Loan Closing and Disbursement

Workflow for closing approved loans and disbursing funds. Covers document preparation, closing meeting, and funding. Takes 1-2 hours for consumer loans, longer for complex transactions. Best for: Loan closers, settlement staff.

4 steps

Banking

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Process steps

Prepare closing documents

1 days from previous step

task

Generate all required closing documents: note, security agreements, disclosures, and any program-specific documents. Verify all information matches the approval. Calculate final figures including any per diem interest. Review documents for accuracy before the closing appointment.

Form fields in this step

Documents Generated *

QC Review Completed *

Conduct closing and obtain signatures

1 days from previous step

task

Meet with borrower(s) to execute documents. Explain key terms: rate, payment, due date, prepayment provisions. Obtain signatures on all required documents. Verify borrower ID matches documentation. Collect any funds due from borrower (down payments, prepaid items).

Form fields in this step

All Documents Signed *

Borrower ID Verified *

Funds Collected

Record security interest

3 days from previous step

task

For secured loans, file or record security interests appropriately. Real estate loans get recorded with the county. Vehicle loans file lien with DMV. UCC filings for business collateral. Obtain confirmation of recording/filing.

Form fields in this step

Security Interest Filed *

Recording/Filing Reference

Disburse funds and book loan

1 days from previous step

task

After all conditions are satisfied and documents properly executed, disburse funds per the closing instructions. Book the loan on your core system. Set up payment schedule and any automatic payments. Send borrower the payment coupon book or online access instructions.

Form fields in this step

Funds Disbursed *

Disbursement Method *

New Loan Number *