Transcription
Joint TRID Day of EducationTOGETHER WE ARE BETTER
AGENDA – Debbie Faber, Moderator Opening Remarks – Nancy SilberbergHousekeeping Items – Debbi FaberHow did we get here? – Mickey VandenbergLoan Estimate – Lynn YockeyRPA and Calendar PJ Garcia / Nancy SilberbergThe 10 Day Dance: Issues after the LE and prior to the CDConsummation – Nancy Silberberg / PJ GarciaChanged Circumstances: APR & re-baseline – Nancy Silberberg
AGENDA - continued Closing Disclosure:Differences from LE / timing nuances – Alma Rushing Working Lunch: Tech Panel- Hilda Avila – Terri Parnell Title Insurance “New Math”:Deborah Morrison Variances – Deborah Morrison Post-Closing Changes – PJ Garcia Updates from National TRID and Questions – PANEL FACT or FICTION:Rose Pothier / Michael Haas /Nancy Silberberg
HILDA AVILAHilda Avila will celebrate 23 years with RBJ Software in early July2015. She began her career in the Escrow industry while a seniorin high school. After graduating, she continued full time with theindependent escrow company, while working toward her collegedegree. After 3 years working in escrow, Hilda went to work for asoftware company that was developing Escrow software. Thiswas in the very early stages of Escrow software systems –working on main frame computers and dial-up modems! After 12years and ownership changes, she made her way to RBJ, startingin Client Support and moving into Sales soon thereafter.Currently, Hilda is Affiliate Committee Co-Chair for EscrowInstitute of California (EIC) and EASGV Affiliate Director on theMembership and Newsletter Committees.Hilda holds a degree of Bachelor of Science in Business &Management from University of Redlands. She and her husbandDavid will soon celebrate 35 years of marriage. Together theyhave 3 children, 2 grandchildren and 4 dogs.DEBBI FABER,CSEO/CBSS/CMHS/CEIDebbi began her escrow career in 1972 as a receptionist. She hasworked every position since then, including loan processing, andultimately owning her own independent escrow company from1979 through 1993.Debbi is presently employed as an escrow officer at Chicago TitleCompany in Laguna Beach.She graduated from Cal State Fullerton Magna Cum Laude with aB.A. in Liberal Studies.Debbi is a past president of OCEA, past president and MemberEmeritus of the Escrow Institute of California, member of CaliforniaEscrow Association and American Escrow Association. She is a pastrecipient of Affiliate of the Year from Fountain Valley/HuntingtonBeach, Laguna Beach, South Orange County and Saddleback ValleyBoards’ of Realtors.Debbi holds professional designations of Certified Senior EscrowOfficer, Certified Bulk Sale Specialist, Certified Manufactured HomeSpecialist and Certified Escrow Instructor, as awarded by theCalifornia Escrow Association. She is a frequent escrow instructorand lecturer.Debbi handles all types of escrows, including commercial,residential, manufactured home, bulk sales, and stock transfers.
