Step 6: Requesting Closing Disclosures and Closing Docs
Uploading Docs for Initial Closing Disclosures
Once your loan is approved and locked with an ordered appraisal, the processor will receive an email to complete the CD & Doc Order Form.
IMPORTANT: The loan officer will receive the email if there is not an assigned processor on the loan file.
Within the email, follow the Click Here To Request Your CD button to complete the pre-populated CD & Doc Order Form.
The online form will request the following documentation to issue the initial CD. If you have not previously provided the documentation, ensure that you include it with your form submission.
A. Estimated Settlement Statement (or Prelim CD)
B. Evidence of Insurance (If Impounded)
C. Written List of Service Providers (WLSP)
D. Preliminary Report
E. Any Invoices
What's Next
Resolving the CD Request task notifies the Closing Coordinator that you are ready to issue the Closing Disclosures.
You can check on the progress of your initial disclosures by generating the status certificate. To do so, navigate to the Status and Agents tab, then click on view status certificate.
The status certificate summarizes important dates and displays disclosure, loan compensation, and pricing information. Under Disclosure Information, the initial and most recent CD issued date, delivery method and received date are provided.
JMAC Lending is responsible for the accuracy of the CD and will work with the broker and Settlement Agents to ensure that accurate figures are received. If there are any cures that are required from the LE, the broker is responsible for paying for it.
Disclosure Desk Review and Issued Closing Disclosures
Our Closing Coordinator will review the documentation provided. They will contact the Loan Officer and Processor regarding any errors or compliance issues.
Once everything is verified, our Closing Coordinator will prepare the initial closing disclosures. After it is sent, all borrower(s) will receive a notification to eConsent. You and your borrower will be notified.
Change of Circumstance May Cause Additional Waiting Time
If a Change of Circumstance occurs, a closing disclosure will be reissued and a 3-day waiting period will be required before Loan Docs in these circumstances:
A. The disclosed APR exceeds .125% of the most recently disclosed CD.
B. The loan product changes.
C. A prepayment penalty is added.
IMPORTANT: If the borrowers do not consent electronically, there is a 6-day waiting period required before Loan Docs.
To learn more this process, read Submitting a Change of Circumstance.
Your Loan Docs
A Doc Drawer will be assigned and your loan status will change to Docs Ordered when the following items are completed:
A. Your loan status is Clear to Close
B. Your last Loan Estimate, initial Closing Disclosure and any re-disclosed Closing Disclosure has been consented
C. You have uploaded the Doc Request Form and associated documents, including the taxes and insurance on impounded accounts and approved power of attorney form (if applicable).
If they encounter any issues or missing documents, our team will email Loan Officer and Processor. Once they have been generated, the Doc Drawer will email docs to the Loan Processor and Settlement Agents.
The signed Loan Docs must be uploaded to our Closing Package Upload and the physical package must be delivered. For “dry states,” we will require the original packages prior to funding.
IMPORTANT: California Refinance loans are NOT allowed through this electronic upload.