Lenders

 

 

Choices Choices…

 

With the proliferation of internet mortgage lending, the financing of real estate in Massachusetts has become a national rather than local proposition. No longer are borrowers confined to local banks, credit unions, and mortgage companies to assist them in their financing needs. 

 

            While the consumer now has a wide variety of borrowing choices and a seemingly infinite pool of lenders with whom to do business, this dramatic expansion of lending outlets has caused a certain degree of confusion and concern for both borrower and lender in the area of closing services.

 

 

An Attorney’s State

 

Origination of the loan is relatively simple. As a result of local law, custom, and procedure however, closing that loan may be quite another story. In Massachusetts real estate closings have traditionally been conducted by closing attorneys. The closing attorney orders and reviews the title examination, obtains a municipal lien certificate to determine the existence of outstanding taxes, and obtains a survey of the property. The attorney conducts the closing, certifies the title, records the documents at the local Registry of Deeds and issues title insurance. In short, the closing attorney provides virtually all of the necessary services in connection with the conveyance of title and the placing of the mortgage.

 

 

Do You Really Want to do That?

 

            Since the practice and procedure surrounding real estate conveyancing and mortgage lending in Massachusetts is somewhat confusing and unique to this state, it is difficult for the out-of-state lender to be acquainted with all of our particular methods of practice.  Because of this, some on-line lenders have been placing the burden of securing the title and closing services on the borrower. This becomes problematic since too often the borrower does not know which attorneys are proficient at real estate conveyancing practice. Too many attorneys "dabble" in conveyancing and don't specialize - yet few attorneys will turn away the business when approached. The lender should not have to "train" the closing attorney. Additionally, it can be a bewildering and burdensome process for the borrower to be saddled with the responsibility of having to search for appropriate closing services when their local bank provides that service as a matter of common practice. Time always becomes an issue as the closing date approaches and inappropriate decisions can be made. Deciding on the wrong closing agent can cause expense, confusion and delay. The result is an overwhelmed consumer with an aversion to the borrowing experience, and a frustrated lender who is constantly re-acquainting a variety of unfamiliar closing agents with the lender's procedures and requirements.

 

            It is certainly preferable, from the lender's perspective to have pre-designated closing services in place with one known and reliable source, rather than to waste valuable time and resources dealing with that issue on a continual basis for each and every loan transaction.

 

 

Relax! 

 

            Whether the Lender is relying on the consumer to locate closing services or whether you, the lender is seeking to end the confusion caused by that reliance, The Law Office of Michael M. Greenburg, P.C. is your perfect one stop source for real estate closing services in Massachusetts. 

 

            The Law Office of Michael M. Greenburg, P.C. is a ready and proven source for real estate closing services. We welcome the full range of wholesale and retail originated loans. We are a fully experienced real estate law firm - yet we are not plagued by the typical law firm distractions. Our exclusive focus is real estate conveyancing. This is all we do. Our attorneys are not "held up in Court," probating estates, or forming corporations. We are a full service law firm with total title insurance and certification authority. We are a certified Closing Insight and Secure Insight portal user for ease and confidence with TRID compliance. The Law Office of Michael M. Greenburg, P.C. also offers full buyer services such as purchase and sale agreement negotiation and review. Our service can reduce closing costs as we are able to represent both the lender and the borrower at one low fee.          

 

            When The Law Office of Michael M. Greenburg, P.C. is designated as the closing agent, whether by referral of the borrower, or by pre-designation from the lender, the procedural issues are simple. The borrower does nothing.  All matters of conveyance are handled between the lender and us. There are no annoying calls from the lender as to matters which are out of the scope and knowledge of the borrower. If we are not already the pre-designated closing agent for the lender then the borrower should notify the lender that they wish The Law Office of Michael M. Greenburg, P.C. to be the closing agent for their particular transaction. The lender will then contact us directly.

  

            Upon completion of the application process, the Lender will email (or post on a secure portal) a "Title Order" containing the names and telephone numbers of the parties and the brokers, as well as the address of the locus property (or a copy of the purchase and sale agreement). We will take it from there. We will order all title documents. We will communicate with the parties regarding scheduling and closing issues. We will conduct the closing (either at our offices or any other location convenient to all the parties), and we will return the fully executed closed loan documents to the lender's office along with the final title insurance policy as directed and in full compliance with lender closing instructions.

 

            The Law Office of Michael M. Greenburg, P.C. conducts real estate closings in every county in Eastern and Central Massachusetts including Suffolk County, Norfolk County, Middlesex County, Plymouth County, Essex County, Bristol County, Hampden County and Worcester County.  We have affiliation with title examiners and land surveyors in all of these counties enabling us to proceed with closings on relatively short notice and in a wide geographic area. 

 

ATTENTION MORTGAGE BORROWERS

 

Did you know?....

 

• Unlike local lenders, when you borrow from an internet lender it may be your responsibility to locate and retain the closing agent to close your transaction.

   

• Not all lawyers in Massachusetts are Real Estate specialists.

   

  Can you be certain that the attorney that you select to close your loan is proficient in real estate conveyancing?

   

  Contact The Law Office of Michael M. Greenburg, P.C. today - your one stop full service provider of internet closing services.