MICHAEL C. HAAS, CPAPJ GARCIAPJ Garcia owns and operates Beach Pacific Escrow, Inc. inHuntington Beach along with her husband and businesspartner, Pat Garcia. PJ grew up in a “Real Estate” family andfound her way into escrow shortly after graduating HighSchool. She began her career as a receptionist and quicklyworked her way to an escrow officer position at EscrowEncounters, in Huntington Beach. The Garcia’s foundedBeach Pacific Escrow, Inc., in 1990.Despite working side by side for 22 years, PJ and Pat arehappily married and celebrated their 32ne Anniversary thispast Thursday. The couple have 2 children in their 20’s,both of whom were Home (Office) schooled.Since joining Escrow Institute in the early 1990’s, PJ hasserved both on Committees and on the Board of Directors.She also serves as the President of the Long Beach EscrowAssociation and as CEA Director. PJ was raised with a strongService and Education ethic and believes that Education is alifelong proposition and in giving back to the EscrowCommunity that has been so generous to her.Education:Bachelor of Arts, Claremont McKenna College, May 1979Master’s Degree, Claremont Graduate University, May 1982Master’s Degree in Taxation, Golden Gate University, June 2000Professional:Certified Public Accountant, 1984Member, American Institute of Certified Public Accountants, 1984Member, California Society of Certified Public Accountants, 1984Principal, Morton Alan Haas & Co., 1988Professional Activities:Member, Escrow Law Advisory Committee, Department of Corporations, 1988-96, 1998-00Member, Escrow Institute of CaliforniaMember, California Escrow AssociationFrequent speaker at California Escrow Association seminars and conferencesFrequent speaker at Nor-Cal escrow conferenceAICPA Technical Standards Subcommittee, 1997-00California Board of Accountancy Report Quality Monitoring Committee, 2000- 2004California Board of Accountancy Qualifications Committee, 2007-2013CAMICO, Claims Committee, 2000-02CAMICO, Investment Committee, 1998-00CAMICO, Underwriting Committee, 1996-98Chairman, San Fernando Valley CPA Discussion Group, 1990-91Program Chair, San Fernando Valley Estate Planning Council, 1991-92Treasurer, San Fernando Valley Estate Planning Council, 1992-95Member, San Fernando Valley Estate Planning Council, 2013Member, Glendale Estate Planning Council, 1998Member, Board of Directors, Los Angeles Police Museum 2011 The emphasis of the firm has been and continues to be providing auditing, accounting, tax, andmanagement services to independent escrow companies licensed by the State of CaliforniaDepartment of Corporations. The firm has been working with the independent escrow industrydating back to 1949.
DEBORAH MORRISONDeborah began her escrow career with Western Mutual Escrow inChula Vista, Ca before moving to First American Title -San Diego. Sherelocated to Sacramento in 1997; to Orange County in 1999; toHonolulu, HI in 2005 and back to Orange County in 2008.During that time Deborah worked as an escrow secretary, assistant, andescrow officer handling new home, sale, refi, and commercialtransactions. She has held additional positions as escrow branchmanager; regional escrow manager; Corporate National EscrowProcesses Director and Hawaii State Escrow Director. During that timeshe worked on First American’s FAST software system from 1999 to2005 as the Lead Subject Matter Expert for escrow and RESPA issuesand from 2009 to present working on software changes toaccommodate the 2008 RESPA changes and now the CFPB changes.A longtime member of CEA & AEA she has served as President of theSan Diego and Sacramento Valley regional escrow associations; andserved several terms as CEA Director. She received the CEA EducationalAchievement Award; CEO, CSEO and CEI designations. Deborah also isa past member of the Hawaii Escrow Association.Currently Deborah resides in Newport Coast. She loves to travel andhas experienced such places as Tibet, Nepal, Israel, Jordan, Peru, andIndia.Terri ParnellIndustry Initiatives AdvocateTerri is a former Escrow Officer and graduate of CaliforniaState University at Long Beach. She has worked at SMS forover 25 years. In that time she has been involved in training,testing, supporting, installing, documenting and definingseveral escrow and title software applications.Terri is a former Escrow Officer and graduate of CaliforniaState University at Long Beach. She has worked at SMS forover 25 years. In that time she has been involved in training,testing, supporting, installing, documenting and definingseveral escrow and title software applications.
