Mortgage Loan Closer Job Description Sample
Mortgage Loan Closer
SUMMARY – Provide quality, accurate and timely customer service involving closing of Mortgage Loans, which include the duties and responsibilities described herein.
ESSENTIAL DUTIES Review loans to confirm terms and conditions of loan approval; communicate information with originators, borrowers, closing attorneys and real estate agents. Review and confirm the accuracy of legal documents and satisfy all approval conditions prior to closing.
Monitor files in pipeline and track rate and credit document expiration dates to insure closing deadlines are met. Comply with bank policies and procedures, regulatory requirements and investor guidelines.
QUALIFICATIONS - to perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
EDUCATION AND/OR EXPERIENCE One year certificate from college or technical school; or three to six months related experience and/or training; or equivalent combination of education and experience.
LANGUAGE SKILLS Ability to read and comprehend simple instructions, short correspondence, and memos. Ability to write simple correspondence. Ability to read and interpret documents such as procedure manuals.
Ability to calculate figures and amounts such as discounts, interest, commissions, proportions, percentages, area, circumference, and volume. Ability to apply concepts of basic algebra and geometry.
Ability to apply common sense understanding to carry out instructions furnished in written, oral, or diagram form. Ability to deal with problems involving several concrete variables in standardized situations.
COMPUTER AND OFFICE EQUIPMENT SKILLS
Experience with Internet, MS Excel, MS Word, 10-key calculator, facsimile machine, copy machine and should type at least 40 words per minute, etc.
Mortgage Loan Closer
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Job Title Mortgage Loan Closer Organizational Location Mortgage Division Physical Location Dauphin 65 Bldg, 3290A Dauphin St, Mobile, AL 36606Reports To Operations Manager Working Conditions Normal, no adverse or hazardous conditions
Job Grade/Compensation 19 Job Group Category Non-Exempt Primary Purpose: Under general supervision, the Mortgage Loan Closer is responsible for organizing and facilitating loan closing of a mortgage loan file after approval by a BancorpSouth Mortgage Underwriter.
Principal Duties and
Assemble, review and compile closing documents for funding. Coordinate the loan closing with the selected title company or closing agent for each specific purchase or refinance transaction.
Ensure that the compliance standards set forth by agency/investor/regulatory guidelines are met for each transaction. Compare Loan Estimate and Closing Disclosure for consumation of closing transaction. Authorize wire transfers to properly fund mortgage loan closing.
Satisfy any outstanding closing conditions per lender requirements. Other duties as assigned. Job Specifications:
Mortgage and/or loan closing experience of 3 years required. Thorough understanding of Portfolio and Agency closing guidelines, including but not limited to FHA, VA, FNMA and USDA. Ability to manage a closing pipeline, meet strict time deadlines and work independently under pressure.
Detail oriented and able to follow set guidelines. Excellent written and verbal communication skills. Disclaimer:The above information on this description has been designed to indicate the general nature and level of work performed by employees within this classification. It is not designed to contain or be interpreted as a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this job.
We are an equal opportunity employer and all qualified applicants will receive consideration for employment without regard to race, color, religion, national origin, age, sex, sexual orientation, gender identity, disability, veteran status, genetic information or any other status protected under applicable local, state or federal nondiscrimination laws.
Mortgage Loan Closer
Company SummaryFirst American Title's Mortgage Solutions division is a member of the First American Financial Corporation (NYSE: FAF) family of companies. First American traces its history to 1889 and was named one of FORTUNE's 100 Best Companies to Work For® in 2016 and 2017. The Mortgage Solutions division provides title insurance settlement services, signing services, portfolio analytics, retention and acquisition services; property valuations; and default solutions for the mortgage banking industry. In fact, Mortgage Solutions works with a multitude of people across the entire origination, servicing and default continuum, and has helped close millions of real estate transactions nationwide. For more information, visit www.firstam.com/mortgagesolutions/
Provides support to Escrow department by assisting with customer service and administrative duties related to escrow closings
Audits the loan file, confirms all conditions are satisfied and lender guidelines met
Prepares and discloses the Closing Disclosure to borrowers
Collaborates with the title company to balance the final closing disclosure figures
Draws closing documents and sends to the title company
Works heavily with processing and loan officers to ensure closing documents and disclosure figures are accurate and within guidelines
Candidates must-have strong pipeline management skills
Knowledge and Skills/Technology Used
TRID/Closing Disclosure Knowledge/Experience
Strong customer service skills
Excellent verbal communication
Problem solving skills
Strong organizational skills
- High School diploma or equivalent
Typical Range of Experience
- 1- 2 years experience as a Mortgage Loan Closer or a minimum of 3 years experience in a real estate or title field with emphasis on lending/mortgage loan closing
First American invests in its employee's development and well-being, empowers them to provide superior customer service and encourages them to serve the communities where they live and work. First American is committed to diversity and inclusion. We are an equal opportunity employer. For more information about our Company and our dedication to putting People First, check out firstam.com/careers.
