A major challenge for our brokers and borrowers is navigating the complexities of our closing and funding process. To simplify things, we’ve outlined our closing process step-by-step, providing a clear view of what takes place at each stage. We'll also compare our approach to that of other lenders, highlighting what sets us apart and why we take that approach.
At a high level the closing department gets the loan, schedules the closing, draws up documents, and balances the HUD. Let’s take a more detailed look at this process.
Key Steps in the Visio Lending Closing Process
1. Sent to Close
The Visio Lending closing process officially starts when a loan is marked "Sent to Close,” signaling that all quality control (QC) and post-transaction (PTF) conditions have been verified. Visio Lending’s comprehensive approach ensures that all details are double-checked, minimizing the risk of errors after closing.
2. Scheduling the Closing Date
The Visio Closing Department coordinates with the borrower and title company to finalize a convenient closing date and time. They also establish a secure digital space for seamless document sharing among all parties.
3. The Closing Package and HUD
The Visio Lending team will prepare a closing package and initiate a HUD (Housing and Urban Development) task. We will work closely with the title company to balance the HUD statement, ensuring that fees, credits, and disbursements align with the loan terms.
4. Wire Request & Electronic Signatures
Once the HUD is approved, the Visio team prepares a wire request package. E-signing is facilitated through DocMagic, ensuring borrowers sign and date documents accurately. Notaries are scheduled to oversee in-person signings.
5. Confirming Document Accuracy & Funding Approval
After signing, electronic documents—including the HUD and ACH information—are downloaded and carefully reviewed. If any discrepancies are found, the team will reach out to the borrower and title representative for corrections. Once all documents are re-verified, the loan is approved for funding.
How Visio's Funding Process Differs from Other Lenders
The Visio Lending Closing Process emphasizes transparency, borrower engagement, and multiple quality checks, which can differentiate from other lenders. Our thoroughness helps ensure accuracy and prevent corrections post closing, which, believe us, are worth preventing. Let’s take a closer look at specifically how we are different.
Detailed Quality Control
The Visio Lending process requires early Quality Control checks to ensure accuracy and compliance, helping to prevent last-minute issues and delays that some lenders only address during the final review. Visio Lending incorporates multiple manual checks throughout the entire process for precision. In contrast, other lenders rely on more automated systems, which can increase the risk of errors and lead to extended funding delays.
Scheduling Out
Visio Lending schedules refinances 48 hours out from the scheduling call, and purchases are scheduled 24 hours out from the scheduling call. Many lenders provide same day funds or rushed closings. However, we have found that rushing to get the closing done results in costly errors to all parties involved. Often, if an error is found post-closing, the lender has to identify it, reissue necessary documents, notify all parties, and make funding adjustments. It is much simpler to take the extra time to catch errors on the front-end.
Visio Closing FAQs
Who is my Visio Point of Contact for closing?
You can reach out to our Closing Team & Your Account Executive,
How can I speed up my Visio Loan?
One reliable way to ensure a smooth closing is to have all of your loan documents organized and proofread. Be consistent with your signatures, and don't leave town in the middle of closing.
How long does it take to get my funds?
Once we issue your final approval, we’ll contact you to schedule your closing. We schedule refinances and purchases out 48 hours and 24 hours, respectively, from the time we reach you. Your Account Executive will also contact you to go over your preliminary HUD.
Anything else I should keep in mind?
We require blue ink on all hand-written document signatures. If you sign in any other color, the documents will have to be redone.
