Mortgage Loan Closer

Summary of Duties and Qualifications

Job Summary:
A Mortgage Loan Closer (MLC) receives a “clear to close” loan application file from the Mortgage Loan Processor (MLP) following approval of the loan application by the underwriting department.  As a mortgage lending professional, the MLC is responsible for the preparation of closing instructions and performing company procedures required to close and fund residential mortgage loans in accordance with company and investor policies and requirements.  MLCs work in a company office under the direct supervision of a Loan Closing Supervisor.  They interact routinely with Mortgage Loan Originators (MLOs) and company staff involved in accounting, underwriting and processing.

Basic Job Duties:
Daily activities include, but are limited to, reviewing underwriting approval for each “clear to close” loan file to ensure that all prior to closing conditions have been cleared by an authorized employee; communicate with the closing attorney / closing agent to ensure timely scheduling of the loan closing; prepare company closing instructions and documents required for closing and forward the closing package to the closing attorney; field requests and inquiries from MLOs, closing attorneys, Realtors and customers; co-ordinate loan funding with the accounting department, warehouse lender and the closing attorney.  MLCs typically work a 40-hour week and are paid an hourly wage.  However, they must be willing and able to work overtime during periods of peak loan volume.

Training and Other Qualifications
There are no mandatory academic prerequisites for the position of MLC.  While a college degree is preferred, MLCs should have at least a high school diploma.  Required traits/skills include strong attention to detail; being very organized and analytical; having an aptitude for figures and possessing accurate typing/data entry ability.  Previous mortgage banking experience is preferred.  Familiarity with Encompass loan processing software is a plus.  A newly hired MLC receives on-the-job training concerning company loan closing policies, procedures and practices from more senior MLCs.  Additional guidance is available from the Loan Closing Supervisor.  MLCs are expected to develop a working knowledge of Freddie Mac, Fannie Mae and FHA/VA underwriting guidelines as well as the requirements of PMI companies and company investors.  MLCs are expected to develop a working knowledge of federal and state mandated consumer disclosures requirements (such as the Good-Faith-Estimate; the Mortgage Servicing Disclosure Statement; and Truth-In-Lending Disclosure Statement) and remain alert to consumer disclosure issues that arise during loan closing.

The most successful MLCs possess a positive and cooperative attitude; have good interpersonal and communication skills; are comfortable working in a fast-paced deadline oriented environment; enjoy multi-tasking; have the ability to change priorities quickly as time-sensitive needs arise; and are able to adapt to a fluctuating workflow, particularly during periods of high loan volume.  They remain calm and courteous when dealing with impending deadlines, stressed out loan applicants, anxious MLOs and others with whom we do business. 

Because MLCs routinely handle the sensitive non-public personal identifying and financial information of loan applicants, they are bound by the provisions of the Gramm-Leach-Bliley Act and the Homestead Funding Corp. Privacy Policy, which strictly limits their use of, access to and disclosure of such information.  This position requires a commitment to maintaining a high level of confidentiality.

In assessing an employment application, Homestead Funding Corp. will evaluate an applicant’s personal history looking for evidence of financial responsibility and good character.  Employment applicants with certain felony criminal convictions and/or certain convictions involving crimes of dishonesty, financial services or a financial services related business may be prohibited from employment in the field of mortgage banking.  Specific prohibitions vary from state-to-state.

Homestead Funding Corp. is a HUD approved mortgagee.  Pursuant to HUD exclusive employment requirements, while working at Homestead Funding Corp., an employee must not have outside employment in mortgage lending, real estate or any other related field.  For example, a licensed real estate agent may keep his/her real estate license while working for Homestead Funding Corp.  However, while employed by Homestead Funding Corp, the agent may not conduct any real estate related employment or business activity and may not receive any income from such activity.