Escrow Thursday: Duties Of the Lender

Duties Of the Lender

The duties of your lender in the escrow process are to ensure that your loan for the purchase of your home can get the proper funding to close the transaction. To do this, the lender needs to perform the following tasks:

• Pull your credit report to verify that you have the minimum credit score to purchase a home.

• Verify that you have funds available for the down payment that you wish to make. Whether that is a 20% down loan or less is between you and your lender.

• Contact the underwriter to get the loan approved so that you can close on time.

• Get final loan approval.

• Order mortgage insurance if you have a loan with less than 20% down payment.

• Wire funds to the escrow company after all parties have signed the loan documents.

 

 

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