At Closing Sign These First

 

Description

In this lesson, I’ll show you how to properly complete and use the Mortgage Servicing Form — one of the most important documents in the entire Jumping Loan system. This form must be signed first at closing, before anything else. It tells the lender that a management company (you or your company) will be handling the payments, taxes, and insurance for the property. I’ll show you exactly how to fill it out, what information to include, and how to record and notarize it so you’re protected. You’ll also learn how this form allows you to receive correspondence, make payments directly, and handle escrow refunds without needing the seller’s signature.


Key Takeaways

  • The Mortgage Servicing Form is the first document your seller/borrower must sign at closing — before any other paperwork.

  • It notifies the lender that a management company (your company) will make the monthly loan payments going forward.

  • Include your company name, P.O. Box, phone number, and email address — never use your personal name or home address.

  • If you don’t have a management company, create a DBA (doing business as) version of your LLC, such as “Bluegrass Property Management.”

  • Always fill out the form before closing and provide it to your title company or attorney to include in the closing folder.

  • Get the seller’s signature notarized and record the document after closing for extra protection.

  • If the lender sends escrow refund checks to the seller’s name, your Power of Attorney lets you legally endorse and deposit them.

  • Always have both borrowers sign if more than one person is on the original loan.

  • Keep a copy of the notarized and recorded document in your permanent deal file.


Action Steps / Exercises

  1. Download and Review the Form: Obtain a blank Mortgage Servicing Form and read each section carefully.

  2. Pre-Fill Exercise: Fill out a sample form using your company name, P.O. Box, and contact info.

  3. Mock Closing Drill: Practice marking where the seller signs and where the notary’s section goes.

  4. Create a DBA Name: If your company name doesn’t sound like a management company, come up with a DBA version (e.g., “Bluegrass Property Management”).

  5. Recording Practice: Look up your local county clerk’s office instructions for recording notarized documents — write out the steps for future deals.

  6. Escrow Scenario: Write out what you’d do if you received an escrow refund check made payable to the seller.