The master list of every document and condition a commercial loan must satisfy before funding, with an owner and a status on each line.
The longer version
The closing checklist is drafted from the commitment letter, usually by lender counsel, and becomes the working surface of the closing. Loan documents, third-party reports, title items, and borrower deliverables each get a line, a responsible party, and a status.
The list is also the record. At funding, the closed items become the index for the closing binder, and the activity behind them becomes the audit trail.
In Prodeal
Prodeal’s live checklist is color-coded by responsibility, with open, in-progress, and closed items visible to every party at a glance. Due dates sit on line items and reminders route to whoever owes the document.