Common Document Identification
This document is disclosed to a borrower at least 3 days before closing and includes the fees and figures related to their transaction
What is the CD (Closing Disclosure)?
This is the ResWare tab where you will find Liens/Requirements and Vesting.
What is Search Data?
NPI is an acronym that stands for this
What is Non Public Information?
Mike Oliver
This team handles coordination with the client on scheduling, CD balancing, and closing package preparation
What is closing?
This document is submitted to county records to record a lien on real property that will secure the payment of a loan
What is the mortgage/deed of trust/security instrument?
These are the 2 types of title insurance policies
What are lender's and owner's?
This website is the site we ask borrowers to log into at the time of closing to prevent fraud, here they will fill out their personal information and scan a picture of their photo ID which is link to the state DMV database, and the borrower will also enter in their desired account and routing number if they are getting cash out.
What is ClosingLock
The Summit philosophy regarding what to do when you encounter a difficult problem that you may not have handled before
What is own the problem and see it through to completion? (utilizing resources to help you as needed)
This team processes tasks to prepare for closing such as lien clearance and obtaining payoffs
What is curative?
This document is signed by the borrower as a promise to pay back the loan - is it NOT put on record, but instead goes directly back to the lender
The lender's title policy typically ensures the lender is in this lien position
What is first?
You should do this immediately if you believe you may have sent out NPPI unprotected?
What is inform your manager and/or our IT department?
Summit will provide solutions for title insurance and closing in this many states
What is 50?
This team handles the coordination of funding approval with the lender and obtains missing documentation from the borrower if needed for authorization to fund
What is post closing?
This is a multi-page document that collects the essential information from the borrower, including income, assets, employment, and expenses
What is the 1003/URLA/Uniform Residential Loan Application
Additional coverages not provided for in the policy are called this
What are endorsements ("exceptions" also accepted)?
Victims of fraud most often report being spoofed through this type of communication
What is email?
This type of mortgage transaction makes up the bulk of Summit's core business
What are Refinances?
This team handles the processing of documents to ensure recordation with the appropriate jurisdiction
What is final docs or recording?
This document gives the borrower the absolute right to cancel a refinance transaction as long as it is signed by midnight of the third day after closing
What is the Notice of Right to Cancel/NORTC?
When looking up or describing your property, county records do not go by your street address, they go by the ________.
What is the legal description or parcel ID?
!!!DAILY DOUBLE!!!
The Summit policy to ensure all files, applications, unrecorded loan documents, bank statements, mail, and basically any printed material concerning a transaction is put away and secured is called this
!!!DAILY DOUBLE!!!
The acronym "HELOC" loan stands for this.
This individual sits with the borrower to sign their documents at closing
Who is the notary?