User Roles
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      1. KNOWLEDGE BASE
      2. User Roles

      Closer's Tasks

      This article summaries closer's tasks in LendingPad. It could be used as a best-practice reference document in helping and training the closing department prepare for closing packages.

      LendingPad is currently integrated with DocMagic, IDS, and several other document preparation vendors.  Please follow these steps:

      1.  Title check against data in LendingPad

      • Borrower names
      • Titleholder names
      • Add NTS for spousal states and community states.  
      • Property address, city, Zip code and county
      • Appraisal Information and Project name.
      • Title will be held in manner field vs title's vesting information on Schedule A 

        • Please see this KB link for how to enter a trust.

      • Tax due information.  If there are any taxes due within 90 days of closing, collect it in Section F, Prepaid section
      • Legal description

      2.  HOI Info

      • HOI due information in LendingPad's escrow sections (F and G)
      • Due date - if a bill is due within 60 days of closing, collect it in Prepaid section
      • Check policy, premium and property address

      3.  Credit report fee

      • Check invoice vs fee collected, be sure to check "Paid to" section

      4.  Flood report fee

      • Paid to can be defaulted in the Settings section

      5. MI

      • LTV > 80?
      • SPMI or monthly MI
      • Compare MI certificate vs Loan / Additional / Mortgage Insurance Detail section
      • SPMI is payable to third-party / MI companies directly.  Forward invoice to the title company
      • Check renewal rates in the Additional / Mortgage Insurance Detail section

      6.  Refinance Payoff

      • Payoff quote, update the payoff amount to Details of Transaction section if needed
      • Payoff amount - always add a few days of interests to be sure

      7.  Purchase Loans

      • From sales contract: seller, seller agent, and buyer agent information check.  These data are in LendingPad Additional Seller, Real Estate Agent sections
      • Address, license, email, and phone
      • License information will be on the sales contract or draft CD, you can also search real estate agent license which is most of the states are public information

      8.  Draft CD from Title Company

      • Title fees to copy to Section B or C in Disclosures 
      • Other charges and fill in LP - Disclosure - Other
      • If purchase, get Summaries of Transactions Section K and L data to fill in to match in LP

      9.  Purchase Credits

      • Lender credit - either in Details of Transaction (DOT) or Disclosure sections
      • Realtor credit - edited only in DOT
      • Seller credit - add/edit from DOT
      • EMD / Cash Deposit on Sales Contract - only add/edit from DOT
      • Borrower Paid Fees - auto-calculated by the system
      • Check HOA fee for DTI

      10  FHA and Veterans Loans

      • MIP Refund - used in refinance FHA, can add/edit from DOT / Loan Additional / Government sections or via Disclosure / Payoff & Payment section (as a negative number)
      • VA IRRRL - complete prior loan information in Additional section for VA comparison page

      11.  Disclosure / Service Providers 

      • add/delete/edit all providers on loan level 
      • Key service providers - it will be auto-selected if processing has been done through the Actions tab.  Otherwise, select a provider there from the Contact address book
      • Verify title/settlement provider's company name, license, contact person, phone and address

      12.  Disclosure / Revisions 

      • This section lists all the fees that are under-disclosed (current amount vs Disclosed Amount)

      13.  Disclosure / Additional

      • In CD Additional section, complete all data accurately
      • Title file ID is in CD Additional section (reference ID)

      14.  Post Closing

      • A closer may use the "At closing conditions" in underwriting tab and it will pass to Docmagic directly

      15.  Funding

      • Check funding section, be sure the funds withheld are the funds "Paid to Lender" from Disclosure / Cost Detail screen
      • ABA Details - after the loan has a Settlement Service Provider, check and select or create their wire information

      16.  Post Closing

      • Select loan servicing parties

      17.  Actions Tab

      • Disclosure Document - use a doc vendor to generate initial CD and closing package
      • When ready to issue CD for e-Signature, select e-Sign as "Yes"
      • Submit UCD (Fannie / Freddie ) on the closing date
      • Export ULDD's (ULDD FNM / FRE) on the closing date
      • MERS registration should be performed on funding date

      18.  Always compare initial and redisclosed LE vs. final CD to determine cure fee(s)/lender credit