Loan Closer (Mortgage)

Job Description

Job Description

Who We Are

At Old Second, you're first! For more than 150 years, Old Second has consistently put businesses and individuals throughout the Chicago area first, and we're only getting started.

With great employees we've grown from a single location in the back of a general store to 50 locations and over $6 billion dollars in assets.

At Old Second we embrace values that foster an environment of community and growth. Recently, we've been voted a Forbes Best-In-State Bank for Illinois by our customers.

Be a part of something big as we continue our growth story together!

Position Overview

The Loan Closer is responsible for insuring both the accurate and efficient closing of mortgage loan files, and the accuracy of initial disclosures while exhibiting exceptional customer service.

Responsibilities include the preparation and delivery of Change of Circumstance redisclosure documents related to fee increases and rate lock adjustments and other changes to a mortgage loan file.

The Loan Closer must have a strong understanding of the closing process, and thorough knowledge of the entire loan process, from opening to closing, and will be able to assist regularly in these areas as needed.

Essential Job Functions

Prepares the closing documents against the final underwriting approval ensuring quality, accuracy of closing fees, and proper closing conditions.

Ensures closing guidelines for salability of loan.

• Works with the title company to coordinate & confirm loan closing, validates & faxes final figures, and approves the funding.
• Collaborates with Settlement Agent to finalize loan fees.
• Thoroughly reviews all pre-closing documents to ensure accuracy of information, including fees, rates, property details, and vesting, before document preparation.
• Reviews loans for compliance with all mortgage-related regulations (RESPA, TIL, HMDA, Reg. B, etc.) and prepare required disclosures.
• Reviews all data, including but not limited to loan program, lock, title work, appraisal, mortgage insurance, purchase contract, payoff, homeowner's insurance, and flood insurance to confirm accuracy of disclosures and fees
• Monitors pipeline and ensure initial disclosures or redisclosures on assigned loans are issued timely and accurately, including loan estimate (LE) and other required federal and state documents
• Reviews assigned loan lock-in confirmations to ensure loans are redisclosed properly within required timeframes
• Completes initial disclosure packages and LE redisclosures
• Completes initial closing disclosure and CD redisclosures
• Audits, verifies, and ensures that all loan disclosures are accurate and comply with regulatory timelines
• Ensures initial loan disclosure packages, change circumstances (COCs), and CDs are delivered in compliance with all relevant regulations
• Validates incoming fees from services ordered through Smartfees
• Assists team with loan level disclosure questions
• Reviews COC for accuracy and redisclosure requirements
• Verifies validity of requested COC requests
• Checks fee variances against standardized APR charges
• Coordinates and confirms closings with Title Company.
• Works with Loan Officer to finalize loan details.
• Calculates check amounts to be sent to the closing table.
• Accurately prepares closing documents based on specific loan programs.
• Fields and troubleshoots phone calls regarding issues with closings in progress including using appropriate levels of discretion to make decisions based on the facts presented.
• Monitors and meets deadlines including closing dates and final HMDA review.
• Assists to meet and exceed internal processing timing goals / deadlines as needed
• Continually builds knowledge of all loan products to extend efficiency to VA, FHA, and other special programs
• Serves as a backup on opening loan files within compliance dates when necessary
• Participates in post-closing error resolution

Minimum Requirements

• High school diploma and three or more years of mortgage related experience, or equivalent combination of education and experience.
• This position is considered a hybrid role. With management approval, an incumbent may work a combination of remote and onsite work to perform the regular responsibilities of the role.

Actual schedule requirements may vary based upon business needs.

Competencies

• Knowledge of preparation of the Closing Disclosure and closing documents.
• Knowledge of TRID Closing Disclosure regulation.
• Full knowledge of APR and non-APR fees
• Full knowledge of RESPA, REG Z, and CFPB guidelines.
• Knowledge of Processing Software, Encompass
• Thorough understanding of the entire loan process from opening to closing
• Advanced knowledge and understanding of mortgage loan products
• Excellent customer service skills
• Maintains excellent attitude conducive to fostering teamwork

Preferred, but not required :

• Bachelor's degree
• Previous loan closing and / or initial disclosure experience

Thanks for considering Old Second!