All of our services can be completely customized. The information below
describes our most common practices and outlines industry norms. There are no
limitations on how we can configure our services to me your specific needs,
standards, and/or procedures.
Closing Department
Once a loan has received an underwriting approval, closing documents need to be
created and reviewed. The closing itself needs to be scheduled with the
borrowers and all other involved parties; and, the money needs to be available
to fund the loan. Below you will find a detailed step-by-step explanation of the
process.
GVMS can facilitate any and all common practices – for all states and all
circumstances.
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Prepares closing document package
Our closing department will generate the necessary closing documents in
compliance with all federal and state laws, using our own nationwide document
preparation capabilities or yours.
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Delivers preliminary closing instructions to Settlement Agent
We will coordinate the closing time with the title company, and it is our
intention to deliver the preliminary closing instructions five days prior to
closing – in order to allow plenty of time for any changes should they become
necessary.
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Delivers document package to Settlement Agent
Final complete documents will be delivered to the Settlement Agent 48 hours
before closing.
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Receives and delivers final HUD-1 to you
The Settlement Agent will create and deliver the final HUD-1 to our office,
where we will perform a review and subsquently deliver the HUD-1 to you 24 hours
prior to closing for your approval. The HUD-1 will outline all fees and all
monies needed to close the loan. This represents the last time changes, updates,
or corrections should be made.
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You transfer funds for closing
Once you receive and approve the final HUD-1, you will need to make the
necessary funds available for closing. If you elect to use a warehouse lender
instead of your own funds, we will notify the warehouse lender and the funds
will be delivered to the Settlement Agent where they will remain in escrow until
a funding authorization number is issued.
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Documents are signed
Your borrower will sign the necessary closing documents and provide any prior to
funding conditions (i.e., HUD-1 from sale of home, etc.) to the Settlement
Agent.
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Settlement Agent requests funds
After the closing documents are signed by the borrower, the Settlement Agent
will request from GVMS the authorization to disburse funds.
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GVMS authorizes funding with your funds
After performing a final review, GVMS will issue a funding number to the
settlement agent and authorize the disbursement of your and/or your warehouse
lender’s funds.
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The Loan Funds
The funds are disbursed. The loan is funded.
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