At The Law Offices of Nathan Erlich, we specialize in closing mortgage loans for the major lending institutions. We are one of the largest residential loan closing firms in New York. We close residential mortgage loans for houses, co-operatives, and condominiums. We also have extensive experience closing first and second mortgages simultaneously, home equity lines, Consolidation, Extension, and Modification Agreements (CEMAs), and FHA loans.
In order to service our clients in the most efficient, timely, and professional manner possible our firm's mortgage loan department is comprised of two distinct divisions:
Pre-Closing/ Closing Department
This is where the closing process begins and takes place. The attorneys and paralegals in this department work diligently to ensure that the loan process goes smoothly, acting as liaisons between lenders, mortgage brokers, attorneys, and borrowers.
At the start of a transaction this department reviews commitment letters, orders and reviews title reports and lien searches, reviews insurance binders, assists in clearing closing conditions, schedules closings, and prepares preliminary HUDs and closing cost figures, among many other tasks.
Our staff is well versed in the review and preparation of CEMA documents, powers of attorney, and transfer documents. Our staff also understands the MERS system and deals with it regularly. Moreover, we have a full-time paralegal available for the preparation and filing of UCC statements, thereby assisting in the timely closing of cooperative transactions.
Once a closing is scheduled the file is closely reviewed by the department supervisor to ascertain that nothing has been overlooked that might impede a smooth closing. If any outstanding issues are found the file is immediately returned to the appropriate individual for correction prior to closing day.
With respect to the actual closing transaction each member of this department has been trained to close residential mortgage transactions and is supervised by an attorney. In addition, our firm employs per diem closing agents located throughout the five boroughs, each of whom has extensive experience in closing mortgage loan transactions. This enables our firm to handle a high volume of closings on any given day and time.
Post-Closing Department
This is where a file goes once it has closed. Every aspect of the file is again reviewed immediately after closing by an attorney and, if it is a refinance, prior to funding to make sure that a complete file is returned to the lender. This helps to minimize post-funding problems and gives peace of mind to borrowers that their transactions have gone smoothly and they will not have to return to our office to complete documentation after their loans have funded.
In those instances where post-closing issues do arise, our firm employs a full time staff member to work on resolving outstanding issues in a timely manner.
