According to ALTA, Indiana became the latest state to enact legislation that enacts predictable recording fees, which helps facilitate fee accuracy and compliance with the TILA-RESPA Integrated Disclosures rule.
Gov. Eric Holcomb signed Senate Bill 505 on April 21. The legislation, which goes into effect July 1, sets a statutory fee for bulk form copies of 10 cents per copy of a recorded document and 10 cents per recorded document for a copy of the indices. It also allows a fee set by ordinance in an amount of up to 20 cents per copy and per recorded document if the county executive finds that the costs incurred by the county recorder exceed the amount of the statutory fee.
Adoption of flat recording fees help settlement agents provide more accurate recording fees upfront and help reduce lender liability if fees change substantially on the Closing Disclosure. Recording fees fall into the bucket of fees that can’t change more than 10 percent from the Loan Estimate to the Closing Disclosure.
