For our Table Funding Clients – TRID Tip

Intent To Proceed Documentation Required for Pre-Closing Review

Intent To Proceed documentation is required as part of the Pre-Closing Review. The documentation must be written and can take the form of an e-mail or letter from the Borrower(s), Loan Officer, or Staff notes regarding a conversation with the Borrower(s) that instructed the Loan Originator to proceed with the loan.

What is the Pre-Closing Review?

• A loan must pass the Pre-Closing Review in order to close and fund.
• Once a loan has reached an Underwriting Approved status, the Closing Disclosure (CD) can be generated.
• Once the CD has been created and sent to the consumer, documents must be uploaded to initiate the Pre-Closing Review.

TIMING CONSIDERATION: It is recommended that the Pre-Closing Review is initiated soon after generation of the CD. Once the consumer has received the CD, there is a 3 business day waiting period, during which time the Pre-Closing Review can be completed.

What must information be uploaded for the Pre-Closing Review?

• Intent to Proceed Documentation
• MLO Compensation Election Form
• Hazard Insurance (if not already submitted as part of the underwriting review)
• Flood Insurance (if applicable)
• Signed Ohio Notice of Change in Mortgage Terms (if applicable)
• Proof of current tax payment (if not already submitted as part of the underwriting review)