ESSENTIAL FUNCTIONS of Loan Closing Specialist (Majority of duties, but not meant to be all inclusive nor prevent other duties from being assigned as necessary)
- Verifies proper approval on loan source documents in accordance with established lending authorities.
- Reviews loan documentation prior to closing to verify that documents are prepared as approved and all approval requirements are met. Verifies all credit policy, compliance, and collateral issues have been addressed appropriately as required by the nature and structure of the transaction.
- Prepares closing instructions; determines charges to be collected at closing such as appraisal/inspection fees, credit report charges, loan origination fees, etc.
- Communicates with Loan Officers and Loan Administrators for inaccurate or missing documentation.
- Coordinates closing with title companies and attorneys or schedules in-house closing. In-house closings require all problems that may encumber title to be resolved prior to closing (e.g., title opinions, surveys, etc.)
- Responds to questions and resolves any problems on closing loans.
- Reviews executed documents prior to the disbursement of loan proceeds once again to ensure all issued have been addressed and all documents are properly signed and executed.
- Prepares general ledger tickets, deposit slips, or wire transfers for initial loan fundings.
- Verifies property address, action taken date and loan amount in accordance with HMDA requirements; ensures closing process complies with all related regulations, and Company policies.
- Prepare Early Disclosures as requested.
- Prepares package for booking.
- Performs final review to verify loan is booked accurately to the core system and the appropriate ticklers are set up properly.
- Other duties as assigned, or as necessary to ensure smooth and correct departmental operation.
KNOWLEDGE, SKILLS & ABILITIES of Loan Closing Specialist (Minimum education, experience, technical and communication skill levels and licenses/certificates normally required to perform the duties of this position.)
- Analytical and problem solving skills and ability to prioritize.
- Moderate keyboard skills including word processing and spreadsheet applications.
- Working knowledge of documentation guidelines and lending regulations inclusive of TRID, RESPA, ECOA, Flood Disaster Protection Act, & HMDA
- Must have extensive knowledge of all types of all types of entity documentation, compliance, and collateral requirements for all types of borrowers, loans, and collateral items.
- Good written, oral, and interpersonal communication skills with ability to explain documentation and loan closing requirements.
This level of knowledge is normally acquired through completion of a high school diploma, or equivalent, and 3 5 years’ loan documentation and processing experience.
WORKING CONDITIONS of Loan Closing Specialist (Typical working conditions associated with this type of work and environmental hazards, if any, that may be encountered in performing the duties of this position.)
Internal – Work is normally performed in climate controlled office environment, where exposure to conditions of extreme heat/cold, poor ventilation, fumes and gases is very limited. Noise level is moderate and includes sounds of normal office equipment (computers, telephones, etc.). No known environmental hazards are encountered in normal performance of job duties.
External – N/A
PHYSICAL DEMANDS of Loan Closing Specialist (The physical effort generally associated with this position)
Work involves standing and walking for brief periods of time, but most duties are performed from a seated position. Work may include occasional pushing, pulling, or carrying objects weighing up to 20 pounds such as files, documents, and computer printouts. Work normally requires finger dexterity and eye-hand coordination to operate computer keyboard at an advanced skill level. Position includes extensive reading (50% or more of work time spent reading) and extensive computer usage (50% or more of work time viewing computer monitor) as well as close or highly concentrated visual work. Receive detailed information through verbal communication both in person and by telephone.
WORKING RELATIONSHIPS/CONTACTS of Loan Closing Specialist (Positions, other than supervisor and immediate co-workers, with which incumbent has frequent contact and the reason for contact.)
Internal – Extensive contact with personnel throughout the Corporation.
External – Frequent contact with customers, attorneys, title companies, appraisers and insurance providers in order to obtain or provide information and/or assistance and to resolve problems.
Supervision of Others – N/A
ACCOUNTABILITY (Budget/asset amount managed, revenues/profits produced, and/or other financial resource incumbent is accountable for. Also, indicates judgement/decision making level.)
This position is responsible for effectively assisting assigned Bank Lending Officers and for achieving individual production goals.
The Loan Closer has the sole responsibility to apply expertise and judgment on the quality of the loan transaction and has sole control over the disbursement of loan proceeds.