Unfortunately, this practice is not advised or necessary to add to the blank line. The purpose of this article is to create a broader comprehension of this paragraph to help your business and assist your consumers. Defects to title — The defect on title refers to a lien claim , mortgage or judgment. A title defect can create several issues which can result in the property not being able to legally transfer to someone else. Exceptions to title — An exception is something that will not be covered in the title policy and Schedule B.
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Once a loan is originated by the mortgage broker or loan officer , the corresponding paperwork is sent along to a loan processor. The loan processor is responsible for prepping and organizing the file and getting it over to the bank or mortgage lender for approval. For this reason, they play a critical role in the loan approval process, as mistakes made by the loan originator could be caught and corrected before the file lands in the unforgiving hands of an underwriter. Sure, you can fix some things, but not without a lot of red tape. Assuming the loan is approved, the processor will receive a list of prior-to-document conditions PTDs that must be met before loan documents are released by the bank. However, some processors are actually more knowledgeable than the more sales-oriented loan officers because they handle more volume and may have more years of mortgage experience under their belt.
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