Closing Services

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:

  1. Organize all files for ease of use
  2. Final review of all legal records, including chain of title, title insurance and plat
  3. 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.

  1. Final review of the loan application
  2. Preparation of closing instructions statement
  3. 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:

  1. Collect fee sheets from settlement companies
  2. Obtain the escrow agreement
  3. Evaluate taxes and fees
  4. Send lender instructions to the settlement agent
  5. 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.

  1. Prepare and send the closing disclosure and all necessary closing documents
  2. Ensure absolute federal regulatory compliance
  3. Settlement company follow up

Closing Service Steps:

  1. Prepare and review of all closing documents
  2. Inclusion of closing or funding conditions if necessary
  3. Title inspection and necessary audits (tax, insurance, reserve)
  4. Prepareall relevant statements and deeds
  5. Ensure all necessary underwriting conditions are approved and authorized
  6. Prepare and submit final loan package to lender and clear all lender conditions
  7. Obtain new mortgagee clause from appropriate party
  8. Prepare and submit order form and fee sheet to the Loan Officer for approval
  9. Send all approved documents to the lender
  10. Prepare all HUD-related information, taking all closing instructions into account
  11. Obtain all closing protection letters and wiring instructions
  12. 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.

  1. Contact bank for closing costs
  2. 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.

  1. 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.

  1. Ensure compliance in all areas
  2. Review of all loan terms
  3. Assistance in reviewing and signing settlement statements

Pre-closing audit includes review of the following:

  1. Reviewing information as per AUS
  2. LE, CD, HOI, title, flood certificate and appraisal information
  3. Verifying all notes, plus the 1003 and ACH forms

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