Final answer:
The update of the selling ID on HEIL loan documents within Genesis, or a similar system, usually occurs immediately upon closing, but can vary based on institutional processes or software capabilities.
Step-by-step explanation:
When assisting a Mortgage Loan Originator (MLO) with the closing of a Home Equity Installment Loan (HEIL), they may inquire when Genesis, which is assumed to be the loan processing or document system in this context, will update the selling ID on the loan documents.
Typically, the selling ID, which identifies the originator or the selling source of the loan, should be updated in the loan documentation system immediately upon closing. If Genesis is the software platform being used, this update process is usually automated.
However, time frames can vary depending on the internal processes of the financial institution or the specific software capabilities. It is crucial therefore, for an MLO to know the institution's protocols and to confirm when the update actually takes place in the system.
Furthermore, if Genesis supports it, setting up notifications for a status change can be helpful to stay informed when the selling ID is updated.