Loan Closer Job Description

Loan Closer Job Description

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Loan closer provides recommendations to closing manager on the loan closing strategy and processes that align with industry best practices.

Loan Closer Duties & Responsibilities

To write an effective loan closer job description, begin by listing detailed duties, responsibilities and expectations. We have included loan closer job description templates that you can modify and use.

Sample responsibilities for this position include:

Fund loans in compliance with all RESPA regulations in a timely manner
Work compliantly with all posted policies and procedures, internal guidelines and allregs
Work closely with processing, underwriting, legal and post-closing departments to insure loan closings in compliance with Newtek and SBA policies
Oversee trade and security entry into portfolio management system
Input and complete settlement of trades via a web based platform
Liaise directly with counterparties and agents to resolve trade-related issues
Review and coordinate execution of all trade documentation
Circulate closing packages to the trustees for funding
Confirm trades and wires with the trustees
Review loan closing package for completeness and accuracy

Loan Closer Qualifications

Qualifications for a job description may include education, certification, and experience.

Licensing or Certifications for Loan Closer

List any licenses or certifications required by the position: OFAC, RC, LMA/LSTA, BMO, PMI, LMA

Education for Loan Closer

Typically a job would require a certain level of education.

Employers hiring for the loan closer job most commonly would prefer for their future employee to have a relevant degree such as Collage and Associate Degree in Education, Technical, Accounting, Business, Finance, Business/Administration, Real Estate, Associates, Legal Studies, General Education

Skills for Loan Closer

Desired skills for loan closer include:

Credit policies and approval processes
Loan processing and closing policies and practices
Compliance
Loan closing processes and procedures
Lending compliance and regulations
Loan systems and loan documentation
Loan processing and closing policies and procedures
FHA
Real estate documentation
Procedures

Desired experience for loan closer includes:

The position must be able to manage multiple parties and their expectations handle a minimum of ten transactions at any given time
Minimum of eight years proven and progressive commercial loan closing experience with a bank or other financial institution, including experience closing commercial syndicated, construction or portfolio loans experience with secondary market, conduit or CMBS product or equivalent
Minimum of eight years proven and progressive commercial loan closing experience with a bank or other financial institution, including experience closing commercial syndicated, construction and/or portfolio loans experience with secondary market or equivalent
Bachelors Degree required with 1-2 years of closing or related experience
High School Diploma with 5+ years of prior commercial loan or loan related experience accepted in lieu of degree
Experience with commercial lending, commercial real estate, title insurance, paralegal is preferred

Loan Closer Examples

1

Loan Closer Job Description

Job Description Example
Our growing company is looking for a loan closer. Thank you in advance for taking a look at the list of responsibilities and qualifications. We look forward to reviewing your resume.
Responsibilities for loan closer
  • As required establish, document and maintain operating procedures (and/or provide support for these activities) which include relevant controls to meet Group and local policy requirements
  • Prepare Closing Disclosures in accordance with all regulatory requirements and distributing them to borrowers in a timely manner
  • Complete closing checklist to reflect accurate data
  • Review documents including but not limited to underwriting findings, Closing Protection Letter, Title Commitment, Homeowner's Insurance Declaration Page and invoices for various services (credit report, appraisal)
  • Contact insurance agents, municipalities, treasurer offices and/or tax assessors to ensure that escrow accounts are set up correctly
  • Assist with the preparation of closing instructions and ensure Mortgage Unlimited's requirements are met and final title can be issued
  • Review prepared HUD statement for approval and signoff
  • Ensure that all documents are properly recorded and delivered
  • Prepare and track closed loan packages from title company
  • Support the settlement process of primary loan syndications and secondary loan trades
Qualifications for loan closer
  • Ability to read and interpret commercial loan legal documents, understand the mechanics and risk associated with commercial real estate transactions preferred
  • Strong ability to navigate and work in multiple systems and databases
  • Comfortable working in a fast-paced environment with a broad set of responsibilities
  • Excellent communication skills to participate and lead conference calls and facilitate pre and post closing activities
  • Good problem solving and negotiating skills are required to overcome obstacles and drive the closing process to meet deadlines
  • Ability to professionally interact directly with clients and Deal Team in fast-paced environment
2

Loan Closer Job Description

Job Description Example
Our company is looking for a loan closer. Please review the list of responsibilities and qualifications. While this is our ideal list, we will consider candidates that do not necessarily have all of the qualifications, but have sufficient experience and talent.
Responsibilities for loan closer
  • Review executed loan packages for accuracy and to ensure compliance with regulatory and policy requirements
  • Be familiar and comply with applicable company policies and all banking regulations including, but not limited to BSA, USA Patriot/CIP requirements, Flood Compliance, AML and other regulations
  • Review various loan documents, internal and external to ensure documentation accurately reflects the intentions of the credit approval
  • Review legal documents and advise on funding mechanics and operational requirements as it pertains to internal booking locations, regional and currency policies
  • Review internal loan related worksheets
  • Liaise and coordinate pre-closing requirements with internal and external clients (Underwriter, Relationship Manager, Syndication Desk, Borrowers, Lenders)
  • Complete coordination, review, initiate disbursement, prepare wire instructions and book loans and commitments into the loan booking system
  • Provides the commercial loan closing and funding team with the technical support needed to close / fund commercial loans
  • Organize, review and clear loans for closing in accordance with Bank Policy
  • Prepare Loan Closing Worksheets for booking of loans on core system and generate closing figures
Qualifications for loan closer
  • Able to build external and internal relationships
  • Ability to work pro-actively, independently and in team setting with minimal supervision
  • Preparing Consumer Loan packages for closing
  • Works on an independent basis with little supervision
  • Receives assistance from manager with difficult questions and situations
  • Provides guidance to less experienced closers
3

