At 7 Virtual Assistant Services, we offer all administrative support needed to complete the mortgage closing process. We focus on compliance and efficient service, and will prepare and review all closing documents and statements, pluswe will be the primary liaison with the agent.
Collectionof Closing Documents
We will provide assistance in gathering all necessary closing documents, including title, insurance, appraisal and inspection report forms. If a property requires special consideration, such as in the cases of flood, termites, or sewer issues, we will also collect the necessary documentation.
Property Title Review
We will review all legal records of the property, including outstanding lawsuits, taxes, and liens. We will consider any necessary exclusions or easements and after review, will organize the information to ensure a smooth closing.
We provide loan clearing assistance as follows:
- Organize all files for ease of use
- Final review of all legal records, including chain of title, title insurance and plat
- Consideration of all exclusions, encroachments or easements
Preparation of Closing Instructions Statement
After review of all title documents, we provide a final loan application review to uncover any last inconsistent information. Finally, we prepare the closing instructions statement and send it to the appropriate parties with the required complementary documentation.
- Final review of the loan application
- Preparation of closing instructions statement
- Delivery of the closing instructions statement to the funding department, along with all necessary documentation
Working with Settlement Companies
We will provide the following services to work alongside settlement companies:
- Collect fee sheets from settlement companies
- Obtain the escrow agreement
- Evaluate taxes and fees
- Send lender instructions to the settlement agent
- Determine distribution of closing funds
Lender Mortgage Closing Document Assistance
We follow the direction of state and federal law in assisting lenders with closing documents. We confirm that closing disclosure information is sent three business days before loan documents are signed. We also guarantee that all closing timelines are met and adhered to.
- Prepare and send the closing disclosure and all necessary closing documents
- Ensure absolute federal regulatory compliance
- Settlement company follow up
Closing Service Steps:
- Prepare and review of all closing documents
- Inclusion of closing or funding conditions if necessary
- Title inspection and necessary audits (tax, insurance, reserve)
- Prepareall relevant statements and deeds
- Ensure all necessary underwriting conditions are approved and authorized
- Prepare and submit final loan package to lender and clear all lender conditions
- Obtain new mortgagee clause from appropriate party
- Prepare and submit order form and fee sheet to the Loan Officer for approval
- Send all approved documents to the lender
- Prepare all HUD-related information, taking all closing instructions into account
- Obtain all closing protection letters and wiring instructions
- Change the loss payee clause when final approval is obtained
Our End-To-End Mortgage Closing Services
As part of the pre-closing audit, we validate purchase offer, finances, and home inspection approval, to ensure there are no unnecessary closing delays.
Our next steps include:
Down Payment and Closing Costs
We work with the bank on your behalf to secure details of down payment and closing costs. We will provide all accurate borrower information in order to facilitate a quick response.
- Contact bank for closing costs
- Guarantee accuracy of all borrower information
Payoff Statement Review
We will review the borrower’s payoff statement to validate all financial details, and to ensure that all information is correct to avoid future problems.
- Review payoff statements for validity, including interest rates and loan balance
HUD Statement Preparation
We ensure that the HUD Settlement Statement correctly states all buyer charges and that the final version is approved by both the lender and the buyer’s attorney.If further information is necessary, we will assist in the information collection while ensuring appropriate compliance.
- Ensure compliance in all areas
- Review of all loan terms
- Assistance in reviewing and signing settlement statements
Pre-closing audit includes review of the following:
- Reviewing information as per AUS
- LE, CD, HOI, title, flood certificate and appraisal information
- Verifying all notes, plus the 1003 and ACH forms