The Lender & Legal tab allows users to add, view, and edit lender, third party vendor, and legal information for the loan file.
The Lender & Legal tab is divided into three sections: Lender Information, Settlement Information, and Legal Information.
All fields within the Lender information and Settlement Information sections are fields that have been predefined in the Administration (Admin) Site. With each field that is predefined by the system administrator in the Admin Site, the fields will begin to populate in a rolodex format as letters are being entered.
The link Hide Drop-down List allows users to hide the options populating in a rolodex format when entering in Lender and/or Settlement Information.
The Edit button allows users to add, edit and delete vendors for that specific field. Users that have access to the edit button are being linked to the Admin Site which means any actions taken will be done system wide and not for that individual only.
Lender Information
The Lender Information section allows users to enter the Lender/Beneficiary, Investor, PMI Company, Warehouse and Closer.
The Lender/Beneficiary field allows users to enter the Lender/Beneficiary for the loan file. This field will automatically populate if the Lender/Beneficiary has previously been completed on any of the Request screens.
The Close in name of radio options of Lender or Broker will appear and is an editable option. The option to select to, Close in name of Lender or Broker, will appear only if the appropriate setup is completed in the Admin Site.
The Investor field will allow users to enter in the Investor tied to the loan file. If the Investor has already been selected on the Forms & Docs > Investor Lock screen, this field will not appear on the Closing Docs > Lender & Legal tab.
The PMI Company field allows users to enter in the PMI Company tied to the loan file.
The Warehouse field allows users to enter in the Warehouse being used for the loan file. If the Warehouse has been previously completed on the Forms & Docs > Funding screen, the Warehouse field will automatically populate.
The Closer field will allow users to assign a Closer that is completing the closing documents for the loan file. If a Closer has been previously assigned on the Actions > Assign Loan screen, then that Closer will not automatically populate within this field.
The Fax field allows users to enter a fax number for the Closer.
Settlement Information
The Settlement Information section allows users to enter the Title Company/Settlement Agent, Trustee, Escrow, Hazard Insurance, and Flood Insurance.
The Title Company/Settlement Agent field allows users to enter the Title Company/Settlement Agent for the loan file. This field will automatically populate if the Title Company/Settlement Agent has previously been completed on any of the Request screens and the Vendor Info screen.
The Trustee field allows users to enter the Trustee information for the loan file. This field will automatically populate if the Trustee has been previously entered on the Forms & Docs > Funding screen.
The Escrow field allows users to enter the Escrow Company for the loan file. This field will automatically populate if the Escrow Company has been previously entered on the Forms & Docs > Funding screen.
The Hazard Insurance field allows users to enter the Hazard Insurance for the loan file. This field will automatically populate if the Hazard Insurance has previously been completed on any of the Request screens and the Vendor Info screen.
The Flood Insurance field allows users to enter the Flood Insurance Company for the loan file. This field will automatically populate if the Flood Insurance Company has previously been completed on the Vendor Info.
Legal Information
The Legal Information section allows users to Legal, Property specific information.
The MERS MIN # field will automatically populate, if applicable, and will be disabled.
The Property Tax ID number field allows users to enter in the Property’s Tax ID and is editable.
The Abbreviated Legal field allows users to enter an abbreviated legal description, if applicable.
The Complete Legal Description for Deed of Trust/Mortgage field allows users to enter in a complete description of the property. If a Legal Description was entered on the Forms & Docs > 1003 > Property tab, then it will automatically populate here.
Users have the ability to click the Use Default button which will automatically generate the verbiage below:
SEE EXHIBIT ''A'' ATTACHED HERETO AND BY THIS REFERENCE MADE A PART HEREOF.
Tip: If the Legal Description is entered on the Forms & Docs > 1003 > Property tab and removed within the Legal Information section and re-written, the verbiage in the Legal Information section will override the verbiage on the Forms & Docs > 1003 > Property Tab.