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> post closing acbs checklist
post closing acbs checklist
1. Final Document Collection
Collect all executed closing documents from the closing agent.
Ensure that any additional documents required by investors or regulators are included.
Verify that the final title policy is received and reflects the correct ownership.
2. Financial Reconciliation
Reconcile the closing statement against disbursement records to ensure accuracy.
Confirm that all escrow accounts are settled and reconciled.
Review any outstanding invoices and ensure timely payment.
3. System Integrity Check
Conduct a thorough check to ensure all loan data has been accurately entered into the ACBS system.
Verify that all collateral details are recorded correctly.
Ensure that system flags are updated to reflect the loan as closed.
Here are some additional steps that could be included in the "System Integrity Check" section of the post-closing ACBS checklist
Confirm that all payment schedules are accurately reflected in the system
Validate that all interest rates and terms are correctly applied to the loan records
Check for any outstanding tasks or alerts related to the closed loan in the ACBS system
Ensure that the loan balance is zero after all payments have been processed
Review audit trails to confirm that all changes to loan data were properly logged and authorized
Verify that all relevant documentation is attached to the loan record in the system
Conduct a backup of the ACBS system data to prevent loss of information after closing
Run integrity checks or reports to identify any discrepancies in the loan data
Confirm that all fees and charges have been accurately recorded and reconciled
Ensure compliance with regulatory requirements related to loan closing and data integrity
4. Risk Assessment
Review the loan for any potential compliance risks that may arise post-closing.
Ensure that all insurance requirements are met and documented.
Check for any potential fraud indicators based on post-closing documentation.
5. Client Communication
Send a confirmation letter to the borrower detailing the loan terms and payment schedule.
Provide copies of all relevant documents to the borrower for their records.
Confirm any additional services or products discussed during closing (e.g., insurance, servicing options).
6. Continuous Improvement Process
Analyze any issues encountered during the closing process for future improvement.
Hold a team debriefing session to discuss challenges and successes.
Update the post-closing checklist based on feedback and lessons learned for future transactions.
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