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.
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We are changing telcom and internet providers today. (September 14th)?We’re also upgrading our phone system. We’re confident that all will go well but it’s possible that our connections to the outside world may be intermittently interrupted this morning. Accept our apologizes in that event.
UPDATE July 1: Last night the Senate approved the extension and the bill is now on its way to the President for his signature. The approved bill extends the closing deadline for qualifying transactions to September 30. The bill does not extend the April 30 date for having a binding offer, only the period of time with which to close the transaction.
Last night the House of Representatives passed a bill that included extension of the tax credit closing deadline to September 30. The bill now goes to the senate.
As was the case with last week’s Senate approved measure, the closing deadline extension is attached to a broader piece of legislation.
Whether or not the Senate will agree with the House on the broader bill is unclear at this time.
In our office, we continue to operate on the assumption that the closing deadline will not be extended.
The hoped for extension of the closing deadline for the Federal Home Buyer Tax Credits failed to pass the Senate. The legislation to extend the closing deadline was attached to a larger bill that among other things would have extended unemployment benefits. Yesterday that bill was defeated.
According to UPI, the National Association of Realtors estimates that 75,000 will lose the opportunity to claim the credit.
If you anticipate a closing on June 30th, following up on all the loose ends may be a good idea. I don’t believe that any of our closings will be at risk, but many others will.
There are no reports yet of whether supporters of the extension will be able to pass the extension independent of any other legislation.