in Ocean Township, NJ, New Jersey
The Mortgage Loan Closer is responsible for closing Conventional, FHA, VA, USDA, State Bond Agency, Non-Conforming purchase and refinance transactions, and second mortgage transactions in various states.
- Reviews title commitments and invoices; reconciles fees in Encompass.
- Reviews hazard insurance policy for correct coverage.
- Reviews the Closing Protection Letter and wire instructions for accuracy; requests revisions if necessary.
- Requests or follows up for receipt of the Funding Shield Certificate.
- Prepares initial Closing Disclosure.
- Ensures that Closing Disclosures are sent before 6:00 p.m. when up against the TRID-required 3-day wait period. Calls GSM and customer to inform them that the Closing Disclosure was sent.
- Reconciles Closing Disclosures with Closing Agents.
- Ensures proper compliance with TRID timelines for delivery of Closing Disclosure.
- Prepares final closing package for first and/or second mortgage transactions.
- Reviews closing documents/packages for complete accuracy.
- Ensures all wire requests are fully completed, accurate and given to Accounting prior to their cutoff.
- Responsible for daily management of pipeline of loan closings, prioritizing based on scheduled closing date.
- Monitors pipeline daily for compliance-related variance alerts and warnings, and addresses and/or clears all alerts and warnings prior to loan closing.
- Must return phone calls the day received – “Sundown Rule”.
- Makes “welcome call” to settlement agent; confirms closing dates and timelines for closing.
- Makes any phone calls to obtain title, surveys or hazard insurance missing from file.
- Provides closing package to Team Leader for final review.
- Confirms all closings and updates Encompass 24 hours after closing.
- Assists with Closing Hotline coverage.
- Ensures that a verbal verification of employment (VVOE) is in every loan before it closes, and that the VVOE is completed no more than 10 days prior to closing.
- Addresses and clears all post-closing and Quality Control exceptions within the timelines established by those departments.
- Performs other duties as assigned.
Education, Certification, and License Requirements
- High school diploma or GED
- Associate’s or Bachelor’s degree preferred
- Five (5) or more years of mortgage banking closing experience preferred
Knowledge, Skills, and Abilities
- Thorough understanding of TRID regulations, federal and state regulations and company closing policies and procedures
- Solid knowledge of and practical experience with applicable technology tools including, but not limited to Encompass and Microsoft Office suite of products
- Ability to handle confidential material in a professional, highly ethical manner
- Time management and organization skills to effectively prioritize multiple objectives and achieve volume goals
- Good verbal and written communication skills are essential; proficient at one-on-one contact in person and via telephone
- Ability to interact effectively with all levels of employees throughout the Company
- Strong analytical ability
- Strong attention to detail
- Knowledge and ability to use typical office equipment (PC, calculator, fax machine, etc.)