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 or 1003(S))
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
Plat or survey, as applicable
Final Truth in Lending disclosure, as applicable
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.
The table below provides references to the Announcements that have been issued that are related to this topic.