Mortgage Job Overview: Mortgage Closer
A mortgage closer is one who interviews those interested in buying a home, where he/she then prepares the documents needed during the mortgage closing. Mathematics and communication are two important subjects that a mortgage closer must be extremely familiar with. See how professional resume writing services recommend to write your cv.
Educational Requirements for a Mortgage Closer
A mortgage closer needs strong written and oral communication, great attention to detail, a strong head that can take on the complexities of mathematics, and a high school diploma.
- a) To be a mortgage closer, one needs to have a high school diploma or anything along the same lines, where some companies may need students to have some kind of college coursework completed under accounting or business.
- b) Some companies may want to see a student’s GED scores, therefore inquiring about the necessity of this requirement is mandatory.
- c) High school can teach students about the basics of accounting with specialization courses available on how to close a loan. A lot of companies provide on-the-job training, although one would need to be a professional in order to attain this depending on the policy of the company.
- d) An FHA or Federal Housing Administration certification is something some companies require from employees. This certification ensures that the employee has detailed knowledge on the loan process. Many agencies provide this certification once students carry out research on where to acquire one.
- e) It is wise to have at least a year’s worth of experience in closing mortgages. Those who do not have this particular experience may look for entry-level jobs that allow them to play the role of bank teller or customer servicing. On-the-job training should be one’s main focus where one can learn a lot about how the mortgage industry works, and how certain state regulations apply as part of varied loan processes.
- f) To be able to become a mortgage closer ultimately, one needs to join institution or mortgage broker companies that work in closing deals for customers who wish to buy a home. When rates are low in the market, that’s when businesses will flourish, so students and others alike must make sure to enter the industry at a good time, and remain patient as markets tend to fluctuate and not stay consistent.
Responsibilities of a Mortgage Closer
A mortgage closer’s responsibility is to finalize the end of a deal with a customer, where the tying up of loose ends is completed once and for all.
- a) A mortgage closer evaluates and analyzes all factors of a loan package and thus draws an outline of a customer’s monthly payment. Before the mortgage closer wraps up the deal, he/she must make it very clear to the customer of exactly how much the monthly payment is. The total amount must be introduced to the customer, complete with how much is going to be deducted per month as part of the repayment process. The interest as well is revealed if the customer is willing to pay off the entire mortgage as part of the terms dictated.
- b) A mortgage closer must reveal a breakdown of the payment, how the interest has been calculated, including the rate that it is calculated against. If a customer opts for insurance, then the breakdown must be further explained when this adds to the monthly payment outline. Once the breakdown is approved by the customer, the green signal is given, where a mortgage closer must show this breakdown again during the closing of the deal.
- c) A mortgage closer is responsible for transferring the payment or funds from the new customer’s mortgage holdings to the seller. This creates the gap in the customer’s finances which will eventually be paid off as part of the repayment process. The amounts disbursed have to be correct and finalized when overseen by a mortgage closer.
- d) Checking all documents is of absolute need, where a mortgage closer has to review all documents right down to a tee, to make sure that they are complete and totally genuine in every respect. Documents if missing must be requested from the customer, so that the closing is done swiftly and correctly on the part of the mortgage closer. If documents happen to become outdated during the course of the process, the mortgage closer can ask the customer for a new set of these so as to make sure that documents handed over comply with the requirements of the loan process.
- e) The final act in the entire process of closing the deal is to make sure that the customer and mortgage lender meet at a designated location to sign all necessary documents involved to make it official and legal. Whoever is involved in the process is contacted by the mortgage closer so that the parties meet and have all documents ready for finalizing. This usually occurs in an attorney’s office, but in most cases it takes places either at the bank or the office of the title company.
Mortgage closers must understand that the requirements of companies vary greatly from one to the next. It is important to look up the necessary formalities that need to be attended to, and how many companies as a majority opt for certain requirements. The wise thing to do is to make sure that one acquires a license and training in the specialization of interest, and to work towards getting the kind of work experience that is required by certain companies who are particular about the mortgage closer’s experience during the hiring process.