Mortgage Loan Closer Job Description
Mortgage loan closer
provides ongoing guidance to Closing team and Analysts regarding technical closing issues, review and approve draft loan documents and organizational documents for Closing team as needed.
Mortgage Loan Closer Duties & Responsibilities
To write an effective mortgage loan closer job description, begin by listing detailed duties, responsibilities and expectations. We have included mortgage loan closer job description templates that you can modify and use.
Sample responsibilities for this position include:
Perform and generate compliance test
Prepare draft settlement statement and initial FHA draw package
Complete necessary worksheets ensuring adherence to Federal and State guidelines, RESPA requirements
Reviews file documentation for accuracy per guidelines and investor requirements
Coordinates and prepares documents necessary to take mortgage loans from the approval to closing (Hud-1, Mortgage, Note, Final TIL, title work, homeowners insurance, flood insurance, payoff letters)
Working closely with the processing department and title companies
Assist with clearing conditions on suspended files
Provide back up support to shipping
Support the bank vision
Maintains an organized work space
Mortgage Loan Closer Qualifications
Qualifications for a job description may include education, certification, and experience.
Education for Mortgage Loan Closer
Typically a job would require a certain level of education.
Employers hiring for the mortgage loan closer job most commonly would prefer for their future employee to have a relevant degree such as High School and Associate Degree in Education, Business, Accounting, General Education, Real Estate, Legal, Technical, Associates, Supervision, Finance
Skills for Mortgage Loan Closer
Desired skills for mortgage loan closer include:
Credit policies and approval processes
Loan processing and closing policies and practices
Loan processing and closing policies and procedures
FHA
Compliance
3-day rule
7-day rule and TIL
Loan disclosure
Various regulatory guidelines
Lending compliance and regulations
Desired experience for mortgage loan closer includes:
Coordinates and prepares documents necessary to take mortgage loans from the approval to closing (Hud-1/CD, Mortgage, Note, Final TIL, title work, homeowners insurance, flood insurance, payoff letters)
Answer questions and advise customers regarding loans and transactions
Understand and comply with mortgage industry regulations, including the Fair Credit Reporting Act, TRID, TILA, the Real Estate Settlement Procedures Act, the Community Reinvestment Act, Truth-in-Lending laws
Ensures all required closing documentation is present prior to preparing documents
Performs validation of loan data prior to preparing closing documents
Ensures Reg Z requirements, Dodd Frank, HPML and high cost filters are met
Mortgage Loan Closer Examples
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Mortgage Loan Closer Job Description
Job Description Example
Our company is growing rapidly and is looking to fill the role of mortgage loan closer. Please review the list of responsibilities and qualifications. While this is our ideal list, we will consider candidates that do not necessarily have all of the qualifications, but have sufficient experience and talent.
Responsibilities for mortgage loan closer
- Review loan data in paperless loan file for accuracy and consistency
- Inputs correct loan data in LOS
- Complete doc draw for all programs and Investors
- Complete and verify vesting and complete signature lines as needed for trust,POA & LLC’s
- Complete Specific checklist
- Review HUD1 from closing agent and compare fees in system, verify for consistency and accuracy
- Verify lock and approval dates have not expired prior to sending out docs
- Verify important documents have not expired ( appraisal, credit, income docs & voe)
- Coordinate with Mortgage Bankers and processors on any issues that may arise at closing or prior to thru LOS
- Coordinate with Closing Agent that documents have been received and closing is confirmed
Qualifications for mortgage loan closer
- Reconcile the Closing disclosure to the Loan Estimate and verify accuracy before execution by client
- Prepare Loan Authorization Form and submit to Loan Ops for funding
- Follow up with Closing Agent to ensure successful loan closing and funding
- Follow up with Closing Agent to ensure timely receipt of executed closing packages
- Experience in a position with a financial services company or related experience
- Works on a more independent basis with minimal supervision
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Mortgage Loan Closer Job Description
Job Description Example
Our innovative and growing company is looking for a mortgage loan closer. To join our growing team, please review the list of responsibilities and qualifications.
