2105-9 Loan Closing Specialist

Loan Closing Specialist

POSITION SUMMARY
The position of Loan Closing Specialist is responsible for coordinating with closing attorneys and their staff, title review, assembling, preparing, and reviewing/verifying loan documents for residential loan closings in compliance with Bank3 lending policies and procedures, while ensuring all applicable state, federal and regulatory requirements are met. 

 

ESSENTIAL DUTIES AND RESPONSIBILITES    
The essential functions include, but are not limited to the following:

  • Assure customer service is top priority whether internally or externally, treating customers and employees professionally, with courtesy and respect. 
  • Ensure title commitment and preliminary work are received from closing attorney timely.
  • Review title commitment to advise processing and underwriting of findings.
  • Input of preliminary fess provided by closing office in preparation for closing.
  • Schedule and coordinate closing dates and times with borrowers and attorney’s office.
  • Coordinate with processing and underwriting for final loan approval to proceed to closing.                  
  • Prepare closing disclosure and documents per underwriting guidelines; coordinate with closing office to finalize fees.
  • Monitor Mavent Compliance in Encompass to ensure all fees are within TRID tolerance guidelines.
  • Issue closing disclosure to borrowers within TRID time guidelines; track and document for file. 
  • Prepare Fee Detail to ensure points and fees are within compliance guidelines.
  • Prepare Wire Form for loan disbursement.
  • Prepare and finalize closing documents, once complete provide closing package to attorney’s office for closing.
  • Ensure wires are provided timely to closing attorney for disbursement of loan funds to avoid any delays in funding. 
  • Coordinate with closing attorney’s office to obtain scanned copy of executed closing package for early review; also request original package be sent in advance of disbursement, if possible.
  • Review executed closed loan packages for any potential errors and promptly request revisions/corrections from closing office.
  • Obtain appropriate bank officer signature on Note for all loans.
  • In house loans – Ensure Original Note is provided to Loan Operations timely.
  • Attach any applicable documents related to the closing / post-closing process to the efolder.
  • Coordinate with underwriting for complete Underwriting Credit Packages and Initial Disclosure Packages; scan these packages to the efolder for upload to investor once loan has closed and funded.
  • Finalize and complete organization of file for upload to investors once loan has been funded.
  • Monitor loans once uploaded to investor for any that may be suspended due to missing or inaccurate information.  If suspended, take appropriate action to resolve any issues and upload changes/corrections to investor timely to avoid penalty.
  • Once loan is purchased by investor, obtain and review purchase advice to ensure pricing is accurate for proper funding from investor for purchase of loan. 
  • Issue goodbye letters to borrowers to provide investor information for payments, as well as investor contact information and new loan number.
  • Issue notification to hazard insurance agent once loan is sold to provide new mortgagee information for the investor. 
  • Communicate with closing offices to obtain final title policies and recorded documents within 90 days of closing.
  • Attach copies of all final documents in the efolder and provide originals final documents to appropriate investor.
  • Organize, manage, and maintain hard copy file in office for appropriate retention period.  

 

MINIMUM QUALIFICATIONS (KNOWLEDGE, SKILLS, AND ABILITIES)

  • Prior experience with real estate transactions and documents, is preferred
  • Proficient verbal and written communication skills
  • Self-motivated and takes initiative 
  • Ability to manage time and resources to ensure work is completed efficiently and within established timeframes.
  • Requires ability to multi-task under tight time constraints to meet critical deadlines
  • Excellent attention to detail and organizational skills
  • Able to function as a team player

 

NOTE
This job description in no way states or implies that these are the only duties to be performed by the employee(s) incumbent in this position. Employees will be required to follow any other job-related instructions and to perform any other job-related duties requested by any person authorized to give instructions or assignments. All duties and responsibilities are essential functions and requirements and are subject to possible modification to reasonably accommodate individuals with disabilities. To perform this job successfully, the incumbents will possess the skills, aptitudes, and abilities to perform each duty proficiently.

 

Qualified applicants may send their resumes to cmcconkey@bank3.com.

Which committees are you interesting in joining?

Your Information

Name(Required)
Bank Address