Mortgage Loan Closer job description
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What does a Mortgage Loan Closer do?
The Mortgage Loan Closer is vital in ensuring that mortgage loan transactions are completed accurately and efficiently. This role involves preparing and finalizing loan documents, coordinating with various parties, and ensuring compliance with legal and regulatory requirements to facilitate a smooth closing process.
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What are the Key Responsibilities of Mortgage Loan Closer
- Prepare and review closing documents for accuracy and completeness.
- Coordinate closing dates with title companies, lenders, and borrowers.
- Ensure compliance with all federal, state, and local regulations.
- Verify loan terms and conditions are met prior to closing.
- Disburse funds and manage escrow accounts responsibly.
- Communicate effectively with all parties involved in the closing process.
- Resolve any issues or discrepancies before finalizing the loan.
- Maintain accurate records of closing transactions.
What are the Skills and Requirements for a Mortgage Loan Closer?
- Strong understanding of mortgage lending and closing procedures.
- Proficient in loan origination systems and software.
- Excellent attention to detail and organizational skills.
- Strong communication and interpersonal abilities.
- Ability to handle multiple transactions simultaneously.
What are the KPIs to track for Mortgage Loan Closer?
The performance of the Mortgage Loan Closer is assessed by the efficiency of loan closings, accuracy in document preparation, timely resolution of discrepancies, and compliance with all relevant regulations ensuring high customer satisfaction.
Closing Efficiency
Ensuring timely and efficient closing of loans.
Documentation Accuracy
Maintaining high accuracy in all loan documentation.
Regulatory Compliance
Ensuring all processes comply with regulatory requirements.
Reports to
Closing Manager
Collaborates with
Loan Officers, Title Companies, Underwriters
Leads
Closing Assistants
Are any specific tools or software required for the Mortgage Loan Closer role?
- Encompass
- DocuSign
- Calyx Point
- Fannie Mae's Desktop Underwriter
What is the qualification of Mortgage Loan Closer?
Bachelor's degree in Finance, Business Administration, or a related field; 2-4 years of experience in mortgage closing activities.
