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Closing Agent Pre-Approval:
Closing agent pre-approval is required on all closing agents other than Timios.
The following documents need to be submitted to the same email address listed on the Approval for Conditions document:
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CPL
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Wiring Instructions
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Errors and Omissions (E&O) policy
If the State does not issue a CPL, AFR requires a copy of the Fidelity Bond Insurance as well as the E&O. Each policy must have a minimum coverage of $1,000,000.
Please note that it takes 48 hours to complete this process from time of submission and previously approved closing agents may have become inactive 90 days after last submission. Therefore, new submission of documents stated above may be necessary for re-activation.
NY Settlements (only):
AFR requires an approved closing attorney in NY to conduct all NY settlements. You or the borrower may choose from the list below:
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Richard H. Lovell, Esq. - (CEMA Approved)
Richard H. Lovell, P.C.
107-48 Cross bay BLVD
Ozone Park, NY 11417
Office: 718 835-9300
Fax: 718 835-9700
Note: Richard Lovell is the only AFR Approved
attorney that can close CEMA loans.
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Bonfiglio & Asterita, LLC.
Attorneys At Law
900 South Avenue, Suite 101
Staten Island, NY 10314
Office: (718) 370-2900
Fax: (718) 697-0439
MSideridis@bonfigliogroup.com
www.bonfigliogroup.com |
The Law Office of Robert L. Reda, P.C.
One Executive Boulevard,
Suite 201
Suffern, New York 10901
Office:: (845) 357-5555
Fax: (845) 357-3333 |
Stuart Pudell, P.C.
(516) 428-8806
Fax (631) 504-5490 |
Disclaimer: Please note, final high cost testing is not run until the closing package is prepared. If your loan fails high cost due to rate or fees you will receive an email from your closer advising you along with a copy of the high cost results.
FHA Endorsement Information:
Homeowner's Insurance:
American Financial Resources, Inc. ISAOA/ATIMA
And/Or The Secretary of HUD
9 Sylvan Way
Parsippany, NJ 07054
Title:
American Financial Resources, Inc. ISAOA/ATIMA
And/Or The Secretary of HUD
9 Sylvan Way
Parsippany, NJ 07054
Texas loans: Due to the rules and regulations of the Texas Department of Insurance, title policies should reflect the proposed insured as: American Financial Resources, Inc, and each successor in ownership of the indebtedness secured by the insured mortgage, except a successor who is an obligor under the provisions of Section 12(c) of the Conditions and Stipulations.
Settlement:
AFR preferred vendor is Timios to conduct all closings and escrow services.
Costs:
If Timios is used, AFR will cover escrow services fees with a $250 lender credit on all transactions. The borrower will be responsible for the signing fee of only $150 in non attorney states or up to $250 in states where an attorney is required. These states include Delaware, Georgia, Massachusetts, South Carolina, and West Virginia. The borrower will still be responsible for their normal closing fees such as overnight document expenses and recording charges as well as their own attorney’s fees if they choose to have their own attorney present.
The broker, the borrower, the Realtor, or the seller may continue to select the title insurance company of choice. We have, however, negotiated rates based on our overall volume and Timios will be able to offer your borrower reduced title premiums (where allowable by state law) if you use them for title insurance.
Service:
If Timios is selected as the settlement agent, AFR Wholesale will initiate the process for you. Timios will contact you and provide you a dedicated closing specialist. They will stay in touch with you throughout the process. Be prepared to provide them your Title Insurance preference. If there is no preference, Timios will provide one.
Timios will complete all HUD 1 settlement forms and will handle all wires and disbursements. They will close at any location that is convenient to all parties and allowable by state law.
Timios has an online solution that allows you to enter loan information instantly displaying a premium quote.
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