AFR MERS #1003363
Closing Guidelines (Click Here):
Closing Agent Pre-Approval:
Closing agent pre-approval is required on all closing agents
The following documents need to be submitted to the same email address listed on the Approval for Conditions document:
- CPL
- Wiring Instructions
- Errors and Omissions (E&O) policy
If the State does not issue a CPL, AFR requires a copy of the Fidelity Bond Insurance as well as the E&O. Each policy must have a minimum coverage of $1,000,000.
Please note that it takes 48 hours to complete this process from time of submission. Previously approved closing agents may have become inactive 90 days after last submission. Therefore, new submission of documents may be necessary for re-activation.
TX Loans (only):
Due to the rules and regulations of the Texas Department of Insurance, title policies should reflect the proposed insured as: American Financial Resources, Inc, and each successor in ownership of the indebtedness secured by the insured mortgage, except a successor who is an obligor under the provisions of Section 12(c) of the Conditions and Stipulations.
Please Note: Texas and Louisiana Title is only good for 60 days.
NY Settlements (only):
CEMA loans are for NY only. AFR will do CEMA's on a case by case basis at AFR's discretion. No prior CEMA's allowed.
AFR requires an approved closing attorney in NY to conduct all NY settlements. You or the borrower may choose from the list below:
Richard H. Lovell, Esq. - (CEMA Approved)
Richard H. Lovell, P.C.
107-48 Cross bay BLVD
Ozone Park, NY 11417
Office: 718-835-9300
Fax: 718-835-9700
Note: Richard Lovell is the only AFR Approved
attorney that can close CEMA loans
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Bonfiglio & Asterita, LLC.
Attorneys At Law
900 South Avenue, Suite 101
Staten Island, NY 10314
Office: 718-370-2900
Fax: 718-697-0439
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
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The Law Office of Robert L. Reda, P.C.
One Executive Boulevard,
Suite 201
Suffern, New York 10901
Office:: 845-357-5555
Fax: 845-357-3333
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Stuart Pudell, P.C.
Stuart Pudell, Esq.
5 Abbey Lane
Plainview, NY 11803
Office: 631-390-2055
Fax 631-504-5490 |
Mincone & Mincone, PC
560 Broad Hollow Rd # 302
Melville NY 11747
631-423-4390 |
Midey, Mirras & Ricci, LLP
Christi L. Miller, Esq.
54 Fall Street
Seneca Falls, NY 13148
Phone: 315-568-5861 Email:
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
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Disclaimer: Please note, final high cost testing is not run until the closing package is prepared. If your loan fails high cost due to rate or fees you will receive an email from your closer advising you along with a copy of the high cost results.
Mortgage Commitment and Rate Lock Agreement:
A signed Mortgage Commitment and Rate Lock Agreement is required on all broker transactions. AFR will require a fully executed Mortgage Commitment and Rate Lock Agreement at least 3 business days prior to closing in the following states:
- Idaho Interest Lock/Float Agreement (within 3 days of receipt of loan application)
- District of Columbia
- Maryland
- Massachusetts – The mortgage commitment must
- New Jersey
- Oregon
- Vermont
- Washington
- Wyoming
The waiting period requirement under the MDIA will still apply if the APR at consummation is out of toleranceby more than the threshold (0.125%) on a fixed rate mortgage and (.25%) on an ARM. The loan cannot close until 3 business days after the execution of the re-disclosed TIL.
FHA Endorsement Information:
Homeowner's Insurance:
American Financial Resources, Inc. ISAOA/ATIMA
And/Or The Secretary of HUD
9 Sylvan Way
Parsippany, NJ 07054
Title:
American Financial Resources, Inc. ISAOA/ATIMA
And/Or The Secretary of HUD
9 Sylvan Way
Parsippany, NJ 07054
Final note, all HUDs must be approved by AFR one day before funding
