How does an escrow closing differ from a round table closing?
Round table closings are local custom Historically, home lending in our area was done through local savings and loan institutions. In fact, at one time there were as many financial institutions in Hamilton County as there were in the rest of the state. The loans were not sold on the secondary market so the paperwork was minimal. Each institution had an attorney that handled the closings. There were no federal statutes, such as RESPA or TIL. With minimal paperwork and an attorney handling the transaction, all parties felt comfortable sitting down at the table and closing the deal and passing out checks. Those days are gone. The paperwork has increased immensely. Generally, attorneys are no longer part of the process (too costly). Now secondary market investors with very stringent closing requirements dictate the entire process. Closing agent is a facilitator with no set duties to parties Title companies in our area approach the closing as a facilitator for the buyer and seller. In this
