ULF Docs

Fulfillment Overview

When choosing your fulfillment provider, it is important to choose the right fit for your company’s needs. Here at ULF Docs, we have several different fulfillment packages to choose from to best fit your needs. Fees for these services are dependent upon the scope of the services requested.

1. Document Preparation.

Equipped with an investor approved document preparation software, we can prepare your closing package for your loan on a nationwide basis. Upon receiving your order form to close, the latest technology to interface your loan data over and send all the necessary loan data information documentation for our team of closers. Upon receipt we 1) review the documentation 2) advise of any discrepancy found 3) confirm all closing underwriting conditions have been met in order to prepare a complete closing package specific to your investor. Upon completion of the complete closing package we review the loan package for quality and assurance before releasing to your settlement agent.

2. Texas Document Legal Review.

You may prepare your own closing package with or without the legal documents included (Note, Security Instrument and any Riders) but in Texas you need an attorney to review/prepared and sign off on the legal documents before your borrower can sign. If you are an EMB/Mini Correspondent broker and your investor prepares the closing package but does not conduct the Document Review, ULF is staffed and equipped to handle this on your behalf. Upon receipt of your order we 1) review the documentation 2) prepare the legal documents or advise by outlining the recommendations, closing conditions or discrepancies of legal.

3. Settlement Statement HUD-1 Review and Approval.

Prior to closing ULF will request the HUD-1 from the settlement agent. We will fully review the preliminary HUD-1 and ensure all the closing fees are listed, any credits/earnest money listed on the sales contract are listed, any tolerance credits addressed and all underwriting conditions involving the figures have been meet. We work with your settlement agent to ensure the HUD-1 is accurate and precise before signed by all parties.

4. Balancing the Funds to Close & Ordering the Wire.

We obtain confirmation from your settlement agent that their file is balance based on our wire amount as provided on the Final Approved HUD-1. Based on the confirmation we will order the wire from your designated warehouse bank providing them with all the documentation they require to release the funds.

5. Authorization to Fund/Disburse Transaction.

After the transaction closes your settlement agent is instructed to send ULF the critical documents for our audit. In this audit, we are ensuring 1) all signatures are above the signature line and match the borrower’s ID, 2) documents are dated with the correct date 3) documents are notarized correctly and 4) any and all underwriting conditions have been met. Once all conditions have been satisfied ULF will issue a funding number to the settlement agent authorizing the disbursement of the funds for the transaction.

6. Shipping Executed Closing Package.

During the transaction process your settlement agent is provided detailed information on where to ship the executed closing package and collateral package. We require the package be delivered to our office within 24 hours after closing. The collateral package is to be delivered to your warehouse bank and the executed package is to be delivered to ULF. Upon receipt of the executed closing package ULF will stack the package according to your investors guide lines and deliver accordingly, this may be through the investor’s website or through overnight delivery.

7. Clearing Pre-Purchase Conditions.

If your investor has suspended the loan with pre-purchase conditions, our team of experienced post-closers will work with your staff and the settlement agent to obtain prompt satisfaction of the conditions. Once your loan is cleared for purchase you or your investor will provide ULF the purchase advice to deliver to your warehouse bank.

8. Tracking of the Trailing Documents.

The closing package we prepared instructs the settlement agent to deliver the trailing documents (Final Title Policy, Recorded Security Instrument) to your investor. ULF will monitor by working hand in hand with your investor the receipt of the trailing documents.