Closing the Transaction. The closing agent will cooperate with the approval official, borrower, seller, and other necessary parties to arrange the time and place of closing. The transaction may be closed when the agency determines that the agency re- quirements for the loan have been sat- isfied and the closing agent or ap- proved attorney can issue or cause to be issued a policy of title insurance or final title opinion as of the date of closing showing title vested as required by the agency, the lien of the agency’s mortgage in the priority required by the agency, and title to the mortgaged property subject only to those excep- tions approved in writing by the agen- cy. The loan will be considered closed when the mortgage is filed for record and the required lien is obtained.
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