Get the free CORRESPONDENT CLOSING PACKAGE SUBMISSION SHEET

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How to fill out correspondent closing package submission

How to fill out correspondent closing package submission:

1. Begin by gathering all required documents, including the completed loan application, borrower's financial statements, and any additional supporting documentation requested by the lender.
2. Organize the documents in the order specified by the lender's guidelines. This may include labeling each document with the appropriate borrower's name, loan number, and date.
3. Review each document carefully for accuracy and completeness. Double-check all calculations and ensure that all necessary signatures are obtained.
4. Complete the submission form provided by the lender. This form typically includes important information such as the borrower's contact details, loan amount, and closing date. Fill out this form neatly and accurately.
5. Attach the submission form to the front of the closing package, followed by the required documents in the specified order. Use paper clips or staples to keep the documents together, if necessary.
6. Create a cover letter or summary explaining the contents of the closing package. This can help the lender easily navigate through the submitted documents.
7. Make copies of the entire closing package for your records. It is always good practice to keep a duplicate set of all documents submitted.
8. Submit the correspondent closing package to the designated lender or lender's representative. Follow any specific instructions provided by the lender regarding the submission method, such as mailing, hand-delivering, or using an online submission portal.
9. Keep a record of the submission date and any confirmation or tracking numbers provided by the lender, as these may be necessary for future reference.

Who needs correspondent closing package submission?

1. Mortgage lenders: Correspondent closing package submission is typically required by mortgage lenders when closing a loan. It serves as a comprehensive package of all the relevant documents and information needed to complete the mortgage process.
2. Correspondent lenders: Correspondent lenders, or mortgage companies that originate and fund loans in their own name before selling them to larger lenders, use the closing package submission to ensure compliance with their loan programs and guidelines. It helps them review and evaluate the loan file before finalizing the transaction.
3. Loan processors and underwriters: These professionals within the mortgage lending industry rely on the correspondent closing package submission to assess the borrower's qualification, review the loan documents, and make a final decision on the loan approval. The submission package provides them with all the necessary information to ensure a smooth and efficient loan closing process.

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What is correspondent closing package submission?

Correspondent closing package submission is the process of submitting the necessary documents and information related to a real estate transaction to finalize the closing of the deal.

Who is required to file correspondent closing package submission?

The individuals or entities involved in a real estate transaction, such as buyers, sellers, lenders, and title companies, are required to file correspondent closing package submission.

How to fill out correspondent closing package submission?

To fill out correspondent closing package submission, one must gather all required documents, fill out the necessary forms accurately, and submit them to the designated party or organization.

What is the purpose of correspondent closing package submission?

The purpose of correspondent closing package submission is to ensure that all necessary documentation and information are provided to finalize a real estate transaction.

What information must be reported on correspondent closing package submission?

Information such as property details, buyer and seller information, loan details, and any other relevant documentation must be reported on correspondent closing package submission.