This article provides detailed instructions for preparing your loan to close. At the end of this process, you will be ready to request Closing Documents from the lender.
Table of Contents
The "Closing Documents" page guides users to complete any tasks that must be finished before closing documents can be requested from the lender. Completing these tasks is the final stage of the loan workflow in TPO.
The terms of the loan are summarized at the top of this page, while each task is listed below.
Accessing the Closing Documents Page
This page can be accessed in the stepper navigation bar after the loan is submitted and accepted by the lender.
Complete vs. Incomplete Tasks
Each individual task on this page is color coded to indicate its completion status. Unfinished tasks are highlighted in blue, while completed tasks are highlighted in green.
Completing Pre-Closing Tasks
The "Closing Documents" page contains the following tasks. 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.
Tasks marked by a red asterisk (*) are required before closing documents can be requested.
|Note: Lenders can configure whether individual tasks on this page are required or optional. To learn more, refer to <this article>|
Lock Interest Rate*
The borrower's interest rate must be locked before closing documents can be generated. Select Open Locking & Adjustments to begin requesting a lock.
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 close the loan. All conditions labeled 'PTD' (Prior to Docs) and 'PTA' (Prior to Approval) must be completed before the closing documents can be requested. The icons on this bar indicate how many of these conditions are currently completed (), submitted and pending review (), still needed (), rejected for incompleteness (), or failed to submit (). Select Manage Conditions to open the Conditions Manager 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 - RN with affiliate info> in iMP System Admin.
Provide Loan Participant Contact Information*
This task is used to provide the lender with the information for each party involved in 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. Required fields are marked with a red asterisk*
Set Estimated Closing Date*
An estimated closing date must be set before requesting closing documents. This task is only available after the lender's LOS provides the system with the earliest possible date on which the loan can close. If this date is "Pending," you will need to wait for the LOS to send this information before proceeding to set a closing date.
When this task is enabled, select Set Estimated Closing Date to open a calendar and select a closing date. The date you select must be after the earliest closing date and before the lock expiration date. Once a date is selected, click Confirm to complete this task.
Requesting Closing Documents
When all required tasks on the "Closing Documents" page have been completed, the Request Closing Documents task will be enabled. Click Request Closing Documents to submit the request to the lender.
If this request is submitted successfully, a confirmation message will appear
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 Closing Documents, you may see one of the following windows before receiving confirmation that the request has been sent successfully. These windows may 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 "Closing Documents" page provides an overview of any tasks that need to be completed before generating closing documents and completing the loan process. After completing these tasks, users can request closing documents from the lender.