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We thought you'd be interested in how title
company takes care of you. We have created the following "workflow"
analysis to assist map the process.
(1) The lender for the Buyer/Borrower usually orders the Title search and
engages the attorney for a closing transaction. We may receive your title order
via email, fax, courier, or website.
(2) The title order is directed to
a staff Pre-Closer. In most cases, the Pre-Closer is assigned to your file by
the first letter of the Borrower/Buyer's last name. The Pre-Closer's primary
function is twofold: to gather all of the information and documentation
necessary to clear the title of all outstanding debts, liens, and/or judgments,
and to educate all of the parties about their roles in the process, what to
expect during the closing, and what must be brought to closing.
(3) The Pre-Closer inputs the data
contained in the Title Order into title software system.
(4) As soon as the Pre-Closer
enters all of the information, a Title Search Request is automatically
transmitted.
(5) Simultaneously with the Title
Search Request, a series of informative letters are automatically generated to
all of the parties involved in the closing transaction, including the loan
officer, agent(s), borrower(s), and seller(s). These letters are forwarded to
their respective addressees via email, fax, or regular mail, whichever is most
convenient for the intended party.
(6) Generally, the loan officer
will call the Pre-Closer to schedule the closing after the order has been sent.
We will also schedule the closing with the Borrower/Buyer and coordinate this
with the lender and seller, if needed. The closing is placed on the network's
scheduler, providing a deadline for completion of the file.
(7) The Pre-Closer will contact
the Borrower/Buyer, Seller, and/or agents to request any information necessary
to close the loan -- including current mortgage, insurance, termite, survey,
etc.
(8) Once the Title Search is
received, a staff attorney reviews the Title Exam for any
outstanding items that appear of title -- including previously paid mortgages
that have not been canceled of record, unresolved liens, taxes, or survey
issues.
(9) The Title Commitment is
forwarded to the lender, revealing all of the outstanding issues and the
requirements for clearing title to the property.
(10) The Pre-Closer and staff
attorney coordinate efforts to obtain cancellations, payoffs, or to resolve
outstanding legal issues that prevent the owner from holding clear title to the
property.
(11) The Pre-Closer turns their
file over to the staff Closer, who is responsible for creating a preliminary
Settlement Statement for review by the parties. The Closer now acts as liaison
for the parties in correcting errors or making additional charges to the
Settlement Statement.
(12) The lender forwards the
closing package and closing instructions to The Law Office of Sam Maguire via
email, Internet transmission, fax, or courier prior to the closing.
(13) The Closer finalizes the
closing package by adding names and dates to the documents to be signed,
collating the file, and preparing the list of conditions which must be obtained
by the Attorney at closing.
(14) The Closing Occurs!
(15) At the conclusion of the
closing, the Closer disburses checks to all of the parties listed on the
Settlement Statement.
(16) After the closing documents
are completely executed and notarized, and all conditions have been met, the
file is picked up by a staff Post-Closer, who prepares the package for overnight
shipping to the lender.
If closing after 3p then funding
may not complete until funds have cleared and keys are not issued until funds
are clear
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