Prime
Business Solutions
Loan Closing
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- Loan Closing
Prime
Loan Closing Services
Our Loan Closing agents can assist mortgage brokers as well as lenders in streamlining their loan closing processes to reduce loan processing time and costs. We prepare closing documents, coordinate with closing agents, review final conditions and ensure adherence to compliance statutes:
- Evaluating the vesting with the different parameters
- Evaluating the payoff statement
- Evaluating the Tax-cert, and other files such as “Closing Instruction”, “Clear to close” that are essential to prepare the HUD
- Obtain clear to close or final approval
- Closing Document Preparation & Review
- Verifying and approving the conditions once they come in
- Examine Title
- Loan Closing Audits
- Tax, Insurance & Reserve Audits
- Preparation of Statutory Statements
- Deed Preparation
- Submit loan package to lender
- Clear lender conditions
- Contact hazard insurance company for new mortgagee clause
- Prepare the document order form and fee sheet and fax to the Loan Officer for approval. Once approved, fax it to the lender
- Preparing the Prelim HUDs (Settlement Statements) and Final HUDs based on the Closing Instructions/Fee Sheets/Invoices
- Request a copy of the preliminary HUD prior to closing for verification of figures
- Obtain closing protection letter, wiring instructions, and change the loss payee clause on the approved file
- Coordinate and schedule closings
- Follow the file to closing and through funding to make sure that everyone gets paid.
- Escrow Services
The process is initiated once the closing documents are received and reviewed by pre-closing team
- Prepare settlement statement which is the final accounting of all the costs, credits, payoffs, pays on accounts required by the lender.
- Calculation of funds required for closing or that the borrower would receive.
We handle the receipt of signed and funded loan documents from multiple origination channels and process them before dispatching the complete loan file to the custodial service provider. Key processes such as the review of legal documents, origination documents, disclosure and HMDA documentation for regulatory compliance are performed offshore. In addition, the team also validates compliance with loan processing and underwriting rules and performs identification and retrieval of missing mandatory documentation. Finally loan data integrity validation is performed and the team issues a quality control report for the final documents. Exceptions, if any, are notified to the respective branches. We focus on validating the documentation involved in the closing process. Stringent verification of various legal documents, origination documents, disclosures received and the HMDA documentation follows to ensure that they comply with various mandatory requirements.
- Trailing Document Retrieval
- Assemble a Post Closing loan package
- Post Closing Data Integrity Audit
- Post Closing HMDA Audit (LAR)
- Tax, Insurance & Reserve Audits
- Due Diligence Setup
- Customer Service
- Early Payment Default
In order to deliver high quality appraisal products which meet industry guidelines and ensure long term compliance, Prime Business Solutions continuously evaluates its policies and procedures and maintains rigorous training programs. As a fundamental requirement for the appraisal process, Prime Business Solutions maintains its independence from appraisers to ensure the delivery of accurate, market-driven valuation products. Prime Business Solutions will not influence the development, reporting, result or review of an appraisal that violates the spirit or intent of Federal, State or GSE guidelines.
