| Open
Escrow |
| I.
Your Processor opens the escrow on-line and submits to Title (Virtual
Escrow Department). Title is opened; Title enters the order number (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 statement, completely
filled and ready to fax. Your processor simply faxes the pay off demand
to the fax number supplied by the system; the demand is ordered and returned
to your Loan Processor who is now the Escrow Officer. You can either send
out the escrow instructions or wait and have them signed with loan documents.
Your processor has complete control of the demand statement. |
|
II. Title enters into the system
the Title Order Number and Legal and Vesting. The system creates a Legal
and Vesting amendment, it prints in your office, the processor puts
in the escrow folder until needed.
|
| Approval
Time |
| I. Your processor
receives loan documents from the lender. Faxes the Pay off demand and
Lenders instructions to Title and fills out the
"Approval Time" screens, creating the estimate |
| II. Title enters the
pay off information into the system and creates any documents necessary
and submits the closing package to your Processor |
|
III. You can now make any changes
necessary to the estimate and print new estimates as often as needed.
Processors, when filling out the Approval screens entered the rate and
term of the new loan. That created a Rate and term amendment in the
system (event driven). Clicks and prints 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 and all escrow requirement
are created in the system as information is entered, triggering events
(documents) to be created.
|
| Funding
Time |
| I. The
Processor receives funding instructions from the lender and faxes that
information to Title. The Processor fills out "Funding
Time" screens on line and submits to Title |
| II.
Title enter the payoffs, balances the file. Once conformation of funds
and recording have been received, Title releases the Brokers checks, you
print your checks and final HUD in your office. |
| |
