Loan Closer

Home Loans•Ann Arbor, MI

1d•Hybrid

About The Position

The Loan Closer is primarily responsible for generating the closing doc package and review for accuracy by auditing all documents required for executing discrepancies in name, address, interest rate, APR, costs, and fees. This role requires verifying and updating information to ensure correctness per loan approval, reviewing all closing-related loan support documents, preparing closing documents, and coordinating with title/escrow companies. The Loan Closer must stay informed about changing company policies, mortgage regulations, and industry best practices.

Requirements

High School Diploma or equivalent required
At least two (2) years of prior mortgage industry experience required
Exceptional attention to detail
Strong organizational skills
Dependable with meeting deadlines and managing time
Ability to work independently on multiple files simultaneously
Strong oral and written communication skills

Nice To Haves

Underwriting background
Title insurance background
Closing Disclosure background
An associate’s degree or certification in finance, mathematics, accounting, or another equivalent field of study
Solid understanding of lender/borrower paid compensation, TRID, TILA and RESPA guidelines

Responsibilities

Verify and update information to ensure correctness per loan approval
Review all closing related loan support documents from Encompass, including but not limited to loan approval, 1003, title fees, appraisal, Homeowner’s Insurance (HOI), Flood Insurance, credit report, tax information, mortgage insurance, and CD
Prepare general closing instructions, Closing Disclosure (CD), loan payment form, funding wire breakdown, review CD for accuracy and completeness, and notify appropriate staff of any errors
Review and update itemizations in Encompass
Send initial CD to the title company and borrower in a timely manner
Accurately notate at-closing all underwriting conditions
Generate closing doc package and review for accuracy, to include reviewing all documents that require execution for discrepancies in address, name, interest rate, APR, costs, and fees
Run high cost tests for compliance, while working with the originating LO or Processor to make adjustments as necessary
Address any calls or questions related to the closing/closing package as applicable
Coordinate and balance loan closing with title/escrow company in a time manner
Verify borrower’s required funds for closing are within approved tolerance and meet investor guidelines, along with all other closing requirements
Stay abreast of changing company policy, mortgage regulations, laws, and generally accepted industry best practices, and be willing to take initiative to train and stay informed without prompting
Address any calls or questions related to the closing/closing package
Manage the job task of a Loan Closer and Loan Closer Support Specialist
Administer the Closing Department’s pipeline
Complete other duties as assigned