When does the lender get the title commitment?

Underwriting cannot finish without it. The lender needs Schedule A to confirm the insured amount and the vesting, Schedule B-I to see what still has to clear, and Schedule B-II to confirm no exception offends the loan program. A clear to close that predates the commitment is provisional.

Simultaneous delivery to all three offices is what keeps a file on schedule. When only the lender has the commitment, the seller's attorney learns about a payoff requirement days late. When only the attorneys have it, the lender's conditions arrive after the closing date is already set.

Changes trigger a revised commitment. A change in the loan amount changes the amount on Schedule A of the lender's policy. A change in the vesting, the addition of a borrower, or a switch from a purchase to a purchase CEMA all require the commitment to be reissued before closing.

For the borrower, the useful moment is the day the commitment arrives. That is when the Schedule B-I list becomes real and when the parties can see whether the closing date in the contract is achievable. Ask your attorney to walk the B-I list with you then.

On a refinance the same sequence applies with fewer parties: the commitment goes to the lender and to the borrower's attorney, and the payoff figures on the existing loan become the first requirement to chase. A payoff letter carries an expiration date, so an adjourned refinance closing normally needs an updated figure before funds move.