ENCOMPASS
CLOSING
INSTRUCTIONS
STEP BY STEP INSTRUCTIONS FOR PREPARING LOAN CLOSING
DOCUMENTS.
The Closing Process in Encompass
The Closing process in Encompass enables you to order and receive
closing documents using a single source of information without leaving
Encompass.
This presentation shows the steps and guidelines to follow when
proceeding through the closing process using the Encompass Docs
Solution. The closing workflow consists of the following steps:
•
Assign the Loan to a Closer
•
Apply an Input Form Template for Closing
•
Complete the Required Forms
•
Check Closing Document Data
•
Audit the Loan File
•
Order the Closing Documents
•
Preview, Print and Send the Closing Documents
View Loan in Pipeline
Pipeline View
• All loans that
have been
advanced to
the Ready for
Docs milestone
will be shown in
the closing
queue.
• Highlight the
desired loan
and hit enter (or
double-click).
Accept the Loan
Log
• Go to the Log.
• Click on the Doc
signing milestone.
• Click on the
hourglass button
next to closer.
• Select closer name
from the list and
select okay.
• Click on Accept
File.
Disclosure Tracking
Disclosure Tracking
•Go to Tools
•Select Disclosure Tracking
•Review initial and final disclosures.
•Verify they were sent and received within timelines.
•Verify loan closing date is on or after Earliest Closing Date shown in this screen.
•Verify all disclosures including necessary change of circumstance forms are in the eFolder.
•You will need to confirm that the appraisal has been delivered to borrower and required time
period has passed by reviewing the Appraisal Delivery Receipt in Appraisal Bucket of the eFolder .
Apply Closing Input Form Template
Form Menu for Closing
• On the Loan menu, select
Apply Input Form Set
Template.
• Select Public Form Lists Folder.
• Select SNMC Folder.
• Double-click on Closing Forms
List to apply it to the loan.
• This option replaces the
current list of input forms on
the Forms tab.
Required Forms
Borrower Information-Vesting
Closing Vendor Information
Closing RegZ
Property Information
2010 HUD-1 Page 1
2010 HUD-1 Page 2
2010 HUD-1 Page 3
Aggregate Escrow Account
Closing Conditions
State-Specific Disclosure Information
Processing ATR/QM
Request for Transcript of Tax (4506T)
1003 Page 1
1003 Page 2
1003 Page 3
FHA Management
VA Management
USDA Management
Escrow Holdback
Status on Loan
Forms have been put in the most efficient order for closing
data input. Do not click Show in Alpha Order or Show All
unless absolutely necessary.
Borrower Information - Vesting
Borrower Information Vesting
•Under Vesting Information double click on
the borrower you want to edit/add
information on.
•In the Borrower Name Field, make sure the
name displays as you want it to appear on
the documents.
•In the Also Known As Field, enter all AKA’s
as shown on the underwriting approval,
credit report and purchase contract (use
semicolons to separate names).
•In the Borrower Type field, select borrower
type (most commonly “Individual” this is
where you would put “Title Only” for a nonpurchasing spouse).
•In the Connected to Borrower Pair field,
make sure information is correct.
•In the Vesting field, select the appropriate
vesting for the borrower. When you have
married borrowers, joint tenants you will
put the vesting on the co-borrowers screen
and leave primary borrowers vesting
blank.
Borrower Information - Vesting
Borrower Information
Vesting
• In the Manner in which Title will
be held field, edit so that this
information is blank (we will add
back in after the next step). If
you do not remove this prior to
building your vesting it will
duplicate on your final vesting.
• For the Final Vesting to Read
field, click the Build Final Vesting
button to create the text for the
vesting statement.
• In the Manner in which Title will
be held field, select an option to
add back in the information we
took out at step 1 on this screen.
The Manner in Which Title will
be held information appears
on the final 1003.
