Mortgage Loan Closer

First Commonwealth Bank; Hudson, Northern (OH, KY); Hybrid; USD 52,000 - 66,000; Full time

Job summary

First Commonwealth Bank is seeking a Mortgage Closing Specialist to coordinate loan transitions from processing to closing and to ensure compliance with RESPA, lender, and investor guidelines. You will verify disclosures, review title and tax information, and deliver closing documents to settlement agents.

The role requires attention to detail, strong communication, and experience with mortgage processing systems.

Qualifications

• High school diploma or equivalent required; associate’s degree preferred.
• 1 year of mortgage lending or related experience required.
• Attention to detail, strong communication, and organizational skills are essential.
• Knowledge of RESPA guidelines.
• Not on Freddie Mac Exclusionary List/EPLS, not restricted from HUD programs.
• Telecommuting may be eligible.

Responsibilities

• Facilitates the smooth transition of loans from processing to closing by coordinating with First Commonwealth Mortgage production staff and settlement companies/attorneys.
• Reviews Loan Registration Confirmations against Underwriting Approvals for rates, products, and terms.
• Reviews closing instructions for accuracy and compliance with federal, state, investor, and company guidelines.
• Requests and reviews HUD-1 Settlement Statements to ensure RESPA compliance and communicates necessary corrections.
• Reviews homeowners’ insurance to ensure adequate coverage for property and loan type.
• Contacts settlement companies/attorneys for title commitments and tax information.
• Verifies borrower and property information on title commitments and in LOS.
• Calculates initial escrow requirements in LOS and provides escrow amounts to settlement companies/attorneys.
• Provides processors with the cash due at closing and determines final HUD-1 approvals.
• Delivers closing documents electronically and confirms closings occur as scheduled; updates loan tracking status.
• Registers new mortgage loans in MERS.
• Ensures closed loan packages are received and complete before delivery to the Loan Funder/Shipper.

Skills

Attention to detail

Communication

Organization

Math skills

Education

High school diploma or equivalent

Associate’s degree preferred

Tools

MERS

LOS

HUD-1

Job description

Facilitates the smooth transition of loans from processing to closing by coordinating with First Commonwealth Mortgage production staff and settlement companies/attorneys. Prepares and reviews Closing Disclosures and closing instructions to verify federal, state, investor, and First Commonwealth Mortgage guideline compliance. Reviews insurance policies, gathers tax information, and calculates initial escrow requirements. Prepares and electronically delivers closing documents to settlement companies/attorneys then confirms closings occurred as scheduled. Registers new mortgage loans in the Mortgage Electronic Registration System (MERS).

Essential Job Responsibilities

1. 1. Facilitates the smooth transition of loans from processing to closing by coordinating the with First Commonwealth Mortgage production (i.e. Loan Officers and Loan Processors) staff and settlement companies/attorneys.
2. 2. Reviews Loan Registration Confirmations against Underwriting Approvals for rates, products, and terms.
3. 3. Reviews closing instructions provided by Loan Processor(s) for accuracy and compliance with all federal, state, investor, and company guidelines.
4. 4. Requests and reviews preliminary HUD-1 Settlement Statements from settlement companies/attorneys in order to ensure RESPA compliance. Identifies and communicates any required corrections and verifies revisions.
5. 5. Reviews homeowners’ insurance (HOI) and verifies that coverage(s) are adequate for property and loan types.
6. 6. Contacts settlement companies/attorneys for preliminary title commitment and tax information.
7. 7. Verifies that borrowers’ and properties’ information is accurately reflected on title commitments and in the Loan Operating System (LOS).
8. 8. Calculates initial escrow requirements in the LOS, based on the HOI and tax information. Provides escrow amount to settlement companies/attorneys.
9. 9. Provides Processor(s) with the amount of borrowers’ cash due at closing and determines final approval of HUD-1s.
10. 10. Prepares and electronically delivers closing documents to settlement companies/attorneys then confirms closings occurred as scheduled. Updates loan tracking status.
11. 11. Registers new mortgage loans in the Mortgage Electronic Registration System (MERS).
12. 12. Verifies that closed loan packages are received from settlement companies/attorneys and that all documents are signed and dated. Delivers the package to the Loan Funder/Shipper for final whole loan delivery.

Bona Fide Occupational Qualifications

1. 1. A high school diploma or equivalent is required. An associate’s degree is preferred.
2. 2. A minimum of one (1) year of current mortgage lending experience is required.
3. 3. Attention to detail is critical, as are strong communication and organization skills. Solid mathematical and analytical skills are also necessary.
4. 4. Must have knowledge of Real Estate Settlement Procedures Act (RESPA) guidelines.
5. 5. Must not appear on the Freddie Mac Exclusionary List or Excluded Parties List System (EPLS), be subject to a Limited Denial of Participation (LDP) or otherwise restricted from participating in HUD programs. This will be verified semi-annually at a minimum.
6. 6. May be eligible for Telecommuting.

Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities

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