Mortgage Loan Closer
MORTGAGE LOAN CLOSER
APPLICATION DEADLINE IS THURSDAY, MARCH 22, 2018 AT 11:59PM
Division: Single Family Loan Operations
Reports to: Mortgage Loan Closing Manager
Location: Nashville , TN
Salary Grade: 30
Monthly Salary Range Minimum: $3,205
FLSA Classification: Non-exempt (01)
Critical features of this job are described under the headings below. They may be subject to change due to changes in our business processes or other business-related reasons.
POSITION SUMMARY : Reviews the agency's closed mortgage loans; maintains and controls follow-up in a timely manner; handles necessary correspondence to carry out such maintenance.
ESSENTIAL DUTIES AND RESPONSIBILITIES
Essential duties and responsibilities include the following. Other duties may be assigned.
Reviews closed mortgage loan documentation to ensure documents are executed properly, mortgage loan meets insurer and Agency guidelines, and Agency is in first lien position.
Reviews closed second mortgage loan note and Deed of Trust to ensure Agency is in second lien position and documents are executed correctly.
Enters pertinent data into the closed loan tracking system THELMA.
Tracks and verifies receipt of initial escrow deposit.
Reviews pipeline daily, as well as communicates with the Originating Agents (OAs) to ensure all documentation has been received from OAs; works with OAs to obtain non-trailing documentation to purchase first mortgage loans and reimburse second mortgage loans, to maintain compliance with Real Estate Settlement Procedures Act (RESPA) first payment guidelines.
Maintains written and oral communication with OAs to ensure accurate and timely receipt of final documentation.
Maintains pipeline in THELMA to ensure accurate and timely receipt of final documentation (trailing documents) needed to complete loan and provide Service Release Premium (SRP) to the lenders, reports progress and problems to the OA to ensure accurate and timely receipt of final documentation and SRP.
Prints and mails Welcome Letters to the borrowers.
Works with the State of Tennessee Department of Revenue to obtain de-titling documentation for manufactured homes.
Provides excellent customer service in answering telephones (General Closing Line) in a businesslike manner, giving general information to lenders and potential new OAs.
Maintains timely follow-up.
Supports other areas in the division as necessary or as time allows; is cross trained and responsible for other duties as specified by the Division Director and the Mortgage Loan Closing Manager.
The requirements listed below are representative of the knowledge, skills, and/or abilities required.
Education and Experience:
High school diploma or equivalent GED required.
Knowledge of the mortgage lending field; at least 3 years of experience in this field preferred.
Mortgage closing related experience; at least 2 years of closing related experience preferred.
Recent employment in the mortgage banking field is preferred.
The above qualifications express the minimum standards of education and/or experience for this position. Other combinations of education and experience, if evaluated as equivalent, may be taken into consideration.
Knowledge, Skills, Abilities, and Competencies:
Knowledge of Federal Housing Administration (FHA), Veterans Administration (VA), United States Department of Agriculture/Rural Housing Service (USDA/RHS), and Private Mortgage Insurance (PMI) regulations.
Strong interpersonal skills.
Excellent verbal and written communication skills.
Builds and maintains positive relationships with internal and external constituents.
Strong organizational skills.
Strong time management skills; uses time effectively; consistently meets deadlines.
Ability to exercise good judgment in evaluating complex situations.
Ability to adjust to frequent procedural change.
Documents regularly, thoroughly, accurately, and completely.
High level of detail and accuracy.
Exercises good and consistently fair judgment, courtesy, and tact in dealing with the staff and public in giving and obtaining information.
Computer literate; proficient in Microsoft Word, Excel, Outlook, and the internet; able to effectively adapt to and use other computer systems as needed for daily activities.
The special demands described here are representative of those that must be met by a staff member to successfully perform the essential functions of this job.
While performing the duties of this job, the employee is regularly required to sit; stand; use hands to finger, handle or feel; and talk and hear.
