Last week I asked our closing team for some input on what would make each transaction that has sensitive time lines go smoother.? Kim Miller, Closing Processor had some great tips to share with our lenders.
Lenders can provide mortgage payoff information including: lender, account/loan number and social security number. We don?t always need the borrower?s written authorization, but it could be helpful if the lender wanted to send it along anyway.
If there are older mortgages showing on the title commitment, it would be helpful to have any information regarding those accounts including: account number, social security number of borrower and date mortgage was paid off. Releases can take several days (usually a week, but some can take up to 30 days) so the earlier we get this information is better.
I guess the most important thing to stress is to provide as much account information as possible on the order form or as early as possible. I might also mention if they can?t provide this information, it would be helpful if they could list contact information for the borrower so that I can request the info directly from them.