Departments
This department releases all funds which includes mortgage payoff, hoi checks, and tax checks.
Escrow
Name 2 Critical documents in the Post Closing Package
Note, CD, NORTC, DOT, DEED, Sub, etc.
This department is the contact for creditor checks with Amerisave. We may email them for approval to refund the borrower.
DRST aka Disbursement Resolution Team
A new search came in with a lien recorded. You must contact this department to review before funding.
Curative
This department builds the closing disclosure and schedules the notary. They also send the closing package to the notary for signing.
Closing
This document has a breakdown of all the fees for a refinance. Its one of the critical documents that must be signed at closing
CD
This is Summits largest client
Amerisave
This is a document that will need to be collected at closing that shows someone is deceased.
Death Cert
This department will order payoffs and review judgements on title. They also order subordinations for 2nd mortgages.
Curative
This document allows the borrower 3 days to potentially cancel their loan. It is the borrowers right.
Notice of Right to Cancel
This is the platform Summit uses for notaries. Sometimes we need to use this website post closing for notary corrections.
Signature Closers or Sync.
This is a document that will need to be collected at closing that shows someone can sign for another party. Some people call this a POA.
Power of Attorney
This department filters all calls for the company.
Call Center
This platform is used to help protect against fraud for the transfer of funds. Its also used to send documents to borrowers for e-signature.
Closing Lock
Post Closing must work closely with this department to make sure funding goes smoothly. They tend to email the distro alot with questions.
Escrow
This department makes sure the Quit Claim Deed is on county record. Sometimes they may need to mail these documents to the county depending on the State.
Recording or Final Docs
This department makes sure the Deed of Trust is on record with the county
Recording
This document is the most critical of the closing package. Visionet emails the post closing distro sometimes looking for the shipping address for this one specific document.
Note
12 files out of 80 did not fund on time. These files are known as what term that post closers use.
Hint: You might teach your dog this trick.
Rollovers
A common reason for a short payoff is an escrow disbursement of homeowners insurance or HOI. Another common reason could be this which is also paid through an escrow account and can be paid yearly, semi annually, or quarterly.
Taxes