Frequently Asked Questions

  

1.     What is the Mortgagee Clause?

*       If Loan Closes in South State Bank's name it is: South State Bank, ISAOA, ATIMA, P.O. Box 2590, Coppell, TX 75019

*      If Loan Closes in Your Institutions name: Your Institution, ISAOA, ATIMA, your address.

 

2.    If the loan is closing in my Institutions name how will I know what amount to send to the attorney for closing? 

*       It is up to your Bank to decide if you want to send the full amount of proceeds or if you want to net fund. If you send the full amount you will need to let the attorney know to send you a check back.  If you net fund you will need to let the attorney know what you are netting.

 

3.    How fast will South State Bank purchase the loan from my institution if the loan closed in our name? 

*       SSB has 48-72 to send your wire and a Purchase Advice once we receive the loan closing package back from the attorney's office.

 

4.    How do I request a Closing Package?

*      Please coordinate with the South State Bank Client Account Manager (CAM) - she will send you a Closing Package Request or you can retrieve a Request on the website.  You will need to fill it out and send it to the CAM assigned to your file.

 

5.    If my lock expires on a Saturday, Sunday or Federal Holiday does it extend to the following business day? 

*         Yes

 

6.    What are your extension fees:

*    .02 per day 

 

7.    Does my loan have to close or disburse by the lock expiration date? 

*       It must disburse by the expiration date. Correspondents must deliver package by expiration.


8.    Does South State Bank allow an Interest Credit? 

*    Yes we do as long as it funds by the 5th of the month.  You must specify this on the Closing Request