| Open
Escrow and Title |
| I. Your Processor (who becomes
the Escrow Offier) 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. |
