Basics of the Loan Closing

Closing packages are not a few pages anymore! Starting with the closers who prepare the package to the title company representatives (or attorneys) who conduct closings, all must have a vast knowledge of the information on each document. In addition, title insurance plays an integral role in the closing process. The elements of title insurance, the different ways co-ownership can be held, and title terminologies are all presented in this course. Other closing documents are explained, including the clauses found in the Mortgage (or Deed of Trust) and the Note (Deed of Trust Note). This course will assist mortgage professionals in educating their customers about the closing process, enabling them to be well prepared for a smooth closing experience.

 

The course covers the following objectives:


 - The elements of title insurance and terminology
 - Common exceptions that can appear on a title commitment
 - Definition of an easement along with some examples
 - Common ways to hold title
 - The difference between fee simple and leasehold
 - An explanation of the clauses found in the Mortgage (Deed of Trust) and Note (Deed of Trust Note)
 - Details found on other closing documents

 

The course covers the following topics:

 - Learn the legal relationship between a borrower and a lender
 - Understand the purpose of title insurance
 - Review the definition of common easements and encroachments
 - Know the common and special forms of ownership in a property
 - Understand the common endorsements to title insurance policies
 - Define the types of property transfer
 - Recognize and understand the documents used at the time of closing a loan

 

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Fee

$39