Origination ActivitiesQuestion 253 of 400
During post-closing, a lender reviews the completed file before selling the loan to an investor. What is the main purpose of this post-closing review?
a.To reset the borrower's interest rate
b.To re-order the appraisal for the buyer's records
c.To confirm the file is complete, accurate, and compliant so the loan is saleable
d.To collect the borrower's first payment in person
Explanation
Post-closing review (quality control and file assembly) confirms that documents are complete, accurate, and compliant with investor and regulatory requirements so the loan can be delivered or sold in the secondary market. It does not change the rate or collect payments.
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