Borrower Information - Vesting
Seller
• Enter up to four
individual seller names
in the Seller fields in the
left column. The sellers
names will then print on
the sample HUD and
signature lines on HUD
addendums.
Closing Vendor Information
Title Insurance Company
•Verify Title Insurance Company name, address, phone
number, fax number and e-mail address are
completed, compare with information on Closing
Protection Letter from the eFolder.
•Input Title Case # if not already completed.
•Input ABA Number if not already completed.
•Input Account Number if not already completed.
•For Escrow states, confirm Escrow Company name,
address, phone number, fax number and e-mail
address are completed, compare with information on
Closing Protection Letter from the eFolder.
•Input Escrow Case # if not already completed.
•Input ABA Number if not already completed.
•Input Account Number if not already completed.
Complete the Trustee information:
•For Deed/Mortgage states, will reflect title company.
•For Attorney states, will reflect the attorney.
States where non title company trustees can be selected include AK, AR, AZ, CA, DC, ID, MD, MO,
MS, MT, NE, NM, NV, OR, TN, TX, UT, VA, WA AND WV
NOTE:
If trustee information is
left blank it will default
to the title company
Closing Vendor Information
Docs Prepared By
• Select the Address Book
next to Company Name.
• Hit Clear.
• Under Category select
Closer/Funder.
• Select your name.
• Company phone etc..
will then auto populate.
Closing RegZ
Closing RegZ
• Loan Program should already be
completed and “Use New Encompass
Docs Solution” box should be marked.
• You will need to select the appropriate
Plan Code for your loan. (See Loan
Closing Plan Matrix on SNMC Intranet
under Closing Policy Section 04 –Closing
Policy Reference Material).
• Type in Ellie Mae Plan ID and hit enter,
click on plan code and hit select.
Disclosure Information
• Make sure final disclosure box is marked.
• All other fields should already be
completed.
There are different plan
codes used for
eDisclosures and closing
docs. Even if a plan
code was previously
applied, you must apply
a plan code on the
Closing RegZ screen
before you order closing
docs.
Closing RegZ
Loan Information
• Input Document Date.
• Input Closing Date.
• Input Rescission Date (when
applicable).
• Input Disbursement Date.
• Check that the Pre-Note
Verbal Verification of
employment is completed 5
days prior to the Note date.
• Make sure the MERS MIN is
present (unless not required
by specific loan program i.e.
NHF-2nd) – non “MOM” loan
documents will generate if
this information is not
present.
Sync with Prepaid
Interest Date box
should be checked
Closing RegZ
ARM Loans
• Make sure all ARM
information is reviewed
and entered correctly.
All fields that are
highlighted must have a
correct value entered.
• See ARM Matrix in
Closing Policy Section
04 – Closing Policy
Reference Material.
Government ARM change
dates are not the same as
Conventional ARM products.
Prior to closing a GOVERNMENT
ARM, you will need to contact
the Lock Desk at (866) 381-7550
or
ratelock@securitynational.com
to confirm the Rate Adjustment
information.
Closing RegZ
Security
•This field should always reflect the subject
property address.
Filing Fees & Prepayment Penalty
•Confirm that information is entered
correctly.
Late Charge
•Confirm that information is entered
correctly.
Assumption
•Confirm assumption terms are correct for
loan program (i.e., someone may, may not
assume etc…).
•Confirm that both of these boxes are
unchecked.
Select the
Get Late
Fee Button
Property Information
Property
Information
•Validate the subject property address.
Compare the Purchase Contract,
Appraisal, Preliminary title report, USPS
Mailing Address Verification, and FHA/VA
Case Number assignment (if applicable).
Also verify that the Hazard/Flood
insurance, Flood Cert, and Mortgage
Insurance policies have matching
address.
•Make sure County entered matches the
legal description on the title report.
•If required, enter the Condo/PUD project
name exactly as you want it to appear on
the documents.
•Enter the flood cert number.
•Select a flood zone designation from the
list.
•Make sure Property Type is correct.
Property Information
Notice of Special Flood Hazard
• If the property is located in a flood zone, in
the Notice of Flood Hazard Section, select
the appropriate check box and enter the
Community Name, if applicable.
Mailing Address
• Confirm the correct address is listed:
• Owner Occupied: The Mailing Address
should be the subject property.
• Non-Owner Occupied and Second Home:
The Mailing Address should be the
borrower’s current residence as shown on
page 1 of the 1003.
Property Information
Title Information
• Input Parcel Number.
• Input Lot, Block and Section.
• Enter Title Report Date.
• Input Approved Items (from
underwriter conditions or closer
review of preliminary title report).
• Tax Message – Enter notes related
to taxes and any tax installments
that are due.
• Input title endorsements.
Legal Description
• Manually type the Legal
Description in the box, OR
• Click Attach legal description and
title will attach the legal
description to the Security
Instrument as an exhibit.
Endorsements must
be entered on every
loan. See Closing
Policy Section – 4
Closing Policy
Reference Material
for a list of common
endorsements for
each state.
Forms - 2010 HUD-1 Page 1
Settlement Agent
• Confirm that sections A – I are
complete (most of this information is
defaulted from other screens).
• Section B – For Type of Loan: Select
the appropriate loan type from the
list. If you do not select from the
dropdown it will not print on sample
HUD.
• Section H – Settlement Agent and
Place of Settlement: If not
completed, closer must complete
manually or click the Business
Contact icon and select the correct
company from the business contacts.
Forms - 2010 HUD-1 Page 1
2010 HUD-1 Page 1
• Line 104 or 105: Enter principal reduction as applicable.
• Credits / Tolerance Cures to the borrower will be listed in
the 200 Section of the HUD-1 Page 1 screen.
• Line 201: Enter earnest money deposit, as applicable.
• Line 204: Enter lender credit, as applicable.
• Line 205: Enter lender or seller credit for impounds, as
applicable.
• Line 206: Enter seller paid closing costs, as applicable.
• Line 207: Enter tolerance cure credits, as applicable.
• Line 208: Enter MIP refund, as applicable.
• Line 209: Enter Escrow refund credit on Utah Housing
Streamlines.
2010 HUD-1 Page 2
2010 HUD-1 Page 2
• Confirm Estimated Closing Date
• Confirm 1st Payment Date
2010 HUD-1 Page 2
2010 HUD1 Page 2: Section 800
• Confirm Our Origination Charge is broken down
accurately and that Itemize fees when printing
box is checked.
• Confirm fees are marked Paid by correctly.
• Confirm APR Fees are marked accordingly.
• Confirm fees are marked Paid to accordingly.
• Confirm utilization of any Seller/Lender credits
are shown accurately.
• Credit should be given from the top (800 Section)
working your way down through the additional
charges/sections.
• If there is a fee disclosed on the GFE column that
is not being charged through closing, the closer
must remove that fee from the GFE column. This
will help in preparing an accurate GFE/HUD
comparison on the 3rd page of the HUD.
2010 HUD-1 Page 2
2010 HUD-1 Page 2:
Section 802
• Review other fees. If
items are POC, review to
make sure they are
shown correctly.
• “B” means broker in the
paid by field if borrower
paid leave blank.
2010 HUD-1 Page 2
2010 HUD-1 Page 2:
Section 900
•Make sure “Display Daily Interest to 2
Decimals” box is checked.
•Confirm Daily Int. Charges are being
calculated from the estimated funding
date.
•Confirm any required Mtg. Ins. Premiums
are shown.
•On FHA loans the GET MI button will need
to be selected. Before doing this, please
make note of any MIP paid in cash. These
changes will not save and will need to be
manually entered after the GET MI button
has been checked. Click the GET MI
button and verify that the amount
matches the underwriter’s figures and
AUS findings, as applicable.
•Lock down the hazard insurance premium
and confirm the correct premium is shown.
IF SELLER OR LENDER IS PAYING THE
HOMEOWNER’S OR FLOOD INSURANCE,
LEAVE IN THE BORROWER’S COLUMN AND
SHOW CREDIT ON HUD LINE 205.
2010 HUD-1 Page 2
2010 HUD-1 Page 2:
Section 1000
•Do not enter escrow
reserves information
here. We will complete
this information later, in
the Aggregate Escrow
Account Screen.
2010 HUD-1 Page 2
2010 HUD-1 Page 2:
Section 1100
• Confirm Title Services is broken
down accurately.
• Confirm fees are marked paid by
correctly.
• Confirm APR fees are marked
accordingly.
• Confirm that fees for services by
a provider NOT LISTED on the
Settlement Services Provider List
have been checked in the “B”
column (Borrower Selected).
2010 HUD-1 Page 2
2010 HUD-1 Page 2:
Section 1200
• Confirm Total Recording
Charges and Transfer Taxes are
shown.
• Confirm fees are marked paid
by correctly.
• Confirm that fees for Transfer
Taxes, City/County/Stamps and
State Tax/Stamps are in line’s
1203, 1204 & 1205 so that they
carry to section #8 of GFE. If they
were not disclosed in GFE
Section #8 a tolerance cure will
need to be done for them.
2010 HUD-1 Page 2
2010 HUD-1 Page 2:
Section 1300
• Ensure that the fee entered is in the
correct series.
• If the fee SHOULD have been
disclosed on the GFE, ensure that the
fee is shown in a field that DOES have
a corresponding GFE column – this
will ensure the fee is shown on the
comparison page as required.
• If the fee SHOULD NOT have been
disclosed on the GFE, ensure that the
fee is shown in a field that DOES NOT
have a corresponding GFE column –
this will ensure that the fee is not
shown on the comparison.
2010 HUD-1 Page 3
2010 HUD-1 Page 3
• Review fees for
accuracy and confirm
fees are shown in
correct section of
comparison page
(review against actual
GFE).
• Review Increase
between GFE and HUD
and confirm if any zero
tolerance and 10%
tolerance cures are
required.
Zero
tolerance
10%
tolerance
for
aggregate
Review
increases
Aggregate Escrow Account
Aggregate Escrow
Account
• Confirm accuracy of all figures
(the Servicer name, address and
phone should already be
populated).
• Complete the Pay To lines for
applicable payees.
• Make sure to lock down the
hazard insurance to show the
accurate amount. This must be
done in the HUD1 Page 2 form
line 903 and also here.
• You may also lock down the
Yearly Tax amount if it is not
accurate due to rounding.
Use the Aggregate Escrow Account form to
estimate the activity in the borrower’s escrow
account for the coming year based on
anticipated payments from that account. This
information is used to generate the Initial
Escrow Account Disclosure statement.
Aggregate Escrow Account
TAX INFORMATION SHEET INPUT
• Select the business contact icon
next to the Pay To information.
• A new window will open. Select Tax
Assessor from the Category menu.
• Under Last Name, search by the
county name that the subject
property is located in.
• Select county.
• The county assessor information will
then automatically populate to the
tax information sheet.
• **NOTE: If you do not select the
county tax assessor the tax
information sheet will be blank and
will need to be filled out by the
Title/Escrow Officer or by the funder.
Aggregate Escrow Account
Aggregate Escrow Account
• Click on the SETUP button to open
the Initial Escrow Account Setup
window.
• In the Cushion row, in each of the
fee columns, enter the number of
months for which a payment is
required. This will establish a
minimum balance in the escrow
account.
• In each fee column, enter the due
date(s) for each item in the Due
Date 1 – Due Date 4 fields. When
you complete an entry, the Due
Date rows are automatically
populated.
Aggregate Escrow Account
Aggregate Escrow
Account
• Review to make sure all
payments show in a 12 month
period.
• If any payments show outside
of the 12 month period, you will
need to go back to the setup
input screen and mark the
appropriate item as pre-paid. If
you have a file that you run into
this scenario on and need
more information on the PrePaid function contact
closing.policy@snmc.com and
we can walk you through it.
This is the
12 month
period
This is
outside
the 12
month
period
Aggregate Escrow Account
Mortgage Insurance
Aggregate Escrow Account:
Mortgage Insurance
• In the Mortgage Insurance
Column, Enter 0 in the Cushion
Row.
• To enter the monthly payments for
one year of mortgage insurance,
enter 1 in the first payment date
field (located below Due Date 4
Row), and then enter 1 in each of
the following 11 payment fields for
a total of 12 entries. The due dates
will automatically populate.
Aggregate Escrow Account
Annual Fee
Aggregate Escrow
Account: Annual Fee
• In the Annual Fee Column,
Enter the number of cushion
months in the Cushion Row.
• In Due Date 1 column, the
date should be 13 months
from loan closing date (i.e.,
a loan closing in May 2015
would need to have the first
annual fee due date as
June 1, 2016).
2010 HUD-1 Page 2
2010 HUD-1 Page 2:
Section 1000
• After the Aggregate Escrow Account
setup has been done, go back to
2010 HUD page 2.
• Review figures to make sure they are
correct.
IF THE SELLER OR LENDER IS PAYING FOR
THE IMPOUNDS, LEAVE IN THE
BORROWER’S COLUMN AND SHOW
CREDIT ON HUD LINE 205.
Closing Conditions
Closing Conditions
• In the Draw City and Draw State fields, enter the
city and state in which the closing documents will
be drawn.
• In the Closing County and Closing State, enter the
county and state in which the loan will close.
• Input Hours Documents needed prior to
disbursement (generally 24 hours).
• Select Yes or No to indicate whether or not a
termite report is required prior to closing the loan.
Closing Instructions/Conditions
• Click on the paper with green plus sign. Select
Add conditions from Underwriter Conditions, then
click Ok.
State Specific Disclosure Info
State Specific Disclosure Info
• Depending on the state in which the
subject property is located, you may
be required to complete additional
information on the state-specific
disclosure form. Review and input
any closing required items for each
state.
EXAMPLES:
• Utah: There are no additional statespecific fields for Utah. The screen
will come up with a message stating
this.
• Texas: Select the Continuous
Purchase Money Loan check box in
the Title Information Section if this
loan is a refinance loan in the state
of Texas.
Processing ATR / QM
Processing ATR/QM
• If loan has discount points you
will need to review this form.
• Confirm if discount is bona
fide (truly buying down the
interest rate – see circled
example in red). All three
fields must be completed with
a value.
• If bona fide, the amount that is
bona fide will be shown (see
circled example in blue).
• To be valid, all the fields
highlighted in yellow must
have a value. If any
information is missing or
incomplete, contact the Lock
Desk to have the Bona Fide
Assessment completed.
Request for Transcript of Tax (4506T)
4506T
• If this screen has not been completed,
the closer must create the forms.
• A separate 4506T form is required for
each borrower.
• Closer will need to verify that all
information entered in this screen
matches exactly to the tax transcripts in
the file.
• If the address on the tax transcript is
different than the address on line 3,
make sure that line 4 is completed with
the correct information.
• Make sure the borrower names,
addresses, transcripts requested and
tax years match the tax transcripts.
1003 Page 1
1003 – Page 1
• This screen is for informational
use only. No data entry is
required.
1003 Page 2
1003 – Page 2
• This screen is for informational
use only. No data entry is
required.
1003 Page 3
1003 – Page 3
• This screen is for informational
use only. No data entry is
required.
FHA Management
FHA Management
• This screen is for informational
use only. No data entry is
required.
VA Management
VA Management
• This screen is for informational
use only. No data entry is
required.
