Solution of the Month
Because we at Silk Title offer so many closing options, we can often do what others can’t—even when the ball is handed off to us with a short clock. Today, we outline one such example from one of our lender clients and borrowers.
Background: A borrower was attempting to close a purchase transaction with a different title company. The borrower had previously alerted the lender and title company that this transaction would require a RON (Remote Online Notarization) signing as he was located overseas.
Problem: Three days before the borrower’s scheduled closing, the original title company informed the borrower that they would be unable to do a RON signing after all due to their internal underwriting requirements. This presented a critical problem, as the borrower could not fly back to the United States to do an in-person signing. In panic mode, the lender reached out to a Silk Title representative to ask if Silk could do the RON signing and keep the same closing schedule so the borrower wouldn’t have to pay a rate lock extension.
Silk’s Solution: After confirming with Silk Title underwriters that a RON signing would in fact be possible for this transaction, the Silk representative alerted the lender and borrower of the good news. Then, knowing the clock was tight, the Silk Team immediately placed the title search order and paid a rush fee on behalf of the borrower to get the search back in 24 hours. After additional quick work by the Silk team, the transaction was clear to close the following day.
Impact: The borrower was able to complete the RON signing on the same scheduled day and thus, avoided having to pay a rate lock extension. By moving quickly, arranging for a rushed title search and, most importantly, doing our due diligence with underwriting before accepting the order, the Silk team saved the borrower time and money.
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