BUSINESS CLOSING OFFICER - WATERFORD OFFICE

Job Summary :

Work in conjunction with the lending officers, processors, underwriters and Title Companies in order to close residential loans in accordance with policies, procedures and underwriting specifications, as well as to help to maintain a quality and profitable loan portfolio.

Essential Responsibilities :

· Conduct the requirements needed for the closing of residential mortgage loans, residential loan modifications and consumer loans while interpreting bank approval, guidelines, deadlines, policies and procedures.

· Evaluate and review customer information, accuracy property information, any other pertinent information relating to the loan and subsequently input in the processing program system in order to generate closing documents.

· Ensure accurate reconciliation of Journal Entries, while understanding the category alignment with the closing disclosure, in order to disburse proceeds.

· Comprehension of initial closing disclosure entries in the correct section of the Closing Disclosure in order to prepare initial closing disclosure and ensure balancing it with the loan estimate and final CD.

• Effectively communicate precise information with closings agents, borrower and their representatives regarding closing status of the loan file and pending documentation, specifically able to identify pending closing requirements; following up on property and closing contingencies, document call follow-ups and conversations .

  · Ensure compliance requirements and verifications are aligned to all contingencies. Assure that proper hazard, windstorm, flood, mortgage insurance and H0-6 insurance policies are in force on or before closing, review adequate coverage and compliance with FirstBank Florida insurance rating and classification guidelines, reflecting accurate mortgagee clause. Provide closing agent with insurance bills or receipts, taxes, and other similar information like survey, appraisal, roof and termite inspections, etc.

• Partner with loan officer, title company, processors to coordinate and schedule the loan closing by the established due date.

• Ensure final review of loan closing package for accuracy and completeness in order to immediately identify any errors or omissions, such as promissory note, mortgage, riders, continuing guaranty, closing disclosure, title commitment, pay-off letters against closing instructions and commitment letter.

• Responsible for reviewing the prevailing interest rate and fees, notify the closing agent of any changes; obtain supervisor concurrence when necessary. Immediately notify the loan officer and/or loan processors of any material discrepancy or deviation discovered during the loan closing that might affect the quality or credit risk of the loan.

  · Ensure all required fields for HMDA reporting are concise. Subsequently, review HMDA information and input correct rate spread calculation, type of purchase and verify all loan information is accurate before submission of file to quality control.

  · Responsible for preparing monthly reporting for required data for Mail Away and Mortgage Register while ensuring the time sensitivity and necessary compliance with residential banking regulations.

  · Reconciliation of monthly Interest & Escrow Collected and Consumer Loan in process general ledger accounts by the 5thof the month.

• Follow-up on post - closing documents, obtain closing package from closing agent immediately after the closing, title commitment and copies of other closing documents and affidavits .

• Prepare loan file for submission to the post closer. (Lereta, rate spread calculator, complete final HMDA screen)

• Perform post-closing on files closed by other closer

• Confirms applicable authority signature, dates and other relevant information approval is obtained

• May serve as back up for other functions in the department

  Impact of Errors :

  The impact of errors in this position could affect job, department and bank activities, could result in financial impact due to fines/ results as a result of regulatory non-compliance, potentially affect the bank reputation and profitability.

  Competencies:

  Excellent organization skills and attention to details

  Excellent verbal and written communication skills.

  Excellent time manager with a proven ability to meet deadlines.

  Ability to prioritize tasks.

  Excellent interpersonal skill, conflict and resolution.

  Ability to act with integrity, professionalism and confidentiality.

  Ability to generate reports accurately.

  Able to bend and lift heavy files and heavy boxes.

  Excellent understanding of loan documentation and mortgage loan origination system

  May require work in seating position for prolonged periods.

  Deviation of normal or customary working schedule, able to work longer hours in peak times.

  Proficiency with the ability for the following applications:

  Microsoft word

  Excel

  Encompass

  Physical Demands, Education and Skills :

  The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this position. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. Specific vision abilities by this job include close and distance vision. While performing the duties of this job, the employee is regularly required to sit, use hand to finger, handle, or feel and talk and hear. The employee is occasionally required to stand for prolonged period and walk. Able to bend and lift heavy files and/ or deal with heavy cabinet drawers. Arms could be exposed to repetitive movements. Stress varies with peak and slow periods.

  Interpersonal Communication:

  Excellent communication skills are required for this position. Ability to communicate with internal and external clients.

  Minimum Requirements:

  This position requires a Bachelor’ Degree or mortgage loan experience,

  A minimum of two years’ experience as a loan closer/ processor in a bank or related field such as a mortgage company or previous banking experience with loan products and use of mortgage origination system.

  Familiar with regulatory environment in respect to residential mortgage loan origination.

  EQUAL EMPLOYMENT OPPORTUN ITY EMPLOYER