Closing (i.e. Consummation) is the fourth and final phase of The Loan Process. Closing is handled by our Closing Department. Your loan is assigned to a Closer who coordinates with the title company’s Consummation Officer to generate the Closing Disclosure (CD). The Closer also works with the document attorneys to draft the rest of the closing documents that you will sign at the loan Consummation.
Once the CD has been issued, you will have at least 3 days to review the CD prior to Consummation. The CD will tell you how much you need to bring to the loan Consummation as well as how accurate the Loan Estimate (LE) was that you received with your Disclosures at the beginning of The Loan Process. If there are any variations in the projected versus actual Closing Costs, they will be reflected on the CD.
After the required 3 Days have passed for you to review the CD, you will be able to close on the financing of your home! Once you have signed all of the documentation at Consummation, the lender will fund the loan*.
*Note: some refinances require additional “seasoning” time (rescission period) of 3 days before funding can be issued.