The Mortgage Loan Closer I applies their expertise in the preparation of mortgage closing transactions not limited to Conventional and portfolio loans. They effectively manage the communication needed for coordinating the closing process and ensuring accurate, timely, and compliant disclosures and documents are provided for our credit union partners, resulting in a thrilling, five-star experience.
1) Prepares mortgage closing documents, applying expertise to ensure all essential information needed to generate a closing package is accurate and complete within the LOS system. They may validate appropriate insurance documentation was received as well as investor required verbal verification of employment. They will validate TRID required documentation is received in accordance with the federal required when timing and receipt is required for signing. Verifies that legal address and borrower vesting information reviewing the title binder is accurate to meet county recording and investor requirements. Prepares accurate figures for monthly payment, escrow, pre-paid interest, etc. to ensure accuracy between the LOS system and closing documents. Ensures all loan underwriting conditions have been satisfied or addressed prior to the preparation of the closing packages. Provides precise instructions to the Settlement Agent, itemizing required conditions to which they need to adhere in order to meet product-specific, investor and regulatory guidelines. Reviews all closing documentation provided to ensure all conditions are satisfied before approving the final Closing Disclosure and closing documents. Ensures proper policies, procedures, risk mitigation activities, and operating controls are followed. Reports gaps in policies, procedures, and operating controls to leadership to ensure member impact and risk is mitigated. (50%)
2) Provides expert guidance and a thrilling, five-star experience to partner credit unions and myCUmortgage experts. Remains responsive to the needs of the title company to ensure a seamless transaction and timely settlement. Promotes a professional, partner-focused service environment. Acts as a single point of contact for the partner credit union and Settlement Agent from the time the closing is assigned through the completion of the loan closing. Proactively and professionally communicates with myCUmortgage experts, providing on-going peace of mind throughout the process. (30%)
3) Reviews loans and closing documents for compliance within all state and federal mortgage-related regulations (e.g., RESPA, TILA, SAFE Act, HMPL, HOEPA, Reg B, TRID, Interthinx, etc.). Completes and follows all procedures relating to job function to help ensure compliance with regulatory requirements. Ensures system input is accurate, LOS data matches the Automated Underwriting System and all required data fields are complete and accurate. (20%)
Required Skills
The Mortgage Loan Closer I possesses the following knowledge and skills:
1) A high school diploma or equivalent is required.
2) Minimum of two years’ previous processing and/or closing experience with first mortgage loans is required.
3) Demonstrated ability to learn and use the necessary software to complete job functions, especially a credit union’s core processing system, mortgage loan origination and processing systems and third party web sites.
4) Demonstrated ability to read automated underwriting decisions, property appraisals, title commitments, purchase agreements and other mortgage-related documents as well as prepare mortgage closing packages.
5) Excellent oral and written communication skills with the ability to prepare clear and concise closing instructions, reports, procedure manuals, etc.
6) Excellent telephone and email manners and techniques.
7) Must have knowledge of the closing policies and procedures of multiple investors.
8) Ability to interact with other mortgage professionals, including Realtors, appraisers, attorneys and title company personnel.
9) Proficient in data entry, attention to detail and computer skills, including spreadsheets, internet commerce, word processing, Microsoft Word, Excel, etc.
10) Demonstrated ability to learn and adhere to federal and state regulations/laws as they pertain to mortgage lending.