ALMA RUSHINGROSE POTHIER, ESQ.I have had the wonderful opportunity to work in this industryfor the last 45 years.Rose Pothier is the founder of the Pothier & Associates lawfirm. The Santa Ana, California based law firm emphasizes realestate, escrow and mortgage lending law as well as aconcentration in corporate law for small businesses and civillitigation.In the last several years I have been on the California EscrowAssociation Board as a Director from the Riverside EscrowAssociation. During this time I have interfaced with variousorganizational groups, including but not limited to theAmerican Land Title Association, (ALTA), National Associationof Realtors, (NAR ), Mortgage Bankers Association, (MBA), andProperty Records Industry Association (PRIA), All of thesehave provided me with a broader perspective to the nationalpicture. This year I am the National Portfolio Chair for theCalifornia Escrow Association, sitting on the Executive Boardfor CEA.Much of my involvement lately has been with the AmericanLand Title Association . I have attended several nationalevents and currently work on several committees through(ALTA); 1) Government Affairs; 2) Closing Practices; and 3)Education Committee. I also have participated in several “OnThe Hill” days with ALTA and have met with various legislatorsand their staff regarding matters concerning our industry.For the last 35 years my employment has been with OrangeCoast Title Company for which I have had the management rollof setting policy and procedures for our escrow operationsthroughout the country. During this time, my company hasgrown to be a national title company.I have two wonderful grown children who I spend a lot of timewith along with one beautiful redheaded grandson who is now12 !Before founding Pothier & Associates, Ms. Pothier spenteleven years in the mortgage and escrow fields. Her servicewith mortgage banking and escrow companies uniquelyqualifies Ms. Pothier as an attorney with practical industryexperience. As a Senior Vice President of a mortgage bankingfirm, she gained experience in all the "hands on" aspects ofrunning a company in a competitive industry. These dutiesincluded operations and administration, operations, personnelmanagement and training, finance, accounting, marketing andsales.A noted public speaker, the author of numerous publishedarticles and past correspondent for a weekly newspapercolumn, Ms. Pothier contributes much of her time to publicand real estate industry education. She was a member of theAmerica OnLine Board of Advisors real estate section forseveral years and a contributing editor to the CaliforniaEducation of the Bar publication "California Mortgage andDeed of Trust Practice." Ms. Pothier has served as theSouthern California Vice Chairperson for the California BarAssociation Real Estate subsection Real Property Sales andBrokerage.
NANCY SILBERBERGPresident, Altus Escrow Inc.Nancy has been engaged in independent escrow since 1986. Inthat time she has worked with residential, commercial, mobilehomes and business sale escrows throughout the State ofCalifornia. She is a graduate of the University of California,Riverside with a degree in Political Science and Law andSociety.A strong supporter of independent escrow companies and titleagents, Nancy is the 2015-16 President of the Escrow Instituteof California (EIC) and previously served the EIC as thePresident-elect, First Vice President of State Affairs, and ThirdVice President of Membership. Nancy also serves on the Boardof Directors of the National Association of Independent LandTitle Agents. She is a Director of the Tri-County EscrowAssociation, and a member of; The California EscrowAssociation, American Escrow Association, PADI- ProfessionalAssociation of Diving Instructors, DAN- Divers Alert Networkand is Vice President of her HOA Board.In addition to being involved with the escrow industry as asecond generation escrow officer for the past 30 years, Nancyis an avid Los Angeles Angels of Anaheim and New York Metsfan. As a season ticket holder for the Angels, she can often befound in the stadium ROOTING for the Home Team whiletaking care of business on her IPAD.MICKEY VANDENBERG:Mickey Vandenberg is the Senior Vice President/NationalEscrow Manager for WFG National Title InsuranceCompany. She began her title career in customer service, butsoon caught the escrow bug , working her way up throughthose ranks to escrow officer. During a career spanning morethan two decades. Mickey has closed residential andcommercial transactions of all kinds, ranging from mobilehomes to complex commercial deals involving multipleproperties. Focusing on the commercial side, she ran asuccessful national commercial desk for several years. But sheremained a self-proclaimed “escrow geek,” so when offeredthe opportunity to join WFG as National Escrow Manager, shedidn’t hesitate. Mickey is now spending much of her timeteaching the regulatory compliance challenges posed by theTILA-RESPA Integrated Disclosure (TRID) rules.
C. LYNN YOCKEYCertified Sr. Escrow OfficerLynn has worked in the real estate industry for 28 years. She started outas a transaction coordinator for a real estate broker and within a year shewas asked by an escrow officer that she worked closely with if she hadever considered working in escrow. With that seed planted Lynn startedher career in escrow in 1988 as a receptionist for an independent escrowcompany. She enjoyed the challenge of escrow and quickly moved fromreceptionist, to assistant, escrow officer and branch manager. Lynn’sability to handle many different tasks and demands at one time, whilekeeping customer service her first priority has allowed her to establish anoutstanding reputation in the San Diego County real estate community.Lynn is an active member of the San Diego County Escrow Association, theCalifornia Escrow Association, the American Escrow Association and sheholds the professional designation of Certified Sr. Escrow Officer. She hasbeen on the board of directors for many years with the San Diego CountyEscrow Association serving as a regional director, secretary, VicePresident, President Elect and President in 2008 and 2013. Lynn iscurrently serving on the Executive Board with the California EscrowAssociation as the Portfolio Chair for membership.
