Closing Procedures

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CLOSING PROCEDURES FOR ASMC TABLE FUNDED TRANSACTIONS

If you wish to use our loan funding services at time of closing, the following procedures apply:

1. Provide our closing department with a set of completed closing instructions NO LATER THAN TWO BUSINESS DAYS prior to the scheduled closing.  If the loan is not locked at this point, you must lock it now because we cannot properly complete our closing and funding duties until we know at what price and interest rate the loan will close.  Contact our closing department by phone to verify that we have received your closing instructions and have your loan on the schedule to close.  The form we have supplied will contain the information needed to set our process in motion.  However, incomplete or inaccurate closing instructions will interfere with the timely delivery of documentation and/or closing funds.
2. We will request from the closing agent a copy of the HUD-1, title commitment, and survey for review.  The HUD settlement statement may be submitted no later than one business day prior to closing.  Based on the tax and insurance information reflected on the HUD-1, we will provide the closer with the aggregate adjustment and the aggregate escrow disclosure statement .   
3. If the loan has not yet been approved, so indicate on the closing instructions as our closer must obtain a funding approval number from underwriting prior to wiring closing funds.
4. Confirm closing time by phone with ASMC closing department.
5. After receipt of funding approval from our underwriting department,  our closer will wire funds to the closing agent's escrow account. 
6. If the closing or escrow company has not previously been  approved by ASMC management, the closing agent must submit to us financial statements, resumes of closers and a valid insured closing letter from the title insurer for whom they are acting as agent PRIOR TO CLOSING. We encourage our customers to take the proper precautions during the time the loan is being processed to ensure that the closer to be used has been properly approved or is acceptable. We will make every attempt to use the closer of your choice provided that they are sufficiently licensed, bonded, experienced, and can  supply us with an acceptable insured closing letter.
7. If not otherwise available, ASMC will provide a set of blank closing documents, with the exception of the HUD 1 and warranty deed, to your closer.   If your closer will not or can not complete the closing documents,  please let our closing department know at least two business days prior to closing.  We have relationships with several document preparation companies that will complete your closing documents for a fee.    
8. Interest credits are allowable up to the 7th of the month on FHA loans and the 10th of the month on VA & Conventional loans.

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