Mortgage Loan Closer
Sturgis Bank, Milford, ME, United States
Summary
The Mortgage Loan Closer performs a variety of complex clerical, analytical, and customer service functions relating to consumer, residential, and bank loans within established productivity standards. This position assists management as required.
Key Responsibilities
Thorough understanding of loan documentation criteria for the Real Estate and Consumer lending department.
Prepare loan documentation using Encompass and LaserPro systems. Documentation may include but is not limited to: Application (1003), Transmittal Summary (1008), Loan Estimates, and all closing documentation. May also order and/or mail out employment and deposit verifications.
Understanding of the TRID requirements to complete Loan Estimates and Closing Disclosures accurately and within the correct time frames.
May order credit and/or flood reports.
Submit loans to underwriting department when necessary. Communicate with Loan Officer, Loan Assistant and underwriter to complete the file.
General knowledge and understanding of Title Commitments.
Work with various Title Companies to complete the Closing Disclosure and calculate funding amount to be sent for the loan closing.
Open Loan Savings Accounts. Manage the debits and credits involved in funding a loan.
Responsible for calculation tracking and processing loan payoffs.
Perform maintenance to accounts as needed. Assist with loan questions, internal and external.
May assist with credit bureau research.
May prepare discharges, partial releases, subordination agreements, and lien releases.
May complete and mail denial letters to applicants.
May input loan information into our core system Fiserv Premier Navigator.
Stay up to date with current regulations and upcoming changes.
Possess knowledge about security and emergency procedures (robbery procedures, extortion/bomb threat, fire, power failure, and tornado/take‑cover procedures).
Employees are required to report suspicious customers or employee activity to the Bank Security Officer as soon as they become aware of suspicious activity. Failure to report suspicious activity is grounds for termination.
Other tasks as assigned.
Supervisory Responsibilities This job has no supervisory responsibilities.
Qualifications
Good understanding of loan application policies and procedures, as well as documentation required by underwriters and government agencies when needed.
Excellent organizational and analytical skills.
Knowledge and ability to communicate effectively with office staff, sales and service personnel, and potential and existing customers. Must have the ability to understand and work from oral and written instructions.
Must have the ability to perform basic math skills and to calculate simple to complex factors as required.
Must remain calm and professional during peak periods of activity and manage multiple tasks simultaneously. This job requires employees to prioritize and organize work, apply common sense, and proofread and edit documents for accuracy. Employees must also have the knowledge and ability to troubleshoot and develop solutions to customer problems in a timely manner.
Have knowledge and ability to use office equipment such as the telephone, computer, calculator, fax, typewriter, and reference materials. Must be familiar with Windows‑based computer software.
Education And/or Experience High school diploma or equivalent. Minimum of 2 years of experience in loan closing and processing required.
Certificates, Licenses, Registrations Not applicable.
Work Environment General office working conditions exist. Employees may experience sustained moderate/high periods of activity with multiple tasks being performed. They may communicate with a variety of internal and external sources under favorable and unfavorable conditions. Noise level in the work environment is usually minimal.
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Key Responsibilities
Thorough understanding of loan documentation criteria for the Real Estate and Consumer lending department.
Prepare loan documentation using Encompass and LaserPro systems. Documentation may include but is not limited to: Application (1003), Transmittal Summary (1008), Loan Estimates, and all closing documentation. May also order and/or mail out employment and deposit verifications.
Understanding of the TRID requirements to complete Loan Estimates and Closing Disclosures accurately and within the correct time frames.
May order credit and/or flood reports.
Submit loans to underwriting department when necessary. Communicate with Loan Officer, Loan Assistant and underwriter to complete the file.
General knowledge and understanding of Title Commitments.
Work with various Title Companies to complete the Closing Disclosure and calculate funding amount to be sent for the loan closing.
Open Loan Savings Accounts. Manage the debits and credits involved in funding a loan.
Responsible for calculation tracking and processing loan payoffs.
Perform maintenance to accounts as needed. Assist with loan questions, internal and external.
May assist with credit bureau research.
May prepare discharges, partial releases, subordination agreements, and lien releases.
May complete and mail denial letters to applicants.
May input loan information into our core system Fiserv Premier Navigator.
Stay up to date with current regulations and upcoming changes.
Possess knowledge about security and emergency procedures (robbery procedures, extortion/bomb threat, fire, power failure, and tornado/take‑cover procedures).
Employees are required to report suspicious customers or employee activity to the Bank Security Officer as soon as they become aware of suspicious activity. Failure to report suspicious activity is grounds for termination.
Other tasks as assigned.
Supervisory Responsibilities This job has no supervisory responsibilities.
Qualifications
Good understanding of loan application policies and procedures, as well as documentation required by underwriters and government agencies when needed.
Excellent organizational and analytical skills.
Knowledge and ability to communicate effectively with office staff, sales and service personnel, and potential and existing customers. Must have the ability to understand and work from oral and written instructions.
Must have the ability to perform basic math skills and to calculate simple to complex factors as required.
Must remain calm and professional during peak periods of activity and manage multiple tasks simultaneously. This job requires employees to prioritize and organize work, apply common sense, and proofread and edit documents for accuracy. Employees must also have the knowledge and ability to troubleshoot and develop solutions to customer problems in a timely manner.
Have knowledge and ability to use office equipment such as the telephone, computer, calculator, fax, typewriter, and reference materials. Must be familiar with Windows‑based computer software.
Education And/or Experience High school diploma or equivalent. Minimum of 2 years of experience in loan closing and processing required.
Certificates, Licenses, Registrations Not applicable.
Work Environment General office working conditions exist. Employees may experience sustained moderate/high periods of activity with multiple tasks being performed. They may communicate with a variety of internal and external sources under favorable and unfavorable conditions. Noise level in the work environment is usually minimal.
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