Settlement Agents, Mortgage Brokers and Realtors
Title agents, Mortgage Brokers and Realtors are all required to keep their closed files for a specific period of time. This time varies from state to state and by industry but typically can range from 3 to 7 years. This costly endeavor can be relieved by scanning and digitally storing a copy of the closed file.
Title agents CAN charge for the storage of title files. The Florida Statutes require the title insurance agency and the title insurance company to retain copies of the records related to the issuance of the title insurance policy and the funds disbursed from the escrow account. These fees should not be passed on to the consumer as separate line item charges. The title insurance agency may include the cost of storage of these records in the agency’s calculations for the closing services fee.
Buyers and sellers will benefit when it comes time to refinance or purchase a new home. Title agents and realtors can now email or send a temporary username and password to their clients “inviting” them to view, print or email their documents right from TrueView. This greatly eliminates phone calls received for documents. Or, title agents can simply email copies of documents to their clients when needed.
Title agents will no longer have to pay for storage space thus saving money and also time spent looking and copying required documents when they are needed. We can even come and empty your storage unit or office of your closed files and store them at one of our processing facilities as we progressively scan and convert them to digital files over time. Ask us about our “Scan ‘n’ Store” program for details.
We are members of the Florida Land And Title Association and are proud to state that we have adopted the American Land and Title Association’s “Best Practices.”