DISCLAIMEREverything stated in this presentation is to be considered myown opinion, and not an official representation of theWilliston Financial Group or any other Williston FinancialGroup employee. Your mileage may vary. Price does not include tax,title, and license. Some assembly required. Batteries not included. Objects in mirror arecloser than they appear. If conditions persist, contact a physician. Keep out ofreach of children. Avoid prolonged exposure to direct sunlight. Keep in a cool dark place.Rinse and repeat.
DISCLAIMERThis information is not a substitute for legal advice, is for your reference onlyand is not intended to represent the only approach to any particular issue.This information should not be construed as legal, financial or businessadvice and users should consult legal counsel and subject-matter experts tobe sure that the policies adopted and implemented meet the requirementsunique to your company.
So, how did we get hereanyway
Please pay attention to thisimportant ew-cfpb-disaster-coming-soonSome interesting opinions/perspectives
If it affects your customer, it will affect your process.
ABOUT DODD-FRANKIt has been said that the Dodd-Frank WallStreet Reform and Consumer ProtectionAct created the most far-reaching financialregulatory legislation since the GreatDepression.
DODD-FRANK AND THE CFPBDodd-Frank Wall Street Reform and Consumer Protection ActEnacted July 21, 2010 a whole new way of doing business withthe goals of protecting the consumer andbringing supervision and accountability tothe financial services industryFederal Reserve. HUD. FDIC. FTC. NCUA.OCC. OTS.CFPB oversight includes – Consumer Education & Engagement. Card Markets. CreditInformation, Collections & Deposits Markets. Installment & Liquidity Lending Markets. MortgageMarkets. Fair Lending & Equal opportunity. Financial Education & Empowerment. OlderAmericans. Servicemember Affairs. Students. Office of Minority & Women Inclusion.
CFPB SUPERVISORY AUTHORITY Large & small banks Credit unions & thrifts“Nonbanks“ such as: Residential mortgage companies Mortgage originators and brokers Mortgage servicers Providers of loan modification orforeclosure relief services Payday lenders Private education lenders Credit reporting and debt collection agenciesAnd.Service providers to banks and nonbanks, including"providers of real estate settlement services.”
CFPB FINAL RULESIssued Date/ Effective DateRuleSummaryIntegrated Mortgage DisclosuresSimplifies RESPA & TILA disclosure forms by integratingGFE/Preliminary Truth in Lending Loan Estimate – 3 pgsFinal Truth in Lending/HUD-1 Closing Disclosure – 5 pgsAbility to Repay/Qualified Mortgage (QM) Requires lenders to ensure borrowers have ability to repay their mortgage.Sets qualifications for QMsNovember 20, 2013August 1, 2015January 10, 2013January 10, 20142013 HOEPA RuleHigh-cost mortgage and homeownership counseling amendments to TILA (Reg Z) January 10, 2013and RESPA (Reg X). Expands types of mortgage loans subject to HOEPAJanuary 10, 2014Loan Originator CompensationProhibits steering incentives, dual compensation and levels playing field forqualification and screening standardsJanuary 20, 2013June 1, 2013 (some)January 10, 2014ECOA ValuationsDisclosure and delivery requirements for copies of appraisals and other writtenvaluations under the Equal Credit Opportunity Act (Reg B)January 18, 2013January 18, 2014TILA Higher Price Mortgage LoanAppraisalsIncreases requirements and disclosures of appraisal purpose; requires copy ofappraisal to consumerJanuary 18, 2013January 18, 2014Escrows under TILA(Reg Z)Requires certain lenders to collect monthly escrows (impounds) for five years forsome “higher-priced” mortgage loansJanuary 10, 2013June 1, 2013TILA and RESPA Servicing (Two rules)Protects consumers from detrimental actions by mortgage servicers and providesconsumers with better tools, information and protections for consumers facingforeclosureJanuary 17, 2013January 10, 2014
