Mortgage Loan Closer
About The Position
The Mortgage Loan Closer is responsible for closing, funding and reviewing residential mortgage loans in accordance with the terms and conditions of the loan approval. This role ensures that closing packages are completed within TRID guidelines, that documents are accurate before completion of the Closing Disclosure (CD), and provides a Daily Cash Sheet to the Accounting Department for funding/purchasing forecasts. The Closer reviews files for underwriting instructions, title commitment, flood certification, hazard and flood insurance coverage, termite clearance, and BSA compliance. They prepare documentation for residential mortgage, grant, and bond closings, provide closing documents to the closing agent, and review the HUD-1 for approval. Funds are wired to the closing agent upon approval. After receiving the completed closing package, the Closer reviews loan documentation, logs its receipt, and delivers it to servicing. They notify the closing agent of any errors in retail loan closing packages and inform correspondent lenders of outstanding conditions on wholesale loans. A full review of files received for purchase from correspondent lenders is performed to check underwriting conditions and proper loan closing. Communication with correspondent lenders is maintained for any outstanding conditions. The role also involves following up on post-closing items in a timely fashion, providing excellent internal and external customer service, and generating a month-end closing report. Secondary functions include performing general administrative duties, assisting the Loan Specialist in the review process, assisting other departments as needed, and aiding in the review and response of Quality Control Audits. The role also involves working with other departments on projects related to the mission of ECD/HOPE.
Requirements
- High School Diploma or GED
- Demonstrated strength in ability to manage multiple projects at once while maintaining appropriate attention to details
Nice To Haves
- Bachelor’s degree in relevant field or equivalent experience preferred
- Two years of experience in residential mortgage loan documentation and closing
Responsibilities
- Ensure closing packages are completed within TRID guidelines
- Ensure accuracy of documents received before completion of CD
- Provide Accounting Department a Daily Cash Sheet for forecast of funding/purchasing of loans
- Review file for underwriting instructions, title commitment, flood certification, hazard insurance coverage, flood insurance coverage, clearance of termite, and BSA compliance
- Prepare documentation required for residential mortgage, grant, and bond closings
- Provide closing documents to closing agent
- Review HUD-1 for approval
- Wire funds to closing agent upon approval
- Upon receipt of completed closing package from closing agent, review loan documentation
- Log receipt of closing package and delivery to servicing
- Notify closing agent if there are errors in retail loan closing package
- Notify correspondent lender of outstanding conditions on wholesale loans
- Perform a full review of files received for purchase from correspondent lenders for underwriting conditions and for proper closing of loans
- Communicate with correspondent lender for any outstanding conditions on files received for purchase
- Follow-up on post-closing items in a timely fashion
- Provide excellent internal and external customer service
- Provide month-end closing report
- Perform general administrative duties such as attending meetings, report production, etc.
- Assist Loan Specialist in review process
- Assist other departments as a Mortgage Loan Closer
- Assist in review and response of Quality Control Audits
- Work with other departments when needed on projects related to the mission of ECD/HOPE
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What This Job Offers
Job Type
Full-time
Career Level
Mid Level
Education Level
High school or GED
