Williamson County, TN Mortgage Loan Closing

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Williamson County, TN FHA Mortgage Loan Closing


This is why I like working for the company I do, First Community Mortgage, Inc.  I received a call from a referral partner on Monday 12/20/2010.  He told me about his client that was due to close on his contract 12/29/2010. The home was a short sale with Fifth Third Bank.  As it was presented to the selling agent and the buyer if the closing did not happen on or before 12/29/2010 the deal was off, the earnest money forfeit and there would be no extensions.  Harsh, I thought.  To make matters worse the lender the buyer was working with (not a lender local to Williamson County, TN) had told him that he was not sure they could meet the deadline.  That is when the Realtor asked me if I could do it.  Get the loan approved and closed in 8 calender days, 2 of which were Christmas Eve and Christmas Day.  What was I going to do?  I had to try.  This is what happened.

12/20 Spoke with buyer, took application over the phone.  Ran credit and received Automated Underwriting Approval for a 30 year fixed rate FHA Purchase Loan.  Sent disclosures to the buyer via email.

12/21  Received Disclosures and supporting documentation from the buyer.  Received Contract from Realtor. Ordered title and appraisal.  Sent file to processing for setup.  Continued working with buyer to make sure we cleared as much as we could on the loan file prior to submission to underwriting.

12/23  Received Completed Appraisal and Title Work.  (No small feat.)  Submitted full file to underwriting. My underwriter was waiting on the file and she underwrote the loan and approved the loan with conditions prior to leaving the office on Wednesday night.  

12/24 Christmas Eve - Bank Closed

12/25 Christmas Day - Bank Closed

12/26 Sunday - Bank Closed

12/27 Gathered all open conditions, nothing major, a few items from the buyer, and resubmitted loan file to underwriting.  Received clear to close from underwriting and file was walked into the closing department. Called all parties and set closing for 11:00 AM on 12/29/2010.

12/28 Instructions and the closing package were sent to the Title Company.  HUD-1 settlement statement prepared and approved and in the buyers hands before 5:00 PM on Tuesday.

12/29  Buyer closed on his purchase with a FHA 30 year fixed rate loan from First Community Mortgage, Inc.  

Not that is what I call a successful loan closing.  I would not want o do this on all y closing but it sure is ice to know that it can be done if it needs to be done.  I have to say all parties involved, the buyer, the Realtors, the Title Company and the Appraisal Management Company did all that was asked in a quick competent manner.  

If you need a company to close your home Mortgage Loan please call Lee Barroll at First Community Mortgage, Inc. in Brentwood, TN at 615-243-1301.


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