Initial Closing Disclosure Analyst

Nightowl Consulting; Philippines; On-site; PHP 300,000 - 420,000; Full time

Job summary

Nightowl Consulting in the Philippines seeks a diligent ICD specialist to prepare and review Initial Closing Disclosures (ICDs) for accuracy and compliance with TRID regulations. You will ensure timely delivery to borrowers at least three business days before closing and collaborate with loan officers and underwriters to reflect accurate loan terms and fees.

The role requires meticulous data review, identification of discrepancies, and quality control checks before submission.

Responsibilities

• Generate and review Initial Closing Disclosure (ICD) documents for accuracy and completeness in accordance with company policies and regulatory requirements.
• Ensure that the ICD is sent to the borrower at least three business days prior to closing, adhering to TRID (TILA-RESPA Integrated Disclosure) regulations.
• Review loan terms, fees, taxes, and other financial data to ensure they are accurately reflected in the ICD.
• Cross-check all loan documentation to ensure alignment with underwriting conditions and customer information.
• Identify and resolve any discrepancies in loan documentation prior to issuing the ICD.
• Stay up to date with federal and state mortgage regulations (including TRID) to ensure all disclosures meet legal standards.
• Maintain detailed records of all issued ICDs and monitor timelines to ensure compliance with the three-day disclosure rule.
• Work closely with loan officers, underwriters, processors, and closing coordinators to ensure all necessary data is collected and accurately reflected in the ICD.
• Communicate with the loan origination team to address any borrower questions or concerns regarding the closing disclosure.
• Conduct quality control checks on all ICDs before submission to ensure there are no errors or omissions.
• Report any issues or trends regarding ICD errors or compliance risks to management for further review.

Job description

Preparation of Initial Closing Disclosures:

• Generate and review Initial Closing Disclosure (ICD) documents for accuracy and completeness in accordance with company policies and regulatory requirements.
• Ensure that the ICD is sent to the borrower at least three business days prior to closing, adhering to TRID (TILA-RESPA Integrated Disclosure) regulations.

Data Review and Verification:

• Review loan terms, fees, taxes, and other financial data to ensure they are accurately reflected in the ICD.
• Cross-check all loan documentation to ensure alignment with underwriting conditions and customer information.
• Identify and resolve any discrepancies in loan documentation prior to issuing the ICD.

Compliance and Regulatory Adherence:

• Stay up to date with federal and state mortgage regulations (including TRID) to ensure all disclosures meet legal standards.
• Maintain detailed records of all issued ICDs and monitor timelines to ensure compliance with the three-day disclosure rule.

Collaboration with Internal Teams:

• Work closely with loan officers, underwriters, processors, and closing coordinators to ensure all necessary data is collected and accurately reflected in the ICD.
• Communicate with the loan origination team to address any borrower questions or concerns regarding the closing disclosure.

Quality Assurance and Reporting:

• Conduct quality control checks on all ICDs before submission to ensure there are no errors or omissions.
• Report any issues or trends regarding ICD errors or compliance risks to management for further review.