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IMPORTANT! Your Purchase and Sales Agreement is our "Bible". We are required to follow it TO THE LETTER. Please be sure we have any and all addendums, because we can't follow your intent unless we know it.
The Loan Officer and Processor works with the Underwriter to allocate the funds from the buyer.
- Orders a Preliminary Title and sends it to Escrow with the request to open escrow
- Orders an Appraisal
- Orders a Credit Report
- Gathers all the information for the Underwriter to approve the loan
- Sends the loan package to the Underwirter
- Requests from the processor any additional information
- Approves the loan package
- Sends the loan package to the Funder/Closer
- Sends the loan documents to Escrow
The escrow company coordinates the distribution of all lthe documents and funds.
- Sends out Opening Letters to Buyers and Sellers along with a copy of the Preliminary Title
- Sends out the Payoff Requests to clear all the liens on the title
- Verifies any taxes, homeowner's dues, assessments, etc, to clear the Title
- Prepares and works up a closing statement with all charges and credits
- Arranges appointments for buyers and sellers to sign documents and deposit funds
- Sends documents to the Title Company with instructions to "hold until called"
- Makes the Lender Package and returns it to the Lender for funding review and approval
- Calls the Title Company to record documents
- Receives funds from Lender
- Disburses funds to all parties
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