Once a title has been requested, we order a search with an examiner. The examiner sends us a report that identifies mortgages, encumbrances, liens, or any other public information on the property. We take the report and create a title commitment stating all of the steps that must be done in order to close the loan (payoff liens, identify encumbrances; payoff mortgages; etc).
The commitment must be clear in order for us and the lender to allow the closing. From there, we work with lenders; schedule the closing with all parties; and prepare a HUD-1 or Settlement Statement from information the lender provides in a closing package. We must follow the lender’s instructions exactly or they could refuse to fund the loan.
After closing the loan, we then take all of the recordable documents to the courthouse and record them. Then we ship the package back to the lender for their review. Once the documents return from the courthouse we then issue a title policy to the lender.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment