Procedures 4.01 Recording Procedures The Closing Attorney [or real estate paralegal] shall: Submit documents for recording to the county register of deeds for recording immediately upon update of title and prior to disbursement of any funds. Use electronic recording where requested Respond immediately to recording rejections, disbursement must be delayed until completed. Maintain a record verifying when documents were recorded Comply with the lender’s written closing instructions, the Offer to Purchase and Contract, the client’s instructions and the Firm Settlement Policies and Procedures (attached) 4.02 Pricing Procedures The Closing Attorney [or real estate paralegal] shall: Collect at closing the invoiced premium provided with the Title Commitment, and assure any changes are made if the coverage amount are changed. Ensure discounted rates are charged when appropriate, including reissue rates Review after closing to ensure consumers were charged proper rates Timely refund consumers when overpayment is detected 4.03 Training The Closing Attorney and all real estate paralegals attend at least annually updated CLE and CPE presentations addressing changes in the closing process, RESPA requirements and other relevant information. Any issues will be discussed within the Firm on a regular basis to assure that all employees are well-educated on the requirements of their position and compliance with state and federal consumer laws. Approved by / Date SAMPLE WRITTEN POLICY: FOR SETTLEMENT POLICIES & PROCEDURES The Firm acknowledges that Lenders expect full disclosure of all receipts and disbursements in accordance with written mutual instructions. All sets of Closing Instructions are collected and reviewed prior to closing. If any one set of Closing Instructions is adverse to another set of closing instructions the Firm obtains in writing – consent to the changes made to correct the adverse matters to closing. from all parties prior The closing is performed in accordance to all instructions from: a) Lender Closing Instructions b) Title Commitment c) Purchase Agreement d) Any other misc. agreements (Escrow Agreements, etc.) Follow all regulations and lender instructions in preparation of the Settlement Statements and be sure that ALL disbursement checks EXACTLY as to what is shown on the final Settlement Statement. Specific Detailed Guidelines: Disbursement Of Proceeds Buyer/Borrower Proceeds: Any amount shown as funds due from Buyer/Borrower on the Settlement Statement must come into the Firm’s trust account from the borrower or be disbursed to the borrower as shown. Any funds received by any other party must reflect on the appropriate line, designating the source of funds.
Procedures 4.01 Recording Procedures The Closing Attorney [or real estate paralegal] shall: Submit documents for recording to the county register of deeds for recording immediately upon update of title and prior to disbursement of any funds. Use electronic recording where requested Respond immediately to recording rejections, disbursement must be delayed until completed. Maintain a record verifying when documents were recorded Comply with the lender’s written closing instructions, the Offer to Purchase and Contract, the client’s instructions and the Firm Settlement Policies and Procedures (attached) 4.02 Pricing Procedures The Closing Attorney [or real estate paralegal] shall: Collect at closing the invoiced premium provided with the Title Commitment, and assure any changes are made if the coverage amount are changed. Ensure discounted rates are charged when appropriate, including reissue rates Review after closing to ensure consumers were charged proper rates Timely refund consumers when overpayment is detected 4.03 Training The Closing Attorney and all real estate paralegals attend at least annually updated CLE and CPE presentations addressing changes in the closing process, RESPA requirements and other relevant information. Any issues will be discussed within the Firm on a regular basis to assure that all employees are well-educated on the requirements of their position and compliance with state and federal consumer laws. Approved by / Date SAMPLE WRITTEN POLICY: FOR SETTLEMENT POLICIES & PROCEDURES The Firm acknowledges that Lenders expect full disclosure of all receipts and disbursements in accordance with written mutual instructions. All sets of Closing Instructions are collected and reviewed prior to closing. If any one set of Closing Instructions is adverse to another set of closing instructions – the Firm obtains in writing from all parties consent to the changes made to correct the adverse matters prior to closing. The closing is performed in accordance to all instructions from: a) Lender Closing Instructions b) Title Commitment c) Purchase Agreement d) Any other misc. agreements (Escrow Agreements, etc.) Follow all regulations and lender instructions in preparation of the Settlement Statements and be sure that ALL disbursement checks EXACTLY as to what is shown on the final Settlement Statement. Specific Detailed Guidelines: Disbursement Of Proceeds Buyer/Borrower Proceeds: Any amount shown as funds due from Buyer/Borrower on the Settlement Statement must come into the Firm’s trust account from the borrower or be disbursed to the borrower as shown. Any funds received by any other party must reflect on the appropriate line, designating the source of funds.
CTNC%20Best%20Practices%20Handbook%20UPDATED%203-16-14.docx