Mortgage Loan Closer

First Commonwealth Bank • Powell, OH

394d • Remote

About The Position

The Mortgage Loan Closer at First Commonwealth Bank is responsible for ensuring a seamless transition of loans from processing to closing. This role involves coordinating with mortgage production staff and settlement companies, preparing and reviewing closing documents, and ensuring compliance with various guidelines. The position requires strong analytical and organizational skills to manage the closing process effectively.

Requirements

• High school diploma or GED required; associate's degree preferred.
• Minimum of one (1) year of current mortgage lending experience required.
• Attention to detail is critical, along with strong communication and organization skills.
• Solid mathematical and analytical skills are necessary.
• Knowledge of Real Estate Settlement Procedures Act (RESPA) guidelines is required.
• Must not appear on the Freddie Mac Exclusionary List or Excluded Parties List System (EPLS), and must not be subject to a Limited Denial of Participation (LDP) or otherwise restricted from participating in HUD programs.

Responsibilities

• Facilitates the smooth transition of loans from processing to closing by coordinating with mortgage production staff and settlement companies/attorneys.
• Reviews Loan Registration Confirmations against Underwriting Approvals for rates, products, and terms.
• Reviews closing instructions provided by Loan Processor(s) for accuracy and compliance with all federal, state, investor, and company guidelines.
• Requests and reviews preliminary HUD-1 Settlement Statements from settlement companies/attorneys to ensure RESPA compliance, identifying and communicating any required corrections.
• Reviews homeowners' insurance (HOI) and verifies that coverage(s) are adequate for property and loan types.
• Contacts settlement companies/attorneys for preliminary title commitment and tax information.
• Verifies that borrowers' and properties' information is accurately reflected on title commitments and in the Loan Operating System (LOS).
• Calculates initial escrow requirements in the LOS based on HOI and tax information, providing the escrow amount to settlement companies/attorneys.
• Provides Processor(s) with the amount of borrowers' cash due at closing and determines final approval of HUD-1s.
• Prepares and electronically delivers closing documents to settlement companies/attorneys and confirms closings occurred as scheduled, updating loan tracking status.
• Registers new mortgage loans in the Mortgage Electronic Registration System (MERS).
• Verifies that closed loan packages are received from settlement companies/attorneys and that all documents are signed and dated, delivering the package to the Loan Funder/Shipper for final whole loan delivery.

Benefits

• Telecommuting eligibility may be available.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Industry: Credit Intermediation and Related Activities
• Education Level: High school or GED