The opening process starts with an open order request from a mortgage broker or loan officer. The open order request will be used to abstract the information, and apply it to a New Escrow File. In addtion, you will start the preliminary title report process with the selected title company.

The title company will follow up with the new order, and provide their New Title Order Number, the Legal & Vesting, and Tax Roll for the property address. Once those items are provided, you will prepare the opening packages that will go out to the mortgage broker or loan officer, and the borrower.

Once the opening packages are out, we will then need the borrower to return their completed package as soon as possible. Typically, refinances are 'no-cash out refis'. This means they are refinancing to consolidate debt, lower their interest rate, or both. In these cases, that means there's most likely an open mortgage that needs to be paid off. Having the payoff information early will help complete the refinance on time.

With the borrower's loan information, you will order any payoffs required for closing.

During this phase, the new lender will begin to request starting items they need for their file processing. You will need to work with the title company to complete some of their requests.

The goal at this point is to have any payoff items outlined in the preliminary title report in your file or at least followed up for status.

The closing process is when the lender is ready to release documents for loan signing. We'll be moving quickly to balance our Cloising Disclosure, and checking the vesting on the new Deed of Trust.

Once the documents are finalized, the lender will request for a notary to do the loan signing with the borrower. Escrow will arrange the signing as soon as possible. Timing at this stage is critical. Once the signing is complete, escrow will 'package' the loan documents, and collect/provide the required documents for the following parties: Title Company, Escrow Company, and Lender.

With refinances that have the borrower taking a loan on their primary residence, there's a three day right of rescission. Borrowers have three days to back out of the refinance. Once that time has passed, and the borrower has not made any attempt to cancel, then the lender moves to fund the loan, and escrow instructs the title company to record.

When we receive recording confirmation from title, and receive their fees and worksheets, then the escrow company will cut out checks to all required parties for payment, if any.