TITLE AGENCY STATES

FDI is a full service, licensed Title Agency, currently under Agency Agreement with National Underwriters in the following jurisdictions:

Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Massachusetts, Michigan, Missouri, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, West Virginia, Wisconsin.

TITLE SEARCH

The scope of a Title Search required for issuing a Preliminary Title insurance Commitment is generally mandated by the title insurance underwriter that has appointed FDI as its Title Agent.

An abstract of title is a search of the applicable public records in accordance with jurisdictional requirements that contain all required chains of title.

Each chain of title is researched to include the vesting of record, the status of each and every party of interest reflected in the applicable deed(s) that make up the applicable “Chain of Title”, all current and prior deed information (including grantor, execution date, recording date and recording reference), open mortgages of record with last assignment, judgments and other involuntary liens, taxes as reported at the county level, full legal description of subject property for each chain of title abstracted and examined.

In addition to examining the applicable statutory search, FDI’s Title Agent of Record will examine and evaluate Powers of Attorney and Trust Agreements to determine the authorities of those holding a Power of Attorney, as well as, the structure of the applicable Trust in relationship to the proposed transaction.

EXAMINATION OF TITLE SEARCH

Upon examination of the Statutory Search/Abstract of Title, FDI’s title agent of record will evaluate the condition of title to determine the insured liability as a necessary step to issuing a Preliminary Commitment to insure the proposed loan transaction.

PRELIMINARY TITLE COMMITMENTS

The Preliminary Title Commitment is issued to the lender and a copy of the preliminary commitment is given to the FDI Settlement Officer. FDI’s Settlement Officer will contact the lender and go over those matters listed on the commitment referenced as “Exceptions”, which are those items that must be cleared in order to schedule the matter for closing.

Curative Title Services (Clearing Title Exceptions) and Miscellaneous Services Content:

• Ordering mortgage or judgment payoff demands.
• Tracking releases for previously paid mortgages.
• Completing research for judgment(s) and involuntary liens.
• Obtaining and verifying real estate tax information at a county or local level.
• Preparing or coordinating the preparation of new conveyance deed.
• Preparation of modification agreements where applicable.
• Requesting and tracking subordination agreements.
• Ordering municipal lien letter(s).
• Dye tests , at the request of the Buyer(s)/Borrower(s) will assist in ordering.
• Obtaining current survey if required, at the request of the Buyer(s)/Borrower(s) will assist in ordering.
• Preparation of Letters of Estoppels.
• Preparation of HUD-1 Settlement statement.
• Analysis of and Compliance with lender’s Master Closing Instructions.
• Issuance of FDI closing instructions to settlement agent that contain listing of all required documentation that the lender has stipulated that the borrower(s) are to provide.
• Obtaining Insured Closing Protection Letters.
• If applicable the documentation to be delivered to a warehouse lender immediately after settlement.

FULL CLOSING/SIGNING & ESCROW SERVICES WITH INSURED CLOSING PROTECTION LETTER

FDI recognizes the importance of the closing process and understands that we are an extension and direct representative of our client during document execution.  Our closing consists of the following inclusive services for witness signings:

• Appointment Services

Once the loan has been approved, our client should contact FDI to place an appointment request.  Requests can be made via fax or e-mail to a designated e-mail address.  Once the request has been received, FDI’s Scheduling Team will schedule the signing with one of our Closing Agents at a location convenient to the borrower.  The Appointment Team will then place a courtesy call to the borrower to confirm the date, time, and location of signing.  FDI has an extensive network of professional Closing Agents who are both courteous and experienced in mortgage document execution.

• Document Preparation & Delivery
  

Once the loan closing has been scheduled, the client is requested to forward their Master Closing Instructions and loan package to the FDI Document Prep Team a minimum of twenty- four (24) hours prior to the scheduled closing.

FDI’s Document Team will forward the lender’s loan documents to our Closing Agent in advance of the scheduled closing date and time, which will enable the Closing Agent to review the package prior to the scheduled appointment.

Once the Closing Agent has reviewed the loan documents he/she will place a call to the Seller(s)/Buyer(s)/ Borrower(s) (as applicable) to the transaction to confirm the appointment date, time and provide directions to the meeting location. In addition, the Closing Agent will inform the Buyer(s)/ Borrower(s) of what documents will be needed at the time of signing, for example proper identification, funds necessary to close (if required) and any other lender specific requirements .

• Indepedent Contractor Closing Agent Responsibilites
  

Closing Agent shall obtain all required documentation requested by the lender and prior to releasing the borrower(s) from the closing will examine each and every loan document to ascertain that each document is signed consistent with how the grantee(s) (Owners have taken title).

The Closing Agent will return all loan documents by courier on the day of settlement provided that closing occurs prior to courier’s last pick-up of documents.  When the closing occurs after the last pick up, the closing agent shall send the documents the next business day.

• Post Closing & Quality Control

Once all mortgage documents have been executed, the Closing Agent will then overnight the loan package to FDI for quality review. Our Document Quality Control Team will review the package to ensure all signatures have been obtained and all necessary requirements have been met.  The Mortgage is then processed via overnight courier to the local courthouse for presentation and recordation.  Our goal is to return to our client an error-free loan package 48 hours after the signing appointment.  If any errors were detected during our review process, FDI will take the steps necessary to correct those errors. The above are standard workflows and processes.  Client specific workflows are developed based upon a lender’s specific needs.

• Bring-Down of Title Search Prior to Recordation of Mortgage
  

FDI will have an independent title abstractor bring their original statutory search current through the date of recordation to confirm there has not been a change in the condition of title since the effective date of the original statutory search, which is and was the basis for the issuance of the Preliminary Title Commitment to the lender.

• Recordation of Mortgage

Traditional Walk-In Recording

FDI independent contractor will be sent the executed mortgage for recordation in the county in which the subject property is deeded.  FDI independent contractor will present the mortgage to the applicable Recorder of Deeds in a manner that meets the requirements necessary to record the mortgage in the applicable county’s public land records.

E-Recording

FDI has the ability to electronically record documents in various county jurisdictions.  Documents can be presented electronically and recorded with 24 hours of presentation and often times can be recorded same day.

• Issuance of Full Alta Title Insurance Policy
  

Upon confirmation of the recordation of the mortgage instrument, FDI will issue the Owner’s Policy (if applicable) and Lender’ Policy with all required endorsements to the Standard ALTA Policy requested by the OWNER and/or Lender.

TURN AROUND TIME

• Turnaround time for title work

• Turnaround time for recordings