The employee is occasionally required to walk; reach with hands and arms, and stoop, kneel, or crouch.
Specific vision abilities required by this job include close vision, distance vision, and the ability to adjust focus.
EQUAL OPPORTUNITY/EQUAL ACCESS/AFFIRMATIVE ACTION EMPLOYER
APPLICATION MUST BE COMPLETE AND RESUME ATTACHED FOR CONSIDERATION
PLEASE VISIT OUR WEBSITE AT WWW.THDA.ORG AND FOLLOW THE ONLINE
Mortgage Loan Closer
GENERAL SUMMARY: Under limited supervision, coordinates loan closings, including all activities from preparing loan documents to funding through boarding and forwarding to Loan Servicing.
DUTIES and RESPONSIBILITIES:
Reviews file documentation for completeness and accuracy to ensure compliance with CFCU policies, procedures and product guidelines.
Prepares loan documents for closing.
Reviews loan documentation prior to funding to ensure that proper approvals are obtained and proper documents are enclosed.
Coordinates loan closings with appropriate parties to confirm that all conditions of the loan have been or will be met prior to funding. Ensures proper method of delivery of disbursements to members, title companies and wire transfers.
Funds all real estate loans, acquiring appropriate signatures on disbursements. Balances funding worksheet prior to release of funds.
Prepares files for shipping, properly collated and in order with all documentation secured; prepares files for shipping within forty-eight hours of release of funds.
Follows up on trailing documents; processes and delivers to appropriate parties within forty-eight hours of receipt. Other duties as assigned
QUALIFICATION REQUIREMENTS: Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
EDUCATION and EXPERIENCE:
High school diploma or general education degree (G.E.D.). Two or more years experience in loan closing.
Experience with FNMA, FHLMC, and investor documentation and packaging requirements preferred.
KNOWLEDGE, SKILLS, AND ABILITIES:
Ability to read and comprehend simple instructions, short correspondence, procedure manuals, written agreements, and memos.
Ability to effectively present information in one-on-one and small group situations to employees and members of the Credit Union.
Ability to write routine reports and correspondence, including email, using correct spelling and grammar.
Ability to speak clearly, tactfully, and effectively to members, volunteers, and employees at all levels of organization. Ability to add, subtract, multiply, and divide in all units of measure,
using whole numbers, common fractions, and decimals. Ability to compute rates, ratios, and percentages.
Proficient in the use of basic applications in a Windows-based environment.
Ability to effectively use all applicable banking and loan systems.
Ability to effectively utilize Outlook and employee Intranet. Internet research skills.
Moderate keyboard skills at 40 wpm and 10-key by touch.
Ability to quickly learn specialized software applications.
Ability to apply common sense understanding to carry out detailed but straightforward written or oral instructions.
Ability to deal with problems involving several concrete variables in mostly standardized situations.
Ability to work effectively with members and employees at all levels in the organization.
Ability to maintain complete confidentiality of member, employee, and Credit Union information.
Excellent organizational skills and detail orientation. Excellent customer service skills.
PHYSICAL DEMANDS: Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
Work involves standing and walking for brief periods of time, but most duties are performed from a seated position.
Work involves extensive use of computers, up to eight hours per day.
May include occasional pushing, pulling, or carrying objects weighing up to 50 pounds such as files and documents.
Work normally requires finger dexterity and eye-hand coordination to operate computer keyboard at a proficient skill level.
Must be able to speak on the telephone for several hours per day. Requires close vision, distance vision, and the ability to adjust focus.
ACCOUNTABILITY: The incumbent in this position is directly responsible for the accuracy, timeliness and professionalism of all assigned work, meeting the following standards:
Minimum of five funding packages to be reviewed each day.
Minimum of 3 docs per day (includes Modifications and/or HELOC increases or decreases.
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Mortgage Loan Closer - AZ
Responsible to prepare and initiate loan proceeds according to bank and federal requirements.
Evaluates and coordinates the priority of loan packages to be pre-reviewed, prepared and closed within the required deadlines.
Reviews loan documents to ensure proper execution and that complete information, fees and additionally required documentation have been obtained from the customer.
Verifies that proper legal compliance requirements have been followed to ensure perfection of bank's interest and that proper documentation has been done ensuring our lien will be perfected.
Audits and transmits loan documentation.
Post reviews and closes loans.
Corrects inaccuracies in documentation as needed.
Processes and submits lien instructions for recording to provide prompt assignment of bank's interest.
