Mortgage Closer I / II

Job Description : Primary Function

To prepare and review first mortgage residential and land loans for closing to ensure compliance with secondary market and Virginia Credit Union (VACU) corporate policies and procedures. Assist mortgage production team members with issues surrounding the closing process.

JOB DUTIES AND RESPONSIBILITIES :

• Prepares and forwards to closing agents Closing Disclosure and closing packages for all traditional loan types, including purchase and refinances (Conventional, FHA and VA)
• Maintain excellent working relationships with settlement agencies.
• Prepare Closing Disclosures in a timely manner, preferably 7 days prior to closing. Using pipeline management tools that are readily available to ensure Closing Disclosures are sent in accordance with TRID timelines.
• Review preliminary mortgage loan packages prior to the scheduled loan closing to ensure mortgage loan is closed in conformity with secondary market standards.
• Ensure that all conditions are met, and that a valid first mortgage lien is placed on the subject property.
• Review title commitments for exceptions, recognizing unreleased liens. Alert Closer II or management of any other defects to ensure proper resolution so as to not impact closing.
• Coordinate with settlement agent in review of final Closing Disclosure for accuracy. Ensure all underwriting requirements and sales contract requirements are addressed prior to releasing closing package.
• Accurately prepares loans for disbursement, including balancing wire disbursement requests with the loan file, collecting closing agent wire information and updating the system accordingly. Actively partner with disbarment team to resolve and issues / assist with any questions.
• Ensures mortgage loans are accurately closed and funded within allotted time frame not to exceed expiration of the lock in period.
• Assists Post Closing team in obtaining outstanding documentation for all closed mortgage loans
• Assist staff with questions regarding VACU Mortgage products including credit, title, underwriting and secondary market requirements as well as internal policies and procedures
• Assist management in investigating audit exceptions and formulate responses.
• Assist Closer II with proper closing of loans including but not limited to review of title commitment, loan closing documents and final Closing Disclosure for accuracy.
• Actively contributes towards team and departmental goals.
• Contributes positively to the success of the closing team and the mortgage department.
• Act as a resource to mortgage and VACU staff regarding closing related issues.
• Provide quality member service to meet the standards set by Real Estate Lending management and the Member Experience team.
• Comply with Regulations B, C, X and Z regarding the completion of required disclosures including, but not limited to Sections 32 and 35 and RESPA. Also included are compliance with FACTA and FDPA (Flood).
• Accurately perform all Bank Secrecy Act (BSA) and OFAC functions related to opening accounts, making account maintenance changes, approving and disbursing loans including, but not limited to OFAC verification, reporting suspicious activity to the Fraud Risk Management Department, and completing all required training.
• Other duties may be required and assigned.

Job Qualifications :

Minimum Education and Experience

High School graduate. Prior residential mortgage origination experience (conventional and government) preferred. Residential loan post closing and delivery experience with conventional and government loans preferred. Previous experience working in real estate title insurance field beneficial.

Knowledge, Skills, and Abilities

Candidate should have a working knowledge of conventional and government residential mortgage guidelines, products and terms. Strong oral and written communication skills combined with the ability to make sound decisions. Ability to work in a deadline oriented environment. Must have strong problem solving and excellent organizational skills. Must be a self starter.

Desirable Traits :

Must have good problem solving, stress management and excellent organizational skills. Must be detailed oriented. Must be a team player. Computer experience required. Computer experience preferred but not required. Familiarity with Encompass LOS or other mortgage lending software preferred.

PHYSICAL REQUIREMENTS :

PHYSICAL REQUIREMENTS :

This job requires the ability to sit for long periods of time.

This job requires infrequent lifting or carrying of objects up to 10 pounds.