We like to push JVM’s super-fast closing periods as a major selling point for buyers, as most people know. Our fast escrow periods and airtight pre-approvals make financed purchases equivalent to cash offers.
A major holdup in the closing process, however, can be Escrow, making it extremely important to choose your escrow office carefully and to make sure she is on board with the fast closing.
We need very fast responses from Escrow in three instances in particular. Delays at these times hold up the entire escrow.
1. When contracts are accepted, we immediately email escrow for specific and exact fees. We cannot prepare disclosures or move files to underwriting until we have these fees.
2. When we draw loan documents and request the “Master Fees” sheet from Escrow: The Master Fees sheet is just the new name of the Closing Statement or estimated HUD 1. We cannot prepare our Closing Disclosure or CD without this.
3. When we email the Closing Disclosure (CD) to Escrow: Escrow needs to formally approve the CD before we can send it to borrowers to start the 3 day review period.
We realize that good escrow officers will necessarily be very busy, but we need responses and info as soon as humanly possible nonetheless if we want to close quickly and on time.
Jay Voorhees
Founder/Broker | JVM Lending
(925) 855-4491 | DRE# 01524255, NMLS# 335646
