Role of a Title Coordinator
The three main duties of a TC.
What is obtain/review title work, insert fees, prorate taxes?
This document outlines the terms of the sale between a buyer and a seller.
What is the Purchase Agreement?
The three questions Title Coordinators must answer when setting a tracking item in AMP.
What are WHO did I talk to, WHAT did I find out, and WHAT action is needed?
This section of the CD lists title fees.
What is Section C?
These are the three pieces of information needed to calculate tax prorations.
What are the closing date, the tax bill due date, and the billing period?
TC work with them to obtain title work.
What is the closing agent?
This document is used to verify property tax amounts and payment details for the current year.
What is the Tax Certificate?
This tracking item should be inserted for a change in the closing date or property taxes.
What is PTC Communication Requested?
This section of the CD lists the Owner's Title Policy (OTP).
What is Section H?
This section of the CD shows prorated charges to the buyer.
What is Section K?
Type of tax is prorated by a TC?
What is property taxes?
This document provides final mortgage loan details, including projected payments and closing costs.
What is the Closing Disclosure(CD)?
This tracking item should be inserted for changes in transfer taxes, seller credits, or property address.
What is PAR Action PTC Communication?
This section of the CD should be closely reviewed when dealing with government fees from third-party title companies.
What is Section E?
This section of the CD shows prorated credits to the buyer.
What is Section L?
Methods a TC uses to communicate with the CA
What are phone, email, and the Closing Portal?
This document transfers ownership from the seller to the buyer.
What is the Warranty Deed?
This tracking item should be cleared once we've confirmed if the closing will be a split closings.
What is Possible Split Closing?
This is what the TC should do if questionable fees from a third-party title company appear on the Closing Disclosure.
What is requesting that the fees be spelled out or removed?
These documents confirm that tax prorations are correct at closing.
What are the Closing Disclosure/Settlement Statements and Title/Attorney tax information?
The difference between the Closing Agency and the Closing Agent.
What is the Closing Agency being the office that does the title search, and the Closing Agent being the person who handles signing and disbursements?
This document should be reviewed if the person on the Purchase Agreement differs from the owner of public record.
What is the Seller’s Authorization?
DAILY DOUBLE: These are the common states for split closings.
What is MI, TN, WI, UT, and KS?
DAILY DOUBLE: These tracking items can be cleared using the Closing Disclosure after reviewing fees.
What are Clear Path Final Fee Submit, OTP/LTP Acceptance, Required Payee Missing, and External Closing Statement?
This is the "Golden Rule" of tax prorations.
What is that charges start at the ACD, and credits end at the ACD?