Confirms that all required coding and risk management information is present.
May prepare documentation for all types of loans, to include new and renewed, and supporting documents.
Other duties assigned.
Mortgage Loan Closer 2 - Earth City, MO
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.
High school diploma or equivalent
Two to three years of experience in loan processing and closing activities
Two to three years of experience applying general accounting principles
Strong knowledge of loan processing and closing policies and procedures
Well-developed ability to manage multiple tasks/projects and deadlines simultaneously
Strong verbal and written communication skills
Mortgage Loan Post Closer
Under the direction of the Mortgage Loan Closing Supervisor, provides assistance to the Secondary Market lending staff in handling the post-closing tasks by performing the following duties.
Essential Duties and Responsibilities include the following.
Establishes the loan in applicable bank systems (ITI/Fiserv)
Wires the necessary funds to the title company in order to perform the Closing
Once the file is received back from the title company, reviews the documents for accuracy
Pays any necessary bills associated with each file
Performs an audit and another Compliance review on the closing documents
Prepares the file for sending to the Investor
Remits payments for insuring/guaranty purposes to FHA, VA, and/or USDA depending on file type
Remits escrow funds to FHLB when applicable
Maintains final documents such as recorded docs and final title policies and submits to the Investor
Handles the funding of a loan when purchased by an Investor
Works with the Investor and other Mortgage loan staff on clearing any post-closing conditions
Reviews loan reports for completeness and accuracy; corrects any errors that have been made within the Closing department
Reviews emails and branch messages to remain current on policy or procedural changes and new product offerings
Attends periodic training, Staff and/or Department meetings to remain current on policy or procedural changes and new product offerings
Other duties as assigned
Comply with federal, state, and company policies, procedures, internal controls, and regulations.
Responsible for confidentiality including protection of sensitive information and its integrity in compliance with First International Bank & Trust information security and departmental policies, standards and procedures. Responsible for reporting events including suspicious activity as well as cooperating with all investigations.
Competencies: To perform the job successfully, an individual should demonstrate the following competencies:
Follows policies and procedures; Upholds organizational values; Works with ethics and integrity.
Observes safety and security procedures; Reports potentially unsafe conditions; Uses equipment and materials properly; Responsible for loss prevention according to this position.
Gathers and analyzes information skillfully; Works well in group problem solving situations.
Pursues training and development opportunities; Strives to continuously build knowledge and skills; Shares expertise with others.
Manages difficult or emotional customer situations; Responds promptly to customer needs; Solicits customer feedback to improve service; Responds to requests for service and assistance.
Speaks clearly and persuasively in positive or negative situations; listens and gets clarification; Responds well to questions; Demonstrates group presentation skills.
Writes clearly and informatively; Edits work for spelling and grammar; Presents numerical data effectively; Able to read and interpret written information.
Communicates changes effectively; Prepares and supports those affected by change; Monitors transition and evaluates results.
Looks for ways to improve and promote quality; Demonstrates accuracy and thoroughness.
Treats people with respect; Benefits organization through outside activities; Supports affirmative action and respects diversity.
Exhibits sound and accurate judgment; Includes appropriate people in decision-making process.
Prioritizes and plans work activities; uses time effectively; Sets and achieves challenging goals.
Adapts to changes in the work environment; Manages competing demands.
Is consistently at work and on time; Ensures work responsibilities are covered when absent.
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
Education and/or Experience: Associate's degree (A. A.) or equivalent from two-year College or technical school; or six months to one year related experience and/or training; or equivalent combination of education and experience. Knowledge of mortgage processing and/or loan origination a plus.
Ability to read and interpret documents such as safety rules, operating and maintenance instructions and procedure manuals. Ability to write routine reports and correspondence. Ability to speak effectively before groups of customers or employees of organization.
Ability to add, subtract, multiply and divide in all units of measure, using whole numbers, common fractions and decimals. Ability to compute rate, ratio and percent and to draw and interpret bar graphs.
Reasoning Ability: Ability to apply common sense understanding to carry out instructions furnished in written, oral or diagram form.
Physical Demands The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
While performing the duties of this job, the employee is regularly required to use hands to finger, handle, or feel; reach with hands and arms, talk and hear. The employee is regularly required to stand, walk and sit. The employee is occasionally required to climb or balance and stoop, kneel, crouch or crawl. The employee must occasionally lift and/or move up to 50 pounds. Specific vision abilities required by this job include close vision, distance vision and ability to adjust focus.
