Closing Disclosure Checklist

Recently, I had a client discover almost a year after closing (while doing his taxes) that there was a small error on his Closing Disclosure form. This isn't a form that we typically see since it is a disclosure right from the Lender to the Buyer regarding their loan. So, having never seen their Closing Disclosure, it is not an error I would normally be able to catch for clients.

This client, who is a super smart engineer, made his own small checklist of things to check on the Closing Disclosure. He shared it with me and, with his permission, I am able to share it with you as well.

So, here is a special, simple checklist of things to check on your Closing Disclosure when buying properties as a Nomad.

  • The loan amount is correct.
  • The interest rate is correct.
  • Monthly principal & interest payment is correct.
  • Mortgage insurance is being collected.
  • Taxes are being collected.
  • Closing costs are correct.
  • You understand the closing costs.
  • You understand and agree with the cash to close amount.
  • You understand and agree with the loan costs.
  • You understand and agree with any other costs.
  • The correct boxes are checked regarding loan disclosures.
  • Contact information is correct.

This should be referenced from the Contract to Close process.

Improvements

The following are improvements I plan to make to this page based on some of my Standard Process Improvement Questions.

  • I should move these to be house specific checklist items for Nomads to use with our checklist system.
  • Tammy should add an email reminder with this checklist to our internal process.

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