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MBA, ALTA and AEA standardize closing instructionsMortgagePress.comMortgage closing guidelines
The Mortgage Bankers Association (MBA), American Land and Title
Association (ALTA) and American Escrow Association (AEA) have
announced that they have developed uniform closing instructions to
be used in future mortgage transactions.
The new instructions will detail the requirements for all
transactions and provide a standard format for the details of each
transaction, including borrowers' names, property address, loan
type, etc. The instructions will be reviewed by members for
comment.
The MBA, based in Washington, D.C., is a national trade
association that represents the real estate finance industry. For
more information, call (202) 557-2700 or visit www.mbaa.org.
ALTA, based in Washington, D.C., is a national trade association
that represents the abstract and title insurance industry. For more
information, call (800) 787-2582 or visit www.alta.org.
AEA, based in Alexandria, Va., is a national trade association
that represents the settlement and escrow industry. For more
information, call (703) 519-1240 or visit www.a-e-a.org.