Outlined below is our closing and funding process, including a comparison of our approach to that of other lenders.
At a high level, our Closing Department schedules the closing, draws up loan documents, and balances the final closing statement, confirms all closing documents are properly executed, and authorizes loan funding. Let’s take a more detailed look at this process.
Key Steps in the Visio Closing Process
Step 1: Clear to Close
Our closing process officially starts when a loan is marked “Sent to Close,” by our Underwriting and Quality Control Departments.
Step 2: Scheduling the Closing Date
Our Closing Department coordinates with the borrower and title company to finalize a convenient closing date and time. We schedule closings no less than 48 hours out from the scheduling call. We will establish a secure digital space for seamless document sharing among all Visio, the borrower, the title company, and any notary.
Step 3: The Closing Package and Final Closing Statement
We prepare closing documents and initiate a task to create the final closing statement. We work closely with the title company to balance the final closing statement, ensuring that fees, credits, and disbursements align with the loan terms.
Step 4: Wire Request & Electronic Signatures
Once the final closing statement is approved, our team prepares a wire request package. The closing consists of both electronically signed documents as well as in person wet signing. Certain documents must be wet signed and/or notarized. However, e-signing helps ensure borrowers sign and date documents accurately. So, we use e-signing for all documents that do not require a wet signature and/or notary. Notaries are scheduled by the title company to oversee in-person signings.
Step 5: Confirming Document Accuracy & Funding Approval
After signing, our Closing Department downloads electronic copies of the documents and carefully reviews them for completeness and accuracy. If any discrepancies are found, we reach out to the borrower and title company for corrections. Once all documents are re-verified, we approve the loan for funding.
How Visio’s Funding Process Differs from Other Lenders
Our closing process emphasizes transparency, borrower engagement, and multiple quality checks, which can differentiate us from other lenders. Our thoroughness helps ensure accuracy and prevent corrections post-funding. Let’s take a closer look at specifically how we are different.
Post-signing, Pre-Funding Review
We perform a detailed post-closing, pre-funding review to reduce the risk of post-funding remediation. As part of this review, we confirm that all signatures and dates are complete and consistent. We also confirm that all notarized documents are complete. Obtaining an electronic copy of the completed documents from the title company can take time depending on the title company’s workload. As a result, we typically do not fund a loan for 24 to 48 hours after closing because we wait to receive the documents from the title company and then complete our pre-funding review. Other lenders often will fund a loan and then come back to the borrower to have documents re-executed if they identify any deficiencies in the closing documents.
Scheduling Out
We schedule closings 48 hours out from the time we reach you to schedule your closing (the “scheduling call”). Many lenders offer same day closings, meaning they will receive a “clear to close” from their underwriting department, and then proceed to closing the same day or next day. We have found rushing the closing results in costly errors. Often, if an error is found at the closing table or post-closing, the documents have to be redrawn, resulting in closing and/or funding delays. It is simpler and more effective to take the extra time to catch errors on the front-end.
Visio Closing FAQs
Who is my Visio Point of Contact for closing?
Once your closing is scheduled, we will send you an email with the name of your Visio closing contact. You can reach out to your Visio Account Executive or that Visio closing contact with any questions.
What can you do to facilitate a smooth closing and funding experience?
You’re entitled to a pre-closing call with your Visio Account Executive or mortgage broker to review your final closing statement. Please review your closing statement and ask any questions about it prior to getting to closing. Also, please note that if there is more than one personal guarantor on your loan, each such personal guarantor must be at closing to sign their personal guarantee
How can I speed up the funding of my Visio loan?
Use the same form of signature in each location in closing documents where you are required to sign. Accurately insert the date wherever requested. Variations in signatures and dates can necessitate re-signing of documents.
How long does it take to get my funds?
We typically fund loans within 24-48 hours of “closing”. We will perform a detailed review of signed closing documents prior to authorizing the title company to release funding.
Anything else I should keep in mind?
We require blue ink on all handwritten document signatures. If you sign in any other color, the documents will have to be redone.
