Private Mortgage Lender
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      1. Nojumi Knowledge Base
      2. Addons
      3. Private Mortgage Lender

      How to complete a private mortgage closing with Nojumi

      If you act for a lender and wish to complete a private mortgage closing, you should take the following steps

      Open the Matter

      1. Create a new private mortgage lending matter
      2. Generate the Retainer Agreement
      3. Send the Retainer Agreement to client for e-signing
      4. Send initial correspondence to the client

      Intake

      1. Complete client ID verification
      2. Verify Source of Funds with Client
      3. Share the Closing Form with the client or their mortgage broker
      4. Complete the Closing Form
      5. Send email to client and client's mortgage broker asking for contact information of the Borrower's Solicitor

      Commitment Letter

      1. Generate the Commitment Letter
      2. Send the Commitment Letter to client for e-signing
      3. Obtain a fully executed Commitment Letter from the Borrower's Solicitor (and a deposit)
      4. Upload the signed commitment letter to the Upload Bins

      Initial Correspondence

      1. Send the mortgage instructions to the Borrower's Solicitor
      2. Send an Upload Request to the Borrower's Solicitor to obtain
        1. Tax Bills
        2. Payout Statements
        3. Banking Information
      3. Send instructions regarding closing funds to the client

      Status Certificate Review

      If the property is a resale condo

      1. obtain the status certificate
      2. review the status certificate
      3. generate the status certificate review report
      4. send the status certificate review report to client

      Title Searches

      1. Complete Title Searches
      2. Complete Writ Searches 

      Title Insurance

      1. Order title insurance
      2. Receive title insurance policy

      Statement of Account and Trust Ledger

      1. Generate the Statement of Account and Trust Ledger
      2. Send the Statement of Account and Trust Ledger to the Borrower's Solicitor

      Closing

      1. Generate the security documents
      2. Send the closing documents to the Borrower's Solicitor
      3. Send Upload Bins to the Borrower's Solicitor to upload the signed closing documents onto
      4. Generate Form 9D
      5. Generate the draft charge XML and import into Teraview
      6. Generate the Acknowledgement & Direction re Charge
      7. Send the following documents to client for e-signing
        1. Form 9D
        2. Acknowledgement & Direction re Charge
        3. Draft Charge
      8. Receive closing funds from client
      9. Receive signed closing documents
      10. Receive title insurance policy
      11. Receive fire insurance policy
      12. Register charge
      13. Wire closing funds to the Borrower's Solicitor

      Report

      1. Generate Form 9E
      2. Send Form 9E to client
      3. Close matter