2007-05-11 08:57:48 · 2 answers · asked by Demetria H 1 in Business & Finance ➔ Renting & Real Estate
Closing department gets the package on final stages of the loan processing. At this point the loan is "Clear To Close" in other words, completely approved. They just prepare the package and all necessary documentation to be shipped to the Title or Escrow company or attorney's office where the actual closing is going to take place. Even though, the loan is completely approved, there could still be some closing/funding conditions, i.e. verbal verification of employment to make sure you didn't lose your job while in processing, or maybe some other small details. But basically they prepare approved loan for actual closing. Very rarely, the loan will not close when it's already in closing department.
I hope this is what you were asking.
2007-05-11 09:27:58 · answer #1 · answered by Alexander K 3 · 1⤊ 0⤋
Closing just means they are puttin all the details of the loan together. Usually a acceptance has taken place to go to that last stage, they will let you know what you need to do
2007-05-11 16:02:11 · answer #2 · answered by Anonymous · 0⤊ 0⤋