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Unformatted text preview: the documentation stated by the underwriters is in the file. Once the processors are finished with the file, it then goes to the Closing Department. We call title companies to confirm fees, that all payoffs are updated, that Homeowners Insurance will cover the appraisal amount and we collect fees if taxes, etc are due. Once the loan is closed, which we will hold on to for four days, we fund the loans (on the fourth day) and send the file to the Post-Closing Department. The Post-Closing Department is responsible for scanning all documents so that it is converted to an electronic file. It’s a long process and still think there may be more departments after post-closing that handle the files....
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This note was uploaded on 04/30/2011 for the course ECON 101 taught by Professor Smith during the Spring '11 term at University of Phoenix.
- Spring '11