Mortgage Loan Closer Job Description Sample

Are you an Experienced Mortgage Closer?

We want YOU to join our team!

The Mortgage Loan Closer is responsible for the preparation of closing instructions and performing duties required to close and fund residential mortgage loans in accordance with GLCU and investor policies, and in compliance with federal and state regulations.

Primary Duties:

• Assemble, prepare and verify accurate and complete closing documents during the completion of real estate transactions

• Coordinate all aspects of the closing process and ensures that terms of the sale are met.

• Communicate with the closing attorney/closing agent to ensure timely scheduling of the loan closing, either by phone or via e-mail.

• Prepare company closing instructions and documents required for closing and forward the closing package to the closing attorney.

• Continually communicate with Mortgage Loan Originators, loan processors, closing attorneys, title company, realtors and members regarding each loan.

• Prepare and deliver a preliminary closing disclosures (CD) as well as a final CD.

• Assure all federal and state regulations (including TRID) are followed in the completion of job duties.

• Maintain confidentiality of borrower information.

• Any other duties as assigned.

Knowledge, Skills, and Abilities:

• Over two (2) years of recent and relevant experience in a process oriented role, preferably within a bank or credit union.

• A high level of knowledge of Freddie Mac, Fannie Mae, FHA/VA underwriting guidelines as well as the requirements of PMI companies and company investors.

• Knowledge of all federal and state managed consumer mandated disclosure requirements.

• Knowledge of, or ability to learn, Encompass loan processing software or similar program.

• Ability to maintain focus and attention to detail in a fast paced work environment.

• Ability to handle multiple tasks simultaneously, maintain a high level of accuracy, and at the same time meet absolute deadlines.

• Must have excellent oral and written communication skills to convey highly detailed information on co-workers and outside agencies.

• Must be able to maintain a high level of confidentiality

This position is responsible for:

The administration of the closing function for wholesale, virtual, and construction loans

Completing special projects

Working as part of a team

Working with onsite equipment

RequirementsHigh school education or equivalent, administrative / lending experience preferred

• Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities.

• Please view Equal Employment Opportunity Posters provided by OFCCP here.

• The contractor will not discharge or in any other manner discriminate against employees or applicants because they have inquired about, discussed, or disclosed their own pay or the pay of another employee or applicant. However, employees who have access to the compensation information of other employees or applicants as a part of their essential job functions cannot disclose the pay of other employees or applicants to individuals who do not otherwise have access to compensation information, unless the disclosure is (a) in response to a formal complaint or charge, (b) in furtherance of an investigation, proceeding, hearing, or action, including an investigation conducted by the employer, or (c) consistent with the contractor's legal duty to furnish information. 41 CFR 60-1.35(c)

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© 2015- Northwest

Only deposit products offered by Northwest Bank are Member FDIC.

NOTICE: Northwest Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the web sites that have links here. The portal and news features are being provided by an outside source - The bank is not responsible for the content. Please contact us with any concerns or comments.

Northwest Bank, a subsidiary of Northwest Bancshares, Inc., has wholly owned subsidiaries that use the Northwest Bank owned trade, logo and/or services marks "Northwest Advisors, Inc.," "Northwest Retirement Services," and "Northwest Insurance Services" to provide investment and wealth management, actuarial services, recordkeeping services, insurance services and employee benefit plans. Trust and fiduciary services are offered through Northwest Bank.

Investment and Insurance products: (I) are not deposits or other obligations of, nor are they guaranteed by, Northwest Bank or its subsidiaries; (II) are not insured by the Federal Deposit Insurance Corporation (FDIC) or any other agency of the United States or by Northwest Bank or its subsidiaries; and (III) are subject to investment risks, including the possible loss of value.

Job Description:

ABOUT THE JOB (JOB BRIEF)

The Mortgage Loan Closer reports to the Mortgage Loan Closing Manager and is responsible for viewing loan approval conditions, insurance policies, title commitments, surveys, sales contracts, and all other related documentation to ensure that the loan will be closed in accordance with all legal requirements and investor guidelines. Authorizing closing of loan, recording of mortgage and disbursement of loan funds. Communicate with Loan Officers, Regional Sales Managers, clients and title companies to coordinate a smooth closing. Possess the ability to close an array of mortgage loan types while providing excellent internal and external customer service. Must have a complete knowledge of all loan types and documents including but not limited to Conventional, FHA, VA, USDA, and New Construction. Must demonstrate solid knowledge of the industry in terms of laws and regulations.

ESSENTIAL JOB FUNCTIONS

• Verify that Title is free of extraneous liens, Ensure proper vesting and legal description, Adequate Homeowners Insurance is provided, Verify CPL, Verify Flood Certs, Verify Taxes

• Monitor and maintain a pipeline to anticipate estimated closing date.

