Loan Closer

Company Name:
Waterstone Mortgage Company
To compile and generate closing documents, deliver loans to investors by performing the following duties.

ESSENTIAL DUTIES AND RESPONSIBILITIES include the following. Other duties may be assigned

Reviews approved mortgage loans to determine conditions that must be met prior to closing. This includes but is not limited to private mortgage insurance, title, hazard insurance and flood determination and other underwriting conditions. Ensures that all items are cleared and proper documentation is in each file prior to completing the closed package.

Verifies accuracy and consistency of information in file to ensure closing documents are prepared according to investor/product guides.

Answers questions regarding closing requirements from but limited to other staff members, branches vendors and investors.

Assembles documents on all products and business channels (retail and WMC Direct) offered including but limited to, VA, FHA and WHEDA loans for closing for delivery to Title Company or closing agent for closing.

Records loan closing information in computer and enter necessary government reporting information in computer to complete (HMDA) as it relates to closing/APR and runs audit check. Any errors should be reported to supervisor for them to communicate to the appropriate area.

Ensure funding checks or wires issued are accounted for properly and reconcile any discrepancies.

Review and ship closed packages within 48hrs of their disbursement or sooner if necessary to meet investor guideline and ensure no penalties are assessed when and if a discrepancy is discovered when assisting the Pipeline Manager with post closing of loans.

Reviews post-closing report and resolves discrepancies on loans where the documentation preparation was completed by a WMC employee. Discrepancies are to be resolved without incurring penalties or fines to WMC.

Maintains closing calendar for daily closings and workload. Communicates with other department staff to ensure loans sent to closing agent in a timely manner. Communicates with other departments/employees regarding the status of their closing request (i.e. send e-mail that a loan is scheduled yet file has not been received, etc.)

Review intranet for updates to closing policy and procedures, investor updates and other essential information necessary to properly complete job duties.

Has working knowledge and understanding of RESPA and other Federal compliance requirements and how they relate to the mortgage closing.

Has knowledge to submit VA funding fee to VA and submits guarantee package to VA for guarantee manually or electronically through VA web site.

Has knowledge or actually submits FHA MIP to HUD and submits package to FHA for insuring manually or through FHA connection.

Fills in for supervisor as needed.

Individuals in this position shall not engage in loan origination during the course of his/her employment with WMC. Loan origination is defined as (1) taking a residential mortgage loan application; or (2) offering or negotiating terms of a residential mortgage loan for compensation or gain.

QUALIFICATIONS: To perform this job successfully an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

EDUCATION and/or EXPERIENCE: High school diploma or general education degree Associate degree or additional education above high school. Over 5 years experience in mortgage loan closing with government loans and banking or equivalent combination of education and experience. Experience in delivering loans in a wholesale environment to multiple investors.

COMPUTER SKILLS: Experience with Encompass LOS system or other closing software/programs. Extensive knowledge of Microsoft Office products such as Word, Excel, Power Point, and Outlook. Ability to use financial calculator and mortgage documentation preparation software and type 40-50 WPM.

LANGUAGE SKILLS: Ability to read and comprehend simple instructions, short correspondence, and memos. Ability to write simple correspondence. Ability to effectively present information in one-on-one and small group situations to customers, clients, and other employees of the organization.

MATHEMATICAL SKILLS: Ability to add, subtract, multiply, and divide in all units of measure, using whole numbers, common fractions, and decimals. Ability to compute rate, ratio, and percent and to draw and interpret bar graphs.

REASONING ABILITY: Ability to apply common sense understanding to carry out detailed but uninvolved written or oral instructions. Ability to deal with problems involving a few concrete variables in standardized situations.


PHYSICAL DEMANDS: The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

While performing the duties of this job, the employee is regularly required to talk or hear. The employee frequently is required to stand; sit; and use hands to finer, handle or feel. The employee is occasionally required to walk; reach with hands and arms; and stoop, kneel crouch, or crawl. Specific vision abilities required by this job include close vision, distance vision, and ability to adjust focus.

WORK ENVIRONMENT: The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

The noise level in the work environment is usually quiet.

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