Here are a few of the big items to keep your eye on during the closing process.

Title

Title company contact information: We aim to have Title contact information 2 days after the borrower signs their initial disclosures. 

Please note that the borrower chooses their Title agent and depending on the location and agency, the Title work can take up to 4 weeks to be completed. (2-3 weeks more common turn time).

Appraisal

We will typically order the appraisal once we receive the completed credit card authorization request. Appraisals typically take 2 to 3 weeks to come back, but they can take shorter or longer, depending on the location of your property. Please note that rural areas will take longer.

HOI

Homeowner’s insurance finalized policy: We request that borrowers  provide us with the contact information of their Homeowner’s Insurance agent as soon as they’ve settled on an agency. It’s best to finalize your Homeowner’s Insurance policy no later than 10 days prior to closing to avoid closing delays. Please note the underwriter will need to approve the insurance policy prior to issuing Final Approval.

Initial Closing Disclosure

Borrowers will receive their Preliminary Closing Disclosure (Prelim CD), also known as the Initial Closing Disclosure (ICD) once Title, Appraisal, and Homeowner’s Insurance are submitted and approved. 

Mortgage guidelines require that the borrower acknowledge the Prelim CD at least 3 business days prior to closing. Therefore, it’s best to submit third party items as soon as possible to avoid closing delays.

Please note, significant changes to your Closing Disclosure may trigger an additional 3 business day waiting period. Please be sure to finalize your loan details no later than 10 days prior to closing to avoid delays.