Loan Closer Job Description

Job Description Example
Our company is growing rapidly and is hiring for a loan closer. We appreciate you taking the time to review the list of qualifications and to apply for the position. If you don’t fill all of the qualifications, you may still be considered depending on your level of experience.
Responsibilities for loan closer
  • Participates in ensuring implementation and compliance to meet security precautions and protect customer loans, collateral, bank assets and staff
  • Review insurance policies in accordance with insurance guidelines
  • Review draft legal documents for accuracy and compare to Loan Summary and Commitment Letter
  • Update closing pipeline, loan tracking system and post closing log as needed
  • Complete files within 14 days of closing and submit to file room
  • Draw closing documents accurately
  • Work closely with operations and production teams to hit purchase and refinance closing dates
  • Review loan approval and credit write-up, and prepare SBA Loan Authorization and closing checklist in conformity with loan approval
  • Work with borrower and Newtek attorney to obtain and review pre-closing requirements
  • Coordinate with Underwriter during the closing process regarding necessary loan modifications
Qualifications for loan closer
  • May manage the daily workflow of files throughout the day to ensure completion by Closers to meet the appropriate timeframe for the scheduled closing
  • Orders various loan documentation and searches, as necessary
  • Minimum of two (2) years’ of recent work experience in mortgage loan support, processing, or closing
  • Minimum of one (1) year of recent work experience in mortgage loan support, processing, or closing
  • Minimum 10 years of commercial or mortgage banking experience in closing / funding of loans, lien perfection, loan accounting, customer service and/or equivalent banking experience
  • A high school education with at least 5 years of paralegal experience or commercial loan closing experience
4

Loan Closer Job Description

Job Description Example
Our company is searching for experienced candidates for the position of loan closer. Thank you in advance for taking a look at the list of responsibilities and qualifications. We look forward to reviewing your resume.
Responsibilities for loan closer
  • Follows procedures for submitting the final loan package to Loan Operations for booking and funding
  • Collect and review pre-closing requirements and keep management informed of progress to loan closing
  • Update all applicable data systems as to any activity on loan
  • Track expenses for each individual loan
  • Prepare funding documentation
  • 100% review and tracking of post-closing documents for real estate secured loans
  • Coordinate Due Diligence calls with Client and track open items to ensure underwriting has met all the requirements to convert, other conditions are satisfied prior to closing
  • Interviews prospective applicants and requests specified information related to loan or credit application
  • Books and disburses the loan
  • Monitors tickler files and informs Lending Origination Officers when up-to-date financial statements and other covenant items are needed for commercial accounts
Qualifications for loan closer
  • Must be a team player and able to work in a high volume and fast paced environment
  • Familiarity with lending process from application to funding
  • Ability to study for and pass state and national exams relating to SAFE
  • Previous mortgage banking experience is preferred, with solid familiarity with the lending process from application through funding
  • Familiarity with Encompass loan processing software is a plus
  • Expected to develop a working knowledge of federal and state mandated consumer disclosures requirements
5

Loan Closer Job Description

Job Description Example
Our innovative and growing company is hiring for a loan closer. We appreciate you taking the time to review the list of qualifications and to apply for the position. If you don’t fill all of the qualifications, you may still be considered depending on your level of experience.
Responsibilities for loan closer
  • Ensure appropriate fees and expenses are recorded accurately
  • Ensure appropriate approval and/or waivers and exceptions are obtained
  • Submit the final loan package to loan operations for funding and boarding
  • Interfaces with internal and external parties, including loan originator, underwriter, mortgage broker, borrower, attorney, title company, security broker dealer, government employees, servicing and asset management personnel
  • Manages and communicates transaction timeline to internal and external partners to verify all appropriate deadlines are being met
  • Performs pre- and post-closing functions including managing closing checklist to ensure that closing counsel has received all required documents to review and close the loan
  • Responsible for preparing loan closing packages for securitization and delivery to investors
  • Transmits loan and pool information to servicing, asset management, accounting, and investor reporting departments
  • Prepares loan settlement statements
  • Updates internal systems to ensure that appropriate internal reporting data reflects current information for the transaction
Qualifications for loan closer
  • Successful candidate will remain calm and courteous when dealing with impending deadlines
  • Familiarity in the areas of operational, system, financial, regulatory and accounting activities
  • Detail-oriented to maintain high levels of data stewardship
  • Solid working knowledge of Bank systems used to support position
  • Exhibit analytical ability to expedite straightforward to moderately complex problem resolution
  • Developed written and oral communication skills to provide exceptional client service and to effectively communicate with clients, colleagues and all levels of management

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