| 1 |
Mortgage origination services are offered to client at
no additional cost. |
Lawyer |
| 2 |
Disclosure is made to client regarding fees (client's signed acknowledgment
should be obtained, although not necessarily at this time). |
Lawyer |
| 3 |
Data is entered into Mortgage Origination module of The Conveyancer®:
. if Referral with Application role, complete mortgage application data, based
on thorough client interview.
. if Simple Referral role, minimal contact information only.
|
Lawyer |
| 4 |
Electronic submission of referral (and application) to LCSI. Receipt is
confirmed by automatic insertion of LCSI. Transaction ID number into Mortgage
Origination module of The Conveyancer®. |
Lawyer |
| 5 |
Client is contacted at requested time and phone number. Process is explained,
financing requirements are ascertained, questions encouraged and single point
of contact provided.
. if Referral with Application role, missing data is obtained.
. if Simple Referral role, all application information is obtained. |
LCSI |
| 6 |
Client's credit history is obtained and reviewed. Application is reviewed.
Potential lenders are considered, and custom submission is prepared and
electronically transmitted to the chosen lender. |
LCSI |
| 7 |
Lender commitment is reviewed, challenged and resubmitted where applicable. The
objective is to obtain the approval that best meets the client's needs. |
LCSI |
| 8 |
Final commitment is reviewed with client, terms and conditions explained,
questions answered and acceptance obtained. |
LCSI |
| 9 |
Documentation is provided to client for signature:
. application for credit
. creditor insurance application
. lender commitment
. checklist of required support documents |
LCSI |
| 10 |
Document delivery is tracked to ensure all lender's conditions are satisfied.
All parties are notified when the file is complete. |
LCSI |
| 11 |
Statement of Mortgage and Amortization Schedule is
prepared. |
LCSI |
| 12 |
Identities of all borrowers and guarantors are
verified. |
Lawyer |
| 13 |
Statement of Mortgage and Amortization Schedule is electronically downloaded
and presented to client prior to executing Charge (or Acknowledgment and
Direction). Statement of Mortgage, executed by both client and solicitor, is
returned to LCSI. |
Lawyer |
| 14 |
File is reviewed for regulatory compliance. |
LCSI |
| 15 |
Gold LS title insurance policy, if acting on closing,
is ordered (including payment of premium). |
Lawyer |
| 16 |
Electronic report is made to LCSI confirming that
transaction has been completed and funds advanced. |
Lawyer |
| 17 |
Direct expenses are paid, including Credit Bureau costs and premium to St. Paul
Guarantee for professional services coverage. |
LCSI |
| 18 |
Fee for service is paid to lawyer on a monthly basis
for closed and funded deals. |
LCSI |
Introduction