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What a Commercial Mortgage Broker Must Do at Closing

"Your role in this process is that of a phone, be pleasant, stay out of the way
bridegroom at a wedding: stay out of the and give up your seat to the elderly,
way, be on time, and keep your mouth pregnant or disabled and any legal type
shut." -Tom C. Korologos, U.S. Ambassador person who needs your space.
to Belgium, describing the advice he And try not to fall asleep because at
gives to presidential nominees. Quoted in some point, a settlement sheet will be
the New York Times, September 4, 2005. passed around for various dignitaries to
A commercial mortgage broker's duties at sign-you're not one of them. Nonetheless,
the closing table are, most of the time, you must ask to see it, and you must
much like the role of a presidential inspect it carefully to make sure that
nominee. If you're feeling almost your company's name is on it and that the
expendable as you sit at the closing amount to be credited to you at closing
table, if you're being treated as matches your invoice. Look for your front
unessential baggage, that's because, and back end points, if applicable. These
unlike everyone else, you've gotten appear on different places on the
almost all of your work out of the way statement. If the numbers are off, ask
beforehand. Congratulations! On the other the lender's attorney for an immediate
hand, if you're very busy and important correction.
at close, that's not a good sign for That's really the only semi-technical
anyone! That means that there are a lot task you should be doing at the closing
of loose ends to tie up. table. Of course, if the closing "blows
So let's say your closing is going up" in your face, you might end up
well--extremely well. There are still a dealing with any number of issues,
few critical things left for you to do. including negotiating with the title
First, as Ambassador Korologos advises, company, the lender, attorneys on either
show up on time (more or less...). Try side, and of course, your own client. In
not to spill coffee on yourself along the situations like these, of course, you
way, and bring a copy of your invoice and could end up dealing with anything you
of your engagement letter with you (in didn't adequately resolve before the
case there is some unclarity with regard closing.
to your fee). Then turn off you cell




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