The Closing Request screen allows the user to complete and submit a closing request for a loan. Users can access and edit the Closing Request screen before and after the loan has been finaled.
The Closing Request screen is divided into the following sections:
1. Borrower Information - information in this section automatically populates based on the data entered on the 1003.
2. Loan Details - information in this section automatically populates based on the data entered on the 1003 and Loan Estimate.
3. Closing Information - Bank/Broker Name and Phone auto-populates from the 1003 and cannot be edited on this screen. The following fields in this section are editable:
a. Close In Name Of - defaults to Lender but user can select Broker from drop-down list.
b. Closing Type – select Docs Only, Funds Only, Docs & Funds or Preliminary Instructions from drop-down list. If the Closing Request has previously been submitted, Preliminary Instructions is no longer an available option.
c. Signing Date – enter the requested date for docs to be signed.
d. Date Institution Prepared Closing Package – enter the requested date for the closing package to be prepared. The date entered here will populate to the Closing Docs > Loan > Docs Outdate Date field if the Populate Docs Out Date on Closing Docs is set to Yes in Admin.
e. Requested Closing Date and Time – enter the requested date of the closing. If the Closing Date was entered on the Funding Request, Funding, or Closing Docs screen, the date will auto populate here. Changes made here will automatically update the other screens (Funding Request, Funding and Closing Docs).
f. Requested Settlement Date – enter the requested settlement/disbursement date. If the Settlement Date was entered on the Funding Request, Funding, or Closing Docs screen, the date will auto populate here. Changes made here will automatically update the other screens (Funding Request, Funding and Closing Docs).
g. First Payment Date – the first payment date will calculate and populate automatically based on the Closing Date.
h. Delivery Method for Funds – select Wire (attached wire instructions), Check, Remote Printer or Certified Check from drop-down list. If the Delivery Method for Funds was entered on the Funding Request or Funding screen, the selection made will auto populate here. Changes made here will automatically update the other screens (Funding Request and Funding).
i. Delivery Method for Docs – defaults to Email but user can select Web Download or Overnight from drop-down list.
j. Email (if Delivery Method for Docs is email) – enter email address of where to send closing docs if Email selected for Delivery Method for Docs. This field is not editable if a different Delivery Method for Docs is chosen.
k. Loan Amount 2nd Mtg – enter loan amount for 2nd Mortgage if applicable.
l. 2nd Mtg Lien Lender – enter name of Lien Lender for 2nd Mortgage if applicable.
m. Power of Attorney – defaults to No but user can select Yes from drop-down list.
4. Title Company/Settlement Agent Information – the Title Company/Settlement Agent will automatically populate if previously entered on the Vendor Info, Title Request, Funding Request, Funding, or Closing Docs screen. Changes made here will automatically update the other screens (Vendor Info, Title Request, Funding Request, Funding and Closing Docs).
5. Wire Bank Information (for Title Company) – the Wire Bank Information will automatically populate if the information is stored in Vendor Admin for the Title Company/Settlement Agent selected in the Title Company/Settlement Agent Information section. Users can enter reference information for the wire in the Reference field. Select Enter New to enter new wire information if not using the pre-populated information. Changes made here will automatically update the other screens (Vendor Info, Title Request, Funding Request, Funding and Closing Docs).
6. Trustee – the Trustee Company/Settlement Agent will automatically populate if previously entered on the Vendor Info, Title Request, Funding Request, Funding, or Closing Docs screen. Changes made here will automatically update the other screens (Vendor Info, Title Request, Funding Request, Funding and Closing Docs).
7. Escrow – the Escrow Company will automatically populate if previously entered on the Vendor Info, Title Request, Funding Request, Funding, or Closing Docs screen. Changes made here will automatically update the other screens (Vendor Info, Title Request, Funding Request, Funding and Closing Docs).
8. Wire Bank Information (for Escrow Company) – the Wire Bank Information will automatically populate if the information is stored in Vendor Admin for the Escrow Company selected in the Escrow section. Users can enter reference information for the wire in the Reference field. Select Enter New to enter new wire information if not using the pre-populated information. Changes made here will automatically update the other screens (Vendor Info, Title Request, Funding Request, Funding and Closing Docs).
9. Hazard Insurance Information – the Hazard Insurance Information will automatically populate if previously entered on the Vendor Info or Hazard Insurance Request screens. If any information is changed on this screen, the other screens will be updated. Insured For ($) is an editable field for the user to enter the insurance amount. The Hazard Insurance Company information will populate automatically to the Closing Docs > Lender & Legal > Hazard Insurance field.
10. Flood Hazard Information - the Flood Hazard Information will automatically populate if previously entered on the Vendor Info screen. If any information is changed on this screen, the other screen will be updated. Insured For ($) is an editable field for the user to enter the insurance amount. The Flood Insurance Company information will populate automatically to the Closing Docs > Lender & Legal > Flood Insurance field.
11. Closing Settlement Information –Fee line information will display in this section based on the setup in Admin and will automatically populate the fee information from the Loan Estimate.
12. Requester Information – user completing the Closing Request can enter their contact information in the Requested By, Requestor Phone and Requestor Email fields and the date of the request in the Requested Date field.
Tip: Sections of the Closing Request that are not used can be turned off in Admin and will no longer appear on the Closing Request screen or the print version.
Special Instructions text box is available for the user to type additional information to include with the Closing Request.
Click Save/Close to save the information entered on this screen and return to the Dashboard.
Click Cancel to discard all changes made to this screen.
Click Submit to save the information entered on this screen and update the loan status.
Click the Printer Icon next to Forms & Docs > Closing Request to open a printable version of the Closing Request screen.