Receiving of Intent to Proceed notification from borrower
6
Verification and Collection of Underwriting Information
7
Approval: Manager on Underwriting Verification
8
Prepare Closing Disclosure
9
Delivery of Closing Disclosure to borrower
10
Approval: Compliance Officer on Closing Disclosure
11
Confirmation of receipt of Closing Disclosure by the borrower
12
Final walkthrough of property
13
Closing the Mortgage Loan
14
Post-closing Evaluation and Loan Servicing
15
Approval: Executive Management on Loan Servicing
16
Maintaining Compliance Records for Audit
17
Conduct a Periodic Compliance Review
18
Approval: Compliance Committee on Periodic Review
Identifying the Borrower
This task involves identifying the borrower of the mortgage loan. It is crucial to accurately identify the borrower to ensure compliance with TRID regulations. The information collected will be used throughout the loan process. To complete this task, you will need to gather the borrower's personal information, such as their full name, date of birth, social security number, and contact details. Pay attention to the accuracy of the information provided, as any errors or discrepancies may lead to compliance issues. If you encounter any difficulties in obtaining the required information or need clarification on any aspect, consult with the borrower directly or contact the relevant department for assistance.
Prepare Loan Estimate
In this task, you will prepare the Loan Estimate, which is a document required by TRID regulations. The Loan Estimate provides an overview of the terms and costs associated with the mortgage loan. It helps the borrower understand the loan's details and enables them to compare offers from different lenders. To complete this task, use the provided Loan Estimate template and fill in the necessary information based on the borrower's financial details and loan terms. Pay attention to accuracy and ensure that all relevant costs, such as interest rate, closing costs, and loan amount, are correctly calculated and included in the document. If you encounter any challenges or have questions regarding the Loan Estimate, consult the responsible department or refer to the TRID guidelines and regulations for guidance.
1
Fixed Rate
2
Adjustable Rate
Delivery of Loan Estimate to borrower
The Loan Estimate must be delivered to the borrower within a specific timeframe according to TRID regulations. This task involves ensuring the timely delivery of the Loan Estimate. To complete this task, use the borrower's preferred method of communication (email, physical mail, etc.) to send the Loan Estimate. Keep a record of the date and method of delivery for compliance purposes. If the borrower has any questions or requires further clarification regarding the Loan Estimate, provide them with the contact information of the relevant department or loan officer.
1
Email
2
Physical Mail
3
Secure Online Portal
Approval: Officer Review on Loan Estimate
Will be submitted for approval:
Prepare Loan Estimate
Will be submitted
Receiving of Intent to Proceed notification from borrower
This task involves receiving the Intent to Proceed notification from the borrower. The Intent to Proceed signifies the borrower's commitment to proceed with the mortgage loan process after reviewing the Loan Estimate. To complete this task, provide the borrower with clear instructions on how to submit the Intent to Proceed notification. Make sure to inform them about the deadline for submission and any additional documentation or steps required. After receiving the Intent to Proceed, update the borrower's records and proceed with the next steps in the loan process.
Verification and Collection of Underwriting Information
In this task, you will verify and collect the necessary underwriting information from the borrower. Underwriting information includes the borrower's financial statements, employment history, credit history, and any other relevant documents needed to assess the borrower's eligibility for the mortgage loan. To complete this task, follow the underwriting checklist and gather the required documents from the borrower. Ensure the accuracy and completeness of the information provided and address any discrepancies or missing information promptly. If you encounter any challenges or require clarification regarding specific underwriting requirements, consult with the underwriting department or the assigned loan officer.
1
Income Statements
2
Tax Returns
3
Bank Statements
4
Employment Verification
5
Credit Reports
Approval: Manager on Underwriting Verification
Will be submitted for approval:
Verification and Collection of Underwriting Information
Will be submitted
Prepare Closing Disclosure
This task involves preparing the Closing Disclosure, a document required by TRID regulations. The Closing Disclosure provides a detailed summary of the final terms and costs of the mortgage loan. It allows the borrower to review and compare the initial Loan Estimate with the actual costs incurred. To complete this task, utilize the provided Closing Disclosure template and fill in the necessary information based on the final loan terms, fees, and closing costs. Pay attention to accuracy and ensure that all relevant details are correctly included in the document. If you require clarification on any aspect of the Closing Disclosure or encounter any challenges during the preparation process, consult with the responsible department or refer to the TRID guidelines and regulations.
