personal Information

As required by applicable law, we will afford you the right to access your Personal Information, under certain circumstances to find out to whom your Personal Information has been disclosed, and request correction or deletion of your Personal Information. However, MEMPHIS TITLE COMPANY current policy is to maintain customers’ Personal Information for no less than your state’s required record retention requirements for the purpose of handling future coverage claims.

For your protection, all requests made under this section must be in writing and must include your notarized signature to establish your identity. Where permitted by law, we may charge a reasonable fee to cover the costs incurred in responding to such requests. Please send requests to: Memphis Title Company, 7518 Enterprise Avenue, Germantown, TN 38138.

Changes to this Privacy Statement

This Privacy Statement may be amended from time to time consistent with applicable privacy laws. When we amend this Privacy Statement, we will post a notice of such changes on our website. The effective date of this Privacy Statement, as stated above, indicates the last time this Privacy Statement was revised or materially changed.