Is it true that buyers now can select their escrow and title companies? If so, should we pick it ourselves or leave it still to our realtor to recommend?

Hi Joe. Title Insurance is a requirement of the Lender not the Realtor when you are applying for financing to purchase a home and is really out of the Realtor's domain. In the past Realtors have tried to make the process as problem free as possible by having a Title Company in house or being affiliated with one who paid fees to them for referrals. With the recent changes to the loan process as a result of new lending laws which took effect this year, that is no longer the case. Borrowers have always had the right to choose their own title Insurance company and settlement agent but it has not always been made as clear to buyers as it is today. In most states title insurance rates are filed with the insurance commissions of each state and are usually identical between companies. If you have worked with a Title Company in the past and want to continue the relationship by all means let your mortgage officer know. If you have no preferences then ask your loan officer if he or she has a good working relationship with a local company and use them. In either case there will be very little difference in what you pay for closing services and title insurance. These fees should be disclosed in detail on your GFE which must be delivered or mailed within 3 business days of your application for a mortgage. If shopping the Title services makes you feel good then by all means go for it. It is your time and effort and you have the right.

Yes, the buyer does have the right to choose an escrow and title company. The seller also has the right to choose one for themselves, and NO they don't have to be the same company. Having had 12 years of experience as an Escrow Officer at a title company, I can tell you that the closing process does tend to go smoother when the buyer and seller close at the same company, but it's not required. A lot of buyers do take the advice of their realtor, because she has much experience in delaing with the title companies in your area and is able to steer you in the direction of a good, reputable title company. However, you may still want to get quotes on closing costs from the companies she recommends to be sure your getting the best price along with the best service.

Joe the answer to your question is yes you have the right to your own escrow and Title company they are supposed to be a non bias third party only.With the new changes to the law and updated requirements on disclosure mailings the rates tend to be on par with each other.If you do not have someone in mind you can always ask your representing Realtor who they have a relationship with.