In one sentence
Setting up a closed loan in the servicing system: terms, payment schedules, escrows, reserves, covenants, and document images, verified against the executed documents.
The longer version
Boarding errors compound quietly: a mis-keyed rate, escrow constant, or covenant test date turns into borrower disputes and audit findings months later. Good boarding processes verify against source documents, not the term sheet.
The handoff from closing to servicing is where documents scatter. A complete, organized closing file makes boarding a read-through instead of an investigation.
In Prodeal
Servicing teams board from the deal's organized document set instead of chasing the closing team, and TruStone's servicing operation cut daily status email 75% running this handoff on Prodeal.
Common questions
- What is loan boarding?
- Setting up a closed loan in the servicing system: payment terms, escrow and reserve balances, covenants, reporting deadlines and the document index, so the loan can be administered from day one.
- What does a servicer need to board a loan?
- The executed loan documents, the closing statement for opening reserve balances, the payment schedule, insurance and tax details, and the covenant and reporting requirements.
- Why do boarding errors matter?
- Because the servicing system becomes the source of truth. A wrong reserve balance or a missed covenant at boarding repeats every month until someone catches it.
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