Continuing our series of commonly asked questions at closing, we asked Millie Simmons, our Closing Supervisor/Fulfillment Manager in Flower Mound, for advice on this question.
Millie, how can we meet funding deadlines and allow for a smoother funding process?
The answer is pretty straightforward: Pre-Fund!
In this fast-paced industry, where most steps of the closing process are time-sensitive, it’s crucial to provide quick-turn responses to meet funding/disbursement deadlines. To accommodate clients and create a pleasant borrower experience, implementing proactive measures to meet the deadlines makes good sense.
On refinance transactions, make sure the closing package is reviewed during the rescission period and request/obtain any necessary corrections during that period so the file is ready to fund once the rescission period has been fully observed. Most importantly, get into the habit of pre-funding your files, issuing funding authorization during rescission and providing your title agent with all the necessary information to disburse the loan early on the date of disbursement.
Following this practice will allow your title agent partners to disburse their files earlier, meet payoff deadlines, tax due dates, and issue cash disbursements to borrowers who are expecting cash back.