1 / 13

Post-Closing Process

Post-Closing Process. Post-Closing Process. This job aid provides instruction on how to post close a short sale. . Receiving the File. Listed below are the required documents to complete the post closing process: Stamped certified/signed HUD Signed Waiver of Funds

tyne
Download Presentation

Post-Closing Process

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Post-Closing Process

  2. Post-Closing Process • This job aid provides instruction on how to post close a short sale.

  3. Receiving the File • Listed below are the required documents to complete the post closing process: • Stamped certified/signed HUD • Signed Waiver of Funds • Copy of the Payoff check or wire information for the 1st Lien and Chase 2nd lien (if applicable) • Copy of WP II screens • Proof of 2nd lien • Proof of Seller Contribution

  4. Foreclosure • Update the systems with the file closed screen. • Inform the foreclosure department that Loss Mitigation activities have concluded.

  5. Foreclosure • **Note: Verify that the negotiator documented that the Deficiency balance will not be pursued.

  6. Escrowed Loans • Determine if Hazard/Fire/Flood insurance is being escrowed. • If so, send a letter to each insurance company alerting them of the short sale conclusion

  7. Update CCW • Lien Release • Request the release of lien • Be sure the Lien Release Dept. has the accurate information

  8. Update CCW • Be sure to document the system with net proceeds provided at closing.

  9. Update CCW • Update system with the correct BPO amount.

  10. Update CCW • Updating YCD1 • Please refer to the following slides

  11. Updating YCD1 Steps • Provide System with necessary information to create 1099 for the borrower/seller.

  12. Updating YCD1 Steps • ** Note: The 1099 information must be keyed on a 2nd lien as well. • 2ndliens with the right to collect will NOT be issued a 1099.

  13. Update CCW • Indicate in the system that bills should no longer be sent to the borrower.

More Related