1
Verify loan terms
2
Check fees and charges
3
Confirm interest rate
4
Review escrow details
5
Ensure accuracy of personal information
Delivery of Closing Disclosure to borrower
The Closing Disclosure must be delivered to the borrower within a specific timeframe according to TRID regulations. This task involves ensuring the timely delivery of the Closing Disclosure. To complete this task, use the borrower's preferred method of communication (email, physical mail, etc.) to send the Closing Disclosure. Keep a record of the date and method of delivery for compliance purposes. If the borrower has any questions or requires further clarification regarding the Closing Disclosure, provide them with the contact information of the relevant department or loan officer.
1
Email
2
Physical Mail
3
Secure Online Portal
Approval: Compliance Officer on Closing Disclosure
Will be submitted for approval:
Prepare Closing Disclosure
Will be submitted
Confirmation of receipt of Closing Disclosure by the borrower
This task involves confirming the receipt of the Closing Disclosure by the borrower. It is important to ensure that the borrower has received and acknowledged receipt of the Closing Disclosure as per TRID regulations. To complete this task, follow up with the borrower to confirm that they have received the Closing Disclosure. Record the date of confirmation and any additional notes. If the borrower has any questions or concerns regarding the Closing Disclosure, address them promptly or direct them to the appropriate department or loan officer.
Final walkthrough of property
In this task, you will conduct a final walkthrough of the property with the borrower. The purpose of the walkthrough is to ensure that the property is in the agreed-upon condition and to address any last-minute concerns or issues. To complete this task, schedule a suitable time for the final walkthrough with the borrower. Accompany them during the walkthrough and address any questions or issues that arise. Take note of any outstanding matters that may require attention before closing the mortgage loan. If necessary, involve the relevant parties, such as the seller, real estate agent, or property inspector.
Closing the Mortgage Loan
This task involves closing the mortgage loan with the borrower. It is the final step in the loan process, where the borrower signs the necessary documents and officially becomes responsible for the loan. To complete this task, schedule a closing appointment at a suitable location. Prepare the required loan documents and ensure that all relevant parties, such as the borrower, seller, and closing agent, are present. Follow the established closing procedures and collect any necessary payments. After closing the mortgage loan, provide the borrower with copies of the signed documents and inform them about the next steps in the loan servicing process.
Post-closing Evaluation and Loan Servicing
This task involves conducting a post-closing evaluation and managing the ongoing loan servicing activities. Post-closing evaluation helps identify any issues or areas for improvement in the loan process and facilitates effective loan servicing. To complete this task, review the loan file and post-closing documentation for accuracy and compliance. Address any discrepancies or issues promptly. Initiate the loan servicing activities, such as collecting loan payments, responding to borrower inquiries, and monitoring loan performance. Maintain clear and organized records of all post-closing activities and ensure compliance with applicable regulations and internal policies.
Approval: Executive Management on Loan Servicing
Will be submitted for approval:
Post-closing Evaluation and Loan Servicing
Will be submitted
Maintaining Compliance Records for Audit
This task involves maintaining compliance records for audit purposes. It is crucial to keep accurate and organized records to demonstrate compliance with TRID regulations and internal policies. To complete this task, ensure that all relevant documents, forms, and records related to the loan process are collected, organized, and securely stored. Implement suitable record-keeping systems and procedures to easily retrieve information when required. Regularly review and update the compliance records to reflect any changes or developments in TRID regulations or internal requirements.
Conduct a Periodic Compliance Review
It is essential to conduct periodic compliance reviews to ensure ongoing adherence to TRID regulations and internal compliance standards. To complete this task, schedule regular compliance reviews, assessing the effectiveness of current processes and identifying potential compliance gaps or areas for improvement. Document the findings, implement necessary corrective actions, and provide training or guidance to relevant stakeholders. Periodic compliance reviews help ensure continuous compliance and mitigate the risk of non-compliance penalties or issues.
