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The The Escrow Escrow Process—Day Process—ctd. by Day<br />
Based on a standard 30-day escrow<br />
<br />
<br />
Final Approval (by the 17th day)<br />
Underwriter reviews any final documents that have been submitted to complete<br />
the file & sign off for docs, including your appraisal, property insurance, and<br />
conditions of the file.<br />
This is when you release your contingencies and confirm you are moving ahead<br />
with the purchase.<br />
Resubmission to Underwriting (by the 20th day)<br />
Signing Loan Documents (by the 25th day)<br />
<br />
<br />
<br />
Loan documents are generated by our closing department & sent to the escrow<br />
office.<br />
Ideally, you sign with your escrow officer. This saves time and money.<br />
Be sure to bring your identification documents—they need to match your loan<br />
documents.<br />
Loan Funding (by the 29th day)<br />
<br />
<br />
You will need to send final funds to escrow and provide proof of the final funds<br />
into escrow to your lender. Make sure it is from an account we’ve reviewed!<br />
Sometimes, you may need to sign, or correct, documents that were missed at<br />
escrow signing.<br />
Closing (30th day)<br />
<br />
<br />
<br />
Recording is most often the day after funding. Keys are then given to you at the<br />
time specified in your contract.<br />
Your first payment will be due the subsequent month after closing<br />
(i.e. closing in December means a February date).<br />
FYI—Post Closing Audits are common these days. File is reviewed a last time to<br />
make sure its in compliance Additional information may be requested...don’t be<br />
alarmed!<br />
Congratulations on a successful closing!<br />
Austin Lampson, NMLS #517060 | On Q Financial | austin@austinlampson.com | 805.335.8200
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