Responsibilities for mortgage loan closer
- Ensure the timeliness of loan documents
- Interface with internal and external parties, including the Underwriter, Analyst, Originator, Closing Attorney, Servicing and Asset Management personnel, HUD, Borrower, and bond financing team (if applicable) during Initial and Final Endorsement process for HUD transactions
- Perform pre- and post-closing functions including managing closing checklist to ensure that closing counsel has received all required documents to review and close the loan
- Works directly with escrow agent to complete final disbursement procedures and settlement statement prior to initial closing
- Manage engagement and completion of third party insurance review and other third party vendors, when applicable
- Demonstrate high-level project management skills to effectively process complex transactions in high pressure environment, while communicating thoroughly, concisely, and effectively to internal and external partners
- Work with the Borrower, Underwriter, Closing Attorney, and Originator to manage development budget up until initial closing
- Work with the Underwriter, Originator, Trader, and Deal Management Team to develop and document information used at the time of rate lock
- Update internal systems to ensure that appropriate internal reporting data reflects current information for the transaction
- Coordinates with outside attorney, vendor, to obtain documents based on conditions of loan approval and type of financing
Qualifications for mortgage loan closer
- Receives assistance from more experienced closers or manager with difficult questions and situations
- Completes quality control analysis of standard and nonstandard loan documentation, ensures data integrity and performs various functions related to the workgroup to avert losses and reduce undue risk
- May act as mentor and resource to Loan Closer I
- May provide training to Loan Closer I
- Answers phones to assist internal and external customers
- Three or more years of experience applying general accounting principles
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Mortgage Loan Closer Job Description
Job Description Example
Our growing company is looking for a mortgage loan closer. We appreciate you taking the time to review the list of qualifications and to apply for the position. If you don’t fill all of the qualifications, you may still be considered depending on your level of experience.
Responsibilities for mortgage loan closer
- Monitors scheduling notices from title company and schedules closings in system
- Works with Title Companies on worksheets to create a first time clean closing disclosure
- Monitors all closings works with processing to obtain all items to complete closing disclosures
- Data input of information to create documents for closing
- Works with Title Companies/Processors to obtain and clear closing conditions
- Review settlement statements/closing disclosures for accuracy
- Orders wires and balances with Title Companies
- Scanning of closed loan documents
- Have thorough knowledge and background in the following areas Conventional and government mortgage closing process and ability to keep self educated in other mortgage lending guidelines and requirements used in combination with loan types
- Enter data into the Mortgage Software Core System
Qualifications for mortgage loan closer
- Coordinate with Closing Agent and on scheduling closing date
- Comprehensive knowledge of loan processing, closing and funding policies and procedures and all loan products in the portfolio
- 3 + years of drawing docs at a financial institution
- Strong computer skills and proficiency with loan industry software
- Familiar with mortgage industry standard concepts, practices and procedures including MDIA, TILA and RESPA requirements
- Preferred 3 + years of drawing docs at a financial institution
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Mortgage Loan Closer Job Description
Job Description Example
Our company is searching for experienced candidates for the position of mortgage loan closer. If you are looking for an exciting place to work, please take a look at the list of qualifications below.
Responsibilities for mortgage loan closer
- Provide telephone training on requirements and procedures as needed
- Previous Mortgage experience a must
- Excellent communication and organizational skills, PC, typing, data entry, ability to handle high volume within specific deadlines
- Minimum 3 years closing experience within the last 2 years required
- Review Borrower Organization Chart for completeness
- Order and review the insurance consultant’s report and insurance certificates
- Track loan expenses against the application deposit
- Prepare the Loan Settlement Statement
- Confirms all required wait periods are met based on proposed closing date
- Completes a minimum of 8 files per day
Qualifications for mortgage loan closer
- Minimum one year of experience applying general accounting principles
- A minimum of 3-5 years mortgage closing experience
- In-Depth knowledge of underwriting criteria, BOMC closing procedures and industry standards relative to perfection of mortgage interests
- Thorough knowledge of title/ownership documentation records
- Good PC and software application skills in a Windows environment
- Minimum of three (3) years’ of recent work experience in mortgage loan support, processing, or closing
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Mortgage Loan Closer Job Description
Job Description Example
Our company is searching for experienced candidates for the position of mortgage loan closer. If you are looking for an exciting place to work, please take a look at the list of qualifications below.
Responsibilities for mortgage loan closer
- Other duties as assigned by the Closing Manager
- Reviews title commitments and invoices
- Reviews the Closing Protection Letter and wire instructions for accuracy
- Responsible for daily management of pipeline of loan closings, prioritizing based on scheduled closing date
- Must return phone calls the day received -- "Sundown Rule"
- Makes "welcome call" to settlement agent
- Prepares loan closing packages including aggregate escrow figures and truth in lending statements
- Reviews settlement statements, tax and insurance information, and underwriting conditions
- Maintains communication with operations staff and third party vendors to ensure timely delivery of loan documents
- Works with loan originators, processors and underwriters to manage expected service levels related to closing disclosures, clearing loan specific conditions, and communication related to various processes and procedures
Qualifications for mortgage loan closer
- Furnishes on-site training to new Retail Loan Closers in addition to reinforcement training
- Bankway Teller Software, Encompass Mortgage Software, Microsoft EXCEL, Novell Microsoft Office e-mail software
- Knowledge in reading and clearing title preferred
- Two years’ experience as a closer or funder preferred (will consider processing experience)
- Minimum 3 years’ experience closing complex bridge, construction and/or mezzanine loans on commercial real estate
- Minimum 3 years mortgage loan closing experience, within the last 2 years