What does a Mortgage Loan Closer do?
Published 3 min read
A mortgage loan closer is responsible for the final stage of the mortgage loan process. They prepare all the necessary documents for the closing, coordinate with the title company, and make sure that all parties involved are satisfied with the outcome of the transaction.
Mortgage Loan Closer job duties include:
- Review loan documents for completeness and accuracy
- Verify that all conditions of loan approval have been met
- Obtain final pay stubs, bank statements, and other required documentation
- Schedule and coordinate loan closing with buyers, sellers, real estate agents, and attorneys
- Prepare loan closing documents including the HUD-1 Settlement Statement
- Attend loan closing and answer questions from borrowers
- Ensure that all funds are disbursed correctly and according to the loan terms
- Record the mortgage loan in the county land records
- Follow up with borrowers after closing to ensure that they are satisfied with their loan
Mortgage Loan Closer Job Requirements
A mortgage loan closer is responsible for ensuring all documents are in order and coordinating the closing of the loan with all parties involved. A successful mortgage loan closer has excellent attention to detail, is highly organized, and has excellent communication skills. A minimum of a high school diploma is required for this position, although some employers may prefer candidates who have completed some college coursework or have a college degree. There are no specific certification requirements for this position, but many employers prefer candidates who have completed some type of training program. Mortgage loan closers typically have at least 1-2 years of experience working in the mortgage industry in a administrative or customer service role.
Mortgage Loan Closer Skills
- Accurate
- Attention to Detail
- Auditing
- Banking
- Benefits Administration
- Bookkeeping
- Budgeting
- Business Analysis
- Business Planning
- Calculating
- Communication
Related: Top Mortgage Loan Closer Skills: Definition and Examples
How to become a Mortgage Loan Closer
The role of a mortgage loan closer is to coordinate the closing of a mortgage loan. They work with the borrower, lender, and real estate agent to make sure all of the required documents are signed and that the loan funds are disbursed properly. The closer also ensures that the terms of the loan are met before it is funded.
To become a mortgage loan closer, you will need at least a high school diploma or equivalent. Some college coursework in business or finance is also helpful. You will also need to complete on-the-job training. Many employers require mortgage loan closers to be licensed.
Related: Mortgage Loan Closer Resume Example
Related: Mortgage Loan Closer Interview Questions (With Example Answers)