Settlement agent

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Settlement Agent

A person responsible for ensuring that all laws and regulations are followed in transferring real estate from one owner to the next. For example, when one sells his/her house, the settlement agent performs the title search and conducts other activities necessary for the real estate to close smoothly. Generally speaking, a settlement agent does not represent either party in a real estate transaction. Some U.S. states require a settlement agent to work on real estate transactions.

Settlement agent.

In some states, a settlement agent, or closing agent, handles the real estate transaction when you buy or sell a home.

He or she oversees title searches, legal documents, fee payments, and other details of transferring property, acting on your behalf to ensure that the conditions of the contract have been met and appropriate real estate taxes have been paid.

A settlement agent also represents you at the closing, so you don't need to be present.

References in periodicals archive ?
Using a client-configurable rules engine, lenders and settlement agents have the ability to generate and review disclosure documents, which will help them meet loan-closing timeline requirements, and electronically fulfill title, closing and document signing orders.
Settlement agents can no longer reconcile closing fees, send a check and send the final HUD-1 form to the borrower without contacting the lender.
The Cognops Plan B Portal collaborates electronically with settlement agents for their required data inputs for the Loan Estimate and Closing Disclosure via simple email invitation.
Lenders and settlement agents will have to organize more closely than ever to meet the requirements of the new disclosure forms.
The closing disclosure combines the current HUD1 settlement statement and truth in lending disclosure, which is a concern to credit unions because settlement agents provide much of the information required for the disclosure.
Among those doing the misrepresenting, Reich said, are third parties involved in the mortgage origination process, including real estate agents, appraisers, brokers, settlement agents and others, all of whom "account for a significant portion of mortgage fraud.
Curiously, settlement agents receive no payment from the lender for their services in that capacity.
This was a fantastic opportunity to remind Director Cordray of the important role title and settlement agents play in the safe and efficient transfer of real estate.
This integration will help lenders gain significant operational efficiencies by providing a bi-directional communication technology to obtain, aggregate and validate fee quotes from multiple sources; direct integration with settlement agents to reconcile and finalize closing disclosure data; and seamless access to system-of-record data required for the loan closing process.
This change shifts additional liability onto lenders and increases their dependency both on automated risk mitigation and data exchange with the settlement agents.
Under the name Stewart Title Education Suite , this new space will host education and training sessions for over 400 settlement agents in Western Australia annually.
DART is designed specifically to meet the growing needs of title and settlement agents, who require correct data for any property in the U.