Communication
What do you do if the CA reaches out to you because shes having trouble logging into Clear Path Portal?
Refer them to support@nexsystech.com or (800) 985-2488
How do we know if a client is a self server?
QLselfFR and/or tracking item
where will the client's tax proration appear on the Closing Disclosure?
Section K or L
Gift of Equity is given if the seller is a family or a love one and a gift fund is given as a gift by a love one who is not involved in the transaction
Client is signing September 27. What options does the client have for 1st payment dates?
November 1st
What sections in the CD must we match the CA?
H,E,C
Once you complete balancing, what status should you pick for the HUD/Buyer Tracking Item?
Final Approval
What does it mean If you go into the Recording Fees and you see an amount in the Paid by Others column?
a lender cure is applied to the fee for exceeding tolerance
Name all four types of closing styles
Escrow, Round Table, Attorney, and Split Closing
The ACD and DD has changed to October 28. The 1st payment date is set to January 1st. How many days of interest will be either charged or credited?
34 days charged
What additional steps must be taken if a client chooses to use a power of attorney?
The POA team must approve the power of attorney.
A family member, commanding officer, or the client must verify that the client is alive and well on the day of signing.
The original power of attorney must be brought to closing and recorded with the Deed and Mortgage.
Where is the Title Agent/Underwriting Split Screen
#1 < #12
How many months of HOI will be collected at closing?
3 months
12 moths + 2 month pad
What can happen if we change vesting for a FHA loan?
If we move the signing and disbursement (before sending docs out), what additional documents do we need?
An HOI binder with the new effective date matching the new closing date
If the seller decides to give the seller concession as a Gift of Equity instead, what steps must be taken? Select all that apply. There are 3 correct answers.
Both parties must sign and date a purchase agreement addendum that states the Gift of Equity amount and the removal of seller concessions.
The seller must provide a gift letter.
Send the loan to Swiffer to have the gift updated in AMP and the loan re-underwritten. **
What does it mean when there's a CLOSER ACTION NEEDED tracking item?
Hud/Buyer Statement tracking item
CD must be balanced
What is a MERS Rider?
Contains additional term related to the registering of the mortgage
Closing agent calls to inform you that she needs an extra day before she can disburse funds, is that allowed? If yes, what are the necessary steps?
Yes its allowed and we must:
Update tax pros, contact the Treasury team, and inform the client
In what situation would we allow an exception for client to sign before the TRID timer is up?
medical emergency
client had a power failure
weather emergency
How do we print a new vesting deed?
#7, Single, Print, Smart Mortgage Selection
The closing agent says that client will be signing at the same time in different locations with the intent to marry the mortgages together. There’s a borrow and a non-borrowing title holder, is a multi-location allowed in this scenario? Why or why not?
Yes, the clients can sign two different closing packages when there is only one note.
What is the maximum seller concession the client can receive with an LTV of 78% on a Fannie loan?
6%
CA calls to inform you that the recording fee was higher than what we baselined. What do we do?
request check or invoice
reach out to the Closing Ninjas email