Closing Instructions Templates
& Implementation Guide
Closing instructions include information such as how funds are to be wired or disbursed and where the closing package should be sent. MISMO's closing instruction templates are designed to bring greater consistency and clarity to the mortgage closing process. The templates focus on the format and organization of closing instructions rather than the legal language that a lender may include in the instructions. Lender adoption of the templates is expected to reduce the miscommunication and resulting errors that occur at closing due to the wide variance in formats that currently exists.
MISMO offers two standard closing instructions templates, the Master Closing Template and the Transactional Closing Template. These standard templates are in Candidate Recommendation (CR) status which means that they have been thoroughly reviewed by a wide range of organizations and industry participants and MISMO believes that they are ready for industry to use in implementations.
The Master Closing Instruction Template contains lender instructions that are common to all loans closed for that lender. It includes items such as instructions for conflicts of interest; data security and document destruction; verification of signer identity; and recording. The Transactional Closing Instruction Template includes information relating to a specific loan. It includes items such as borrower contact information; property information; critical dates; and conditions and stipulations. MISMO has also developed an Implementation Guide to assist with the adoption of the new templates.
The templates, and related implementation guide, were developed through a collaborative effort across many sectors of the mortgage ecosystem. National and regional lenders, title and settlement services companies, escrow companies, LOS vendors, and document preparation vendors worked together to develop templates that work for all parties involved in the closing process. The results of this collaborative process are expected to contribute to improved communications between parties, reduced errors, and a better consumer experience.
This MISMO product is available for use by MISMO members as part of the package of member benefits. Licenses to utilize the closing instructions templates and implementation guide are also being provided to non-members in a variety of ways, depending on how the product will be used. To help determine the type of license you will need, see questions and links below.
The Internal Use Only, Non-Commercial Distributor, and Commercial Distributor usage versions of the Closing Instructions are available in the MISMO Connect Resource Library for MISMO member
Innovation Investment Fee Payers
If you are not a MISMO Member, the type of license you will need depends upon how you will be using the MISMO product.
How will you be using the Closing Instructions Templates and Implementation Guide?
- I plan to use them for the development of materials that will be used for internal purposes only and will not share this MISMO Product, in whole or part, outside of my organization. Click to access desired "Internal Use Only" Products below. The closing instructions templates and related implementation guide are being made available for internal use at no charge to the public. Click here to download Internal Use Only Templates and Implementation Guide.
- I plan to incorporate this product, in whole or in part, into material that may be shared outside of my organization for non-commercial purposes. My organization will not profit financially from the shared material. Click below to access the "Non-Commercial use" Products below. The closing instructions templates and implementation guide are being made available for non-commercial use at no charge to the public. Click here to download Non-Commercial Templates and Implementation Guide.
- I plan to incorporate this product, in whole or in part, into material that my organization may make available for sale. The "Commercial Use" Version of the closing instructions templates and implementation guide are available to MISMO members as a member benefit. They will be made available shortly as a bundle for use by non-members for an annual fee of $3500. For more information contact firstname.lastname@example.org.