This is your note business and it’s your business to close the deal! Czarina will walk you through this intimating monster of a process with simple clear steps you won’t shy away from. It’s not over until the ink is dry and everyone gets paid!
(Don’t touch that dial! There’s interesting things happening with Chauncey’s latest report to Headquarters.)
[00:00] Intro to The Closing Process
[01:17] Three main parts of The Closing Process
[02:15] Funding the Deal
[07:22] Servicing: Choosing a Servicer
[12:09] Post Due Diligence
[12:42] Post DD: Recording
[15:55] Post DD: Insurance
[18:16] Post DD: Title Policy/Title Insurance
[18:47] What is title insurance?
[19:19] How does title insurance differ from other insurance?
[19:46] What does title insurance cover?
[20:28] Who needs title insurance?
[21:54] One thing I hear all the time… “Hiring help.”
[25:26] Chauncey makes a case for “00” Status.
ACH – Automated Clearing House, an automated bank transaction.
SDIRA – Self-Directed Individual Retirement Account
Forced Placed Insurance – Insurance the lender puts on the property when the borrower has no insurance or no proof of insurance.
Loss Payee – The person who receives the benefit to an insurance payout.
Tapes – Spreadsheets of Loans/Notes