Once you have completed initial file setup and your file has been preliminarily balanced, you may send the instructions to the title and the unbalanced Initial CD to the borrower.
- Start on CD page 4 and check to make sure that everything is filled out correct:
Assumption: only government loans are assumable. All conventional loans should be marked that they do NOT allow assumption.
Demand Feature: we do not have any loans with a demand feature.
Late Payment: all you have to do here is hit the Get Late Payment button. It will fill out this section if it hasn’t already been filled out. If it was previously filled out, it will just double check the info.
Negative Amortization: we never have a negative amortization feature
Partial Payments: we never accept partial payments
Security Interest: the address of the property should be listed here
Loan Disclosure-Escrow: make sure that everything is checked correctly based on how escrows are set up.
- CD page 5
Make sure that the lender info is completely filled out. If it is not, you can hit the Copy From 1003 button and it should fill it in for you
At the very bottom in the Confirm Receipt section, make sure that the signature type is “By Name”
- TRID Redisclosure Desk Summary
You will want to check to make sure that nothing material has changed on the loan that needs to be disclosed to the borrower with a COC form. The Redisclosure department does a decent job of letting us know when they find changes that need to be sent on CDs, but you should always be checking this yourself to make sure nothing needs to be noted as a COC on your initial CD.
- Run Mavent. Seriously, you should run mavent every time you work on a file. It will make your life 10x
- If you have gotten to this point and everything checks out, you can now send your instructions and initial CD. To do that, go to RegZ CD
Click Audit in the top right corner
Make sure you are on Closing docs and click Order Docs
Click the checkbox at the very top and it will un-select every option. You want to send the following to the title agent:
Instructions to Escrow/Title/Closing Agent The Mortgage/Deed of Trust
*any applicable Riders. They will be listed directly under the Mortgage/DoT if there are any Click Add Additional Docs and add the following:
ProForma CD/ProForma CD Alternate (alternate is for refinances)
HOI Policy (only if you are paying the HOI premium through closing)
Payoff (if this is a refinance with a payoff, send the payoff statement to title)
You can now hit the send button. Send button. Click the paper plus icon to add a recipient and add the email for the title agent. The Authorization code should be the property zip code. For the subject, use Initial Closing Disclosure Review Requested. Hit Send at the bottom and you have now sent instructions to title. Once it has finished loading, you will be in Disclosure Tracking. Exclude the tracking node you just created from the timeline
Go to the Loan Operating Summary and check this box to mark that you have sent instructions
If you use Zendesk, you can send the macro Initial CD: Instructions Sent To Title/Escrow. Please note that this macro states that a copy of the instructions is attached to the message. If you’d like, you can save a copy of the instructions from Disclosure Tracking and attach it to the message.
- Sending the Initial
If you have been following along with this guide so far, you may now send the initial CD at this point (this is for unbalanced CDs only). Go back to RegZ CD and click audit again.
This time you will select Pre-Closing. Notice how a drop down menu will appear with the borrowers names. MAKE SURE TO NOTE IF YOU HAVE MULTIPLE BORROWERS IN THE DROP-DOWN MENU. You will need to send the CD to each borrower/pair of borrowers in the drop down menu. Once you have confirmed your number of borrowers, you can hit Order Docs
You should only have two or three documents showing to be sent to the borrower, the TRID letter to borrower, and the Closing Disclosure ( if you are sending the CD for a purchase, you will also have the Seller Closing Disclosure. You can uncheck this document, as we don’t prepare the Seller CD). If you previously determined that you need to send a COC with your CD, this is where you will add it by clicking Add Additional Docs and selecting Notice of Change of Circumstance – CD (PLEASE NOTE: You have to actually fill out the COC form first. If you have not done so, please refer to the closing guide on how to set up a COC form). Once this is done, you can click Send.
On the send screen, the ONLY thing you should have to change is the Sender Type in the top left corner. Change this to Loan Officer
The borrower information (email address and auth code) should already be filled out and the Subject should be on the correct option. You can now click Send.
Once disclosure tracking has loaded, you are finished! Make sure to notify the loan officer and processor that you have sent the unbalanced initial CD and that it should be signed by the borrower ASAP (do this either through Zendesk or a standard email to the LO and LP). You can save and exit the file.