Loan Document Preparation
The BNL Loan Document Preparation Department personnel has extensive experience in title insurance, mortgage lending, and Residential Real Estate rules and regulations. For mortgage and banking clients, our comprehensive process begins with a review of title commitments and surveys. Insurance coverage is recommended for encroachments, possible defects, and liens in accordance with the Texas Title Insurance Basic Manual.
Loan documents can be customized through the support of our state-of-the-art computer system. BNL's software is specifically designed for flexibility and immediacy for the client's ever-changing needs.
We focus on effective, on-time delivery to our clients. Loan documentation contains closing instructions, legal documents, Truth-in-Lending disclosures, and all miscellaneous forms necessary for closing, funding, shipping and FHA/VA insuring. Our work is determined solely by our clients' closing and funding requirements. Clients benefit from BNL's document preparation program by:
- Cost effectiveness and savings from reducing time required by in-house personnel
- Quality and consistency of loan documents
- Accurate compliance with changes to laws and regulations through continuous database updating
- Timely delivery of laser-quality original documents to the client or the designated title agency when needed to facilitate the scheduled loan closing
- Redrafts, necessitated by changes in the loan, are made in minutes, because all information remains in our computer until after closing and funding
- Documents are complete, including names displayed under the signature lines and in the notary acknowledgments
Legal Consultation and Opinions
BNL determines practical solutions for legal and business problems daily. We want to be an active, participating member of each client's operating team.
The firm gives advice and opinions concerning Residential Real Estate Law, Commercial Real Estate Law, mortgage rules and regulations, Texas title insurance rules and regulations, as found in some of these Laws: Texas Property Code, Real Estate Settlement Procedures Act - RESPA, and Fair Debt Collection and Practices Act.
We render legal opinions concerning lender's standing and eligibility to participate in various mortgage and revenue bond programs. The firm also issues legal certifications of compliance with HUD requirements for planned unit developments.
Our subscription to WESTLAW, an online computerized legal research and retrieval service, gives us 24-hour access to an extensive range of legal and factual information in over 5,000 available databases, including the statutes for each of the 50 states, federal statutes, codes, regulations, rules, judicial and administrative decisions, legal articles, periodicals, and other secondary materials. ALLREGS, a product of Mortgage Resource Center, Inc., allow us to monitor changes that can affect the real estate industry and communicate those changes to our clients in memo form.
Interim Construction Loan Document Preparation
The firm has extensive experience in construction lending documentation and preparation of mechanic's lien notes and contracts. Our documents can be prepared to provide additional funding in the event that costs of improvements exceed the original amount of the mechanic's lien note and contract – a common problem that we confront daily.
We counsel clients on the importance of having a Construction Loan Agreement, especially in interim construction loans when the borrower owns the lot. We frequently review homestead and priority of lien issues with clients.
The one-time closing from interim construction to permanent loan closing is now used quite often. We were one of the pioneers in the one-time closing approach and offer an excellent one-time closing package.
Training and Education
Beadles, Newman, & Lawler is committed to training and continuing education for its personnel.
Shareholders and staff regularly attend the Texas State Bar, the annual University of Texas Mortgage Lending Institute, Mortgage Bankers Association of America, Texas Mortgage Bankers Association, and Texas Land Title Association continuing education programs on advanced real estate, mortgage lending, and title insurance.
BNL also assists clients with training sessions for their employees and customers. Shareholders frequently speak to members of the real estate and mortgage lending industry, real estate boards, and the Texas Land Title Association. Subjects range from changes in Texas Real Estate Board contracts to current laws, Texas Home Equity rules and regulations and many other subjects affecting the real estate mortgage lending and title insurance industry.