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Underwriting and Closing

During this stage, the Processor/Underwriter completes the Underwriting checklist(s), prepares required documents, and moves the application to Closing. Then the Closer generates the materials for the Closing Agency, completes the Closing checklist(s), reviews final information, sets the Actual Close Date (through Advance Stage), and moves the application to Disbursement (through Advance Stage).

Note

The stages are static and always include the Closing stage. If the program does not include forgivable loans, there might not be any requirements to advance to the Disbursement stage. In this case, the appropriate user simply advances the program from Underwriting to Closing to Disbursement at one time.

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In this section:

The contact for the Agency responsible for reviewing applicant-submitted data and identifying whether the applicant qualifies for a program.

The contact for the Agency responsible for preparing, reviewing, and submitting important documents for the loan closing.

Each application progresses through eight pre-defined stages. Each stage has specific completion requirements, ensuring that all required program-specific steps are completed before moving on.

The fifth stage, Closing, is when the Agency's Closer generates materials for the Closing Agency.

Each application progresses through eight pre-defined stages. Each stage has specific completion requirements, ensuring that all required program-specific steps are completed before moving on.

The sixth stage, Disbursement, is when the Agency pays out funds on the application.