THE MORTGAGE PROCESS

CLOSING

Closings are usually accomplished at the office of the mortgage broker or title company and is usually a face to face meeting of all the parties.  However , it can be accomplished with one or more of the parties not present but represented by their executed documents.  For example, the lender doesn't have to be there if he sent the check or wired funds.  At the closing the following is accomplished:

• Deliver all documents
• Recording of permanent instruments
• Audit of file along the guidelines of pre-closing.
• All documents executed and witnessed
• Disbursement of funds
• Audit
  • Loan closed in accordance with lenders instructions
  • All computations correct
  • All documents prepared and executed properly
  • State and federal regulations complied with
• Loan Servicing.  Although most loans are sold on the secondary market, many lenders retain servicing rights.  The lenders are paid a fee for this. Servicing a loan includes:
  • Computer coding of loan
  • Collection of payments
  • Preparation of escrow accounts
  • Disbursement of funds to:
    • Investor
    • Tax assessor
    • Insurance companies

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E-mail STEPHEN SINGER

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