|
Escrow Processing |
Existing Financing |
New Financing |
|
|
| Escrow
orders title search |
|
| Request
beneficiary statement and/or assumption paperwork |
|
| Borrower
applies for new loan |
|
| |
|
|
| Receive
and review
preliminary title report |
|
| Review
terms or transfer and current loan status |
|
|
| |
|
| Escrow
checks with lender periodically to coordinate loan status
& escrow status |
|
| Escrow
researches any liens, judgements, etc. in the title report,
in loans of record. |
|
| Determine
whether lender's prior approval is required for transfer |
|
|
| |
|
| Escrow
obtains terms of loan approval and requests loan documents
for new loan |
|
| Escrow
orders and
reviews demands for payoff |
|
|
|
| Escrow
audits the escrow file to determine that all conditions have been
met and that all documents are drawn properly and available for
Borrower's signature (i.e. any contingencies are released; termite
inspection and completion are ordered, if required; fire insurance
policy is ordered; any required grant deeds and notes, bills of
sale, etc. are in order) |
|
|
|
Lender
Processing |
|
|
|
| Forward
documents to be recorded to title company by escrow |
|
| Return
signed loan documents to lender with written request for
loan funds |
|
| Underwriter
/ funder reviews the loan file and gives "OK"
for funding |
|
| |
|
|
| Title
officer reviews documents and "dates down" the
file in preparation for recording |
|
| When
all conditions are satisfied, escrow requests loan funds
from the lender |
|
|
| |
| Escrow
authorizes title to record documents |
|
| New
loan funds are sent to the title company |
|
| Documents
record at escrow's request; loan proceeds are disbursed
to escrow; after payoffs are made |
|
|
|
| Escrow
prepares final settlement statements and disburses funds, forwarding
final closing documents to all parties. |