• Competently review loan files to insure all conditions are cleared and file is ready to close

• Entry of loan data into the origination system to produce closing documents.

• Review and ensure the loan closing package is accurate, complete and documents meet all applicable agency and investor requirements.

• Responsible for efficiently and effectively communicating with all parties involved in the transaction

• Ensure receipt and review of Subordination Agreements as required in the Loan Approval.

• Track and support information, ensuring the highest quality in loan document preparation and timely submission of loan packaging to the settlement agents.

• Coordinate with Settlement Agent to obtain HUD-1/Closing Disclosure. Review HUD/Closing Disclosure for compliance with closing instructions and balance the HUD-1/Closing Disclosure.

• Verification that all requirements of the loan process have been met prior to wire of funds

• Keeps information accessible by sorting, organizing, and filing documents

• Perform other job duties and assist with other office assignments when needed within the mortgage department

REQUIRED QUALIFICATIONS

• High school diploma or equivalent work experience required

• Minimum of 2+ years residential mortgage loan closing experience

• Working knowledge of FHA, VA and conventional guidelines for mortgage loan origination.

• Working knowledge of various regulatory guidelines (e.g., Truth-in-Lending, HMDA, RESPA, etc.).

• Ability to work in paperless system environment

• Excellent written and verbal communication skills

• Strong attention to detail with effective time management/organizational skills.

• Ability to prioritize and meet deadlines

• Ability to handle multiple tasks under tight time constraints with high volume

• Must demonstrate the ability to work in a fast-pace, high volume, market driven work environment, while remaining motivated and focused completing repetitive, yet business critical tasks

• Ability to handle confidential material in a professional, highly ethical manner.

Employees in this job are required to comply with all rules and regulations of The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (The SAFE Act). Employees hired or transferring into this position will need to meet the qualification requirements, in Key's sole discretion, under Reg. Z, prior to acting as a loan originator in a consumer credit transaction secured by a dwelling. Qualification requirements include but are not limited to an assessment of overall financial responsibility, character, and general fitness through review of a criminal background check, credit report, and information about any administrative, civil, or criminal findings by any government jurisdiction.

ABOUT KEY:

KeyCorp's roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $134.5 billion at March 31, 2017. Key provides deposit, lending, cash management, insurance, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of more than 1,200 branches and more than 1,500 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications, and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. KeyBank is Member FDIC.

ABOUT THE BUSINESS:

Key Community Bank serves individuals and small to midsized businesses from Maine to Alaska through our 15-state network of over 1,200 branches, 1,500 ATMs, telephone banking and robust online and mobile platforms. KeyBank's Consumer/Business Banking segment provides consumers and small business owners with straightforward banking solutions and personal finance expertise that helps them make confident financial decisions today and plan for tomorrow. Key Private Bank offers wealth planning that follows a consistent, disciplined approach guided by objective advice based on each unique situation. KeyBank Commercial Bank offers midsize business financial services that drive growth and profitability and help business owners identify new opportunities with products and services including deposit, cash management, investment services, commercial lending, equipment leasing, and asset-based lending.

FLSA STATUS:Non-Exempt

KeyCorp is an Equal Opportunity and Affirmative Action Employer committed to engaging a diverse workforce and sustaining an inclusive culture. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or veteran status.

JobID: 31257BR

Loan Processor - Mortgage Closer

Location: Lewiston, ME

Duration: 6 months with possible contract to hire/Possible extension

Description:

Selling Points of Position: Client experience

Best Vs Average Candidate:

Performance be measured: How many units they move in a day

Summary of day to day responsibilities:

• Closing agent

Summary:

The main function of the loan processor is to ensure timely, complete, and accurate packaging of all loans originated by loan officers.

Job Responsibilities:

• Gather information and take each file from pre-approval to closing.

• Verify loan documents including income credit appraisal and title insurance.

• Collect required documentation, review file documentation, and make sure all items needed are requested.

• Ensure that all loan documentation is complete, accurate, and complies with company policy.

• Establish, maintain, and update files, databases, records, and other documents for recurring internal reports.

• Act as a liaison between the borrower, underwriter, loan originator and lender.

• Contact and communicate with clients by telephone, e-mail, or in-person

• Closing agent to set up the closing

Must have:

• Previous loan experience

• Mortgage closing experience

• Strong MS office skills

• Computer savvy

• Basic knowledge in lending and the real estate industry

Education:

High school education required. 2-4 years of related experience.

