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)?
Chain of title issues, a prior owner mortgage or claims to the property by another party are referred to as this within the industry
What is a defect of title?
NPI is an acronym that stands for this
What is Non-Public Personal Information?
This is our company tagline
What is Meet Us At The Top?
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 many (or more) pieces of publicly available information that are collected with the intention of influencing a consumer credit decision can be considered NPI
What is 2?
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?
!!!DAILY DOUBLE!!!
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 ensures the lender is in this lien position
What is first?
You should do this immediately if you believe you may have sent out NPI unprotected?
What is tell your manager?
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
What are endorsements?
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?
2 of the 5 states that require an attorney be used in the transaction
What are NC, SC, GA, MA, CT?
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
What is the clean desk policy?
!!!DAILY DOUBLE!!!
The acronym "ARM" loan stands for this.
This individual sits with the borrower to sign their documents at closing
Who is the notary?