Post-closing process for submitting an eligible mortgage's data and documents into an investor, agency, or MBS execution.
Loan delivery is the post-closing process of submitting an eligible mortgage’s required data, documents, and execution instructions to an investor, agency, or MBS channel.
Loan delivery matters because the lender’s work does not end when the borrower signs. The closed loan must still match the eligibility, data, documentation, commitment, and custody requirements of the party that will buy, pool, or securitize it.
Delivery systems can compare submitted information with underwriting, closing, and note data. A fatal edit, missing document, inconsistent note term, or unresolved custody exception can delay purchase or security issuance until the lender corrects the file.
Borrowers usually do not see loan delivery as a named step on the closing timeline. It happens after closing, in the lender’s back office and secondary-market process.
The term becomes practical when a borrower wants to understand why the lender may still ask for a correction, confirmation, or final document after funding. A delivery cure should correct the closing or lender record; it does not give the lender permission to silently change the signed note.
| Stage | Lender-side task |
|---|---|
| Final eligibility review | Confirms the funded mortgage still fits the intended investor or pool |
| Data submission | Sends required loan, borrower, property, pricing, and closing fields |
| Document custody or certification | Delivers required collateral documents and resolves custodian exceptions |
| Commitment assignment | Applies the loan to the correct best-efforts, mandatory, whole-loan, or MBS execution |
| Investor edits and review | Resolves warnings, fatal edits, discrepancies, and requested evidence |
| Purchase or pool settlement | Completes the investor funding, purchase, or security issuance process |
| Post-delivery quality control | Reviews representations, data, documents, and early loan performance |
The exact sequence differs by investor and by paper-note versus eNote delivery. Delivery is complete only under the applicable channel’s requirements, not merely because a file was uploaded.
| Step | Plain-language role |
|---|---|
| Closing | Borrower signs and the loan funds |
| Loan delivery | Lender sends the closed loan into the intended investor or agency channel |
| Loan Sale | The loan asset is sold after closing |
| Securitization | Loans may later be pooled into securities |
A lender closes a $420,000 conventional mortgage and submits the loan data for agency delivery. The custodian compares the note with the submitted fields and finds that the maturity date is one month off.
The lender corrects the delivery record and resubmits it for certification. The signed note and the borrower’s payment schedule do not change; the downstream data is corrected to match the legal loan documents.
Loan delivery differs from Loan Sale because delivery is the operational handoff, while sale is the ownership or economic transfer.
It differs from Securitization because delivery can be a step before a loan becomes part of a pool or security.
It also differs from Clear to Close because clear to close is the pre-closing underwriting status, while delivery happens after closing.