Mortgage lending experts in Sacramento like Anew Lending appreciate the importance of the mortgage post-closing process. Post-closing serves as a crucial step, though. Understanding the checks performed during the mortgage post-closing process will help you work with your lender to ensure that all documents are accurate and submitted correctly.
Read on to learn more about the mortgage post-closing process and see what Anew Lending can do to help you make your homeownership dreams come true.
What Is Mortgage Post-Closing?
Mortgage post-closing represents the last step in the mortgage process. It involves a series of final checks that ensure everything in the loan is clean and secure. During this stage of review and re-verification, our team gathers and processes all the trailing documents from the mortgage process, ensuring that they meet all guidelines for investors.
Trailing Documents
Trailing documents must be the original, recorded document unless noted, and must include:
- The mortgage and any applicable addendums or riders
- The assignment of mortgage and all recorded assignments
- The final title insurance policy, along with any waivers, endorsements, or legal opinions attached
- CEMA agreement
- Gap mortgage, plus any applicable riders or addendums
Trailing documents may also include a certified copy of Power of Attorney if needed and all other documents connected to the mortgage process.
Post-Closing Process
File Review
This process proves time-consuming but essential. Every file connected to the mortgage must be reviewed, from the first application to closing documents. All the information in the documents needs to be consistent and adequately supported before the file can proceed forward.
Financial Re-verification
The Loan to Value ratio (LTV), Combined Loan to Value ratio (CLTV), liabilities, debt-to-income ratios, employment and assets, and credit history of the borrower all must be recalculated and values confirmed.
Report Findings
The post-closing team collates all the findings from the previous steps and sends them on for final review within 30 days of the file review’s completion. The final closing package report should be comprehensive and detailed. At this point, if anything in the findings makes the loan ineligible, post-closing must report it to Fannie Mae.
Appraisal Desk Review
This step reviews the original appraiser’s work to ensure that every finding is correct and supported by documentation. No new information is added at this step.
At Anew Lending, we understand the entire mortgage process, including post-closing, and how important it is for compliance and your future as a homeowner long after you’ve moved in. Our experienced team is with you all the way, helping you find the right mortgage for you and supporting you through the entire process.
Contact us at Anew Lending for any questions about the home loan process, including mortgage post-closing, and see what an experienced loan provider can do for you. Call us today at (916) 226-9991.