Virtual Escrow Technology™
HOME
PROCESSING
ADVANTAGES
TAKE-A-TOUR
ON-LINE TRAINING
   
CONTACT US
    
ESCROW PROCESSING
Open Escrow
 

 

 
I. Your Processor (who becomes the Escrow Offier) opens the escrow online and submits to Title (Virtual Escrow Department). The title order is opened; and the order number is entered in the system (can be done automatically). Once the Title Order is entered, your Opening Package is ready to print in your office. Included in the opening package are the Escrow Instructions and a payoff demand request, completed and ready to fax. Your processor simply faxes the demand request to the fax number supplied by the system; the demand is ordered and returned to your office. You can either send out the Escrow Instructions or wait and have them signed with loan documents. Your Processor/Escrow Officer has complete control of the demand statement timeline.
II. Once the prelim is issued the Legal Description and Vesting are completed. The system creates a Legal/Vesting/Property amendment, it prints in your office, the processor puts in the escrow folder until needed.
Approval Time    
I. Your Processor/Escrow Officer receives loan documents from the lender. Faxes the Payoff demand(s) and Lenders instructions to Title and completes the "Approval Time" screens, creating the estimate
II. Title enters the payoff information into the system. If a Deed is required Title prepares the Deed which will be available to print in your office.

III. You can now make any changes necessary to the estimate and print new estimates as often as needed. Processors, when completing the Approval screens entered the lender, rate and term of the new loan. That created a Lender Rate and Term amendment in the system (event driven). Click and print the amendment. You may have also entered bills to be paid off through escrow, by doing so you created a Bill Paying amendment. (Event driven). Any escrow requirement are created in the system as information is entered, triggering events (documents) to be created.

Funding Time  

I. The Processor/Escrow Officer receives funding figures from the lender and completes the "Funding Time" screen online and submits to Title. When saved the recording is authorized with Title.
II. Title enter the final payoff figures and balances the file. Once confirmation of funds and recording have been received, Title releases the Brokers checks, you print your checks and final HUD in your office.
Follow the process of "Who Does What"





Escrow is also known in the judicial context. So-called escrow funds are commonly used to distribute money from a cash settlement in a class action or environmental enforcement action. This way the defendant is not responsible for distribution of judgment monies to the individual plaintiffs or the court-determined use (such as environmental remediation or mitigation). This escrow service is to assist for Mortgage Refinance lending in the state of California. If you are looking to refinance a rates Hipoteca and your goal is to beat the interest rate of any major Bank Mortgage cash out then you can save money using this service. To determine if you have sufficient equity in your property you should first determine your Real Estate Home Values houses. Related to this, be aware that all past clients of World Savings Bank stated income qualify for a free appraisal to determine home their property value. We also offer free appraisals for those considering a refinance of their mortgage net branch stated income. Clients in the state of Arizona are advised to call this local brokerage for company or they can stop by this alternate site for info. Again, be sure to gather your mortgage information from this California Refinance interest rate source. On a different note, traders looking to lower their commissions should contact this bloomberg Futures Broker for e mini trading services. Those in need of stress relief will enjoy a trip to certified therapists. The defendant pays the total amount of the judgment (or settlement) to the court-administered or appointed escrow fund, and the fund distributes the money (often reimbursing its expenses from the judgment funds).