Mortgage Loan Closer

About the role

The Mortgage Closer supports the closing process by preparing closing documents and disbursing funds for mortgage loan transactions. The individual serves as the primary contact for loan officers, quickly identifying issues and working with loan originators and vendors to resolve them in a timely manner. This role receives limited supervision and is evaluated based on accuracy, timeliness, and results.

Responsibilities

• Provides quality service to members and ensures an accurate and efficient closing process, including preparing closing documents and funding figures for all mortgage loans.
• Orders final closing support documents to verify application details and confirms every document to ensure the loan package is complete prior to funding.
• Accurately inputs loan data into applicable systems to generate compliant forms and documents necessary to close and fund mortgage loan transactions.
• Ensures all applicable disclosure time requirements are met and maintains thorough knowledge of federal and state laws and regulations.
• Completes funding figures following settlement procedures and verifies that checks and general ledger debits and credits balance to total loan disbursement amounts.
• Transfers loan information between applicable systems and works closely with closing-related vendors, realtors, loan officers, and members to schedule and coordinate closings.
• Accurately prepares escrow instructions and assists real estate personnel with second mortgages and home equity loans when required.
• Communicates directly with members regarding loan processing, closing documents needed, and provides final closing instructions, documents, and loan figures.
• Completes necessary follow-up after member closing to ensure documents are uploaded and required forms and processes are finalized.
• Trains and educates new mortgage closers and other mortgage department staff, reviewing fees and closing documents for accuracy and compliance with timelines.
• Maintains shared documentation outlining processes related to job duties and responsibilities.
• Assists in problem-solving with the mortgage team, including loan officers, closers, processors, servicers, underwriting, and supervisors.
• Maintains the MPF funding log and verifies accuracy related to funding dates to ensure timely funding.
• Corresponds with the CFO to coordinate MPF DC commitments to sell to MPF, delivers sold confirmation to accounting and servicing, and creates ULDDs on MPF extra loans through Encompass.
• Modifies Loan Presentments within the MPF website to fund secondary market loans and runs UCD for CD compliance and successful pass on MPF extra and best effort loans.
• Works with accounting, loan officers, and underwriting to resolve errors or issues with loans rejected in the selling process with MPF and communicates with MPF representatives to clear discrepancies.
• Generates lock extensions or breaks locks for loans that do not comply and completes necessary monthly reporting and balances monthly closing general ledgers.
• Communicates closing changes and updates to the lending team in a timely manner and works on mortgage projects as requested by the Mortgage Operations Manager and Vice President of Consumer Lending.

Requirements

• Completion of some real estate lending coursework or post-high school education is preferred.
• A minimum of 5 years of experience in a mortgage setting is preferred.
• Advanced knowledge of all related functions and tasks at the loan closing, funding, and booking level.
• Strong understanding of TRID regulations.
• Knowledge of the Encompass LOS System is preferred.
• Excellent communication skills and proven effectiveness in working with loan originators and applicants.
• Ability to work with a wide range of personalities in a courteous, effective, and efficient manner.
• Knowledge and ability to apply current financial service industry standards, laws, and regulations.
• Ability to present ideas, report facts, and other information clearly and concisely.
• Proficient knowledge of the Microsoft Suite (Outlook, Word, Excel, PowerPoint).
• Proficient operation of a variety of general office equipment such as a computer, software applications, typewriter, calculator, telephone, copy machine, fax machine, and other similar devices or programs related to the position.

Work Relationships and Scope

Reports directly to the Mortgage Operations Manager and has regular contact with employees of the Lending Department.

Performance Dimensions

• Must maintain the integrity of confidential business information and follow all guidelines on confidentiality.
• Provide outstanding service to co-workers and members.
• Possess the ability to attend to numerous details with frequent interruptions under the stress of maintaining courteous, effective, and timely relations with a variety of individuals and personalities.
• Promotes quality, accuracy, timeliness, reliability, and thoroughness of work performed.
• Is punctual, flexible, reliable, and demonstrates a friendly and helpful attitude.
• Possesses the ability to gain the trust and respect of members, management, and employees.
• Maintains a positive, professional, team-oriented working relationship with staff and outside vendors.
• Enhances job growth through continuing education, as required or necessary.