1. On the borrower’s driver’s license, I am checking the address, date of birth, name and expiration date. We also want to pack sure the pictures can be seen.
a. I would not accept this due to the fact Mr. Fuller’s license is expired and I can hardly make out the pictures.
2. On the Schedule A, I am checking an ALTA policy, effective date, proposed vesting of title, current vesting of title, fee or fee simple, commitment number, title company name, loan number, land description, and proposed mortgagee.
a. I would not accept this due to the fact that the effective day is more than 90 days old.
3. I would check section viii. Declarations and make sure the box in line k for permanent resident aliens is checked.
4. The title commitment is valid for 90 days after the effective date.
5. Typically we would check for flipping when we check the chain of title.
6. Refi – We would conditions the closer to have the borrower sign the property out of trust and we would need a copy of the trust agreement to make sure the borrowers are authorized to do that.
Purchase – We need a letter to explain who the authorized signer is from whomever holds the trust and the signer must be able to sign the property out of trust at closing considering that the holders of the trust will no longer own the property.
7. I would enter tax information for the subject property into the Good Faith Items menu. I would enter the taxes into line 109 if we are collecting them to pay at close. I would also enter them into line 1005 or 1006, depending on if they are city or county, and I would select a disbursement schedule from the escrow information tab based on the due dates from the title.
8. On the closing protection letter, I am checking the borrower’s names, the subject property and that it matches destiny, appraisal and title,