USDA Management
USDA Management
• This screen is for informational
use only. No data entry is
required.
Escrow Holdback
Escrow Holdback
• If the loan is closing with an escrow holdback,
the closer will need to input the information on
this form.
• Enter the Holdback Amount.
• Enter the Expected Completion Date.
• Enter SNMC to Hold Escrow Funds (typically, this
is yes).
• Enter Escrow/Title to Hold Funds (typically, this is
no).
• Enter the items to be repaired.
• After entering all information, the escrow
holdback form will need to be added to the
closing document package at the time the
loan documents are generated.
Status on Loan
Status on Loan
• This screen will be used
by the funder.
MAVENT Compliance Review
After loan information input, the Closer must run a
MAVENT Compliance “Preview” report
The MAVENT Compliance Review is located in the “Closing
RegZ” form top right hand side of screen. (AUDIT)
Preview Report
• The “Preview” report will verify that the APR fees have been
entered into Encompass correctly.
• The Closer must review the TILA section and make sure the
“Disclosed Finance Charges” match the “Calculated Finance
Charges” .
• On the “Preview” report the “Disclosed Finance Charges” are
referring to what is entered into Encompass, not what is
disclosed.
• Receiving a “PASS” is not sufficient if the amounts don’t match.
If the amounts don’t match the Closer will need to compare the
APR fees marked in the 2010 Itemization against the APR fees
listed on the MAVENT report and correct as needed.
• Once finished with all corrections the Closer will run the
“Preview” report again and verify that the two amounts now
match.
• Note: the dollar amount must match but cents may vary.
MAVENT Compliance Review
Compliance test results will show one of the following alerts:
Error – Data missing or entered incorrectly and system is unable to give a
determination. Action is required.
Fail – Information entered does not meet review requirements. Action is required.
**Docs cannot not be ordered until all fails are cleared. If you have a file ith a valid
Fail contact closing.policy@snmc.com to generate the documents for you**
Alert and Warning – Notifying you of a potential problem. Must investigate to
determine if acceptable to proceed.
Pass – Loan meets requirements based on the information in the system.
Closing RegZ/Order Docs
Closing RegZ Form
• Select the “Order Docs”
Button. This will then run a
Closing Docs Audit and give
you any required or
recommended items that
must be addressed before
docs can be generated
(required items will show in
red). Once all items are
addressed select the Order
docs button from this screen
to generate the closing
documents.
Order Docs Continued
Order Docs Continued
• A new screen will pop up that will
give you the ability to choose a
stacking template for your file. The
template will default to a
Conventional stacking order. Use
the drop down to select template
that matches your loan program
type.
• On housing second loans only, the
forms that are highlighted in yellow
need to be un-checked prior to
sending the documents to title as
these items are not required to be
signed on the 2nd mortgage loans.
Order Docs Continued
Adding Encompass Forms
To add additional documents from the Encompass
Forms follow these steps:

Click on the Add Additional Docs button.

Select from Add Encompass Forms (use this if you
need to attach the Escrow Holdback Agreement).

Highlight the form(s) you want to add and click on
Add.

The documents will be added to the end of the
closing package.
Adding eFolder Files
To add additional documents from the eFolder Files
follow these steps:

Click on the Add Additional Docs button.

Select from Add eFolder Files.

Highlight the form(s) you want to add and click on
Add.

The documents will be added to the end of the
closing package.
Order Docs Continued
Instructions to Title & Sample HUD
• After you have reviewed your documents, you
will need to complete the following steps to
email the instructions and sample HUD to the title
company so that they can prepare an estimated
HUD for approval prior to releasing documents.
• Un-check all of the documents (click the
Document title box).
• Manually check the following:
• Instruction to Escrow/Title/Closing Agent
• Loan Disbursement Instructions
• Settlement Statement (HUD-1)
• Select Preview and save the documents.
• You can then email these instructions to the title
company.
