Loan onboarding is the initial phase of managing a loan, occurring after approval but prior to active servicing. This critical stage ensures that all relevant data is systematically collected and organized, allowing both the lender and borrower to be fully prepared for the terms of the loan.
The Payoff Demand Process is a procedure that outlines how the total amount due to fully pay off a loan is determined and communicated to the borrower, lender, or any other relevant party. It is a critical step in the loan lifecycle when the borrower is ready to repay the loan in full, either at the end of the term, in the case of refinancing, or when the borrower is seeking to pay off the loan early.
The Lien Release Process refers to the steps taken to remove a lien from a property or asset once the underlying debt has been fully paid off. A lien is a legal claim or right that a lender or creditor holds over a property until the debt is satisfied. Once the debt is paid off, the lender must formally release the lien to clear the property’s title, allowing the borrower or property owner to have full, uncontested ownership.
The property taxes and insurance process typically refer to the handling of property taxes and homeowners' insurance as part of the loan servicing process, especially for loans that involve an escrow account.
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