Closing Assist Basics
This is the initial step in the Closing Assist process.
What is submitting a Closing Assist request?
This document stipulates the final terms of the loan and is essential for closing.
What is the closing disclosure?
The number of business days before the closing date by which the closing disclosure must be delivered to the borrower.
What is three business days?
This person reviews the funding request to ensure all conditions are met before disbursing the loan.
Who is the funder/closer?
This common issue occurs when there are discrepancies between the loan estimate and the closing disclosure.
What is a tolerance violation?
This document must be reviewed and approved by the underwriter during the process.
What is the closing disclosure?
This process involves ensuring all conditions are met before the loan can close.
What is the pre-closing review?
The time frame within which the final loan documents should be submitted for review to avoid delays.
What is at least 24 hours before the closing date?
This team verifies that all documents are complete and correct before the loan is funded.
Who are the closing team?
The appropriate action to take if the borrower identifies an error in the closing disclosure.
What is to notify the closing coordinator immediately?
This individual is responsible for coordinating the final closing date.
Who is the closing coordinator?
This person is responsible for ensuring all necessary documents are signed at closing.
Who is the notary public?
The period within which the borrower must review and sign the closing disclosure to proceed.
What is three days before the closing date?
This individual ensures that the title is clear and that the property can be legally transferred.
Who is the title agent?
This occurs when the borrower's final walkthrough reveals issues with the property that were not previously disclosed.
What is to address the issues with the seller or through the closing team?