A closer oversees loan closings, and typical loan closer responsibilities include verifying the signers’ identities and ensuring that the loan documents have been properly prepared. Completing title work and disbursing funds are examples of mortgage loan closer jobs. Loan closer jobs are frequently assigned to loan officers financial institutions, but title companies typically hire individuals specifically to perform loan closings.
When the underwriting process for a loan has been completed, or is about to be completed, a loan originator usually contacts a closer. The originator informs the loan closer of the loan closer jobs that are required for the specific loan type. The scheduling of the closing is frequently the first task of a closer. Closers must also inform borrowers and lenders of the exact amounts due at the time of closing.
The first job of a 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. The loan officer can easily cross-reference the documents with their own files if they are closing loans that they originated. A loan closer for 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 detailed correctly in the closing documents. Normally, loan closers print two copies of the documents: one for the lender and one for the borrower.
Before signing the loan documents, borrowers must show the loan officer a government-issued form of identification, such as a passport or driver’s license. The loan closer is unable to accept expired or altered forms of identification and must visually determine whether the person sitting in front of them is the same person as 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 notaries. Before signing the documents, loan closers notarize the borrower’s signature to indicate that the borrower’s identity has been verified.
Before concluding the loan closing, the loan closer must ensure that all loan documents were signed correctly. Mortgage loan closer jobs 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 transfer funds from the lender to the borrower or property seller after the loan closing is completed.