The Mortgage Closer is responsible for preparing closing documents, ensuring compliance with lender and regulatory requirements, balancing the Closing Disclosure (CD) with title, and coordinating with various parties to finalize loan transactions accurately and efficiently.
Key Responsibilities:
- Review loan files and prepare accurate and compliant closing packages, including the promissory note, mortgage, and other required documents.
- Ensure all loan documentation aligns with lender, state, and federal guidelines before the loan closing.
- Cross-check loan terms, borrower information, and property details to verify accuracy within the closing package.
- Work closely with title agents to balance the Closing Disclosure (CD) to ensure consistency between lender and title figures.
- Reconcile fees, loan amounts, and other key figures on the CD with title to confirm accuracy before final approval.
- Monitor and verify all lender credits, closing costs, prepaids, escrows, and impounds are accurately reflected in the CD.
- Act as the primary point of contact for title companies, coordinating the timely exchange of documents and information.
- Address any discrepancies or last-minute changes with the title company to ensure the closing proceeds smoothly.
- Provide clear communication and instructions to title agents regarding funding, document signing requirements, and loan disbursements.
- Maintain adherence to all state and federal regulations, including TRID, RESPA, and TILA requirements, to ensure compliant loan closings.
- Stay up-to-date with changes in regulatory requirements that may impact closing documentation and disclosure practices.
- Perform a final review of all closing documents and disclosures to confirm regulatory compliance.
- Prepare disbursement instructions and authorize funding to title upon confirmation of all closing documentation.
- Verify wire instructions and ensure timely release of funds, coordinating closely with title companies and lenders.
- Monitor the funding status and confirm completion of all required actions post-closing.
Qualifications:
- Minimum of 2 years of experience as a mortgage closer or similar role in the mortgage industry, with proficiency in loan closing and CD balancing.
- Familiarity with mortgage lending and title insurance processes, as well as a strong understanding of compliance requirements.
- Detailed knowledge of TRID, RESPA, TILA, and other relevant mortgage regulations and closing procedures.
- Experience with using Meridian Link/Lending QB LOs preferred
- Strong attention to detail, particularly in balancing financial figures and preparing closing documents accurately.