WHAT IS TRID? TRID is a rule that was created by CFPB, commonly referred toas the "Know Before You Owe" rule that integrated the Truth inLending Act (TILA) and Real Estate Settlement Procedures Act(RESPA) disclosures, and will take effect in August 2015. CFPB: Consumer Financial Protection Bureau TRID: TILA-RESPA Integrated Disclosure rule TILA: Truth in Lending Act RESPA: Real Estate Settlement Protection Act
INTEGRATED MORTGAGE DISCLOSURES Loan Estimate - 3 pages Integrates PreliminaryTIL & GFE Closing Disclosure - 5 pages IntegratesFinal TIL & HUD-1 Closing Disclosure must be delivered 3 daysprior to closing Limit certain closing cost increases Recordkeeping of forms by lenders
LIABILITY AND PENALTY CHANGESPenalties for Disclosure Violations under TILA 4,000 per violation Actual damages and attorneys’ fees Civil liability for Creditors Private Right of ActionAdditional penalties may apply from CFPB Tier 1: Any violation - up to 5,000 per day during which the violation or failure topay continues Tier 2: Reckless Violation - up to 25,000 per day during which the violation continues Tier 3: Knowing Violations - up to 1,000,000 per day during which the violation continues
Do you now realize it’s muchmore complex than just a newform?Are you ready?22
The Loan Estimate
New Terms and DocumentsBorrower ConsumerLender CreditorEscrow Company Settlement AgentIntent to Proceed (ITP) – this is a new document the Borrower has to provide to thelender before any loan fees and/or processing can begin.Good Faith Estimate (GFE) and Initial Truth in Lending Statement (TIL) will bereplaced by the Loan Estimate (LE)HUD 1 Settlement Statement will be replaced by the Closing Disclosure (CD)Date Loan Documents are signed Consummation Date
TWO CATEGORIES OF COSTS– Loan Costs – paid by consumer to creditor and third-party providersof services required by creditor to originate the loan– Other Costs include taxes, recording fees and certain otherpayments in the real estate closing process.
The Loan EstimateCreditor is required to deliver or place Loan Estimate (LE) in themail no later than the third business day after receipt of theconsumer’s loan application (as defined) Consumer’s name Consumer’s income Consumer’s social security number to obtain a creditreport Property address Estimate of the value of the property Mortgage loan amount sought
The Loan Estimate - cont. Requires the creditor to act in good faith and exercise due diligence in obtaininginformation.Must be made on the best information reasonably available at the time thedisclosure is provided to the consumer.Consumer must affirmatively indicate intent-to-proceed.A primary objective is for the Loan Estimate (LE) to be as close to the FinalClosing Disclosure (CD) as possible.Narrower limits on reissuance. No reissue for technical errors or miscalculations Reissue only for specified changed circumstances which increasecharges.
The Loan Estimate - cont.In order to provide accurate fees to the Creditor so the Loan Estimate(LE) can be issued, the Settlement Agent will need the followinginformation upon opening escrow Will the Buyer be paying any charges that are commonly paid by the Seller?Owner’s Title InsuranceTransfer TaxNHD ReportHOA Transfer/Documents FeesHome WarrantyAny other fee that the Seller commonly pays that the Buyer has agreed to pay
The Loan Estimate - cont.In order to provide accurate fees to the Creditor so the Loan Estimate(LE) can be issued, the Settlement Agent will need the followinginformation upon opening escrow: Does the Buyer have a spouse or domestic partner? Will the spouse or domestic partner be on title to the property or not? Has the Buyer agreed to pay fees for Transaction Coordinator/Admin orcommission? Will the Buyer being signing the loan documents locally or out of the area?
TRID & the R.P.A.
