Feature Release: Add & manage multiple private lenders in one mortgage

September 26, 2023

We’ve created a flexible solution that allows you to add & manage multiple private lenders on a mortgage. These days, the number of mortgages with multiple private lenders is increasing. In the past, this meant your valuable time was spent finding ways to work around rigid software fields and override document defaults to process a simple mortgage. Closer’s intuitive and modern approach to private lender mortgages will save you time (and many future headaches)! Keep reading to learn how it works. Trust us, it’s a game changer!

Create contact cards for lenders

You’ll now be able to add each private lender as their own contact card within a mortgage. You can easily create new contacts and edit lender details directly from the mortgages tab. Now, all relevant contact information for each lender will be included within the lender details on your mortgage.

Add multiple lenders to the same mortgage

Now you can add more than one private lender to your mortgage using separate contact cards for each lender. Your mortgages can include multiple private lenders, or a trust company and private lenders.

Assign lenders % of interest

When there are multiple lenders on a file, you'll be able to change the allocation of interest for each lender. The Teraview charge document will reflect all multiple private lender details so that you can save time uploading your charge registration document to Teraview.

Create documents for your mortgage  (coming soon)

We're updating existing mortgage documents and adding new document templates to our library to support multiple private lenders on a mortgage. Soon, you’ll be able to seamlessly create mortgage documents where each lender has their own signing line. When acting on behalf of the mortgagee, you’ll have the ability to create individual documents for each lender.