Reconcile the number the borrower was told
The cash to close on the closing disclosure is the figure the borrower plans around. Compare it with the settlement statement and the funding instructions before anyone sends a wire. A difference of a few hundred dollars can strand a closing if the borrower is at the limit of available funds.
Break the total into loan amount, deposits, seller credits, prorations, and fees. Recompute each component from its source rather than adjusting the total to match one document.
Confirm the funding method and deadline
Record whether the borrower will wire, bring a cashier's check, or use verified funds from another source. Note the bank's cutoff, the settlement agent's receipt deadline, and any limit on same-day wires.
If the borrower plans to wire, the instructions must go through the verified callback process. The cash-to-close review and the wire verification are separate controls, and one does not substitute for the other.
Account for late changes
A changed closing date alters prorations, prepaid interest, and sometimes the first payment. A changed escrow account alters the initial deposit. Each change should produce a new cash-to-close figure with a dated explanation of what moved.
Do not let a revised figure circulate without a matching disclosure or written update to the borrower. A verbal correction at the signing table is the weakest possible evidence.
Check credits and holdbacks
Seller credits, repair allowances, and lender credits each reduce cash to close but may have conditions. Record the source, the amount, and whether the credit is reflected on the closing disclosure and the settlement statement.
If a credit is withheld pending a repair or a document, note the holdback and the release condition. A missing holdback can make the file look balanced while an obligation remains outstanding.
Verify receipt before disbursement
The file should show the funds arrived, not that they were requested. Attach the settlement agent's receipt or the bank confirmation and match the amount to the final cash-to-close figure.
If funds arrive short, do not disburse on a promise of a later transfer without the closing manager's documented approval. The gap belongs in the file with the approver's name.
Close the loop with the borrower
After closing, send the final settlement statement and a short summary of the funds received. If there is a refund or an overage, state the amount, the method, and the expected date.
Review a sample of files for unexplained differences between the disclosed cash to close and the amount collected. Repeated small variances are often a sign that the fee review is happening too late.
Questions
Can the assistant tell the borrower the final cash to close?
The assistant can share figures the closing manager has approved and that appear on the current disclosure. Any change or interpretation should come from the closing manager or lender.
What if the borrower cannot cover the difference?
Escalate immediately. The closing manager and lender determine whether the transaction can be restructured, delayed, or cancelled; the assistant does not suggest undocumented funding sources.
Are cashier's checks always acceptable?
The settlement agent's funding policy controls. Confirm the accepted form, the payee, and the deadline before the borrower obtains the check.