Need an escrow officer to tell if you must folllow the lenders instructions?Virtual Escrows are the

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I work for a broker and recently began doing virtual escrows....a nightmare on our staff, frowned upon by at least one lender, and a joke as far as disbursements.

Here is my issues,

a payoff good till 2/9 and new loan closed and recorded on 2/8. The payoff amount 38709.22 The final hud shows the payoff amount for $38763.63. Interest per day was about $7 so is it going to require 9 days to get the payoff somewhere?

The most unusual thing is when the lender funds its not wired to title its wired to the "Virtual Escrow", they disburse and then put the checks ready to be cut into a different Virtual Escrow trustee account we issue checks from. Everytime I am short money to diburse that the lender accepted on the HUD, this virtual escrow has supposedly credited back in the borrowers proceeds saying I needed and invoice to pay me (we pay credit and appraisals then collect it at close and never did escrow ignore the money due to us if the lender allowed it to show on the HUD)

Need an escrow officer to tell if you must folllow the lenders instructions?Virtual Escrows are the worst!?

In California, every escrow officer has a pre-closing pad of $500. An estimated HUD is only an estimate and figures change. At the close, the pad is removed so it can go to the borrower if it's not needed. The lender funding the loan to escrow, where it goes into a sort of limbo is just sloppy. It just amplifies the time and interest. It should go straight to the entity insuring title and insuring the payoffs. All payoffs wired by the title company, taxes paid, and the remaining balance is then wired to escrow The title company will always over pay the payoff lenders a few days interest and they in turn refund any overage to the borrowers. Figure those extra days into your estimate. And add a pad, for those surprises.

Need an escrow officer to tell if you must folllow the lenders instructions?Virtual Escrows are the

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