MasterClose^TM

MasterClose Lesson Plan (a process flow)

You’ve chosen FNF Canada as your service provider—great choice!

Class 1: Intro to MasterClose (getting started)

We’ll start on our assignments (ordering payout statements—if applicable, completing searches, and conducting due diligence) and connect with the lender/borrower if there are any discrepancies.

Class 2: Relationship building

We’ll reach out to the borrower to introduce ourselves and book their signing appointment—we want to find the earliest and best time to meet.

Class 3: Developing and finalizing the package

The signer will receive the signing package from us and get the documents signed.

Class 4: Collaborations

After the signer returns the package,** we’ll request funds from the lender.

Class 5: Final assignments

We’ll fund the mortgage on the closing date and pay out any debts (secured and unsecured).

Graduation

We’ll register the mortgage, and voila! You’ve completed your first masterclass in mortgage closing.

**And we receive any applicable secured payout statements.

We’ve made it so far; here’s your final exam cheat sheet

Did a professor ever let you bring a cheat sheet into an exam? Wasn’t it a huge weight off your shoulders? Consider this your cheat sheet for mortgage closings with us.

Delays can happen— here’s our tips on how to avoid the common ones:

1. Request for Statement Authorization (RSA) is missing

We’re missing the RSA—make sure you include it with your submission.

2. Name discrepancy on title

There is a name discrepancy on title—nothing is worse than when the ID they provide doesn’t match what’s registered on title. Was Jim registered on title originally, but James is giving you his brand-new passport as his form of ID?

Here’s the next steps in avoiding a defect:

• obtain a copy of the tax bill to verify the customer’s legal name on title, address, and legal description; or
• if a name change is required, please contact us directly.

3. The mortgage on RFI doesn’t appear on title

The Mortgage on RFI (Request for Insurance) doesn’t appear on the title—this happens when we’re told we need to pay out an existing mortgage from another financial institution, but the search reveals no such mortgage. The reverse can also happen when we find a mortgage on title, but it wasn’t revealed on the RFI. This delays funding as we reconcile the differences in what we’ve found in our search vs what has been provided.

4. Payout Statements

We know this isn’t fair because it’s entirely out of your control. We just wanted to give you a heads up that we use the following guidelines for payout statements:

Major financial institutions and monoline lenders: 5-10 business days
Credit unions and private lenders: 3-5 business days