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5. On the closing date, all parties arrive at the bank at a specified time, the documents are signed, and the loan is disbursed. After this step the bank begins to collect payments from the borrower on a monthly basis.

6. Every month a Closing Report is generated that contains all the data on loans that have been closed. This data includes gross income on each loan, interest rate, loan number, borrower name, loan officer, product, closing date, FICO score, and loan amount.