Shopping For Your Home Loan: Hud'S Settlement Cost Booklet - U.s. Department Of Housing And Urban Development (Hud) Page 15
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48Your Charges for All Other Settlement Services, Blocks 3 through 11
In addition to the charges to originate your loan, there are other charges for
services that will be required to get your mortgage. For some of the services, the
loan originator will choose the company that performs the service (Block 3). The loan
originator usually permits you to select the settlement service provider for “Title
services and lender’s title insurance” (Block 4).
“Owner’s title insurance” is also
disclosed (Block 5). Other required services that you may shop for are included in
“Required services that you can shop for” (Block 6).
Block 3 contains charges for required services for which the loan originator
selects the settlement service provider. These are not “shoppable” services and often
include items such as the property appraisal, credit report, flood certification, tax
service and any required mortgage insurance.
Block 4 contains the charge for title services, the Lender’s title insurance policy
and the services of a title, settlement or escrow agent to conduct your settlement.
Block 5 contains the charge for an Owner’s title insurance policy that protects
your interests.
NOTE: Under RESPA, the seller may not require you, as a condition of the sale, to
purchase title insurance from any particular title company.
Block 6 contains charges for required services for which you may shop for the
provider. Some of these items may include a survey or pest inspection.
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