Posted by Sue on 7/16/05 5:44pm
Msg #52694

Who is the check made out to?

If a borrower has to give me a check, he makes it out to the Title Company or the Lender? I have a signing in few hours and the borrower has to have a check. He is assuming he makes it out to the title company. .... and I am having a major brain freeze!! TIA

Reply by ManyBell_Tx on 7/16/05 6:03pm
Msg #52698

Your instructions from the ss or the instructions in the loan package should tell you.

Reply by patricia on 7/16/05 6:39pm
Msg #52710

the check is always made out to the title company.

Reply by Cris_AR on 7/16/05 7:50pm
Msg #52721

Check is not always made out to TC, I have had instructions to have it made out to SS.

Reply by Brian/CA on 7/16/05 8:01pm
Msg #52725

I agree, I've had instruction to have it made out to someone other than the Title Company.
If there are no instruction I always call.

Reply by PAW_Fl on 7/16/05 8:38pm
Msg #52735

Typically, a check for funds due at the signing are made out to the **settlement company**. You can find who the settlement company is on the settlement statement. More often than not, the settlement company is the title company that prepared the HUD and provided all those "junk" docs. But, there are times when the check the borrower needs to provide are not for a settlement "shortage", but for a payment of some kind, like for an appraisal or something. In those cases, there should be instructions telling you who to make the check out to. Call the title company. If you cannot reach someone, like at night or on the weekend, and there is no indication on any of the instructions (not only the notary instructions, but the general or specific closing instructions) or a note in the borrowers package, have the borrowers write the check out to the settlement company and be sure the write two reference numbers on the check: the title FILE number and the LOAN number. That way, the settlement company will know what account to apply the funds to.