Residential Loan Closing Specialist

2 weeks ago

Miami, United States First Bancorp Full time
RESIDENTIAL LOAN CLOSING SPECIALIST - FIRST BANCORP

Position Overview:

Collaborate closely with lending professionals, processors, underwriters, and title companies to facilitate the closing of residential loans while adhering to established policies, procedures, and underwriting standards. This role is essential in maintaining a high-quality and profitable loan portfolio.

Key Responsibilities:

• Execute the necessary steps for closing residential mortgage loans, modifications, and consumer loans, ensuring compliance with bank approvals, guidelines, and deadlines.

• Assess and verify customer and property information, inputting relevant data into the processing system to generate accurate closing documents.

• Ensure precise reconciliation of journal entries, aligning them with the closing disclosure to facilitate the disbursement of funds.

• Understand and prepare initial closing disclosures, ensuring they balance with loan estimates and final closing documents.
  • Communicate effectively with closing agents, borrowers, and their representatives regarding the status of loan files and any outstanding documentation, identifying and following up on pending requirements.

• Verify compliance with all requirements and ensure that necessary insurance policies are in place prior to closing, reviewing coverage and adherence to First Bancorp's insurance guidelines. Provide closing agents with essential documentation such as insurance bills, tax information, and inspection reports.
  • Coordinate with loan officers and title companies to schedule loan closings by the required deadlines.
  • Conduct a final review of the loan closing package for accuracy, identifying any discrepancies in documents such as promissory notes, mortgages, and closing disclosures.
  • Monitor interest rates and fees, notifying closing agents of any changes and escalating issues to supervisors as needed.

• Ensure all fields for HMDA reporting are accurately completed, reviewing and verifying loan information before submission for quality control.

• Prepare monthly reports for necessary data while ensuring compliance with residential banking regulations.

• Reconcile monthly interest and escrow accounts by the designated deadline.
  • Follow up on post-closing documents, ensuring timely receipt of closing packages and related documentation.
  • Prepare loan files for submission to post-closing review.
  • Perform post-closing reviews on files handled by other closers.
  • Confirm that all necessary approvals and signatures are obtained.
  • May assist with other departmental functions as needed.
Consequences of Errors:

Errors in this role can significantly impact departmental operations and the bank's financial standing, potentially leading to regulatory penalties and affecting the bank's reputation.

Required Skills:

Strong organizational skills and meticulous attention to detail.

Excellent verbal and written communication abilities.

Proven time management skills with the ability to meet deadlines.

Ability to prioritize tasks effectively.

Strong interpersonal skills with conflict resolution capabilities.

Integrity, professionalism, and confidentiality in all dealings.

Proficient in generating accurate reports.

Ability to lift and manage heavy files and boxes.

Comprehensive understanding of loan documentation and mortgage origination systems.

Willingness to work extended hours during peak periods.

Proficiency in Microsoft Word, Excel, and Encompass.

Physical Requirements:

This position requires the ability to perform essential functions, including sitting for extended periods, using hands for typing and handling documents, and occasional standing and walking.

Minimum Qualifications:

A Bachelor’s Degree or equivalent experience in mortgage lending.

A minimum of two years of experience in loan closing or processing within a banking or mortgage environment.

Familiarity with the regulatory landscape surrounding residential mortgage loan origination.

EQUAL EMPLOYMENT OPPORTUNITY EMPLOYER

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