Wholesale Mortgage Loan Closer
Responsible for the preparation of all required loans documents for USDA, VA, FHA and conventional loans; approving HUD Settlement Statement, reviewing and approving funding conditions and funding loans at high volume with few deficiencies.
Audits loan file. (See closer's checklist for detailed information)
Reviews title commitment to make sure there are not any outstanding liens/debts/mortgages that would hinder our first lien position and no exceptions to title that would cause issues with the investor or possible future claims to arise.
Prepares closing instructions and other required documentation and delivers instructions/documents to appropriate settlement office.
Approves CD – insures no violations regarding program type or compliance.
Reviews documentation for compliance, includes TRID compliance, BSA compliance, adherence to loan closing conditions, adherence to document expiration dates.
Responsible for funding items VOE, etc.
Prepares funding and wire when loan closes in FirstBanks name.
Uploads approved CD & approved points & fees.
Responsible for following up on funding conditions and documentation required for the loan.
Adheres to all rules & regulations applicable to the closing position.
Preform all duties assigned.
Works closely with post-closing to clear any suspense items received from investors.
Works closely with loan officers, processors, underwriters, closing attorneys, paralegals, and/or title insurance companies as required.
Incorporates all regulatory and policy changes into the closing process
Demonstrates ability to analyze situations and make sound decisions with minimal supervisions
Strong problem solving skills
Demonstrates ability to prioritize tasks and manage time wisely
Demonstrates ability to manage multiple tasks simultaneously
Demonstrates ability to work in a face paced environment and adapt to change easily
Customer Service Driven with focus on responsiveness to client issues and concerns
Knowledge of mortgage loan documentation and government insuring processes
Excellent communication skills
Adaptable with willingness to learn new functions
Adherence to Corporate Policies and Procedures:
Education and /or Experience
At least two years' experience in mortgage banking, real estate or commensurate experience and education
Must have the ability to read and comprehend simple instructions, short correspondence and memos. The associate should also have the ability to effectively present information in one-on-one and small group situations to customers, clients, and other associates of the organization.
Ability to add, subtract, multiply, and divide.
To perform this job successfully, and individual should have knowledge of Database software; and Word Processing software.
In order for the associate to advance to the next level, the associate must have fully met all job requirements in the above plan. The associate must demonstrate that they have gained knowledge exceeding their current job description and can perform duties listed in the next level.
Reasonable accommodation can be made to enable people with disabilities to perform the described essential functions.
All statements are intended to describe the general nature and levels of work assigned to the job and are not intended to be an exhaustive list of all responsibilities, duties and skills required for personnel classified within the category.
Mortgage Loan Closer I
Reports To: Varies by Location
Primary Functions: Close, review, and disburse conventional mortgage loans.
Duties and Responsibilities:
Clear the preliminary title report of any item that will prevent attaining the appropriate lien position.
Review all closing documentation to ensure that all required documents and information are present, and that the information contained in the documentation complies with AKUSA, regulatory, investor, and guarantor requirements.
Compile, input, and confirm all monetary information necessary to properly submit mortgage loans to the escrow agency for closing.
Prepare all loan documents for appropriate signatures.
Coordinate with selected escrow and/or title company and forward necessary document for closing.
Take any signatures necessary for in-house real estate transaction, including assumptions and liability releases.
Complete and correct loan files as directed by supervisor. Coordinate with Loan Delivery to make certain corrections are obtained timely, to meet investor requirements.
Assist other closers as necessary as directed by supervisor.
Communicate and coordinate with originating and underwriting staff to facilitate excellent member service.
Perform other duties as assigned.
Education: High school graduate or equivalent.
Creditable Experience in Lieu of Education: Not applicable
Proficient in typing, use of calculator by touch and proficient in the use of personal computer systems. Good communication skills and a general knowledge of mortgage loan closing documentation requirements. Must be able to perform duties independently with minimal supervision. Must have demonstrated an ability to routinely perform a large number of technical transactions with minimal errors.
Tenure: Mortgage Loan Closer II, Category 12 requires one year tenure with performance that meets or exceeds expectations in the Mortgage Loan Closer I position. Mortgage Loan Closer III, Category 11 requires two years tenure with performance that meets or exceeds expectations in the Mortgage Loan Closer II position and/or the ability to close all types of mortgage loans. Directly related work experience and/or accelerated training completion may be substituted for tenure.
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