The loan
disbursement
instructions
will show a
breakdown of
seller / lender
paid fees.
Order Docs Continued
To Send Documents To Title
• After you have approved the HUD and
made any corrections needed, you will
need to complete the following steps to
email your documents to the title
company:
• Click on the “Send” button.
• A new send message window will
appear.
• Select hourglass to bring up the list of
file contacts.
• Select the email address for the title
agent or escrow officer and save.
• In the subject line use the dropdown
menu to select Closing Documents
• Click on “Send” when finished.
Order Docs Continued
Order Docs
Continued
•After you have sent your
closing documents to
the title company you
must then save the loan.
This will update the
Closing RegZ screen
with the information
from the final TIL.
MAVENT Review “Order” Report
After you have sent your docs and saved your file confirm your final
TIL figures have updated in your Closing RegZ screen. You will then
need to run your MAVENT Review “Order” report. In the top right hand
of screen select Audit the select Review and hit OK. Address and
clear any Warnings/Fails on the MAVENT Review “Order” report at this
time.
Encompass Doc Signing Milestone
Doc Signing
Milestone
• Enter the funder
name.
• Enter the Warehouse
package available in
eFolder date.
• Enter Projected
Funding Date.
• Click “Finished”
when complete.
Exhibits
Exhibit A: Closing in a
Trust
Exhibit B: Closing in
an LLC
Exhibit C: Closing
with a Power of
Attorney
Exhibit A – Closing in a Trust
•
If the borrower is a trust, use the
Corporation Trust 1 and Trust 2 sections to
enter information for as many as two trusts.
After you add information for a trust, you
can assign borrowers as settlors of the trust.
•
In the Corporation/Trust 1 section, in the
Corp/Trust Name field, enter the name of
the trust.
•
In the Org. State field, select the name of
the state in which the trust was formed.
•
In the Org. Type Field, select trust type (will
commonly be an “An Inter Vivos Trust”.)
•
In the Trust Date/Year field, enter the date
the trust was created.
•
If there is a second trust involved, enter the
information in the Trust 2 fields.
•
Open the Borrower Vesting Window.
•
Select the Borrower Type (most commonly
Settlor Trustee).
•
In The Trustee Of field, select Trust 1 or Trust
2 as appropriate.
•
On the Vesting list, select Trustee for all
trustee types.
•
Click OK.
Exhibit A – Closing in a Trust
•
Leave the Manner in Which Title will be
held field blank.
•
For the Final Vesting to Read field, click
the Build Final Vesting button to create the
text for the vesting statement based on
the vesting information. Manually edit the
Final Information to Read text as needed.
•
After this is done, then in the Manner in
Which Title will be held field, select an
option.
Exhibit A – Closing in a Trust
•
Click on Build Beneficiary in the Corporation
Trust 1 or Trust 2 section. The names of the
applicable borrowers and co-borrowers
listed in the Vesting information section are
added to the beneficiary list.
Exhibit B – Closing in an LLC
Corporation/Trust 1
• In the Corporation/Trust section, in the
Corp/Trust Name Field, enter the name of the
corporation.
• In the Org. State field, Click the name of the
state in which the corporation was formed.
• In the Org. Type field, select the type of
business entity.
• In the Vesting information section, double click
a borrower or co-borrower who is an officer of
the corporation.
Borrower Vesting
• In the Type field, select Officer.
• On the Vesting list, select the title of the Officer.
• Click OK.
Final Vesting
• For the Final Vesting to Read field, click the
Build Final Vesting button to create the text for
the vesting statement.
• Manually edit the Final Vesting to Read text as
needed.
• In the manner in which Title will be held field,
select an option.
Exhibit C – Closing with POA
Closing with Power of
Attorney
• In the Borrower POA field,
enter the name of the
individual who has the power
of attorney. Under POA
Signature Text enter
“Attorney-In-Fact” The name
is printed on the closing
documents along with the
“Attorney-In-Fact” verbiage.