Mortgage closing and post-closing are two of the most important but overlooked steps in the mortgage process. Although a final step in finalizing a real estate transaction, the mortgage closing process is now under increased scrutiny because of record foreclosures, especially after the housing market crash of 2009.
The closing day is the final time any last minute changes can be made to the mortgage transaction, and although an important day both for the lender and the soon-to-be homeowner, one must not lose track of the important steps which could result in a successful mortgage lending period.
Once you have opened the sale file and started a closing action log, the following checklist will serve as an ideal guide to mortgage closing -
Above all, always remember that a clean, arranged file with organized documentation is the best way to get started on the day of closing. Not only will you be able to finish the procedure on time, but also ensure adherence to all rules and regulations.
With millions of dollars going down the drain after the economy came to a halting stop in 2009, public demand and the general unrest of things made the government sit up and take notice of the lax practices in the mortgage business field prevalent at that time. As a result, mortgage lenders are faced with more stringent lending regulations and paperwork today. The mortgage closing process and the mortgage post-closing process have also seen an increase in scrutiny, thereby necessitating proper documentation of all forms, disclosures, affidavits, sale deed reports, etc. before the transfer of ownership is initiated to the investor or homeowner.
Auditing the closing and post-closing process is therefore extremely important, as unlike before, lenders are extremely apprehensive and judicious in treating this process as part of their profit cycle.
The post-closing mortgage process must include an in-depth review of the loan so as to assess the accuracy, completeness, and integrity of the information which have supported the lender's decision. Since this is the final step where you can audit and ensure all regulations were followed to a T, your review during the post-closing process must include -
Along with the above guide to mortgage post-closing process, it is also important to keep in mind that once the closing process is completed, and the post-closing process starts, the recording package needs to be sent to the land records office for final recording, whereupon the original deed copies and deed trust copies are returned back to you, which in turn must be provided to the new homeowner.
At Flatworld Solutions, we believe that an efficient closing and post-closing process not only helps you remain in compliance, but also works for you in many different beneficial ways long after a homeowner has moved in to the new house.
With an in-depth understanding of US and UK mortgage laws combined with our mortgage domain expertise of 17 years, we have catered to the specific needs of retail lenders, investors, wholesale lenders, service providers, and even private mortgage insurance companies. Our clients have nothing but the best to say about our services, as we continuously evolve and streamline our mortgage outsourcing process to deliver better value for our clients.
Contact us right away for any queries you might have about the mortgage closing process, and partner with an experienced service provider who would help you achieve your long-term goals in a short time!