The lender coordinates the efforts of the lender and the borrower to finalize the refinance transaction. Our staff carefully reviews the title request and any preliminary loan instructions and begins compiling the specific documentation necessary to complete this process. Our most important work is to make sure all issues of title involved in the transaction are accurate and up to date.
A few of the important tasks we complete prior to settlement are:
- Ordering and reviewing the title search unique to your property and proactively addressing any title defect, restriction or survey issue.
- Obtaining up to date payoff information for your existing mortgage(s) as well as property tax or other lien data.
- Preparation of a title insurance commitment for review by your lender, providing pertinent information regarding the current owners of record, the legal description and any easements or restrictions, which also sets forth the requirements to insure the title for your lender.
- Giving a "reissue rate" discount on the lender's title insurance for the transaction if you provide us with a copy of your Owner's Title Insurance Policy that is dated within the last ten years.
- Communicating regularly with the lender to provide our best efforts to keep the settlement date on track and identify any potential closing cost tolerance violations.
- Accurate and timely preparation and presentation of your settlement documents.
Virginia Land Title Association extends a tremendous amount of appreciation to VLTA Member, Myrna Keplinger, Principal of the The Settlement Group for sharing all of the materials found under the Consumer section of this website. All materials are copyrighted under The Settlement Group and VLTA has received "reprint" permission for its use.