Closing and Funding
With the introduction of the TILA-RESPA Integrated Disclosures, the Loan Estimate and Closing Disclosure documents will need to be ordered through a document services vendor that complies with MISMO standards using FICS’ Document Services Interface.
The Document Services Interface is simple to use. The data is seamlessly passed to the document services provider, which processes and returns the requested documents in your chosen format. These documents can be printed and automatically saved to Radstar. Send your closing documents electronically to your attorney and title companies. If you want to let your borrowers review their closing documents prior to closing, simply click an icon allowing your borrower to review them securely through LPOnline. If you need to make last minute changes to the loan prior to closing, or even after the original closing docs have been prepared, simply make the change and re-create your closing bundle with the click of a button.
Loan Producer provides one location to review the information you need for closing. Settlement agent, closing agent, escrow information, title policy, closing location, trustees, attorneys, other collateral owners, closing conditions previously created during underwriting, and if applicable, FHA and VA loan summary information is all accessed on one screen. Input closing comments to be included with closing instructions to in-house counsel, attorneys or title companies to make sure the closing goes off without a hitch.
Review the Loan Before Closing
Loan Producer has a whole section for closers to review everything important on the loan. Information such as proposed payments, payments made by or on behalf of the borrower, application fees and expenses, good faith estimate data, truth-in-lending data and closing costs can all be accessed easily and conveniently.
Qualify the Loan Before Closing
To ensure compliance and check on missing items, run the loan through your user-defined business rules using the optional Rules OnDemand module.
The loan funding screen allows you to enter information about the funding of the loan, transfer the loan to FICS’ Mortgage Servicer loan servicing system, and generate the funding check. If you retain the servicing and use the comprehensive Mortgage Servicer system from FICS, you will be happy to know that there is no re-keying of loan information. Not only will the loan transfer over but the final set of all loan documents stored in Radstar, comments, notes, escrow, etc. will also transfer to Mortgage Servicer.
Post Closing Tracking
Your job doesn’t end with closing, so your software system shouldn’t either. Track recording information, tax information along with all your post-closing documents. Track the location of the document, date ordered, follow-up date, date received and date shipped. Ensure that your closing agents and title companies return your documents in a timely manner.