How the closing department coordinates with lenders and title companies to finalize closing disclosures. Once underwriting clears the loan, the team accounts for all fees and prorated taxes before the closing date.
Balancing the closing disclosures. When the closing department with the lender and the title company go through line by line on the final closing disclosure or CD and make sure every little detail is perfect. Now, this means if you've already paid for the appraisal, they'll show their invoice of that. They'll remove that from the bottom line. If you already pay for the final inspection, same thing. Or a termite or foundation report. If already paid for these things and have an invoice, they'll start removing those. They'll also get the prorated taxes and interest perfect. You know, depending on what day you close, you have prorated taxes and due for the reading amount of that month. But they can't do all this until the closing date is 100% confirmed. And that can't happen until underwriting is issued the clear to close or the final approval. So that's why the balancing of the CD doesn't happen until the very last step, because they can't practice it. If they did that, they do it for dozens and dozens of different loans every day, and then they'd be delayed on everybody's loans, and you don't want that. So once everything's clear to close with underwriting, then the final step is title and close department get together. Balance the CD to get.
