What are the responsibilities and job description for the Mortgage Loan Closer / Seller position at Signal Financial Federal Credit Union?
Position Description
The Mortgage Lending Loan Closer / Seller is responsible for the successful Closing, Post-Closing, and Secondary Market duties of 1st trust mortgage loans and home equity loans and manufactured home loans (MHL). This role ensures compliance with internal policies, investor guidelines, and regulatory requirements while maintaining the commitment to delivering a high-quality member experience throughout the loan closing process.
The position is located at Kensington, MD headquarters. The role is hybrid, in office Tuesdays, Wednesdays, and Thursdays.
Closing
We are proud to be an Equal Employment Opportunity (EEO). Signal Financial Federal Credit Union does not discriminate against any applicant or employee based on race, color, religion, gender, gender identity or expression, sexual orientation, national origin, age, disability, genetic information, veteran status, or any other characteristic protected by federal, state, or local laws.
The Mortgage Lending Loan Closer / Seller is responsible for the successful Closing, Post-Closing, and Secondary Market duties of 1st trust mortgage loans and home equity loans and manufactured home loans (MHL). This role ensures compliance with internal policies, investor guidelines, and regulatory requirements while maintaining the commitment to delivering a high-quality member experience throughout the loan closing process.
The position is located at Kensington, MD headquarters. The role is hybrid, in office Tuesdays, Wednesdays, and Thursdays.
Closing
- Receipt of a clear to close loan application file from the Mortgage Loan Processor following underwriting approval.
- Prepare closing instructions and execute procedures to close and fund residential mortgage loans, including manufactured home loans-in accordance with company and investor policies. Coordinate with title companies and other third parties to ensure timely and accurate closings.
- Ability to educate members on loan terms, closing procedures, and post-closing expectations.
- Prepares mortgage files for servicing or delivery to investors ensuring completeness and compliance with SFFCU and/or investor guidelines.
- Tracks closed loan files for post funding and trailing document items and initiate any changes/corrections that are needed. Deliver files for internal and external audits and maintain retention schedules.
- Update mortgage pricing daily in accordance with Signal pricing guidelines.
- Process all rate lock and change requests in a timely manner.
- Ensure accurate lock data across systems and timely delivery of loans for investor purchase.
- Monitor investor commitments and manage expirations proactively.
- Timely collects and verifies documentation to clear final conditions prior to working up closing instructions
- Ensure all loan system data, dates and reporting criteria are complete and accurate
- Display thorough knowledge of accounting principles and procedures
- Interact closely with management, underwriting, processing, loan officers and borrowers to provide regular updates to achieve goals for production time, pull through and member satisfaction
- Coordinate with the title companies to order/process and schedule loan closings
- Prepare and send closing instructions as well as final documents
- Audit, correct and issue final approval of Closing Disclosure prior to sending documents to the member
- Perform post-closing quality control and work internally and with QC vendor to correct any defects
- Once the closed loan packet is received from title office, reconcile closing fees to mortgage general ledger accounts
- Demonstrate leadership through personal actions and day-to-day practices that support Signal Financial's core values
- Understanding of investor delivery requirements and secondary market operations.
- High School diploma or equivalent required
- Two to five years of 1st mortgage and home equity closing experience
- Must demonstrate knowledge of Fannie Mae/Freddie Mac and FHA guidelines as well as credit union lending policies, procedures, and regulations
- Must possess a thorough understanding of the requirements and features of the mortgage loan programs offered by SFFCU, other private investors, manufactured housing lending guidelines, and the secondary mortgage market
- Excellent oral and written communication skills required
- Strong loan math calculation skills including the use of automated spreadsheet development and basic analytics required
- Analytical decision-making ability with attention to detail
- Ability to multitask and prioritize work as required
- PC proficient including Word, Excel, Outlook, internet
- Experience with mortgage loan origination systems; Finastra, MortgageBot LOS is a plus. Ability to collaborate with underwriting, compliance, and servicing teams to resolve issues and improve workflows.
We are proud to be an Equal Employment Opportunity (EEO). Signal Financial Federal Credit Union does not discriminate against any applicant or employee based on race, color, religion, gender, gender identity or expression, sexual orientation, national origin, age, disability, genetic information, veteran status, or any other characteristic protected by federal, state, or local laws.