Title
How long is the recission period on an investment refinance? These files will have a I on them.
None! They are supposed to fund same day!
Summit may pad property taxes if the bill is not released or this instance.
Delinquent
This is the name of the Attorney office that funds our files in CT
BC Law Firm
These 2 companies sometimes fund on behalf of Summit. We may not be licensed to disburse in these states. Extra 100 if you can name 3.
BC Law, Fidelity, Westcor, Fidelity of HI
The lender has asked for a document to be re-signed, and it is urgent. This is the next step that should be taken.
Phone call to the borrower.
This document shows a detailed report of all the funds sent from the refinance. Some clients will reach out for a copy of this. Its not the CD.
Disbursement Ledger.
This type of mortgage is a specialized home loan for homeowners aged 62 and older that converts a portion of home equity into cash.
Hint: Someone in our department usually focused on these
Reverse Mortgage
Summit has sent a document to the borrower to be signed through closing lock. The borrower has not followed back up with us, what is the next step?
Call the borrower and leave a vm. Make lender aware.
An insurance policy that protects the buyer or lender against financial loss from hidden title defects that were undiscovered during the search (e.g., forgery or missing heirs)
Title Insurance
This is the name of our new big client. This lender should be priority for all email communication.
Swift Home Loans
This is the last step from the refinance. We issue this to the lender to protect their financial stake in the property.
Title Policy
60
Escrow Holdback
This is A court-ordered, involuntary claim placed against a debtor’s property (usually real estate or valuable assets) after a creditor wins a lawsuit. It legally ensures the creditor gets paid out of the property's proceeds if it is ever sold or refinanced.
Judgement Lien
What is our email turn time SLA?
2 hours
This is the action we start in a file letting escrow know not to release funds.
Do Not Disburse!
This is the name of the tax vendor which Summit orders tax certs
Black Knight
This is a binding contract from a title insurance underwriter that reimburse the lender for actual financial losses if the closing agent mishandles funds, commits fraud, or fails to follow specific written closing instruction. Hint- Sometimes we need to email title distro to update these.
CPL or closing protection letter
The chronological history of property ownership, tracing from the current owner all the way back to the original land grant or an acceptable starting point.
Chain of Title
The borrower gets charged this for every day we don't pay their loan off.
Interest!
The borrower has signed the right to cancel wishing to cancel. The borrower called in and told us this was by mistake. Are we okay to disburse? Why or why not
No! we need a new Right to cancel executed.
Borrower called in and said taxes are paid. Lender also said they were paid. Is this enough to remove them off the CD? Why or why not?
No this is not enough to remove off the CD. We need proof that taxes are paid in full!
How many loans did Summit Side close last month? Closest wins!
1387
The actual insurance company that issues and backs the title insurance policy, working directly through local title agents.
Underwriter
These are the 2 states we need to record the mortgage before disbursing
NC, VA