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I. Your Processor (who becomes the Escrow Officer) opens the escrow online and submits to Title, opening Title and IEE Management's Virtual Escrow Officer (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.
III Your Processor/Escrow Officer receives loan documents from the lender. Faxes the Payoff demand(s) and Lenders instructions to IEE Management and completes the "Approval Time" screens, creating the estimate
IV. IEE Management enters the payoff information into the system. If a Deed is required they prepare the Deed which will be available to print in your office.
V. 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.
VI. The Processor/Escrow Officer receives funding figures from the lender and completes the "Funding Time" screen online and submits to IEE Management. When saved the recording is authorized with Title.
VII. IEE Management enters 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.
The above represents Level I escrow processing of the Virtual Escrow Program