Loan Closings at Mayfield Law Firm
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Contact Tiffany today for more information about how
we can help you close your home loan!
(877) 841-8844
ti@mayfieldlawfirm.com
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Attorney’s Settlement Fee for Loan Closing ……..$400 (not including firm costs & expenses)
Seven Steps to Closings
- STEP I (Day 1—Opening)
- Open file on Amicus, Word & Proforms
- Print Step No. 1 Folder off Amicus
- Fax Opening Letter to Broker--Amicus
- Fax Request for Abstract to Abstractor--Amicus
- Mail Opening Letter to Borrower--Amicus
- Mail Opening Letter to Seller--Amicus
- STEP II—(Day 7—Send Docs to Lender/Request Closing date)
- Generate Binder and Closing Protection Letter—Website or Proforms
- Letter to Broker with binder, fees, wiring instructions and Closing Protection Letter--Amicus
- Letter to Mortgage Co. Requesting Payoff--Amicus
- STEP III—(Day 10—Prepare HUD & DOCS for Closing)
- Prepare Preliminary HUD--Proforms
- Prepare Warranty Deed, Deed of Trust & any other necessary documents--Proforms
- Fax Letter to Broker advising that File is ready for Closing--Amicus
- STEP IV—(Day 10—DAY OF CLOSING)
- Place Closing Documents in sorter
- Finalize HUD--Proforms
- Letter by Fax with HUD to Lender--Amicus This is it -- the day you close on your home. This is when all parties sign the papers and formally close the deal. Then, ownership of the home is transferred to you. It's also your last chance to change anything you don't like about the transaction.
ACTUAL CLOSING
Keep in mind that closing procedures vary, even within the same county. Your attorney or the closing agent can verify the procedures for your closing.
Joining you around the table at this closing, or settlement meeting, will usually be the following:
- The closing agent, who may work for the lender or title company, or may be an attorney representing you or the lender. In western states, it is often the escrow agent who handles the closing.
- The seller
- Attorneys for both sides
- A title company representative
- The seller's real estate agent
The closing agent conducts the settlement meeting and sees that all documents are signed and recorded, and that closing fees and escrow payments are paid and properly distributed.
Documents To Be Signed
- HUD-1 Settlement Statement: A detailed list of all costs related to the sale of the home. It is signed by you and the seller, who may be paying some of the closing costs.
- Truth-in-Lending Statement: You received the first version of this statement after applying for your mortgage. It outlines the cost of your loan including the annual percentage rate (APR), which includes any points and fees. The interest rate calculations can change by closing date. This is the final Truth-in-Lending statement.
- Mortgage note: This is a legal document stating your promise to repay the mortgage. It indicates the amount and terms of the loan, and what the lender can do if you fail to make payments.
- Mortgage or Deed of Trust: This document secures the note and gives your lender a claim against the home if you fail to live up to the terms of the mortgage note.
- Certificate of Occupancy: If you are buying a newly constructed house, you need this legal document to be allowed to move in.
- STEP V—(Day 11—Record Docs & Mail)
- Letter to Clerk to file Deed, DT, etc. --Amicus
- Letter with Loan Pack to Lender--Amicus
- Letter with payoff check to 1st & 2nd Mortgages--Amicus
- Print and mail Checks off Trust Account with Invoices
- STEP VI—(Day 18—Verify Liens Paid, etc.)
- Verify that all liens have been cancelled
- Order Final Title Insurance—Website or Proforms
- STEP VII—(Day 21—Close File)
- Mail Closing Letter to Lender--Amicus
- Mail Closing Letter to Buyer--Amicus
- Fax Closing Letter to Broker--Amicus