Selling Guide

Published December 16, 2020

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D1-3-05, Lender Post-Closing Quality Control Review of Closing Documents (06/30/2015)

Introduction

This topic contains information on the lender’s post-closing QC review of the transaction and closing documents.


Review of Transaction and Closing Documents

The lender must review each transaction and closing document for completeness, accuracy, and compliance with all underwriting and eligibility requirements, and to ensure adherence to the loan transaction. The following list reflects the most common documents that must be included in the post-closing document review. The list is not intended to be all-inclusive, and lenders must exercise judgment when determining other documents to include in the review process.

  • Uniform Residential Loan Application (Form 1003)

  • Signed sales contract and any applicable addenda

  • Recorded security instrument and any applicable riders or addenda

  • Mortgage loan note

  • Assignment of the mortgage loan

  • Mortgage insurance certificate or policy

  • VA loan guaranty certificate, RD loan note guarantee, FHA mortgage insurance certificate, or HUD Indian loan guarantee certificate, as applicable

  • Title evidence

  • Plat or survey, as applicable

  • Final Truth in Lending disclosure, as applicable

  • Settlement statement

  • Evidence of property and, if applicable, flood insurance

  • Other closing documents, as applicable

Note: If recorded documents are not available when the post-closing QC review is performed due to timing requirements for the reviews and the length of time the jurisdictions need for recording, the lender should review a copy of the document sent for recordation. The lender must also have a process to review the recorded documents when received to ensure their accuracy, and remediate any errors.

If errors are discovered in the post-closing review process, lenders must

  • determine the significance of the errors;

  • promptly correct the document(s) or obtain corrected document(s) from the vendor (for example, mortgage or property insurer or title company); and

  • provide corrected documents to the document custodian, if applicable.

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