Mortgage Loan Closer

First Commonwealth Bank - Hudson, OH

Hudson, OH

Credit Intermediation and Related Activities

About the position

The position facilitates the smooth transition of loans from processing to closing by coordinating with First Commonwealth Mortgage production staff and settlement companies/attorneys. The role involves preparing and reviewing Closing Disclosures and closing instructions to ensure compliance with federal, state, investor, and First Commonwealth Mortgage guidelines. Responsibilities also include reviewing insurance policies, gathering tax information, and calculating initial escrow requirements. The position requires preparing and electronically delivering closing documents to settlement companies/attorneys and confirming that closings occur as scheduled. Additionally, the role involves registering new mortgage loans in the Mortgage Electronic Registration System (MERS).

Responsibilities

• Facilitates the smooth transition of loans from processing to closing by coordinating with First Commonwealth Mortgage production staff and settlement companies/attorneys.
• Reviews Loan Registration Confirmations against Underwriting Approvals for rates, products, and terms.
• Reviews closing instructions provided by Loan Processor(s) for accuracy and compliance with all federal, state, investor, and company guidelines.
• Requests and reviews preliminary HUD-1 Settlement Statements from settlement companies/attorneys to ensure RESPA compliance.
• Identifies and communicates any required corrections and verifies revisions.
• Reviews homeowners' insurance (HOI) and verifies that coverage(s) are adequate for property and loan types.
• Contacts settlement companies/attorneys for preliminary title commitment and tax information.
• Verifies that borrowers' and properties' information is accurately reflected on title commitments and in the Loan Operating System (LOS).
• Calculates initial escrow requirements in the LOS based on the HOI and tax information.
• Provides Processor(s) with the amount of borrowers' cash due at closing and determines final approval of HUD-1s.
• Prepares and electronically delivers closing documents to settlement companies/attorneys and confirms closings occurred as scheduled.
• Updates loan tracking status.
• Registers new mortgage loans in the Mortgage Electronic Registration System (MERS).
• Verifies that closed loan packages are received from settlement companies/attorneys and that all documents are signed and dated.
• Delivers the package to the Loan Funder/Shipper for final whole loan delivery.

Requirements

• A high school diploma or equivalent is required; an associate's degree is preferred.
• A minimum of one (1) year of current mortgage lending experience is required.
• Attention to detail is critical, as are strong communication and organization skills.
• Solid mathematical and analytical skills are necessary.
• Must have knowledge of Real Estate Settlement Procedures Act (RESPA) guidelines.
• Must not appear on the Freddie Mac Exclusionary List or Excluded Parties List System (EPLS), be subject to a Limited Denial of Participation (LDP), or otherwise restricted from participating in HUD programs.

Nice-to-haves

• May be eligible for Telecommuting.
• Candidate must reside in PA or OH to be considered.