Job Summary: The Residential Mortgage Closer is responsible for managing the final stages of the mortgage loan process. This role involves preparing, reviewing, and organizing all necessary documents for loan closing, ensuring compliance with legal and regulatory requirements, and ensuring that all steps are completed accurately and timely. The Residential Mortgage Closer works closely with clients, loan officers, title companies, and attorneys to facilitate a smooth closing process.
Key Responsibilities
- Prepare Closing Documents: Generate and prepare final loan documents, including the Closing Disclosure, loan agreements, and any required legal documents.
- Review Loan Files: Ensure all documents are complete, accurate, and comply with company, investor, and regulatory requirements before closing.
- Coordinate Closings: Communicate with borrowers, loan officers, title companies, and third parties to schedule and finalize loan closings.
- Compliance & Regulatory Oversight: Ensure all documents comply with federal, state, and local regulations, including TRID (TILA-RESPA Integrated Disclosure) and other legal requirements.
- Resolve Closing Discrepancies: Identify and resolve any discrepancies or missing information in loan documents before closing. Work with the appropriate parties to rectify issues quickly.
- Ensure Funds are Available: Confirm that the appropriate funds are available for disbursement at the time of closing, including reviewing and verifying down payments, escrow amounts, and other financial details.
- Document Disbursement: Ensure proper disbursement of funds at closing and update loan records with relevant details.
- Coordinate with Attorneys and Title Companies: Work closely with attorneys and title companies to ensure that all required documents are signed, recorded, and filed properly.
- Post-Closing Activities: Ensure timely submission of closed loan documents to the appropriate parties for final approval and filing. This may include delivering documents to investors or recording authorities.
- Customer Service: Provide excellent customer service by addressing client inquiries and resolving any concerns related to the closing process.
- Maintain Accurate Records: Keep detailed and accurate records of all loan closing activities, ensuring compliance with company policies and legal requirements.
- Problem Solving: Troubleshoot and resolve issues that arise during the closing process, from missing documents to funding delays.
Qualifications
- High school diploma or equivalent required; Bachelor's degree in Business, Finance, or related field preferred.
- Prior experience in mortgage closing, title, or loan processing is highly desirable.
- Strong knowledge of mortgage loan documents, closing procedures, and industry regulations (including RESPA, TILA, TRID, etc.).
- Excellent organizational skills with attention to detail.
- Strong communication skills, both written and verbal, to effectively communicate with clients, title companies, attorneys, and other parties involved in the closing process.
- Ability to multitask, prioritize, and meet deadlines in a fast-paced environment.
- Proficiency in loan origination software, document management systems, and Microsoft Office Suite (Word, Excel, Outlook).
- Strong problem-solving skills and ability to handle sensitive situations with professionalism.
- Knowledge of the title and escrow process is a plus.
Work Environment
- Office-based, with potential for remote work depending on company policy.
- Standard working hours, with possible overtime during peak times or at the end of the month.
Compensation
- Competitive salary, based on experience.
- Benefits package including health, dental, and retirement plans.
- Opportunities for bonuses based on performance.
This position offers an opportunity to work in the fast-paced mortgage industry, ensuring a smooth and compliant closing process for borrowers and lenders alike.
