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Mortgage Loan Closing Checklist (Sample)

Prepare for Your Mortgage Loan Closing

Before a mortgage loan is sent to the closing department for preparation of loan closing documents, the file is reviewed for completeness using a "Mortgage Loan Closing Checklist" similar to what appears below.

LOAN STATUS SHEET

All conditions of approval have been cleared by the underwriter.

Credit documents have not expired.

On FHA/VA loans all appraisal conditions have been met.

PRIVATE MORTGAGE INSURANCE (PMI) COMMITMENT IF REQUIRED

Loan program is correct.

Mortgagee, borrowers and property address are correct.

Coverage amount is the same as requested by underwirter

Special conditions have been cleared.

TITLE COMMITMENT

Loan amount and mortgagee clause are correct (on FHA/VA loans the government verbiage must be included in the mortgagee clause).

Proposed owners on Schedule A have been approved for loan (you may not have an individual on the title that is not a party to the loan).

Legal description on Schedule A agrees with legal description on survey and on appraisal.

Property tax information agrees with property tax information on appraisal.

Schedule B-2 exceptions have been reviewed for acceptability

Valid indemnification letter is on file.

HAZARD/FLOOD/WINDSTORM INSURANCE

Borrowers names and property address are correct.

Effective date is closing date.

Expiration date is shown.

Dwelling coverage is loan amount or higher.

Premium information has been provided.

Mortgagee clause is correct, Lenders name, its successors and/or assigns).

Agentís signature is present.

SURVEY

Legal description on survey agrees with legal description on title commitment and on appraisal.

Property address agrees with property address on appraisal.

Survey date is within 90 days of closing.

Flood zone on survey agrees with flood zone on flood cert and on appraisal.

Survey has been certified to borrowers, closing agent, title underwriter and lenderís name its successors and/or assigns

TERMITE/ LIVING ORGANISIM REPORT

Termite report is within 30 days of closing.

Property address inspected is correct.

Termite report is clear and shows no damage (if the termite report shows evidence of wood destroying organisms this is not considered a clear report).

Termite report has been performed by a licensed termite inspector and is signed.

ROOF REPORT if required

Roof report is within 30 days of closing.

Property address inspected is correct.

Inspection has been performed by a licensed roofer and has been signed.

Roof report is clear.

LENDER INTEREST RATE LOCK

Loan program shown on lock sheet agrees with loan status sheet.

Lock in rate does not exceed maximum qualifying rate shown on status sheet.

Rate lock has not expired.

Investor to whom lender is selling loan does not contradict the investor shown on the status sheet, if any.

APPRAISAL

The appraisal has correct address and flood zone designation agrees with Flood Certification

CONSTRUCTION LOANS

Builder is approved (check list).

Construction cost breakdown is in file.

Construction loan plans are in file.

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