Mortgage Loan Closing
This workflow template illustrates the process of closing a new mortgage and involves a closing group, an underwriting group and a post close group. Purchase and download this template in PDF, Visio (VSD), PowerPoint (PPT) formats. You can customize it to fit your own organization, or simply use it to better understand the Mortgage Loan Closing process.
Related KPIs : Average Mortgage Loan Value, Mortgage Loans Closed per Closer, Cycle Time: Mortgage Loan Decision
What is Mortgage Loan Closing?
The Mortgage Loan Closing process involves closing a new mortgage using the closing group, an underwriting group and a post close group. Closing receives a newly approved mortgage from underwriting and schedules a meeting for the official close. Closing then confirms the date, the initial interest rate, files the mortgage and issues an authorization number. If the loan is not properly closed at this time, it returns to the servicing department for amendments. Otherwise, the meeting date is in force and the mortgage is sent to post-close.
Download a Sample Mortgage Loan Closing
Frequently Asked Questions
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