Qualification Rating

Must Have

Short-listing Questions

Computer savvy with professional level MS suites Yes

Skills

Adaptable, professional, flexible, a quick learner, and has strong customer service skills Yes

Comfortable working with numbers and able to perform basic arithmatic 2 years

Mortgage servicing experience 2 years

previous loan experience within a corp. environment 2 years

Loan Processor Mortgage Closer

Location: Lexington, SC

Duration: 6 months with possible contract to hire/ with possible extension

Description:

Selling Points of Position: client experience

Best Vs Average Candidate:

How will performance be measured: How many units they move in a day

Summary of day to day responsibilities:

Closing agent

Summary:

The main function of the loan processor is to ensure timely, complete, and accurate packaging of all loans originated by loan officers.

Job Responsibilities:

• Gather information and take each file from pre-approval to closing.

• Verify loan documents including income credit appraisal and title insurance.

• Collect required documentation, review file documentation, and make sure all items needed are requested.

• Ensure that all loan documentation is complete, accurate, and complies with company policy.

• Establish, maintain, and update files, databases, records, and other documents for recurring internal reports.

• Act as a liaison between the borrower, underwriter, loan originator and lender.

• Contact and communicate with clients by telephone, e-mail, or in-person

Closing agent to set up the closing

Must Have:

• Previous loan experience

• Mortgage closing experience

• Strong MS office skills

• Computer savvy

• Basic knowledge in lending and the real estate industry

Education:

High school education required. 2-4 years of related experience.

Qualification Rating

Adaptable, professional, flexible, a quick learner, and has strong customer service skills Yes

Comfortable with Microsoft Suites, including Excel, Word and Outlook 2 years

comfortable working with numbers and able to perform basic arithmatic 2 years

Mortgage servicing experience 2 years

previous loan experience within a corp. environment 2 years

Prepares mortgage loan files according to bank, regulatory and investor guidelines by gathering the necessary documents and information within designated time frames in the construction loan closing department. Communicates with customers, clients, staff, realtors, brokers, counsel, title companies, etc. to respond to inquiries, resolve problems and obtain any additional documentation required to complete the loan file in the construction department. Ensures compliance with bank, regulatory and investor requirements and quality customer service standards. Coordinates the closing and funding of assigned loan packages; calculates final closing costs and disburses funds for the construction loan team.

Basic Qualifications

• High school diploma or equivalent

• Two to three years of relevant work experience, preferably in loan processing and closing activities

Preferred Skills/Experience

• Thorough knowledge of loan processing and closing policies and practices

• Basic knowledge of credit policies and approval processes

• Proficient skills in applying general accounting principles

• Well-developed ability to manage multiple tasks/projects and deadlines simultaneously

• Strong verbal and written communication skills

Five Star Bankand affiliate companies are committed to Equal Employment Opportunity and

Affirmative Action. We recruit, hire, train and promote persons in all jobtitles and ensure that all other personnel actions are administered withoutregard to race, religion, color, national origin, citizenship, sex, sexualorientation, gender identity, age, veteran status, disability, geneticinformation, or any other protected characteristic. Five Star Bank andaffiliate companies are committed to providing reasonable accommodations toemployees and applicants with disabilities to the full extent required by the

Americans with Disabilities Act (ADA). If you feel you need a reasonableaccommodation pursuant to the ADA, you are encouraged to contact us at (585)786-4344, or (585) 786-1417.

Position Title: Residential Mortgage Loan Closer 2

Location/Affiliate: FSB Plaza - Chestnut Street

Reports To (Title): Residential Mortgage Loan Closing

Supervisor

Department: Residential Lending

FLSA Status: Non-Exempt

Purpose: The Residential Mortgage Loan Closer 2 is responsible for reviewing and verifying that all required aspects of the loan process regarding Mortgage and Home Equity loan products have been met prior to funding the loan. This position prepares loan documents and closing instructions for the more complex and challenging closings, and schedules loan closings in coordination with Bank staff and borrowers.

Scope and Direction

Area of Responsibility: Residential Mortgage Loan Closing

Degree of Supervision Received (Minimal, Moderate or Extensive): Moderate

From (Title): Residential Mortgage Loan Closing Supervisor

Degree of Supervision Given (None, Minimal, Moderate or Extensive): None

To (Title(s)): N/A

Essential Functions: The major duties of the job that constitute the fundamental tasks and or responsibilities of the position. Employees must be able to perform the essential functions of the position with or without reasonable accommodations.
1.Collaborates with Bank closing attorneys, Retail Branch staff and borrowers in coordinating and preparing the final loan documentation for standard and more complex closing. Ensures that all required documentation is included and is compliant with internal policies and procedures as well as industry regulations.
2.Reviews the file for conditions including insurance information and/or instructions from the Processor or Underwriter. Reviews and accurately details all loan charges and prepares any documents required by the loan for closing/funding.
3.Verifies pricing of loan – Rate, Points, Fees, APR state restrictions. Responsible for data input quality, including but not limited to HMDA data on closed loan files.
4.Balances loans against estimate and final Closing Disclosure statements.
5.Reviews title report for liens and judgments to be paid at closing (non-Bank attorney closings)
6.Verifies and balance funding figures in order to accurately fund loans and wire final loan proceeds according to company standards and within established timeframes.
7.Acts as a resource for the lending team, performing research as needed. Assists leadership with training (cross training, new hire training, MLO and other shadowing), developing process and documenting procedures.
8.Demonstrates the standards and principles of the Five Star experience in every interaction with internal and external customers and associates. Incorporates the high-performance behaviors of teamwork, leading by example and service in every facet of work.
9.This job description is not exhaustive. The Residential Mortgage Loan Closer 2 may be required to perform other duties as assigned.

