Are you looking for an entry-level job that gives you the chance to gain new skills and advance?
If you have good attention to detail, working as a mortgage closer could be perfect for you. This role mainly involves gathering and checking all the paperwork that is needed to finalize mortgage loans.
You need to have a good understanding of all the steps of the mortgage loan process to do this job. You must be able to explain the steps clearly to clients from all walks of life.
To find out more, check out my in-depth…
- Mortgage Closer Job Description
- Duties And Responsibilities
- Skills And Attributes
- Education And Training
- The Working Environment
- Why Not Try Mortgage Management?
- Final Thoughts
Mortgage Closer Job Description
A typical job description will begin by giving an overview of the place where you would be working. This may include details of the bank or other financial institution, the office environment, and the other employees. It may include details of the typical clients, the working hours, and the base salary.
There should be clear details of the tasks you will be charged with on a regular basis. The job description will explain the education, experience, and knowledge you need to do this job. There may also be details of the main skills and attributes the employer is looking for in the ideal candidate.
Duties And Responsibilities
The exact mortgage process is likely to vary slightly from client to client. However, there are certain tasks that you will be charged with on a regular basis. Let’s take a look at some of the most important duties and responsibilities you will need to take care of.
Preparing Closing Documents
You will be charged with preparing all the necessary loan closing documents and making sure they are accurate. Any mistakes in the paperwork and other details could mean that the client is denied their loan. You also need to verify that the program and pricing are correct to obtain funding for the loan.
Acting as the Point of Contact
You need to communicate with clients, vendors, attorneys, and closing agents to do this job. Be able to answer any questions people may have and resolve issues quickly and smoothly. You will also communicate with title companies to collect the necessary information and be able to diffuse tricky situations.
You have to make sure that the loan closing proceedings run smoothly and loans are closed within a set timeframe. This involves coordinating with the title company to create a closing schedule, which you will explain to the client. After helping the client prepare for the closing, you contact all parties involved to highlight and resolve any issues.
You need to carefully review all of the closing details to make sure they comply with state and federal regulations. Double check that all the terms of the loan are fully met. You must work closely with title and borrow companies to resolve any outstanding closing conditions that are needed to fund the loan.
Skills And Attributes
It is necessary to have a lot of knowledge to do this job well. However, you also need to have a range of soft skills to interact well with other people. Here are some of the most important skills and abilities you have to develop to work in this industry.
Attention to detail
You need to make sure that all required documents are accurate and complete. There are numerous documents to check, including the final loan application, loan estimate and closing disclosure, the deed of trust, and tax documents. You will also need to make sure that the closing details fully comply with federal and state regulations.
Strong communication skills
You need to have strong written and oral communication skills to write reports and discuss important details. Having strong customer service skills will help you relate to clients well and fulfill their needs. It is essential to make sure that everyone involved works well together and is working for a common goal.
Time management skills
You need to be very organized to successfully do this job. You have to coordinate the mortgage closing procedure for each and every client. It is important to be able to create and keep track of accurate closing schedules for each client.
You need to be able to make judgment calls on whether or not a mortgage will be approved. To do this, you need to be comfortable making important and life-changing decisions. These decisions should be based on a strong knowledge of state and federal regulatory requirements.
Education And Training
There are no official education requirements for this job. Most employers require a high school diploma or a GED and at least a year of experience in the mortgage industry. However, obtaining special certification and other qualifications will help you excel in this role and advance.
Holding an associate degree in business or finance will help you attract employers. Many employers prefer to hire candidates who have worked with the escrow, title, or loan funding processes. In many cases, you may be required to obtain special licensing or certification.
There are several types of certification available for mortgage closers. One of the best initial options is the Certified Purple Processor, which is also known as the NAMP-CPP. To gain this certification, you need to complete twelve hours of training and pass an exam.
You will also need to have active association membership and submit to a criminal background check.
If you want to take your career to the next level, it is best to get advanced certification. One of the best options is the NAMP Master Loan Processor, which is also known as the NAMP-MLP. You will need to complete an additional twelve hours of training to gain this certification.
Join an Organization
Joining an industry-related association is a great way to make connections and gain information on job opportunities. Both the National Association of Mortgage Processors and the National Association of Mortgage Professionals are good options. You will gain access to job leads, training opportunities, industry-related events, and a wide range of other resources.
The Working Environment
You will usually work for a bank or other type of financial institution. This is usually an office job, although it is possible to work remotely at least part of the time. You need to be able to work alone, although it is also necessary to work with clients and other employees.
The working hours are typically around forty a week from Monday to Friday. You may occasionally be required to work weekends to accommodate special clients.
Why Not Try Mortgage Management?
Firstly, let’s check out my Real Estate Agent Job Description, Real Estate Assistant Job Description, Leasing Consultant Job Description, Leasing Agent Job Description, or my Assistant Property Manager Job Description, as well as my Property Manager Job Description to see which position would suit you best in realty.
We found a great selection of Mortgage Management guides for training such as the Mortgage Management For Dummies, the FHA Loan Origination Manual with Mortgage Fraud Supplement, and The SAFE Mortgage Loan Originator National Exam Study Guide: Second Edition, The High-Income Mortgage Originator, or how about The Mortgage Professional’s Handbook: A Guide To Succeeding in the New World of Mortgage Finance, and The Mortgage 101 Boot Camp to get you started.
As well as the Mortgage Loan Origination Training and the Start A Career In Mortage Loan Orginator: A Guide To Starting A Professional Career In Mortage Loans Management, and even The Mortgage Professional’s Handbook: Operations, Technology, Servicing, and Compliance and the Servicing Mortgage Portfolios: Strategies & Applications for Buying, Selling and Managing Mortgage Loan Portfolios all available online in 2023.
Or, if you are looking to buy your first home, check out The Everything Guide to Mortgages Book: How To Find the perfect loan to finance the home of your dreams.
Most banks and other financial institutions hire mortgage closers to work with clients. The starting salary for this role is typically around $42,000 per year. If you have experience and specialist skills, you could easily earn around $54,000 per year.
This job is ideal for entry-level candidates who have a good head for numbers and attention to detail. If you excel at this job, you could work your way up to become a mortgage loan funding manager.
Gaining advanced certification can help you advance on your career path more quickly.
All the very best getting a Job as a Mortgage Closer!