Ditressed, Home Buyer in Killeen, TX

who is at the closing procss? is ithe underwriter and the loan officer and what happens?

Asked by Ditressed, Killeen, TX Wed Jun 16, 2010

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Ronda Allen, Agent, Plano, TX
Wed Jun 16, 2010
Only pay attention to agents in Texas on this question. EVERY state has it's own way of handling closing. Only in very rare cases, where I'm dealing with a loan officer who is local, have I ever had the loan officer attend the closing. Usually, it's the buyers, me, and the escrow agent representing the title company. The escrow agent is a Notary, and so there isn't anyone else required. However, we can reach out to others, as needed, if there are concerns about the documents. If the process has been properly handled, all you are really doing at the closing is signing your agreement to the paperwork being filed, handing over a certified check to cover your closing expenses, and having a copy of your drivers license made. If the lender 'table funds', you can expect to take possession as soon as the escrow agent sends back the signed documents to the lender and confirms their receipt. If not, it may take an hour or two for 'funding'. You don't own the home until you hear the words 'we've funded'.
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Jackie Rankin, Agent, Fort Worth, TX
Wed Jun 16, 2010
Hi Distressed! I always attend my client's closing. Typically it is the client(s) and the Escrow Officer from the Title Company, and myself. I've only had 2 closings where the Loan Officer showed up and both of them asked if they could stop by and bring a closing gift. So they weren't there for the whole thing just a few short minutes to thank my client. Hope that helps!

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Beth Dalton, Agent, Sneads Ferry, NC
Wed Jun 16, 2010
Hello Ditressed,

In my area the loan papers are sent to the closing attorney, and I have never seen a loan person at the closing. As far a Realtors are concerned I think that it is very very important that your realtor be at the closing table. Sometimes things come up that require the realtor to continue to support you and need the realtor to help resolve. Check with your realtor before you sign up with them to be your buyer's agent. If they don't go to closings, don't use that realtor.
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Don Groff, Agent, Austin, TX
Wed Jun 16, 2010
Hello Distressed,

That is a good question. Underwriters never go to closings. Most of the time they are in another state far far away. I am a Mortgage Broker and a Realtor and I try to attend most of my local closings when I am acting as the loan officer. As their Realtor I always attend the closing and you will find that about 50% of Realtors attend their closings. It just depends on the individual. I like to be there whether as their loan officer or their Realtor because the loan and home buying process is a stressful one and my clients prefer to have me by their side in case anything comes up.

So it really depends on your loan officer and/or Realtor. If you would prefer them to be there tell them that. I am assuming you are having some issues and I think I have answered other posts from you before so if you have any questions on anything or any issues with your loan process please feel free to contact me to talk. Sometimes the loan process can drag on a bit and I know that it does create additional stress.

I wish you the very best of luck with your loan refinance.
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Richard Schu…, Agent, Los Angeles, CA
Wed Jun 16, 2010
What closing process do you mean? Do you mean when you sign loan docs? That often times is done at the Escrow office with a notary on hand. Sometimes it can be done other places, or the notary will travel to you.

The loan officer and underwriter will be involved up until the final steps of the escrow and approving and funding the loan.

If you clarify your question a bit more, we can provide further explanation.

Richard Schulman
Keller Williams Realty
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