What is the procedure for obtaining a mortgage closing binder?
• The agent must print the mortgage closing binder form from our website, complete, & fax to AIUA. We will review, assign a binder number, authorize, & fax back to the agent. The binder effective date will be the date of the closing unless we receive the binder form the day of the closing, in which case the binder will become effective the following day. The binder expires in 10 business days following the effective date. AIUA MUST receive the complete application packet (completed app, non-refundable app fee, photos, value computation, & full gorss premium) along with a copy of the binder form and a copy of the signed Department of Housing & Urban Development Settlement Statement. If all required documents are not received by the binder expiration date, the binder is null and void and the 16 day waiting period will apply to the submission.
