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Tasks for your Loan Coordinator
File loan application. Your Loan Coordinator will make sure there's no information missing from your loan application, which can cause lengthy delays.
Open escrow account.
Create good faith estimate. Your Loan Coordinator will create estimate of your closing costs.
Decide how to pay for down payment. Your Loan Coordinator will go over the different options with you.
Consider how to hold title. The way you take title to your home has far-reaching consequences. You don't have to make a decision until closing week, but start thinking about it now.
Order appraisal. Your Loan Coordinator will order an appraisal to make sure that you haven't agreed to pay too much for the home.
Order title search. Your Loan Coordinator or escrow holder will order a title search, or can recommend a search firm if you have to order it yourself.
Perform appraisal. Your Loan Coordinator will hire an appraiser to do this job, but try to attend so you can point out the home's special features and improve your chances of getting loan approval.
Perform title search. A search firm will perform this task. When it's complete you'll need to follow up on potential problems the search uncovers.
Follow up on appraisal. A low appraisal may jeopardize your loan request, but you still have some options to save the deal and complete the sale.
Follow up on title search. Your Loan Coordinator will go over with you how to solve any problems uncovered by the title search.
Issue title-insurance policy. The title company will issue a policy that protects the lender's interest in your home, but you have the right to purchase a similar policy that will safeguard your interest as well.
Review uniform settlement statement This document should accurately reflect your closing charges. You're entitled to look at the final copy the day before closing. If something seems wrong, call your escrow holder for a complete explanation and then take steps to have the problems corrected.
Order insurance binder Your lender won't formally make the loan until it sees a binder from an insurer that proves you've properly insured the home.
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