Residential Loan Closer Iii

Description:

Job Summary

The Residential Loan Closer III is accountable for ensuring Residential loans are closed in accordance with established guidelines, policies, and procedures of Cogent, government agencies, GSEs, as well as state and federal lending regulations. The Residential Loan Closer III assembles, inspects, and prepares all critical documentation needed to complete the mortgage loan process and evaluates and verifies that all terms and closing conditions for the mortgage loan have been satisfied.

Requirements:

Responsibilities and Duties

• All other tasks, responsibilities, or duties, as directed by management.
• Prepare and issue accurate and compliant Closing Disclosures and Change of Circumstance Closing Disclosures.
• Ensure state-specific ownership signatory requirements are met, including marital signature requirements.
• Collaborate with Loan Processor and Mortgage Loan Originator to facilitate a timely loan closing.
• Verify loan closes and funds are disbursed as expected and within the interest rate lock period.
• Provide excellent customer service to all loan contributors.
• Review closing conditions to ensure salability of loans and adherence to underwriting decisions.
• Ensure accuracy while balancing and preparing final closing documents utilizing the Encompass LOS system.
• Inspect critical documents for proper execution, date, and notary/witness requirements prior to authorizing disbursement of funds.
• Prepare Post-consummation Closing Disclosures as necessary while providing concise explanation to borrower on reason for PCCD.
• Manage and resolve issues associated with the loan closing.
• Ensure loan closing documents are delivered timely to meet closing schedule.
• Ensures BSA compliance by reading and being familiar with the BSA/AML program/policy; following all BSA/AML/OFAC policies and procedures; and completing all BSA/AML/OFAC related online courses.
• Review loan terms and documentation, including fees, escrows, title work, compliance report, property type, payoff statements, insurance coverage, and key dates, advising on potential issues that could impact closing.

Qualifications and Skills

Required:

• Experience closing an average of 30+ loans per momth
• Bachelor’s degree or other appropriate field or comparable experience
• 10+ years of experience in residential mortgage industry closing with advanced knowledge of Conventional, FHA, VA, USDA and Bond/Housing Finance Agency closing requirements and documents
• Strong analysis, time management, and organizational skills
• Advanced knowledge of mortgage industry regulations from origination to post-closing
• Advanced knowledge of loan products including Conventional, FHA, VA, USDA and Housing Finance Agency/Bond loans
• Experience in loan closings in multiple states
• Good communication skills, both verbal and written

Preferred:

• Proficiency with Encompass LOS.