//closing timeline

Pre-qualification Day 1 - 2

• Pre-qualification submitted online by customer through Collateral web site
• Collateral provides confirmation of pre-qualification

Application PackageDay 3

• Customer completes and mails formal application package with application via overnight mail

Processing and Underwriting Day 4 - 10

• Collateral receives the application package and fee - processing begins
• Collateral continues processing and submits loan request to underwriting
• Collateral finalizes approval and notifies borrower/client - appraisal and permit fee requested from borrower/client

AppraisalDay 11 - 14

• Borrower/client submits US based appraisal and permit fee to Collateral [must have executed sales contract signed by all parties]
• Fee for appraisal and permit is received by Collateral
• Collateral orders appraisal

Closing ProcessDay 15 - 30

• Appraiser plans appraisal trip (one to two weeks to complete)
• Collateral gathers seller and buyer documentation to submit
• Letters of Instruction to Notaria and Trust bank
• Title company coordinates title, escrow & closing support with customer

Closing Process: Trust Bank - SRE PermitDay 31 - 45

• Trust bank orders SRE permit from Secretary of Foreign Affairs
• Secretary’s office takes 10 to 15 business days to issue permit

Closing Process: Notaria - CollateralDay 45 - 60

• Notaria obtains certificates required for preparation of trust document including no lien cert., evidence of property taxes paid, evidence of utilities paid, Mexican appraisal, etc.
• Draft of trust prepared by Notaria and submitted to trust bank and Collateral for approval
• Collateral obtains cost statement from Notario and send customer US closing docs

Closing Process: Signing SetDay 61 - 90

• Collateral obtains homeowner’s insurance evidence, follow-up appraisal
• Collateral provides customer with Funding Statement detailing costs with US closing doc package - discloses funds for closing and disbursements
• Customer and Collateral wire funds to escrow account
• Collateral confirms title commitment is complete and confirms closing date
• Customer comes to Mexico to sign trust or has appointed power of attorney
• Notaria provides confirmation letter to title company of trust signing, and title company disburses funds to all parties

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All timelines assume all parties perform as required without delay. On condos, registered/recorded Condo Regime is required first. On CP loans, plans and specs are needed at time of application.