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Mortgage Closing Checklist for Mortgage Lenders to Improve Accuracy

Mortgage / loan is a complex and lengthy process that requires meticulous handling. Mortgage lenders can make it accurate and efficient by following a simple checklist. Knowing your dates and objectives beforehand will help stay within the deadlines and compliance requirements.

Here is a mortgage lender closing checklist that you can use to improve your efficiency and accuracy:

The Beginning of Mortgage Closing Process

The process to close the loan as soon as the client submits his loan application. At the same time, original listing seller agent or seller is notified about the submitted loan application. After the implementation of Consumer Financial Protection Bureau rules in 2015, it has become mandatory that all the loan related documents and closing disclosure forms are delivered within the stipulated time.

Loan Estimate to Be Shared by Lenders Within 3-Days

Once the mortgage / loan application has been submitted by the buyer, CFPB dictates that the lender must deliver the loan estimate within 3 business days. This is the first deadline under TILA-RESPA rule. Not providing this information within the timeframe is considered as non-compliance.

Finding a Reliable Escrow Officer

This is the most important step in any real estate dealing. Escrow officers are responsible for storing the funds and transferring them when needed. It is for you to determine which Escrow officer is reliable for the job.

Due-Diligence of Previous Titles

Before one can transfer the real estate, a title search is conducted to look into the records of the seller and determine if it had any previous owners or transfers. For the process to pass through seamlessly, it is crucial to ensure that all the previous titles have been publically recorded. If there is an unpaid property tax or an ongoing legal issue, then title search should be able to identify it. Complete history of the property is necessary to evaluate and insure true worth of the property.

Home Inspection and Appraisal

Before the property can be closed, the homeowner must repair and fix all the damages. These costs are borne by the seller or the buyer, depending upon their agreement. However, it should be completed before the property can be appraised. All the repairs must also be finished before the closing deal.

Issuance of Title Insurance

At this stage, the real estate is more thoroughly reviewed. All the details in the deed must correspond with the legal description before thestcan be issued. If there title insurance policy have been any previous owners, then their mortgages should be fully paid. The property must also undergo exhaustive inspection, and a detailed evaluation must be conducted to validate this information.

Final Mortgage Closing Disclosure 3 Business Days Before Closing

The buyer should receive their final Mortgage Closing Disclosure statement minimum 3-business days before the closing date. This deadline also enforced by CFPB gives buyer enough time to review what the final costs will be. The mortgage lending checklist ends with the final closing date when all the transactions in the process have been officially completed.

For the process to flow seamlessly between stages, it is important to not only deliver the documents on time but also ensure that they are consistent with compliance requirements. This is why you need to start working with mortgage process outsourcing company that can offer quick turn around and accurate documents. Expert Mortgage Assistance has years of closing experience and can assure you quality deliverance within the specified timelines.


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Common Loan Closing Types

  • Mortgage Closings
  • Refinance Closings
  • Commercial Loan Closings
  • Reverse Mortgage Closings
  • Home Equity Loan Closings
  • FHA Loan Closings
  • Loan Modifications

Loan Closing Features

  • Comprehensive review of closed files
  • Aggressive pre-close review
  • Confirmed Closings within 24 hours
  • HUD settlement statements done within 3 hours
  • Same day closings entertained
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