Mortgage Loan Closer Job Description

Mortgage Closers: A Professional'S Guide

Mortgage Closers prepare and review critical closing documents. They walk the individual or company through the steps necessary to get a loan. The Mortgage Closer coordinates the closing process if the mortgage loan is approved, so that all documents are correct and the terms of the loan are met.

Mortgage Closers are employed by banks. Mortgage Closers are responsible for making sure that the loan closing documents are accurate and compliant with the rules of the mortgage loan. They review all documents for any errors and confirm that the program and pricing are correct.

Mortgage Closers are the people who help with the real estate closing. They communicate with applicants, attorneys, closing agents and vendors to answer questions. They communicate with title companies to gather all the necessary information for accurate document preparation and delivery.

Mortgage Closers make sure the loan closing is done in a timely manner. They communicate with the Title Company to set up a closing schedule and then communicate that schedule to the borrowers to prepare them for the closing. They deal with all parties at the closing.

Mortgage Closers make sure that closing details are in line with state and federal regulations. They make sure that the loan is paid off. They work with title companies and borrows to fund the loan.

A Qualification and Experience Required for a Mortgage Loan Closer

Mortgage loan closers work for banks. After a mortgage loan is approved, the mortgage loan closer reviews all the paperwork and prepares the final closing disclosures and estimated settlement statements. Once the paperwork is ready, you forward the documents to all involved parties, including the borrowers, agents, and title companies.

You work closely with the agents and borrowers to make sure the wire requests are completed quickly. The mortgage loan closers help with the processing of new loans into the loan system. Mortgage loan closers need to have a high school degree and experience in banking and loans.

An associate degree in finance is a must. Employers prefer candidates who have worked with the loan funding process and who are familiar with the guidelines of the government and industry. You may be required to have additional licenses.

The Role of Notary Services in Mortgage Applications

It is best to schedule your loan signing early in the day in wet states. The process from signing to disbursement can take 2 hours. It could take around 4.

The settlement deadline for loan funding and disbursements is 5pm. It gets harder to complete wire transfers on time if you start signing late in the day, because it takes at least an hour to sign all the loan documents. A public official will be present to witness and sign your loan documents.

In dry states, the use of mobile notary services has increased. It is more convenient that the public notary will travel to you, you will sign all the documents, and a courier will take the documents to the title or escrow company who will verify that the paperwork is in order. The seller will usually pre-sign the deed and transfer documents for you before you sign the loan.

They will trust the keys with the title officer or their seller's agent when the loan is dispersed. 1 in 4 homebuyers experience a closing delay if your loan signing date is pushed back. The closing date that's agreed on when you first lock a rate is actually a target closing date, so keep that in mind.

The actual closing date can be after or before the target closing date. Sometimes closing can be delayed because the agreed upon closing date is not realistic. There are a number of reasons that can delay the closing of a home purchase or home refinance, and it can because of a large cast of supporting actors working behind the scenes.

Mortgage Brokers: Career Opportunities and Career Trend

As a mortgage closer, you might examine and verify information loan applications, assemble title abstracts, prepare closing documents and checks, calculate costs and advise borrowers about the process and transactions. Since not every loan application is approved, you may have to deal with aggressive customers and deliver bad news when loans are denied. Most loan closers work full-time in an office environment, often for title companies, credit unions, mortgage companies, banks or real estate companies.

The median annual wage for loan interviewers and clerks was $36,880 in May of last year. The lowest 10% of earners made between $24,400 and $24,400, while the highest 10% made between $54,370 and more. According to PayScale.com, the majority of mortgage loan processors earned between $27,000 and $51,000 with bonuses, commissions and overtime in September 2015.

The BLS predicted that employment in the financial clerks field would grow by 11% from 2012-2022. Growth varies by specialty area. The availability of online forms often makes it easier to get a loan than in-person interviews.

San Diego Miramar College says that completing a degree in mortgage brokerage and banking can improve advancement opportunities for professionals already working in the industry. One of the previous job postings said that completion of college courses was required. Both 2-year and 4-year colleges offer degree programs in business, real estate, math, finance and banking.