Job Summary :
Once borrower application for a mortgage loan has been approved and borrower has received a commitment letter from the lender, the final step before borrower can call the house of his own is the closing process starts, or settlement.
Closer first task is to complete closing input and send closing instruction for HUD- I preparation. After HUD is received then proceed with HUD-
1 approval by sending final closing documents for signing.
Basic Knowledge of Loan Origination Cycle- Loan Application, Processing, Underwriting, Closing, Knowledge of different types of mortgage and its functioning
Knowledge of functions of Title companies
Basic knowledge of Documents involved in Closing
Basic Understanding about HUD -1 preparation
Basic knowledge of Federal laws
Should have the basic understanding of closing documents
Should understand the role of Closing team and the Title company at the time of closing
Should be able to explain the importance of critical closing documents
Should be able to explain the necessity of RESPA
Should be able to explain the importance of recession date in funding
Should be able to understand various laws in different parts of US related to mortgage
Skills & Ability :
Good verbal and written communication skills are required to understand and update comments and communicate with various stake holders.
Strong Customer Service Skills and
Should have good analytical skills and have the ability to make decisions based on the situation.
Should be Detail oriented.
Should be able to effectively use a computer.
Verifying escrow information on the loan
Calculating pay off amount as per funding date
Updating the loan required information in different client applications
Completing the given target as per the clients requirements with 100% quality
Education Qualifications : Bachelors Degree
Additional Requirements :
Minimum of 3 years of work experience in Mortgage Origination
Willingness to work in Night Shifts
Willingness to work on weekends based on Client requirement.