Mortgage Closing Process In Illinois
This BLOG On Mortgage Closing Process In Illinois Was Written By Julie Hayward
Julie Hayward is the President and Managing Broker for Illinois based real estate company EDGE REALTY INC. and the author of this article Mortgage Closing Process In Illinois. Here is a Mortgage Closing Process In Illinois Question and Answer excerpt on Mortgage Closing Process In Illinois and other information on how the Mortgage Closing Process In Illinois works:
- What do I need to know about Mortgage Closing Process In Illinois, and how often should I do I talk with my loan officer?
- A CLEAR TO CLOSE often referred as a CTC, has been issued by the mortgage underwriter, the mortgage lender is ready to prep the docs and fund the mortgage loan. A clear to close is not issued until all conditions from the conditional loan approval has been cleared.
- The quickest a loan is ready to close is three days from the issuance of a clear to close due to TRID.
What Is TRID And How Does It Affect Mortgage Closing Process In Illinois
There seems to be no end to mortgage regulations and TRID is one of them that has caused mortgage closings.
- As mentioned earlier, there just seems not to be an end to new mortgage regulations. TRID was launched and went into effect on October 2015.
- Under TRID, there is a mandatory three day waiting period after a Clear To Close in order for a home closing to take place. Politicians and Mortgage Regulators thought this three day waiting period will protect the consumer by giving them time to take their time and not to jump to conclusions.
- Once the clear to close has been issued by the mortgage underwriter, the closing department of the mortgage lender gets to work and works closely with the title company. The Closing Disclosure, also called the CD, will be prepared and the title company and title officer will gather figures from both the home buyer and home sellers side.
- The Closing Disclosure or CD is the replacement of the HUD-1 Settlement Statement
- The Closing Disclosure will consist an itemized line item breakdown of all fees, charges, and the proceeds that the home seller will get and the cash to close for the home buyer. I
- When the CD is finalized, then the closing date and time are set. The title company and/or buyers attorney will notify the home buyer on what to bring to closing and the amount of funds the home buyer needs to wire the title company. At closing, paperwork gets signed by both the buyer and seller. Once everything is signed, the final paperwork is emailed to the mortgage lender. The closing department of the mortgage lender will review the final signed docs and, once approved, the lender will fund the loan funds to the title company. Once the title company receives the wire from the lender, the closing is complete and the home buyer gets the keys while the seller get the proceeds of the sale.
What Is Required On Home Buyers For Mortgage Closing Process In Illinois
As a buyer, you should contact your loan officer whenever you have questions. The mortgage process is very complex, and every loan officer has different ways of meeting borrowers’ needs. I run my own team of licensed mortgage loan originators, and I have specific rules and standards my team must adhere to. We have a great responsibility to borrowers: they’re trusting us with all their financial information and with the future of their new home. Moreover, we’re the linchpin holding together the process. Sellers, buyers, and their realtors and attorneys are relying on us. Open communication is key to success, and a buyer should have access to his or her mortgage loan officer at any time. I am available 7 days a week, evenings, weekends, and holidays for my borrowers. Though I’m often on the phone, when I see an inbound call from a borrower, my next outbound call is to him or her. You should communicate often with your lender—the loan officer’s job is to answer any and all questions you have. You must trust your loan officer, and he or she has to meet your needs and get the job done—on time, with a successful close.
About The Author: Julie Hayward
Julie Hayward is the author of this BLOG On Mortgage Closing Process In Illinois. Julie Hayward is also the author of Gustan Cho Associates Mortgage and Real Estate Information Resource Center and President and Managing Broker of Illinois based EDGE REALTY LLC. EDGE REALTY LLC is a prominent Chicago headquartered Real Estate firm and represents the following counties of Illinois:
- Chicago and Chicago Suburbs
- Cook County
- Lake County
- Will County
- Kane County
- Du Page County
- Mc Henry County
We will be covering more real estate and lending related articles authored by Julie Hayward.