Reverse Mortgage Closer

Company Description

Traditional Mortgage Acceptance Corporation (TMAC) is a Ginnie Mae reverse-mortgage issuer of FHA-insured home equity conversion mortgages based in Bellevue, WA. TMAC was founded in 2012 with a "direct-to-consumer" retail reverse mortgage lending division operating under the name GoodLife Home Loans®. TMAC is headquartered in Bellevue, WA, and has offices in Houston, TX, Carlsbad, CA. TMAC is a world-class vertically integrated origination platform with outstanding risk, control, and underwriting standards.

TMAC operations in reverse mortgages encompass three main business lines: Correspondent Lending, Wholesale Lending and Retail Lending.

We started GoodLife® with one simple idea in mind, and that is to help our customers lead fuller, richer lives. From day one, we’ve worked hard to help homeowners across the country define their goals and reach them. The market for reverse home mortgages is the financially qualifiable resident homeowner who is 62 years of age or older and has substantial equity in their primary residence. We believe reverse mortgages are an essential financial tool for seniors and that demand for reverse mortgages will continue to grow, driven by overwhelming demographic and economic forces. 

Role Description

This is a full-time on-site role for a Reverse Mortgage Closer at Traditional Mortgage Acceptance Corporation. The Reverse Mortgage Closer will be responsible for all aspects of the closing process in accordance with company and program guidelines, policies and procedures. ***Our primary focus is on filling the position in person, however strong candidates will be considered for remote work.***

Primary Job Duties

• Manage pipeline for loans that are cleared-to-close and ready for closing documents to be prepared.
• Review Settlement Agent Worksheets and Doc Order requests. 
• Coordinate and schedule loan closing. 
• Closely examine all information pertaining to fees, rates, property information, vesting, etc. in loan file to ensure accuracy prior to drawing documents. 
• Look over all third-party invoices confirming they match those fees displayed on final HUD. 
• Ensure that all Prior to Doc conditions have been reviewed and signed off by underwriter. 
• Check title report for correct endorsements and approved items, and to verify that Borrower and property are correct. 
• Conduct compliance review of GFE, TILA, and validate that the loan passes all federal and state rules. 
• Validate estimated HUD-1 for all compliance requirements, if applicable. 
• Assess file for completeness and accuracy to ensure compliance with government and company requirements. 
• Prepare closing instructions, funding figures and send to Settlement Agent. 
• Notify appropriate parties when documents are ready. 
• Oversee release of closing documents, confirm completion of scheduled closing and when package will be returned,
• Review copy of executed closing documents sent via email by settlement agent and ensure that original package is shipped. 
• Notify settlement agent or other parties regarding missing signatures or information
• Review final funding conditions provided to determine requirements are met and either sign off or recondition, if not satisfactory. 
• When all conditions are met and Settlement Agent is ready to fund, update conditions, interest, funding date, wire information and impounds. Check fees for accuracy and request wire in system. 
• Receives loan documents after loan closing and provides follow-up for missing or delayed packages or documents
• Scan and index original closing packages received for endorsement requests and company records  
• Ensure all loans close and fund compliance with all state and federal regulations. 
• Examine other closers’ loan documents and fund files as needed.  
• Identify and escalate issues to management for quick resolution when necessary
• Perform related duties and/or other duties as directed as assigned

Qualifications

• Mortgage Industry and Mortgage Lending skills
• 2+ year’s mortgage closing experience is required. Preferably including recent experience in reverse mortgages
• Knowledge of mortgage regulatory requirements, and mortgage documents required
• Knowledge of Funding procedures
• Strong attention to detail and analytical skills
• Excellent communication and interpersonal skills
• Ability to work efficiently in a fast-paced environment
• Relevant certification or training in mortgage closing