The closing, run on one list.
Between approval and funding sits the closing, and it is the part most systems handle least. Prodeal is built for that gap: the multi-party checklist that gets a decided loan actually closed.
Loan closing software runs the period between credit approval and funding: the checklist of conditions, the documents that satisfy them, the parties who deliver them, and the record of what happened. It is a different job from loan origination software, which underwrites and approves, and from a data room, which stores. Prodeal is the closing layer, and it is where the borrower, counsel and title company actually do their part.
The gap between approval and funding
Most lending technology addresses two moments: deciding the credit, and administering the loan afterwards. Origination systems do the first. Servicing systems do the second. The weeks in between, where conditions are cleared and documents are collected from people outside the bank, are usually run on a spreadsheet and an email thread.
That gap is where the calendar goes. The credit decision takes as long as it takes, and servicing starts when the loan funds. The closing period is the part that stretches, and it stretches because it depends on parties the lender does not employ: the borrower, counsel on both sides, the title company, the surveyor, the appraiser and the insurance broker.
Closing software is the layer that runs those weeks. Its job is to make the condition list visible to everyone who has to satisfy it, and to keep the record of what happened.
What good looks like on the last day
The test of a closing system is the day before funding. On that day, a working system can answer three questions without anyone opening an inbox: what is still outstanding, who owes it, and what was waived and by whom.
The third one is the one that comes back later. Conditions get deferred at funding for good reasons, and the deferral is a decision made under time pressure by people who will have moved on by the time an examiner reads the file. A system that records the waiver, its approver and its new due date turns a future exception into an open item with an owner.
The same record produces the closing binder. When the checklist is the structure, the binder is an export rather than a week of reassembly, and it exists at funding rather than a month after it.
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The gap after approval
The LOS says approved; the actual work of getting to funded happens in email.
Many parties, one deadline
Borrower, counsel, title, and vendors all owe items into the same closing date.
No live punch list
Without one, the pre-funding week is a scramble.
From approval to funding, one list.
Everything between the credit decision and the wire, run in one room.
01Open the closing checklist
From term sheet to funded, every item is on one list with an owner and a due date.
02Parties work their items
Borrower, counsel, title, and insurance work the same list and are notified when a document needs them.
03The punch list stays live
Filter to the open items and the pre-funding meeting runs from one current list.
04Fund with the binder built
The closing binder and audit trail export from the list the deal ran on.
Run your next closing on the list, not the inbox.
Book a demoThe gap after approval, closed
Origination approves the loan. This is the system for everything between approval and funding.
Every party on one deadline
Borrower, counsel, title, and insurance work the same list, each notified when an item needs them.
The punch list is live
The punch list is a filter on the live checklist, so the pre-funding meeting reads from one current page.
Fund with the binder built
The closing binder and audit trail export from the same list the deal ran on.
Questions lenders ask
- Does loan closing software replace my LOS?
- No. The LOS owns intake and the credit decision; loan closing software owns the closing it was never built to run. They coexist and connect at the approval-to-closing handoff.
- Where does it fit against loan origination software?
- Origination gets the loan approved. Prodeal runs the closing that follows: the checklist, the parties, and the record. Many teams run both.
- Can outside parties use it without a login?
- Yes. Borrowers work from a no-login link, and counsel and title work their own items with statuses they can read at a glance.
- What is the punch list?
- Every open item across the deal on one page, filtered live, so the pre-funding meeting is a review, not a reconstruction.
- What is the difference between loan origination software and loan closing software?
- Origination software decides the credit: application, underwriting, approval. Closing software runs the period after approval, clearing conditions and collecting documents from outside parties until the loan funds. Some origination platforms include a closing module, and the question is whether it lets the borrower and title company work in it directly.
- How long does a commercial loan closing take?
- Commonly thirty to sixty days from approval, with construction and agency deals running longer. The variance is rarely in the lender's own work. It sits in third-party items with fixed lead times and in waiting on parties who have no deadline pressure of their own.
- Who uses loan closing software?
- The lender's closing and loan administration team runs it, and the value depends on the outside parties using it too: the borrower delivering documents, counsel posting drafts, and the title company sharing the commitment and the final policy. A closing system that only the lender logs into is a tracking spreadsheet with a nicer interface.
Your next closing, without the scramble.
Bring one approved loan to the walkthrough. See the closing checklist run with your parties.