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PRELIM TITLE COMMITMENT

Team Sói

We work smarter, not harder

Team Sói

Sói is the symbol of power, wisdom and outstanding ability. As a wolf in the pack, we always stick to our guns. Teamwork is our special power which makes us more successful at work as well as our daily life.

About Our Team

Loan Factory Project X

Team Member

Team Sói

Team Sói

Ben Nguyen

Mika Phan

Celia Than

Tom Le

Steve Nguyen

Mel Phan

Krystal Ho

Aiden Nguyen

Team Advisory

Team Advisory

Tuan Huynh

Dinh Vo

Nicole Dang

Nathan Tran

ANSWER

A preliminary report contains the history of the property

A title commitment is an essential document in the loan process

Why was the preliminary report introduced to Project X?

Any issue on the report that does not be arised on time

It’s important for LP to understand the preliminary title report clearly

ANSWER

Title commitment is one of the most important documents

How important is the Prelim report? How would the prelim report affect your performance and the result of the loan?

By reviewing the preliminary report at the beginning

The preliminary report gives buyers and sellers all date about the title status of the property

In your case study, what would be your solutions to solve the issue

KEY RESULTS

Go over the title commitment

solutions

After finding out about the solar information, ask escrow if they have the supported documents regarding the solar.

Double check with the borrower to confirm the solar is lease

Obtain the lease agreement from the borrower.

Checking with the escrow if they can help obtain the information (If not, need to contact the solar company for the instructions)

Case study

Title commitment

Notes

Information

  • If the agreement does not directly state that the owner of the solar panels is not to be named loss payee, obtain the HOI policy to confirm the owner of the solar panels is not loss payee or named insured.

  • If the agreement does not explicitly state what happens in the event of a foreclosure, the client must also request an amendment from the solar company.
  • Always check the title commitment carefully

  • If locate solar info on the title commitment, Check the Solar Agreement/Contract to determine if it is a LOAN or a LEASE.

=> If SOLAR is a lease → Follow the instructions on the case above

=> If SOLAR is a LOAN

1/ Need to check the Solar Loan Statement document

2/ Need to check with the Solar lender to make sure which options they will approve

3/ Check with the escrow to see if they can offer assistance with clearing the solar condition

What is your take-away from the provided Case Study?

  • Title commitment is a very important factor to decide the eligibility of a loan. As a processor, it is very helpful to be able to go over the title commitment before submitting to the lender. It helps us save time, foresee the issue and solve it from the very beginning.

  • What starts well, ends well. If everything is well planned ahead of time, we can close all transactions on time, even the tough ones.

Conclusion

Any Questions?

Thank you

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