After a borrower has decided that it is time to refinance their current home loan and has begun to work with a lender to find the perfect loan, the borrower must also chose a title company such as Veritas Title, LLC to handle some very important aspects of the refinance transaction. Under state and federal law, it is the borrower's right to chose their title company regardless of which lender they are using. Once the borrower has made this important selection and an order is placed for title work and settlement a process is set in motion that ultimately leads to another successful refinance transaction.

Title companies do far more than merely appear at a settlement with files full of paper, a smile, and some checks. After receiving the order, we must do the following:

1. Examine the county land records to determine the status of the title of the property being bought and sold. This includes:
   1. Determining who really owns the property (i.e. it is possible the property is actually owned by a trust the owners created or that there another family member on title who is not on the loan application, etc...);
   2. Determining all outstanding loans that are secured by the property (including those loans that have been paid off but were not properly "released" at the courthouse) ;
   3. Determining whether there are any judgements or liens against the property owner(s) that affect the property;
   4. Determining the amount of property taxes on the property and making sure they are paid current;
   5. Examining any other documents in the land records that may affect the property
2. Work with the borrower's new lender as follows:
   1. Work with the buyer's(s') new lender(s) as follows:
      1. Obtain information from the lender such as the exact loan amount, full name of the lender and whether there will be one or two loans.
      2. Prepare for the lender a Title Insurance Commitment (also called binder) that promises to the lender that title insurance can be issued if certain requirements are met and provides the lender with the current status of title.
      3. Prepare a preliminary Hud-1 settlement statement to show the lender what title and government fees will be charged.
      4. Once closing is scheduled, obtain the loan documents from the lender (this is also referred to as the closing package) along with the specific instructions for closing the loan. This is usually received the day of or day before closing.
      5. Prepare a final HUD-1 settlement statement with all fees including the lender's and send to the lender for final approval.
3. Coordinate with the borrower and lender the date and time of the settlement.
4. Prepare all other documents necessary for the settlement including the settlement statement, various county forms, etc.

Only after all of the above is done, and more, is it time to for settlement on the refinance.

Next: During Settlement

Some Items for the Borrower to keep in Mind:

If you are expecting to bring money to the settlement table for their refinance then the day before or the day of the scheduled settlement, the borrower should contact Veritas Title, LLC to determine how much money you need to bring to settlement. This amount is not available sooner because the final figures are not usually received from the lender until shortly before the scheduled settlement.Typically your funds should be in the form of a money order, cashier's check or certified check and made payable to Veritas Title, LLC

You must always bring some form of government identification with you. Driver's Licenses or Passports are acceptable forms of identification.

Typically, at the settlement conference (referred to as simply "settlement"), the borrower will meet at the offices of Veritas Title, LLC with a settlement attorney or settlement officer. While at settlement the borrower will be presented with various documents for their signature. Among the documents that will be signed are the HUD-1 Settlement Statement, the Deed, and all of the lender's(s') loan documents including the note, Deed of Trust, as well as multiple disclosures.

All of the loan and government documents will be fully explained to the borrower by Veritas Title, LLC We take pride in making sure the borrower is comfortable with the transaction and leaves our office as another satisfied customer.

Next: After Settlement

When a borrower leaves the settlement table, their part is finished; however, our job continues. We must do all or most of the following:

1. completely audit the disbursement sheet and review all documents involved;
2. assemble and return the lender's package per the lender's written instructions;
3. record the deed of trust or mortgage in the county's land records;
4. disburse all funds to appropriate parties;
5. issue the title insurance policy; and,
6. if required, after paying off the appropriate lenders, obtain, or prepare and record all releases.