This article provides detailed instructions for requesting the Initial Closing Disclosure (ICD), including how to complete any unfinished tasks that must be accomplished before the ICD can be requested from the lender.
Table of Contents
The "Request ICD" page guides users to complete any unfinished tasks before requesting the ICD from the lender, such as satisfying conditions, ordering an appraisal, or confirming a closing date. By following the instructions in this list, users can make sure that their loan is ready for the ICD.
The terms of the loan are summarized at the top of this page, while each task is listed below.
Accessing the Request ICD Page
This page can be accessed in the stepper navigation bar after the loan is submitted and accepted by the lender.
Completed vs. Uncompleted Tasks
Each individual task on the "Request ICD" page is color coded to indicate its completion status. Unfinished tasks are highlighted in blue, while completed tasks are highlighted in green.
Completing Pre-ICD Tasks
By default, the following tasks are required before the loan can be submitted to the lender:
- Lock Interest Rate
- Upload Invoices
- Provide Closing Info
- Confirm Estimated Closing Date
The remaining tasks on this page will be required at later stages of the loan process - they can be completed now, or you can choose to complete them after requesting the ICD. If any of these tasks were completed before submitting the loan or before requesting the Initial Closing Disclosure, they will appear as completed on this page.
|Note: users can configure whether individual tasks are required or optional. To learn more, refer to this article|
Lock Interest Rate*
The borrower's interest rate should be locked before requesting the ICD. Select Open Locking & Adjustments to begin the process of requesting a lock.
If an appraisal is needed for the subject property, select Order Appraisal to open the Appraisal Center, where users can schedule the appraisal and make arrangements for the payment of the appraisal fee.
If any fees paid by one party need to be reimbursed by another party, you will need to upload an invoice to document the expenses.
1. If there are no fees that require reimbursement, select the toggle switch labelled Fees require reimbursement to the OFF position and proceed to the next task. Otherwise, continue to step #2.
2. In each line item, adjust the Needs Reimbursement toggle switch as needed and make sure the displayed fee amount is correct. If not, use the text box to update the invoice amount. Then select Upload to upload a file from your computer.
3. You will be prompted to review the uploaded document and Accept or Reject it. The document must be accepted to complete this task
After reviewing the borrower's loan application, the lender may set certain conditions that must be met before proceeding to fund the loan. The icons on this bar indicate how many PTA (Prior-to-Approval) and PTD (Prior-to-Docs) conditions are currently completed (), submitted and pending review (), still needed (), rejected for incompleteness (), or failed to submit (). Select Manage Conditions to open the "Conditions" page and complete these requirements.
Provide Closing Information*
This task is used to enter important information for the closing process. Select Edit Closing Info to expand this task and provide the following information:
- Property Held in a Trust - select Yes or No
- Borrowers Using Power of Attorney - select Yes or No. If yes, additional fields will appear to indicate which borrower is using POA and enter the name of their agent. Select Add Another POA to create another POA row
- Non-Borrowing Spouse/Partner for [Borrower Name] - select Yes or No. If there is an NBS, additional fields will be added to provide their personal information
- Use the text field to describe how the title will be vested on the current loan (see image below)
- Are there any affiliates associated with this loan? - select Yes or No
If you indicate that there are affiliates associated with the loan, additional fields will appear to Upload signed ABA disclosure and Select Affiliate.
Choose an existing affiliate or select Add New to create a new affiliate. If you select an existing affiliate, their information will appear below. If you add a new affiliate, additional fields will appear to add their information and they will be saved as an existing affiliate. Existing affiliates are managed in iMP System Admin.
Provide Loan Participant Contact Information*
This task is used to provide the lender with the information of each party to the loan transaction, such as the seller, real estate agents, and insurance providers. Select Edit Participant Info to expand this task and view the loan participants. If additional contacts need to be added, select Add Another Loan Participant.
Click the arrow icon () next to any of these participants to expand the card and enter their contact information. Sections in Participant Information that are highlighted in red are required.
Confirm Estimated Closing Date*
An estimated closing date must be set before requesting the ICD. Select Confirm Est. Closing Date to open a calendar and select a closing date. Click Confirm to complete this task.
Once a date is chosen, the selected date appears in the body of the task.
Preview Closing Disclosures
Before the initial closing disclosure can be requested, the user must request a preview of the disclosure and review and approve it. This task is enabled only after all other tasks on this page have been completed.
When you are ready to review the closing disclosure, select Request Preview. A date/time stamp will appear in the body of this task to indicate when it was requested.
The disclosure will be ready to view when it is received from the lender's LOS. When you are done reviewing, select Preview Approved to complete this task.
Note: if the Request Preview button is selected again after an existing preview has been approved, this task will be reset to incomplete
If the preview of the disclosure looks incorrect, reach out to the lender directly.
Requesting the Initial Closing Disclosure
After the loan is approved to request ICD, the Approved to Request ICD date will appear on the Request Initial Closing Disclosure task. Once all required tasks on the "Request ICD" page have been completed, this task will be enabled.
If you want to include a comment with your request, select Add/Edit Comment.
Click Request Initial CD to send the ICD request to the lender, who will review the tasks above and generate the Initial Closing Disclosure to be sent to the borrower.
If the request is unsuccessful, a failure message will appear. If you encounter this window, try re-submitting the request or reaching out to the lender directly.
Change of Circumstance Updates
After clicking Request Initial CD, you may see one of the following windows, which appear when changes have occurred to the loan that require updating the lock or fees. Follow the instructions to make the necessary updates before re-submitting the request.
Lock Update Needed
Select View Locking and Adjustments and click the Lock Actions button to Update Lock
Fee Update Needed
Select Update Fees and then Apply Changes in the following window
The "Request ICD" page provides an overview of any tasks that need to be completed before generating the Initial Closing Disclosure. After completing these tasks, users can request the ICD from the lender.