What Happens After Contract is Processed? The Closing Process LENDER Verification of employment, accounts, credit report and appraisals ordered All information gathered for the borrower and submitted for loan approval Loan underwriting department approves or disapproves of the loan Outstanding conditions requested – closing date confirmed and package sent to closing agent CLOSING AGENT Signed contract is faxed to Title America Title America executes the title search process Mortgage and lien payoffs are ordered Title Commitment is typed and faxed to lender After the appraisal, the lender notifies closing agent of final loan approval Closing package is received and HUD-1 Settlement Statement prepared. After HUD-1 approval it is released to the buyers and sellers Documents signed by all parties, escrow is funded and deeds sent to recording PRINTABLE PDF VERSION OF CHART To view and print these PDF forms Adobe Acrobat Reader is required. Please CLICK HERE to install the free Acrobat software direct from Adobe.
