Residential Loan Closing Specialist

Residential Loan Closing Specialist is responsible for coordinating the final stages of the loan process, verifying that all required documents are in place, and ensuring that regulatory guidelines are adhered to. By facilitating smooth closings, the specialist ensures timely disbursement of funds, resolves any last-minute issues, and provides exceptional service to both internal teams and borrowers.

Key Responsibilities

1. Assists in developing strategies to streamline the residential loan closing process, reducing delays and increasing efficiency. (May assist in order title, survey, insurances and any additional required documentation to property generate a closing package and ensure all regulatory timing is met based on TRID requirement
2. Coordinate and schedule loan closing dates with all parties involved, including borrowers, title companies, loan officers, and real estate agents.
3. Communicates with borrowers, loan officers, loan processors, underwriters, title companies, and real estate agents to ensure timely and accurate closings.
4. Verifies that all closing costs, taxes, insurance, and other fees are correctly calculated and accurate in the system before funds are disbursed for closing. 
5. Assembles complete loan closing packages, including all relevant legal, regulatory, and loan documents, including the booking and funding documentation.
6. Conducts quality control checks to confirm that all closing documentation is prepared correctly and that any necessary corrections are made.
7. Updates Encompass milestones accordingly throughout the closing process up to the Completion milestone once all post-closing documentation has been received and reviewed.
8. Manages post-closing processes, including ensuring that all documents are properly recorded with relevant local authorities (e.g., deeds, mortgages). Updates the Encompass Collateral Tracking section with all required information.
9. Serves as the second reviewer/QC for the initial data entry input of fees conducted by the Residential Loan Processor and/or Loan Opener. (QC review to ensure all APR/Non-APR fees are entered in the accurate sections.)
10. Reviews HMDA and FHLB data entry screens prior to loan closing.
11. Reviews Mavent Compliance Audit Report results thoroughly and cures any deficiencies noted on the report to ensure there are no regulatory compliance fails throughout the closing process through booking.
12. Completes the closer checklist ensuring all compliance regulatory information are met and uploads into the Encompass e-folder for future auditing purposes.
13. New York closings - Maintains up-to-date with all closing requirements based on New York State laws including CEMA (Consolidation, Extension, and Modification Agreement) transactions.
14. Other duties: Perform other duties as assigned by leaders.

Requirements

Education: Technical Studies

Possible Degrees: High school diploma or equivalent, college degree (Associate's or Bachelor's - Not necessary)

Other Education: TRID Training

Required Experience in the Position: 2-3 Years

Language: English and Spanish (preferred)

Technical Knowledge and Skills

1. Proficient in Excel, Word, Outlook and Encompass Loan Origination. Must have advanced knowledge in Encompass.
2. Knowledge of CEMA (Consolidation, Extension, and Modification Agreement) transactions in the State of New York.
3. Strong written, verbal and organizational skills with ability to multi-task and strong attention to detail.
4. Over 2-years in the mortgage industry as a residential closer with TRID and non-TRID experience.

Equal Employment Opportunity and Affirmative Action

IFB is an equal opportunity employer. It is the policy of IFB to provide Equal Employment opportunities to all qualified applicants and employees without regard to race, color, religion, sex (including pregnancy, sexual orientation, and gender identity), national origin, age, disability, genetic information, marital status, protected veteran status, or any other status protected under applicable federal state or local laws.

 IFB complies fully with all applicable federal equal employment opportunity and affirmative action laws and regulations including those enforced by the equal employment opportunity commission(EEOC) and other federal and state agencies. The Bank takes affirmative action to ensure equal opportunity in all employment practices for minorities, women, protected veterans, and individuals with disabilities. 

Work Authorization and Sponsorship

Applicants must be currently authorized to work in the United States on a full time basis IFB does not provide visa sponsorship or take over sponsorship for employment based visas at this time, including but not limited to H-1B, H-2B, E-3, TN and, F-1 (OPT/STEM), or J-1 visas. Candidates requiring such sponsorship now or in the future will not be considered for employment.

Drug-Free Workplace Statement

To promote the safety and well-being of our employees and customers, IFB maintains a drug-free workplace. All candidates selected for hire are required to successfully complete a pre-employment background check and drug screening in accordance with company policy and applicable law.