LOAN CLOSER – JOB DESCRIPTION
Position Title: Loan Closer
Title Grade: I (Junior)
Reports to: Closing Manager
Status: Regular, Full-Time
Pay Grade: Hourly
Department: Closing
FLSA Status: Non-exempt
Location: Ann Arbor, MI
Schedule: Office Hybrid M-F
Compensation: $22 per hour + file bonus
SUMMARY & PURPOSE OF 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.
PRIMARY POSITION-SPECIFIC 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;
- Team Lead: Manage the job task of a Loan Closer and Loan Closer Support Specialist
- Team Lead: Administer the Closing Department’s pipeline;
- Complete other duties as assigned.
ESSENTIAL SKILLS AND EXPERIENCE
- High School Diploma or equivalent required;
- At least two (2) years of prior mortgage industry experience required, with strong preference given to those with underwriting, title insurance, or Closing Disclosure background;
- Must have exceptional attention to detail and strong organizational skills;
- Must be dependable with meeting deadlines and managing time;
- Have an ability to work independently on multiple files simultaneously;
- Possess strong oral and written communication skills.
PREFERRED EDUCATION/EXPERIENCE
- 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.
REPORTING TO THIS POSITION:
PHYSICAL DEMANDS/ENVIRONMENT
The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. The environment is characteristic of an office setting with moderate noise levels. Individuals must be able to work flexible hours including evenings and weekends.
While performing the duties of this job, the employee is regularly required to sit, use hands, and talk or hear. The employee is occasionally required to walk, and lift and/or move up to 20 pounds.
