To read this blog in Spanish, click here.
To download the blank checklist for use in your transactions, click here.
To view the Checklist for Buyers, click here.
To view the Checklist for Sellers, click here.
To view the Checklist for Realtors, click here.
To view the Checklist for Closing Agents, click here.
PRE CONTRACT PROCESS
Help clients get pre-qualified for financing; provide a Loan Estimate to Borrowers and explain the difference between actual “costs” of Closing and required lender’s escrows, inpounds, and prepaid policies.
PRO TIP: Ensure MLO has a quote from FOLIO Title and incorporates it into the Loan Estimate. For a quote, please reach out to us at quotes@foliotitle.com or call us to 786-888-6640.
Inspection Period
Provide initial Loan Application and Disclosures requirements and *Loan Estimate*.
PRO TIP: Ensure Buyer’s Mortgage Loan application is done in the same name as they would like to appear on title so that your title and mortgage will have the same names. Using the names as they appear on Buyer’s photo ID is a good way to ensure the names are consistent and avoid delays on the day of Closing.
Order and Coordinate Appraisal Report.
Help client understand the Appraisal Process and Loan Process.
Provide the Closing Agent with a Title Request as early as possible to ensure the Mortgage Loan Officer receives a pre-CD, CPL, Chain of Title, and other required documents as early in the process as possible.
Contract Due Diligence and Financing Period
Obtain Appraisal Report and share with Borrower.
Continue underwriting the loan for Condition Loan Approval.
Provide Conditional Loan Approval during the Contract Loan Approval Period; if any delays in providing Conditional Loan Approval are foreseen, coordinate with Borrower or agent a possible extension with Sellers to ensure contract compliance.
Pre-Closing & Closing
Provide Clear to Close and CD for Borrowers Signature at least three days before Closing; provide Closing Agent a copy to try and reduce the time it takes to “balance” a file during Closing Process.
Assign a closer and prepare and send a lender package to Closing Agent.
Send loan funds to Closing Agent.