Federal Title & Pavaso Partner to bring online closings to the DMV

For Immediate Release

Media Contact: Nikki Lyon

Main Line: 202.362.1500

Federal Title & Escrow Company Partners with eClosing Provider Pavaso to serve Washington, D.C., Maryland, and Northern Virginia Settlements

Washington, D.C., December 22, 2017 – Federal Title and Escrow Company has partnered with eClosing service provider Pavaso to bring cutting-edge technology to real estate settlements in the Washington D.C., Maryland, and Virginia area. Pavaso created the industry’s only end-to-end digital closing platform to improve communication, efficiency, and process management in the real estate settlement arena and is continuing to focus on the improvement of the consumer experience.

Federal Title and Escrow Company’s main initiative is to be at the forefront of innovation to make the closing process simpler and smarter for the consumer. We are constantly striving to utilize technology to streamline the closing process without sacrificing the personal relationship we build with our clients. The real estate settlement market has been rapidly moving toward online closings. Pavaso provides us with a secure platform to link all parties in the transaction so that we may conduct both hybrid and fully online closings.

Pavaso’s technology empowers lenders and title companies to deliver the speed and ease of a modern transaction without neglecting the human touch. As today’s consumers increasingly demand the simplicity and convenience of an online transaction, Pavaso is bridging the gap between the archaic paper mortgage process and the digital world. Its technology is both flexible and “future-proof,” enabling users to conduct digital transactions ranging from hybrid closings to complete eNotes.

“The D.C. metropolitan area consists of millions of hardworking individuals that may not have the time for the traditional settlement,” said Todd Ewing, CEO, Federal Title and Escrow Company. “Pavaso allows the consumer to review documents, sign, and securely complete closing from their own preferred venue.”

“We pledge to provide the best experience for the consumer and seek to refine and continually improve the end to end borrower experience,” added Mark McElroy, CEO, Pavaso. “Each and every day closings are happening across the country with consumers who don't fully understand the process and there is less room today for a cumbersome, inconvenient experience. Consumers have choices now and want a better experience. By moving to a digital closing process, Federal Title is providing that experience, allowing borrowers to benefit from a significantly more informed, transparent and convenient process.” 

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About Federal Title & Escrow Company

Established in 1996, Federal Title & Escrow Company, the largest independently owned and operated title company in Washington, D.C., is known for its top-notch customer service and streamlined closing process. Federal Title has D.C. office locations in Friendship Heights and in Logan Circle. For more information, please visit www.federaltitle.com or contact Nikki Lyon directly for media inquiries.


About Pavaso

Texas-based Pavaso is transforming the mortgage process with radically innovative digital mortgage closing technology facilitating fast, consistent, accurate and compliant closings every time. Pavaso offers a single, collaborative, secure portal promoting transparency, efficiency, consumer education and communication in a seamless format delivering value to every stakeholder involved in the transaction. For more information on how you can streamline your process and digitally transform your organization, call us at 866.288.7051 or visit www.pavaso.com. 

DC Real Property Assessment Cap Credit

Understanding the property tax assessment process can be a bit tricky. Specifically, it can be difficult to understand the difference between an assessed value and a taxable assessed value. Part of the confusion has to do with the Assessment Cap Credit. Here is an example of a recent question on this topic: 

Question: On my DC Tax bill, the assessed value is listed as $388,500, but my taxable assessment was only $291,200, a difference of $97,300. What accounts for this difference?

Answer:  The bulk of the difference has to do with the Homestead Deduction, which reduces the real property taxable assessment by $72,450.  However, there is a second benefit to the Homestead Deduction that receives a lot less attention, the Assessment Cap Credit.  This credit provides that the taxable assessment cannot increase more than 10% per year.  The credit is not applied against the assessed value, but it is used to reduce the taxable assessed value.  In the above question, the additional credit that reduces the taxable assessment by a further $24,850 is the assessed cap credit.  Further, based on the above numbers, next year’s taxable assessment cannot exceed $320,320 ($291,200 plus 10%), regardless of the assessed value (assuming of course that the property is still registered as a homestead).

The District of Columbia Office of Tax and Revenue has great information on their website that explains in detail the real property process and the credits available.

CLOSE IT! House of the week: A family-friendly Cleveland Park Home

We close out 2017 with our house of the week located in Cleveland Park.This large home welcomes you with a charming front porch that opens to over 2,000 square feet of space to include four bedrooms and three bathrooms. The home is fully equipped with stainless steel appliances and granite countertops in the kitchen, plus a full-sized washer and dryer. Even though the pad is virtually walking distance to shops and dining in the area, it also has a garage and driveway for commuters or guests to park comfortably. This is super important as you are likely to have family or friends over this summer to barbeque in your fenced-in backyard. The property is listed at $1,200,000 and is looking for new owners.

Assuming a homebuyer puts down 20 percent, their cash-to-close would be $274,427 and monthly mortgage payments would be approximately $3,575. You’ll also receive a credit of $750 when you choose to use Federal Title & Escrow Company for settlement services when ordered online. For a complete picture of what your cash-to-close figures would be, including seller’s net proceeds from the sale and such, please view the Close It! Web version or download the free Close It! iOS app.

Maximum VA Loan County Limits for 2018

The Department of Veterans Affairs Loan Guaranty Program recently published county “limits” to be used for VA Loans effective January 1, 2018.

Please note, these limits do not reflect a maximum amount that an eligible veteran is permitted to borrow, but rather, reflects the VA’s maximum guaranty amount for a particular county.  The maximum VA guaranty amount for loans over $144,000 is twenty-five (25%) percent of the 2018 VA limit. 

The limits listed below are for some counties in Maryland and Virginia, as well as for the District of Columbia.  To get a complete list of the county limits for 2018, please view here. [Please note, if your county is not listed on the county limits chart on the VA website, the 2018 limit is $453,100.]

STATE

COUNTY

2018 VA LIMIT

DC

District of Columbia

$679,650

MD

Anne Arundel

$517,500

MD

Frederick

$679,650

MD

Howard

$517,500

MD

Montgomery

$679,650

MD

Prince George’s

$679,650

VA

Alexandria

$679,650

VA

Arlington

$679,650

VA

Fairfax

$679,650

VA

Falls Church

$679,650

VA

Fauquier

$679,650

VA

Loudoun

$679,650

VA

Manassas

$679,650

VA

Prince William

$679,650

CLOSE IT! House of the week: A quiet condo available in Dupont Circle

We made our way to Dupont Circle to check out this quiet courtyard condo with one spacious bedroom, a spa-like bath, and a private balcony. This sophisticated yet elegant unit has hand scraped wood floors, walls of windows, and crown molding throughout. The high-end kitchen features stainless steel appliances and granite countertops for that aspiring chef. The building amenities are plentiful and include a gym, a rooftop deck, a party room, bike & rental storage, building security and more! This pad is considered a walker’s paradise because you are steps away from the Metro, restaurants, stores, and more. The property is listed at $349,340.

Assuming a homebuyer puts down 5 percent, their cash-to-close would be $28,036 and monthly mortgage payments would be approximately $1,531. You’ll also receive a credit of $750 when you choose to use Federal Title & Escrow Company for settlement services when ordered online. Additionally, for a complete picture of what your cash-to-close figures would be, including seller’s net proceeds from the sale and such, please view the Close It! Web version or download the free Close It! iOS app

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