1. How Lenders and Title Companies Work Together to Ensure a Smooth Transaction
Laura Triplett
VP, Senior Loan Officer
Atlantic Coast Mortgage, LLC NMLS ID #181420
Marc Wiltshire
Executive Vice President
Kensington Vanguard

2. Communication/Teamwork/Education

3. Value of Preference
Predictability Speed of administrative duties Safety net for things falling through cracks Missing closing dates that cause EMD to be at risk After closing issues Ability to frame expectations Flexibility and expertise to make changes for excessive seller closing credits without delay

4. The Key to a Successful Closing is…
Response from the client
Responding to electronic disclosures quickly, provide all documentation early and quickly, finalizing insurance policies early!
Know what funds are needed prior to closing (federal law states the borrower must sign a disclosure at least three business days prior to closing with the final amount to close).
Make sure you know how the funds should be transferred to closing (wire, cashier’s check, etc.) If using a power of attorney, please make sure it has been approved by the lender and settlement company early and bring the original to closing!
Bring Identification.

5. The Key to a Successful Closing is…
12/6/2018
Communication, What makes a good Realtor GREAT!
The Realtor must deliver a fully ratified, complete, contract with a case information sheet explaining any details of realtor credits, rent backs, power of attorney requirements, buyer/seller negotiated items that may change closer to closing, additional home warranties or homeowner initiation fees. Ways to hold title, is it in a living trust? Is there a non-borrower title holder? Identify unusual characteristics of a property.
This starts with the Realtor.  The Realtor must deliver a fully ratified, complete, contract with a case information sheet explaining any details of realtor credits, rent backs, power of attorney requirements, buyer/seller negotiated items that may change closer to closing, additional home warranties or homeowner initiation fees.
MAI Institute and Signature Mortgage

6. The Key to a Successful Closing is…
Early Communication Between the Lender & the Title Company
Checking the Contract for Issues
Title Companies | Initial CD's
Title binder package with 24 months chain of title: Real Estate tax amounts and due dates, Wiring instructions, CPL (closing protection letter)
Preliminary CD completed with title and other charges with all licensee info (title company and title agent, realty companies and the agents) what is this…why important?
Underwriting Requests Seller LLC docs
HOA & 3rd party requirements

7. The Key to a Successful Closing is…
The key to a successful closing is communication between all third parties.
Well, septic, or termite
Repairs required/completed-licensed contractor? Receipts?
Final permits
3rd party approval on behalf of seller
Lender required documents to be signed by a third party
Hazard/flood insurance
Verification of employment/credit
HOA requirements
Payoffs/releases for seller
Any contingencies listed in the contract

8. Third Parties
Are there third parties involved in making the decision on the loan closing? This can include but not limited to:
For the seller: banks, trustees, absentee sellers, LLCs, etc.
For both buyer or seller: Parents or other advisors
For the Buyer: Accountants, Investment Brokers, Attorneys, Executors
Legal name changes, liens due to non payment of debt, deed transfers, etc.
Multiple lots, easements, private road maintenance agreements, etc.
Well, septic, termite, survey, permits for construction on site
Provide relevant invoices to be reimbursed at closing

9. The Final Closing Disclosure
Escrows
HOA Dues
Payoff of debt as instructed by the lender
Fees from the Real Estate Company:
Admin Fees
Home Warranty
Commission Adjustments
Tennis anyone??

10. Seller/Lender/Realtor Credits
1. What is the allowable concession for the program? 2. Are the concessions being used in full? Is the lender providing a credit towards a fee or charge? 3. What fees or charges can the concession be applied to? 4. Is there an “interest credit” on the loan?

11. Title Considerations
Name affidavits -Basic Principles of Title Underwriting - Encumbrances and Liens - Bankruptcy - Patriot Act - Policies Endorsements - Claims -Easements-shared driveway-private road-structures close to boundaries that would trigger a survey

12. What about Fraud?
1. Wire fraud-how to combat 2. Silent Escrows not allowed – the title company has to maintain the fiduciary duty to the lender instructions 3. Seller paid repairs not required by the lender