TRID & the R.P.A.Beware of Timelines:– Closing Date Contract Dates should be written 45 to 60 days to comply and meettimeline requirements– Consumers Consent to Proceed– Contingency Periods Appraisals34
TRID & the R.P.A.Beware of Property Type and Inspections– HOA – Multiple?– City/County Inspection or Required Reports– Termite/Septic/Roof Reports- InspectionsOther Items:– Real Estate T/C and Admin Fees– Concurrent Closings35
sday30Friday31Saturday1TRID rule start(Contract Day 1)23Offer accepted and openescrow4Buyer submits loanapplication5Creditor sends out LoanEstimate (LE) (3 businessdays to deliver)(Contract Day 2)(Contract Day 3)(Contract Day 4)(Contract Day 5)91011Delivery Period day 3Buyer receives LoanEstimate (LE)(Contract Day 10)(Contract Day 9)6Delivery Period day 17Delivery Period day 2(Contract Day 6)(Contract Day 7)121314Buyer sends back Intent toproceed (ITP)Creditor receives Intend toProceed (ITP); appraisalorderedCreditor can start processing Processing day 1loan – processing time 14calendar days (perfectworlds )(Contract Day 13)(Contract Day 14)(Contract Day 12)(Contract Day 11)8Creditor not open forbusiness – day does notcount as a business day(Contract Day 8)15(Contract Day 15)16Processing day1217Processing day 318Processing day 419Processing day 520Processing day 621Processing day 722Processing day 8(Contract Day 16)(Contract Day 17)(Contract Day 18)(Contract Day 19)(Contract Day 20)(Contract Day 21)(Contract Day 22)23Processing day 924Processing day 1025Processing day 1126Processing day 1227Processing day 1328Loan is approved; Finalfigures are done andCreditor sends out CD (threebusiness day Delivery Periodstarts)29Creditor not open forbusiness – day does notcount as a business dayAppraisal received comes inat value(Contract Day 24)(Contract Day 23)(Contract Day 28)(Contract Day 25)(Contract Day 26)(Contract Day 27)(Contract Day 29)
yFridaySaturday31Delivery Period day 11Delivery Period day 22Delivery Period day 33Buyer receives CD; 3 dayReview Period starts day 14Review Period day 25Review Period day 3(Contract Day 31)(Contract Day 32)(Contract Day 33)(Contract Day 34)(Contract Day 35)(Contract Day 36)7Labor Day Holiday8Loan docs can be signed(Saturday); Docs are signed;The day loan documents aresigned is the “ConsummationDate” this is the day theBuyer becomes obligated topay back the loan9Signed docs are returned toSettlement Agent; Creditoraccepts emailed docs forreview; Signed docs areemailed to Creditor10Creditor funds loan;11Record/Close12Record/Closeand Disburse(Contract Day 30)6(if county does specialrecording)Contract Day 39)Contract Day 40)(Contract Day 38)(Contract Day 37)Contract Day 41)Contract Day 42)1314151617181920212223242526
Sample Timeline“THE REAL WORLD”
ay26272829303123Offer accepted over theweekend escrow opened4Buyer is out of town will beback on Wed 08.055Buyer returns submits loanapplication & wires EMD toescrow in the afternoon6Creditor requests closing costfrom Settlement Agent at3:00pm7Settlement Agent providescosts to creditor; Creditorsends out Loan Estimate (LE)3 business days for delivery(Contract Day 6)(Contract Day 7)(Contract Day 5)(Contract Day 3)(Contract Day 4)10Delivery Period day 111Delivery Period day 212Delivery Period day 3(Contract Day 10)(Contract Day 11)(Contract Day 12)(Contract Day 9)161New rule starts(Contract Day 1)8Creditor closed on Saturday –not a business day(Contract Day 8)(Contract Day 2)9Saturday17Lender can start processingloan; processing time 2weeks; appraisal is ordered18Processing day 119Processing day 213Buyer receives Loan Estimate(LE)14Buyer sends back Intent toProceed (ITP);15Creditor closed(Contract Day 14)(Contract Day 13)20Processing day 3 Agentsinform Settlement Agt &Creditor a 2,500 credit hasbeen agreed to; Credit causesa change in the Buyers costs– revised costs affect APR &rebate on loan; revised LoanEstimate (LE) is required(Contract Day 15)21Creditor sends out revisedLoan Estimate (LE); 3business day waiting periodbeginnings22Creditor closed on Saturday –not a business day(Contract Day 20)(Contract Day 21)(Contract Day 17)(Contract Day 16)(Contract Day 18)(Contract Day 19)(Contract Day 22)
