The Phases of a CoreClosing

All of the magical phases of a CoreClosing that make the dream of homeownership a reality. From the initial request for a title commitment all the way through to the policy phase that makes things official! About to start your homebuying journey? Here’s what happens after we get your contract.

 

 

Phase One- The Initial Request

We receive a request for a Title Commitment which goes to our Title Production Department, who do the following:

  • Property Data Report-confirms the address, lot and block-record owner
  • County Search-ordered with a searcher
  • Tidelands Search-search of flood zone area
  • Patriot Search-certified search of lists published by the Office of Foreign Assets Control of the U.S. Department of Treasury
  • Municipal Search-research to discover unrecorded municipal liens, code violations, special assessments, utility, and open or expired permits issues
  • Tax Search-reveals the status of the taxes
  • Survey- the title production department orders a survey if requested

 

Phase Two- Examination

Our Core Examiner will review the searches and send the title commitment to typing.

 

Phase Three- Title Processing

 

  • The processor receives the full Title Commitment Binder & distributes it to all parties requesting a copy
  • The processor reviews the title & exceptions needing  to be cleared are handled at this time
  • Seller side processors or seller side attorneys are sent a copy of our commitment
  • The lender receives their commitment with all of our title charges & a preliminary CD, during this time we wait for confirmation that we are clear to close
  • All parties are notified that closing can now be scheduled
  • Once a date and time are chosen, the processor sends out settlement notices
  • The processor orders a bring down to ensure nothing new has been recorded against the insured property
  • The lender then sends us their charges & a preliminary CD created and sent back to the lender
  • Once the CD is approved , the lender sends their mortgage package either the day before closing or the day of

 

 

Phase Four- Settlement

 

  • Our CoreCloser will go over all documents that need to be signed at the table
  • Our CoreCloser then sends the package to the lender for approval
  • Our CoreCloser disburses funds when she gets approval
  • Our CoreCloser sends the mortgage package back to the lender after settlement
  • Our CoreCloser then disburses all remaining checks and gets original documents ready for recording

 

 

Phase Five & Six- Recording and Policy

 

  • The recording department receives the originals and in most counties can e-record the documents
  • The recording department downloads the documents, once this occurs they are ready for policy
  • Once the policy typist gets the file with the recorded documents & marked up title commitment, the final title policy can be issued
  • The policy department orders The Lien Release Tracking with an outside vendor who follows up to ensure all liens & mortgages paid off at closing have been removed from record

 

 

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