Licensed by the Office of Financial Regulation State of Florida Mortgage Lender License MLB 0702220
© 2010 Blue Marlin Mortgage
Loan Processing
Closing :
Once the loan is approved, the file is transfer to the closing and funding department. The funding department notifies the broker and Escrow Company of the approval and verifies broker and escrow fees. The Escrow Company then schedules a time for the borrower to sign the loan documentation.
At the Escrow Company the borrower should:
-
Bring a cashiers check for your down payment and closing costs if required. Personal checks are normally not accepted and if they are they will delay the closing until the check clears your bank. -
Review the final loan documents. Make sure that the interest rate and loan terms are what you agreed upon. Also, verify that the names and address on the loan documents are accurate.
-
Sign the loan documents.
After the documents are signed, the Escrow Company returns the documents to the lender who examines them and, if everything is in order, arranges for the funding of the loan. Once the loan has funded, the Escrow Company arranges for the mortgage note and deed of trust to be recorded at the County Recorders office. Once the mortgage has been recorded, the Escrow Company then prints the final settlement costs on the HUD-1 Settlement Form. Final disbursements are then made and escrow "closes."
