| Open
Escrow and Title |
|
| I.
Your Processor (who becomes the Escrow Offer) opens the escrow online and
submits to Title (Virtual Escrow Department). The title order is opened;
and the order number is entered in the system (can be done automatically).
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, completed and ready to fax. Your processor
simply faxes the demand request to the fax number supplied by the system;
the demand is ordered and returned to your office. You can either send out
the Escrow Instructions or wait and have them signed with loan documents.
Your Processor/Escrow Officer has complete control of the demand statement
timeline. |
|
| II.
Once the prelim is issued the Legal Description and Vesting are completed.
The system creates a Legal/Vesting/Property amendment, it prints in your
office, the processor puts in the escrow folder until needed. |
| Approval
Time |
| I.
Your Processor/Escrow Officer receives loan documents from the lender. Faxes
the Payoff demand(s) and Lenders instructions to Title and completes the
"Approval Time" screens, creating the estimate |
| II.
Title enters the payoff information into the system. If a Deed is required
Title prepares the Deed which will be available to print in your office. |
|
III. You can now make any changes necessary
to the estimate and print new estimates as often as needed. Processors,
when completing the Approval screens 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.
|
| Funding
Time |
|
| I.
The Processor/Escrow Officer receives funding figures from the lender and
completes the "Funding Time" screen online and submits
to Title. When saved the recording is authorized with Title. |
|
| II.
Title enter the final payoff figures and balances the file. Once confirmation
of funds and recording have been received, Title releases the Brokers checks,
you print your checks and final HUD in your office. |
|
