Lender title services
Lending is indispensable to both residential and commercial real estate. It empowers borrowers to make what may be the largest purchase they’ll ever make, and at the same time provides sellers with their proceeds in immediately available cash at closing.
Still, bringing a lender into a pending deal increases the deal’s complexity and changes the deal dynamic. Buyer and seller now look to the lender to set the pace of the purchase process and the closing. Few realize, however, that lenders ultimately look to the title agency to satisfy their own requirements for clearing the deal to close.
When a lender is brought into a pending deal, our title expertise and legal experience become even more crucial. Our principals take a pragmatic, solutions-focused approach to lender requirements and title matters, smoothing potential issues and accommodating complicated lender requests. Especially where the lender is itself represented by counsel, we can address title concerns and requirements at the level of equal partners, as fellow real estate attorneys. When all the other parties are waiting on the lender, and the lender is looking to the title agency, we are comfortable, confident, and ready to bring the deal to closing.
Our lender title products
Our most common lender title product is a loan (or lender’s) title insurance policy. Lenders almost always require title insurance, whether you are using the lender’s funds to buy property, refinancing a current loan, or getting a second loan or line of credit to take additional equity out of your property. The buyer is responsible for the cost of the loan policy (which is based on the loan amount) for the purchase of a property, and the borrower is responsible for the cost of the loan policy in the case of a refinance.
Like our owner’s title insurance policy product, lender title insurance is built on a foundation of a thorough and wide-reaching examination into the recorded title records for the property being mortgaged. In examining the title, our goal is to ensure that the borrower owns the title to the property, without there being any competing ownership claims. We also look to identify any existing mortgages or other monetary claims against the property, so that we can have them paid off at closing and cleared from the title. Most lenders want to have “first lien” position on the property, but at times the lender knowingly takes a “junior” mortgage on the property, leaving a prior mortgage in place. For a lender policy, we take the additional step of examining all recorded documents that pertain to the borrower so that the lender has information about judgments, tax liens, and family matters that can affect the loan.
Besides lender title insurance, we often conduct title searches for lenders as well. Sometimes we run a title search on a property as pre-insurance: a lender knows a borrower is in the process of applying for a loan, and wants to get an idea of the property’s title status before even issuing a loan commitment. Other times, lenders will ask us for title searches on property the lender is taking as additional loan collateral. Either way, our seasoned examiners know what to look for in order to give lenders assurance in lending funds and taking a mortgage against property.
The greatest worry we hear from borrowers is that their loan documents say something different from their understanding of what the loan terms are. Loan documents are dense, filled with specialized language, and many of the terms are not discussed in any detail before closing. At Birmingham Title Agency, your loan closings can be personally overseen, processed and closed by one of our three managers, all of whom are hands-on real estate attorneys. These attorneys have not only reviewed loan documents for legal clients in detail, but have drafted loan documents themselves. Our expert attorneys are always available, for every deal, to review and discuss our clients’ loan documents to give them clarity and reassurance. Working with our Birmingham Title Agency attorneys significantly improves your ability to feel secure closing your loan transaction.
Finding the best lender for your deal is about more than just the lowest interest rate or the highest loan amount. We have decades of experience connecting clients with lenders, in the process forming connections with the best in the industry. Whether you are a first time home buyer, or a seasoned investor looking to add to your real estate portfolio, Birmingham Title Agency can put you in touch with a lender ready and able to provide you with a loan. If you are looking for top rated mortgage brokers or lenders, we are happy to provide referrals, backed by ours and our clients’ repeated positive experiences. Birmingham Title Agency can connect you with the right lending professional, who will provide the same dedication and exemplary service we hold ourselves to.
Our closing options
While the loan-closing world is still very much about putting ink on paper, we’re committed to offering multiple closing options, all secure and reliable, to accommodate clients, whether they prefer a classic at-the-table closing; prefer to keep their distance as much as possible; or who, because of schedule or location, can’t make it to an in-person closing
In-person closings (together, or apart). There’s nothing like an in-person closing to feel the excitement and accomplishment of getting a deal done. We remain committed to maintaining appropriate safety protocols for our physical spaces, including sanitizing and social distancing, and our multiple conference rooms allow us to “stage” closings throughout our office. We can accommodate all comfort levels—just let us know your preferences.
Remote closings are the “new normal” in the title industry, because many of our clients either cannot or prefer not to take hours out of their day to attend an in-person closing. We are fully equipped to make your closing happen when and where works for you. We can arrange a mobile notary to meet you, literally anywhere in the country and at any hour, to conduct your loan signing and then get the documents back to us. You can also sign our documents over DocuSign, anywhere you have an internet connection to your computer, phone, or tablet.