Open Escrow

Your Processor or Transaction Coordinator (who becomes the Escrow Officer) opens the escrow online and submits to Title and your Virtual Escrow Officer. The title order is opened; and the order number is entered in the system. Once the Title Order is entered, your Opening Package is ready to print in your office. Included in the opening package are the Escrow Instructions and a payoff demand request, and/or a complete Buyer and Seller packages.

Approval (estimates)

Your Escrow Officer receives loan documents from the lender. Faxes the Payoff demand(s) and Lenders instructions to your Virtual Escrow Officer and completes the "Approval Time" screens, creating your estimate.

You can now make any changes necessary to the estimate and print new estimates as often as needed. When completing the Approval screens you entered the lender, rate and term of the new loan. That created a Lender Rate and Term amendment in the system (event driven). Click and print the amendment. You may have also entered bills to be paid off through escrow, by doing so you created a Bill Paying amendment. (Event driven). Any escrow requirement are created in the system as information is entered, triggering events (documents) to be created. Blank Amendment can also be created by your Virtual Escrow Officer. Lenders have been known to ask for changes that maybe considered out of line with the 2010 Respa guidelines. These changes can be made efficiently and quickly through your Virtual Escrow Team.

Funding

Your Escrow Officer receives funding figures from the lender and completes the "Funding Screens" online and submits. When saved the recording is authorized with Title.

Your Virtual Escrow Officer enter the final payoff figures and balances the file. Once confirmation of funds and recording have been received, the Virtual Escrow Officer releases the Brokers checks, you print your checks and final HUD in your office.

Trust Accounting is maintained buy the Virtual Escrow Accounting Department.