TIMIOS - Exclusive Settlement Agent

03/01/2010 - American Financial Resources, Inc. announced the selection of Timios, Inc. as our exclusive settlement agent for all AFR closings.

As our exclusive agent, AFR will require that Timios conduct all of AFR closings and escrow services regardless of the title company selected by the Borrower, Seller, or Realtor. This requirement will be effective with new submissions beginning on March 8, 2010.

AFR will cover escrow services fees with a $250 lender credit on all transactions. The borrower will be responsible for the signing fee of only $150 in non attorney states or up to $250 in states where an attorney is required. These states include Delaware, Georgia, Massachusetts, South Carolina, and West Virginia. The borrower will still be responsible for their normal closing fees such as overnight document expenses and recording charges as well as their own attorney’s fees if they choose to have their own attorney present.

You, the borrower, the realtor, or the seller may continue to select the title insurance company of choice. We have, however, negotiated rates based on our overall volume and Timios will be able to offer your borrower reduced title premiums (where allowable by state law) if you use them for title insurance.