August (cont)2324Delivery Period day 1201525Delivery Period day 2;appraisal comes in 20,000low; agent and Buyer arenotified26Buyer requests pricereduction27Listing agent presentsBuyer’s price reductionrequest to seller28Seller counters 10,000 pricereduction; Buyer to pay 10,000 in cash (additionaldown payment29Buyer agrees to Sellerscounter; Agents drawAddendum re: changes andobtain all signatures(Contract Day 29)(Contract Day 24)(Contract Day 23)3031Settlement Agent andCreditor are notified of thenew terms; price change &additional cash required fordown payment cause achange in circumstance;revised Loan Estimate (LE) isrequired;(Contract Day 31)(Contract Day 30)(Contract Day 25)(Contract Day 27)(Contract Day 28)34(Contract Day 26)125
SeptemberSunday3062015Monday317Labor Day Lender sends out revised LoanEstimate (LE); 3 business daywaiting/review periodbeginnings(Contract Day 32)Delivery Period day 1Delivery Period day 2Delivery Period day 3Creditor closed(Contract Day 33)(Contract Day 34)9Processing cont.; Buyerprovides additionaldocumentation; file send tounderwriter for finalapproval10Underwriting is 48 to 72hours for review8Processing cont. lender informsborrower of additionaldocumentation required perunderwriter for new loanprogram(Contract Day 35)(Contract Day 36)11Underwriting completed –conditional loan approval;updated documentsrequired before file can goto closing/docs12Creditor closed(Contract Day 42)(Contract Day 39)(Contract Day 40)(Contract Day 38)(Contract Day 41)(Contract Day 43)(Contract Day 37)1314Buyer provides updateddocumentation; Docs arereviewed in the afternoonand file is cleared forclosing/docs(Contract Day 45)(Contract Day 44)15Creditor sends settlementagent closing instruct to workup costs for Closing Disclosure(CD); Settlement Agent notifiesRE agents final fees are neededto complete Closing Disclosure(CD)(Contract Day 46)16Settlement Agent receivesfinal fees from both agentsand provides or uploadsfinal figures to Creditor;Creditor sends out FinalClosing Disclosure (CD);17Delivery Period day 118Delivery Period day 2(Contract Day 48)(Contract Day 49)19Creditor closed(Contract Day 47)(Contract Day 50)
SeptemberSunday3062015Monday317Labor Day Lender sends out revised LoanEstimate (LE); 3 business daywaiting/review periodbeginnings(Contract Day 32)Delivery Period day 1Delivery Period day 2Delivery Period day 3Creditor closed(Contract Day 33)(Contract Day 34)9Processing cont.; Buyerprovides additionaldocumentation; file send tounderwriter for finalapproval10Underwriting is 48 to 72hours for review8Processing cont. lender informsborrower of additionaldocumentation required perunderwriter for new loanprogram(Contract Day 35)(Contract Day 36)11Underwriting completed –conditional loan approval;updated documentsrequired before file can goto closing/docs12Creditor closed(Contract Day 42)(Contract Day 39)(Contract Day 40)(Contract Day 38)(Contract Day 41)(Contract Day 43)(Contract Day 37)1314Buyer provides updateddocumentation; Docs arereviewed in the afternoonand file is cleared forclosing/docs(Contract Day 45)(Contract Day 44)15Creditor sends settlementagent closing instruct to workup costs for Closing Disclosure(CD); Settlement Agent notifiesRE agents final fees are neededto complete Closing Disclosure(CD)(Contract Day 46)16Settlement Agent receivesfinal fees from both agentsand provides or uploadsfinal figures to Creditor;Creditor sends out FinalClosing Disclosure (CD);17Delivery Period day 118Delivery Period day 2(Contract Day 48)(Contract Day 49)19Creditor closed(Contract Day 47)(Contract Day 50)
September (cont)2020152122232425Delivery Period day 3Buyer re
She graduated from Cal State Fullerton Magna Cum Laude with a B.A. in Liberal Studies. Debbi is a past president of OCEA, past president and Member Emeritus of the Escrow Institute of California, member of California Escrow Association and American Escrow Association. She is a past recipient of Affiliate of the Year from Fountain Valley/Huntington
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