THE PROCESS – HOW THE PAPERWORK FLOWS . . .
Have you ever wondered what happens behind the scenes to get your closing package ready for the big day?
We thought you’d be interested in how HLF takes care of you. We have created the following “workflow” analysis to assist in this endeavor.
(1) The title search is ordered and the closing is placed on the attorney’s calendar. The lender or realtor for the Buyer/Borrower usually orders the Title search.
(2) A staff Pre-Closer is assigned to your file. The Pre-Closer’s role is to:
- Gather all information and documentation necessary to clear the property’s title of outstanding debts, liens, and/or judgments
- Educate all parties about their role in the process, what to expect during closing, and what must be brought to closing.
- Order the title search from the title search department.
- Schedule the specific date and time of closing upon request from the loan officer or Real Estate Agent. If needed, will also coordinate the date and time of closing with the Borrower/Buyer and the lender and seller.
- Contact the Borrower/Buyer, Seller, and/or agents to request any information necessary to close the loan — including current mortgage, insurance, survey, etc.
- Coordinate efforts with the staff attorney to obtain cancellations, payoffs, or to resolve outstanding legal issues that prevent the owner from holding clear title to the property.
- Coordinate with the lender to receive the closing package.
(3) The Title Commitment is forwarded to the lender, revealing all of the outstanding issues and requirements for clearing title to the property.
(4) The Pre-Closer turns the file over to the assigned staff Closer. The Closer role is to:
- Create a preliminary Closing Disclosure for review by the Buyer’s lender and distribute a comparable form for all parties to review.
- Act as liaison for the parties in correcting errors or making additional changes to the Closing Disclosure.
- Receive the closing package and closing instructions from the lender.
- Provide Borrower with HLF’s wiring instructions and the amount to be wired for the cash to close needed to consummate the closing transaction.
- Finalize 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 closing agent at closing.
- Cut checks to all of the parties listed on the Settlement Statement
- Disburse checks to buyers, sellers, realtors, brokers and persons paying off secured loans.
(5) The Closer turns the file over to the Staff Attorney. The Staff Attorney’s role is to:
- Explain documents to the parties at closing
- Insure all parties sign the necessary documents as needed
- Receive any conditions requested by the lender
- Return the file to the Closer for checks and disbursement
(6) The Closer turns the file over to the Post Closer. The Post Closer’s role is to:
- Ensure documents are completely and correctly executed, witnessed and notarized.
- Ensure all conditions have been met
- Prepare the package for overnight shipping to the lender
- Send out checks paying for surveys, inspections, taxes, etc.