I am living in your parallel universe.
That’s how I see mortgage lending and title insurance. We are parallel worlds or universes moving along together with connected purpose but with functions intricate and detailed that are hardly discernible to each other.
Don’t laugh - well, ok, laugh - but it’s TRUE!
I was a mortgage lender for 13 years before starting a title agency. I really thought I knew a helluva lot. I had done just about everything but service the loans. When I stepped into the title world, I thought, WOW, I had no idea it was this complex and interesting.
It didn’t take long to realize that attorneys and title folks had no friggin CLUE what mortgage lenders were doing, yet, here we all were walking forward performing important work on the same transactions moving to that critical point of finality, THE CLOSING.
So, how are these two parallel universes united at that critical point? CLOSING INSTRUCTIONS.
These very important instructions form the basis for the final relationship between the mortgage lender and the title insurer and guess what? They are about to change in a BIG way.
Tomorrow the MBA will host a free phone conference to introduce the proposed Uniform Closing Instructions. If you are a player in this business, you should have an ear on that conversation.
Mortgage Industry Professionals. Like what you see?
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1 response so far ↓
1 Diane Cipa // Dec 3, 2007 at 7:07 am
Heads up - tomorrow is today. I’m just getting used to writing on Lenderama. There’s a bit of a delay i posting. So, this phone meeting is Monday, December 3rd. Try to participate if you can.
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