A loan closer is usually in charge of ensuring that all of the documents required to process a loan are obtained. They may also set a date and location for a loan closing, which is when the official documents are signed. These individuals may double-check the accuracy of other people’s paperwork and enter data into a computer system. Typically, they work for banks or mortgage companies.
For loan processing, a large amount of documentation is frequently required. The loan closer usually ensures that the applicant provides all of these documents and that they are forwarded to the appropriate people within the organization. On a daily basis, a loan processor may deal with documents relating to a person’s income or employment. Property surveys, title searches, and deeds may be dealt with mortgage closers.
A loan closer is usually in charge of ensuring that all of the information provided is complete and accurate. The processing of a line of credit can often be slowed missing or incomplete data. When additional documents are required, such as insurance agreements, this employee may be required to contact one or more of the parties involved in order to obtain this information.
The time it takes to process a loan is usually determined the amount of money involved, the type of loan, and the applicant’s personal credit history. Based on these factors, a loan closer will usually schedule an appointment for signing the legal contract in exchange for the borrowed funds. He usually then works on completing the necessary paperwork and preparing the closing documents in order to meet the deadline.
A loan closer frequently attends the loan closing session in person. He usually brings the ready-to-sign paperwork to the borrower or borrowers. If there are any questions about these documents, he is usually called upon to respond right away. He will usually collect the originals after obtaining all signatures and place them in a folder or notebook for the financial institution’s records.
The qualifications for a position as a loan closer can be good communications skills, mathematical ability, and a willingness to work in a fast-paced environment that can be stressful at times. Many employers consider a high school diploma to be sufficient, though college coursework in banking or finance is often beneficial. A background in real estate may be advantageous to mortgage closers.
Although a loan closer’s work is often done behind the scenes, these employees are usually extremely valuable to the organizations for which they work. They can assist in ensuring that their financial institutions do not make risky lending decisions. They may also be able to assist people with major purchases such as a new home or car, which can significantly improve their quality of life.