How to complete a private mortgage closing with Nojumi

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 condo)

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

Due Diligence

1. Complete Title Searches
2. Complete Writ Searches 
3. Determine the outstanding balance for the prior mortgage(s)
4. Confirm that all property taxes have been paid by the borrower

Insurance

1. Order title insurance (unless the commitment letter sets out that the borrower's lawyer is to order title insurance)
2. Instruct the borrower's solicitor to obtain fire insurance, naming the Lender as a loss payee

Invoice and Trust Ledger

1. Generate the draft Invoice and the Trust Ledger
2. Send the draft Invoice and Trust Ledger to the Borrower's Solicitor

Pre-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

Registration

1. Confirm receipt of the following
   1. Signed lender documents, including
      1. Form 9D
      2. Acknowledgement & Direction signed by lender re Charge (and NAR, if applicable)
   2. Closing funds from the lender
   3. Signed closing documents from the borrower
   4. Title insurance policy
   5. Fire insurance policy (if not a condo)
2. Transfer the registration fee from Trust to Special Trust (if applicable)
3. Register the charge (and NAR, if applicable) on Teraview
4. Wire the closing funds to the borrower's solicitor

Report

1. Generate Form 9E and sign it
2. Send Form 9E to the client
3. Close matter