Dec Special

Question 1

Escrow Instructions

Answer 1

Describe Escrows role as middle man and responsibility during the transaction to the borrower. Escrow gets original, Lender gets a copy.

Question 2

Escrow Amendment

Answer 2

Any changes made to the original escrow instructions, say if loan amount or purchase price changed. Escrow original, Lender copy.

Question 3

Closing Statement

Answer 3

Document made by Escrow that brings together all of escrow, title and the lender’s fees into one doc for the borrower to see and approve. Escrow original, Lender copy.

Question 4

Insurance Info Sheet

Answer 4

Borrower lets escrow know what insurance company they use, policy # and agent’s name and #.

Question 5

Disbursement of Proceeds

Answer 5

If borrower is due a refund at closing this will inform Escrow on how they would like to receive it.

Question 6

Borrower Information Sheet

Answer 6

Gives Escrow all info needed to open escrow. Current payoff, whom it is owed to, how much, any private liens, HOA & Insurance info.

Question 7

Payoff Demand

Answer 7

What borrower owes current lender, ordered by Escrow. Escrow original, Lender copy, Title copy.

Question 8

Statement of Information

Answer 8

Application for Title Insurance. Title gets original, Escrow copy.