Mortgage Closing Document Preparation
The process of obtaining a mortgage loan requires the applicants to fill out various forms and paperwork. Once the loan is approved, it will be scheduled to "close." At closing, the necessary documents are given to the applicants to review and sign.
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Function
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Each lender, or mortgage company, develops and designs a set of necessary documents for the borrowers to sign. The documents are prepared to list the information relevant to the specific loan. Once the documents are signed and presented to the lender, the loan can be funded.
Features
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A set of closing documents will vary in size depending on the lender. Generally, each document discloses some piece of information about the loan in question. Important documents include the note, truth in lending disclosure, right to cancel, and the mortgage or deed of trust.
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Preparation
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Generally, a loan closer or settlement agent prepares the closing documents for the borrowers to sign. Most companies have a general template for each document into which the borrower's specific information can be inserted. Computer word processing and document creation programs aid the closer with the document preparation. Once the documents are ready to sign, they can be printed or sent to the borrower.
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