Identify the parties and terms
Describe the borrower and relevant relationships, the amount, purpose, payment schedule, interest terms, and proposed collateral. Avoid relying on a verbal description alone.
Review documentation and responsibilities
Have the appropriate professionals assess the proposed documents and transaction. Identify who handles signatures, security instruments, recording, and ongoing servicing.
Prepare for the life of the loan
Track payments, balances, correspondence, and collateral information. Decide how missed payments and changes will be addressed before they arise.
Put The Knowledge To Work
Your preparation checklist.
- Identify borrower and relationships
- Collect proposed terms and collateral records
- Arrange professional document review
- Assign servicing responsibility
- Set up payment records
This guide provides general education and preparation questions. Individual advice depends on current rules, the actual arrangement, and a separate professional engagement.
Keep Your Progress
Make the next step yours.
Save learning progress, revisit the checklist, and connect your questions to your client workspace.
Open this guide in my portal