Once a file is Cleared to Close (a.k.a. “CTC”) by and Underwriter, the mortgage file is assigned to a Closer within 24 hours. The lender’s Closer works closely with the doc prep attorneys to send closing instructions to the title company.
Docs to Title & Final CD
It’s a great day when the final closing documents are emailed to the title company. This means that all conditions are satisfied and that the loan is ready to close. There are three three steps that need to occur before the borrowers can sign:
- the lender sends closing instructions to the title company,
- the Final CD is prepared and finalized by the title company and the lender’s Closer, and
- the lender emails the final loan documents to the title company for closing day.
The closing instructions allow the lender’s Closer and the title company to collaborate and create the Final Closing Disclosure (Final CD). These closing instructions are typically emailed to the title company within 24 hours after final underwriting approval is issued.
The Final CD is typically emailed to the borrower a day or two before closing. The Mortgage Mark Team will email all parties the Final CD upon receipt.
The last step is sending docs to title. Once the Final CD is completed, the lender’s Closer emails the full loan package to the title company. The title company then prints the package, adds their disclosures, and prepares the package for signing.
Mortgage Loan Process OutlineClick here for an overview on each step.
- Loan Packaging & Lender’s Disclosures (1-2 days)
- Loan Setup (2-3 days)
- Processing / Credit Approval (2-3 days)
- Initial Underwriting Approval (2-3 days)
- Sign the Initial Closing Disclosure (CD) (Immediate)
- Final Underwriting Approval (1-2 days)
- Docs to Title / Final CD Issued (1-2 days) <– YOU ARE HERE
- Closing & Funding (TBD)
- After Closing
Please call the Mortgage Mark Team if you have any questions.