Initial Loan Review
Landing page in Encompass for Closers
What is the Closing Checklist?
This screen is used for refi loans to update the appraisal, credit report, daily interest, MIP, homeowner insurance, taxes and flood insurance.
What is the 2015 Itemization screen?
The legal description in the title report is used to confirm this detail about the property location.
What is the property county?
By clicking on this button we can select the new subservicer.
What is Plan Code?
The screen used to review and confirm escrow amounts.
What is Aggregate Escrow Account?
Frequency by which I should run the Closing Report
What is the Several Times a Day?
These two fees are not found for FHA streamlines or VA IRRLs.
What are the appraisal and credit report fees?
The condo/PUD name can be confirmed but reviewing the legal description found in this document.
What is the Title Commitment?
Who is LoanCare?
The document used to determine the monthly amount of taxes to be collected?
What is the Tax Cert?
Part of the URLA and used to locate the loan type, term, purpose of the loan and property use.
What is the 1003 Page 1 Screen?
If an FHA loan section 900 must be populated with this information.
What is Mortgage Insurance Premiums or MIP?
In the Prelim Information section of the Property Information screen in Encompass this field must be populated and confirmed along with the Title Report Date.
What is the Parcel Number?
What is Get Late Fee?
For a refi loan, taxes and homeowner insurance payments must be collected at closing if the payment due date is within this number of days from closing.
What is 60 days?
Once we know the closing date these two dates are calculated by the Closer.
What is Rescission Date and Disbursement Date?
If a VA loan we must check section 900 for this.
For a TX loan there is an extra step and this section of the Property Information screen must include the Deed of Trust details from the Title Commitment.
What is Renewal and Extension?
This day of the week is not included when calculating the Rescission Date.
What is Sunday?
The document used to determine the monthly amount of insurance to be collected?
What is the Homeowner Declaration Page?
This will need to be verified for a refinance loan if the cash to close exceeds the mortgage payment.
What is Assets?
This document is found in the eFolder and used to verify Title Insurance costs, Recording Fees, and the Document Prep Fee.
What is the Title Fee Sheet?
Under the Title Information section of the Property Information form in Encompass these two fields are updated.
What is Lot and Block?
The payoff figure must be 5 days from this date.
What is the Disbursement Date?
The entity in which payments are being made to are referred to as this.
What is the Payee?