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Lenders Instructions

Coast 2 Coast Funding Group, Inc.

Lenders Instructions Addendum

Effective Date: Friday, January 5th, 2018

These instructions are mandatory and non-negotiable. They must be signed by both title and escrow. Please note that each party is responsible for their duties, tasks and responsibilities only. Alterations to these instructions i.e. notations, stamping of any sort or adding addendums will only cause the applicable transaction to experience delays.

  1. Escrow acknowledges that the lender has a minimum of 48 hour turn time to check in executed loan documents, clear prior to funding conditions and run final compliance-quality control testing. Due to the nature of our business, turn times cannot be rushed or influenced by external deadlines. Please plan accordingly & set proper expectations and allow the lender to complete their internal process.
  2. Escrow acknowledges that escrow is responsible for lenders losses resulting from Escrow Company’s failure to follow the lender’s closing instructions and Escrow Company will indemnify lender of losses caused by the escrow company’s negligence.
  3. Escrow acknowledges they must review the conditional loan approval in its entirety for any and all underwriting requirements specific conditional items or providing any important notes that would pertain to escrow.
  4. Escrow acknowledges that as a result of not complying with any of these closing instructions, escrow will automatically be placed on the lender’s ineligible list.
  5. Coast 2 Coast Funding Group, Inc. to approve escrow’s final estimated closing statement prior to disbursement. The final closing statement must be certified and signed by the settlement agent.
  6. Final estimated closing statement to verify hazard insurance and property taxes have been collected for impounds (if applicable) & that any hazard insurance premium and or property taxes due are also showing paid.
  7. Transaction must record and disburse within 48 hours of lenders funds being received.
  8. Coast 2 Coast Funding Group, Inc.’s funding department will wire the entire gross note amount. Lender fees will not be withheld from the wire. Escrow is responsible to overnight or courier the lender check and closing package upon disbursement. USPS First Class mail is not an acceptable method of delivery. Please plan and account for appropriate shipping costs in advance i.e. prior to loan documents being generated.
  9. Settlement agent to send any creditor payoff checks directly to the borrower so they can appropriately and efficiently pay off creditors.
  10. All current and delinquent property taxes must be paid prior to or at closing.
  11. All hazard or flood insurance policies to be paid if premium is due prior to or at closing.
  12.   Settlement agent is prohibited from sending or releasing loan documents to any third party other than a borrower to the transaction without the lender’s written consent. This includes brokers, real-estate agents, etc.
  13. Settlement agent is to assume full responsibility for the execution and notary of loan documents, unless the lender coordinates the notary services. A notary or notary service must be selected by the settlement agent, not by a third party. Notary must meet the settlement agent and title company’s standards.
  14. If a real-estate broker and settlement agent affiliation exists it must be approved by the lender prior to closing.
  15. The maximum cash back to a borrower on a rate and term refinance my never exceed $2,000.00. 

Endorsement Requirements (when applicable)

  1. PUD Endorsements 115.2 when the subject property is a PUD.
  2. Condominium Endorsements 115.1 when the subject property is a Condominium.
  3. ARM Endorsements when the transaction is an Adjustable Rate Mortgage. 

Supplemental Closing Instructions (required by lender’s warehouse facility)

In addition to all other loan closing instructions, and superseding any instructions to the contrary, Coast 2 Coast Funding Group, Inc. hereby instructions the closing attorney or title company which receives the proceeds from the mortgage loan which is the subject of these closing instructions, (hereafter, the mortgage loan) as follows:

  1. You are hereby expressly authorized by Coast 2 Coast Funding Group, Inc. to perform closing services in connection with the mortgage loan as its agent in the loan closing.
  2. First Tennessee Bank (the bank), is the warehouse lender in this transaction. The bank will have a first priority security interest in the mortgage loan (not in the real-estate). If the mortgage loan does not close, you are either to
    1. Return the un-deposited cashier’s check to Coast 2 Coast Funding Group, Inc.
    2. Return the funds via wire transfer directly to the bank. If necessary, return wire instructions may be obtained from the bank’s manager of warehouse operations by calling (888) 297-0222.
  3. On behalf of the bank, Coast 2 Coast Funding Group, Inc. hereby instructs you to hold any documents pertaining to the mortgage loan which may be in your possession for the benefit of the bank, and to transmit same to Coast 2 Coast Funding Group, Inc. and to no other address except pursuant to written instructions delivered to you by the bank.
  4. Coast 2 Coast Funding Group, Inc. hereby instructs you to submit the mortgage or deed of trust to the proper recording agent for recording, thereby creating a valid lien on the property, subject only to those encumbrances showing in Schedule B of the title insurance binder. 
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Closing Cost Guarantee

 "Closing Cost Quote Guarantee" means that Coast 2 Coast Funding Group's fees for your loan application will not change between the time you apply and the time you close, assuming the following: The loan amount does not change, the rate and points option you choose does not change, the loan program you applied for does not change, any stated items on your application, such as your stated income, assets, job history, address history, or any other factor that may affect the underwriting decision of the loan you applied for do not change.

24/7 Service

"24/7 Service" means that Coast 2 Coast Fundng Group has loan officers staffed 24 hours per day, seven days a week, execept for all legal holidays or at any time that Coast 2 Coast Funding Group may choose to close for any purpose.  Other departments such as signing, servicing, loan processing, etc., are not staffed 24 hours a day and are generally available only during normal business hours.

Coast 2 Coast Funding Group
1 Orchard Road, Suite 235, Lake Forest, CA  92630
Office:  (949) 273-8990
Toll Free:  (888) 628-1535
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