lender search

[MOMO30]

Hello,

My attonery has completed the title search and all came back well.

I have received my conditonal approval....I wanted to know is there a separate

Title search done by the bank? My loan officer said the title has been cleared by the banks attonery

is that the end of the title search?

[StartingOver10]

No, the title search and exam is done by the attorney or the title company and provided to the bank for review (title commitment). The bank then checks it to make sure there are no encumberances or liens on the title and that they will be in first place when they issue their mortgage loan on the property.

[MOMO30]

According to my lo the bank s attonery has cleared the title. 

Is there a separate search done by the lender?

[StartingOver10]

No. What your LO is telling you is that the title commitment has been reviewed by the banks attorney and it has clear title. He was giving you the status update. The lender does not do a separate search.

[MOMO30]

So whats the next step for the title

[StartingOver10]

You are supposed to have a copy of the title commitment sent to you by the title company. Do you have an attorney to close this or are you using a title company with no attorney representation? Either way, you can have the title company explain the title commitment to you.

Here you get the title policy one of two ways 1) it gets issued at closing or 2) it is mailed to you after closing when the deed is recorded.you want to keep it with your important papers as it is the only time you will see the actual policy.

[MOMO30]

I have an attonery....im in NY she did the title search

[StartingOver10]

Well then, that answers your question. She provided it to the bank. Sounds like the buyer pays for the title insurance where you are (it's a negotiated point where I am).

The lender is going to want to have you pay for coverage too - this is normal when you have a loan. If she hasn't explained already, ask your attorney to explain it carefully to you - both the commitment, the coverage (remember this is insurance) and the fees.

[Anonymous]

Not to hijack your thread but what is "conditonal approval"?

Just curious because I got an email from my LO stating that

"Title insurance has been ordered, appraisal has been order and file has been submitted. 

We should have the approval back on Tuesday than we can talk about what conditions we need to satisfy".

I emailed my LO but it looks like he is out of office.  I figure I'll get a faster response thru here.

[Anonymous]

Sue,
Conditional approval is where the lender comes back & gives 'conditions' for you to get final approval for the loan. Conditions can be small/easy, such as writing a short letter of explanation for why you opened a new credit card a couple months ago or asking for a couple more months worth of bank statements, or they can be bigger/ more complicated, such as paying off a several thousand dollar loan & closing the account.