Checks
Bob sent us a picture of a creditor check with Lowes. He also provided proof of paid in full. What is our next steps for this?
Email the lender asking for approval to refund the borrower.
Mason county called in and let us know the property taxes we paid by the previous lender. Taxes were due 5/2 and the loan closed on 4/30. We were collecting for the taxes due on 4/30. What should the county due with this check?
Return check to Summit and write on the check that taxes are paid in full. When check comes back we can do a quick review and refund the borrower.
You review a closing package and notice the borrower did not sign the Notice of Right to Cancel. What steps should we take?
We should first email the borrower the document using closing lock. We should then follow up with the borrower and let them know a document was missed at closing and we need this signed in order to disburse the refinance.
Name 5 Critical documents in the post closing package
Note, CD, NORTC, DOT, Deed
We should contact escrow first. We can place a stop pay on our tax check and remit the funds to BOA since they already paid the taxes. Property taxes should not be paid twice! If there is an overage we can refund the borrower the difference.
Sarah reached out to our department letting us know that her kohls credit card is paid in full and she wants a refund. What should we do from here? Here email did not include any attachments
Ask the borrower for proof that the account is paid in full so we can send to the lender for approval
Glynn county reached out to us letting us know the taxes are short $150. You review the tax cert and notice that the taxes we paid were delinquent taxes. What is our next step in this situation?
We will cover to make sure taxes are paid in full. We will then contact the borrower to let them know that taxes were higher than were estimated and they he/she will need to send us a personal check to pay us back.
You review a closing package and the Patriot Act is not completed. What do you do from here to make sure this is completed.
You will need to contact the notary to have this document completed. This will either be through Signature Sync or BC Law if its an attorney state. You can tell from ResWare on the general screen.
Zoom Home Lending sent us some funding conditions for a file that is funding tomorrow? What should we do from here?
Mr. Cooper called in and let us know the payoff is short because of a homeowners insurance payment. You notice that we also collected for hoi with the refinance. What should we do?
We should contact escrow first. We can stop pay our hoi check and remit the shortage to Mr. Cooper. We can refund the borrower if there is any overage.
Todd let us know all his creditor checks destroyed in the snow because they were sent to the wrong address. What are the steps to correcting this?
Confirm the correct address to send the checks. Put a stop pay request into escrow and let them know the situation. Let the client know they will receive new checks within 5-7 business days.
You are working on Tax: Review on Hold. You notice on the county website that taxes are due 10/1. We closed on the refinance 2/1. What should we do with the funds on hold?
These taxes should be paid out of their new escrow account. The funds on hold can be returned to the borrower. We are responsible for collecting all back taxes and any taxes that are due within 60 day from the refinance.
The borrowers name was wrong on all docs but crossed it out and corrected. Are we okay to fund this loan as is?
Our first step here is to check with the lender and let them know we caught this in review. Some lenders will pass this and some will ask for a reclose. Very lender specific.
Once a file is funded, what are the 2 other responsibilities Summit has before the file is completed.
Summit must record the new mortgage for the lender. Summit must then issue the title policy that the lender will use to sell the loan to larger banks.
Wells Fargo called in letting us know they have a short payoff. The reason for this is because the borrower reversed their payment that was due 4/1. The file funded on 4/5.
The borrower is responsible for this for shortage. Borrower must be contacted via phone call to send in their short funds.