What Happens After Contract is Processed?

The Closing Process


Verification of employment, accounts, credit report and appraisals ordered
All information gathered for the borrower and submitted for loan approval
Loan underwriting department approves or disapproves of the loan
Outstanding conditions requested – closing date confirmed and package sent to closing agent


Signed contract is faxed to Title America
Title America executes the title search process
Mortgage and lien payoffs are ordered
Title Commitment is typed and faxed to lender
After the appraisal, the lender notifies closing agent of final loan approval
Closing package is received and HUD-1 Settlement Statement prepared. After HUD-1 approval it is released to the buyers and sellers
Documents signed by all parties, escrow is funded and deeds sent to recording
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