A closer is in charge of overseeing loan closings, and their responsibilities typically include verifying the identity of the signers and ensuring that the loan documents have been properly prepared. Completing title work and disbursing funds are two responsibilities of mortgage loan closers. Loan closer jobs are frequently assigned to loan officers financial institutions, but title companies typically hire people specifically to close loans.
When a loan’s underwriting process is finished or nearly finished, a loan originator usually contacts a closer. The originator notifies the closer of the loan closer jobs that are required for the specific loan type. The scheduling of the closing is often the first task of a closer. Loan closeout agents must also inform borrowers and lenders of the exact amounts due at closing.
The first job of the loan closer on the day of the closing is to print copies of the loan documents for all parties involved and to double-check that the dates, monetary amounts, and other key details listed in the documents are correct. When a loan officer closes a loan that they originated, they can easily cross-reference the documents with their own records. A loan closer employed a third-party vendor, such as a title company, must communicate with the loan originator to ensure that all aspects of the loan agreement are accurately detailed in the closing documents. Typically, loan closers print two copies of the documents: one for the lender and one for the borrower.
Prior to signing the loan documents, borrowers must provide a government-issued form of identification, such as a passport or driver’s license, to the loan closer. The loan closer cannot accept expired or altered forms of identification and must visually determine whether the person sitting in front of them is the same person as the one on the driver’s license or passport. Because many loan closer jobs necessitate the use of a notary stamp, the majority of full-time loan closers are also notaries. Prior to signing the documents, loan closers notarize the borrower’s signature to indicate that the borrower’s identity has been verified.
Before completing the loan closing, the loan closer must ensure that all loan documents were signed correctly. Mortgage loan closer responsibilities include recording mortgage deeds at the local county courthouse and providing a copy of the signed loan package to both the lender and the borrower. Other loan closer jobs include physically taking disbursement checks to the bank or initiating wire transfers to transmit funds from the lender to the borrower or property seller after the loan closing is completed. QuillBot will rewrite the text you’ve written. Begin typing or pasting something into this box, then pressing the enter key.