Job-Related Qualifications

Education:

Required: Associate' Degree

• OR-

Required: High School Diploma or equivalent

Preferred: Bachelor's Degree

Prior Experience:

Years: 2+ Type: Residential Loan Closing, or

Processing or Funding experience

Years: 4+ Type: Residential Loan Closing, or

Processing or Funding experience

Years: 1+ Type: Residential Loan Closing and/or

Funding experience; or Paralegal

experience

Licenses or Accreditation:

Required: Register with Nationwide Mortgage Licensing System Registry (NMLS) and obtain a unique

identifier that is provided to consumers in accordance with all SAFE Act requirements. Renew

registration with NMLS annually. Maintains and updates personal registry information as necessary

to include name changes, employment changes, etc.

Preferred:

Competencies:

• Excellent written and verbal communication skills with the ability to interact with internal and external customers in a team environment

• Excellent organizational skills with the ability to work in a demanding, fast-paced environment and manage multiple priorities to meet established deadlines

• Possess a high level of attention to detail with the ability to follow procedures to ensure accuracy and compliance with industry regulatory standards

• Working knowledge of Microsoft Office applications with the ability to learn and utilize new and existing banking software applications

• Ability to work independently with minimal supervision

• Ability to take initiative in problem solving and produce practical decisions and solutions

Physical Requirements:

1.Able to regularly sit for prolonged periods of time
2.Extensive computer usage is required
3.Moderate phone usage is required

Note: At a later stage in the application process, applicants will berequired to provide information about their criminal conviction history, ifany, and to authorize the procurement of a consumer report that will contain,among other things, information about criminal conviction history.

Exceptas required by applicable law, past criminal convictions will not automaticallydisqualify an applicant from employment, and Five Star Bank will only considersuch history in accordance with applicable law. Please be advised,however, that federal law prohibits Five Star Bank from employing "any personwho has been convicted of any criminal offense involving dishonesty or a breachof trust or money laundering, or has agreed to enter into a pretrial diversionor similar program in connection with a prosecution for such offense" unlessthe FDIC has provided prior written consent.

Prepares mortgage loan files according to bank, regulatory and investor guidelines by gathering the necessary documents and information within designated time frames. Communicates with customers, clients, staff, realtors, brokers, counsel, title companies, etc. to respond to inquiries, resolve problems and obtain any additional documentation required to complete the loan file. Ensures compliance with bank, regulatory and investor requirements and quality customer service standards. Coordinates the closing and funding of assigned loan packages; calculates final closing costs and disburses funds. May package and ship loans to the secondary market as directed.

Basic Qualifications

• High school diploma or equivalent

• Two to three years of relevant work experience, preferably in loan processing and closing activities

Preferred Skills/Experience

• Thorough knowledge of loan processing and closing policies and practices

• Basic knowledge of credit policies and approval processes

• Proficient skills in applying general accounting principles

• Well-developed ability to manage multiple tasks/projects and deadlines simultaneously

• Strong verbal and written communication skills

• Review loans and accurately complete all data input into mortgage loan origination system for preparation to order closing documents.
• Issue accurate and complete closing documents to Title Company or closing agent within three days of scheduled closing date.
• Review CD for accuracy and compliance to all loan product parameters and issue CD Approval.
• Ensure accurate CD data is entered correctly into the Funding Template that results with a net funded wire being in balance.
• Order wires from approved warehouse bank in accordance with their loan level requirements.
• Utilize the Funding Checklist to review the funding package once it has been received from the title company.  Ensure information is entered correctly into the Funding Template that results with a net funded wire being in balance.
• Issue funding authorization after documentation has been reviewed and found to be correct.
• Ensure any trailing documents are collected and filed within the correct electronic mortgage loan origination system container for shipping to the investor.
• Other tasks and responsibilities as assigned.

• High school diploma or equivalent required.
• Minimum of 2 years of mortgage closing experience and knowledge of mortgage loan documentation required.
• Must have demonstrated PC proficiency, including knowledge of Microsoft Excel and Word.
• Experience using appraisal management systems preferred.