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  • Residental Loan Specialist/Closer

    First United Bank & Trust
    Job Description

    Job Description
    Job Title: Residential Loan Specialist/Closer       
    Job Reporting Relationships:

    Supervised by: Loan Processing Assistant Manager
    Supervises: None
    Basic Qualifications

    Education/Training: A high school diploma or equivalent; some college preferred; obtain and maintain appropriate Bank Product Knowledge Certification.

    Skill(s): Proficient reading, writing, grammar, and mathematics skills; proficient interpersonal relations, communicative, and sales skills; moderate PC skills; ability to learn and effectively utilize software tools, including mortgage origination software; working knowledge of mortgage loan documentation and regulatory requirements; visual and auditory skills; valid driver’s license; ability to work independently with minimal supervision.

    Experience: A minimum of five (5) years’ experience in related field normally required.

    General Responsibilities

    Responsible for performing various duties relating to the processing and closing of mortgage loans; reporting pertinent information to the immediate supervisor; coordinating work within the department as well as with other departments; responding to inquiries or requests for information.

    Essential Duties

    1. Performs various duties relating to the processing and closing of mortgage loans of which the following are illustrative:

    a. Responsible for completing the loan analysis and validation process for each loan for regulatory compliance and accuracy.

    b. Communicates with customer throughout the process and upon loan approval to collect application fees, originator, realtor, and, attorney during processing of loans.

    c. Prepares and sends 10-day letter to applicant, when necessary, requesting pending documentation needed for file.

    d. Upload mortgage file and required documentation and monitor outstanding conditions.

    e. Process incoming mail on a daily basis; determine how each piece affects loan request. Complete daily follow-up on files to ensure receipt of all necessary documentation.

    f. Remain current and well-versed in all residential mortgage products and regulatory changes pertaining to residential real estate transactions.

    g. Coordinate internal activities with Loan Originators and Underwriters

    h. Track closing dates on all new consumer and consumer real estate loans to assure closing dates are met

    i. Prepares changed circumstances and Loan Estimate according to regulatory requirements

    j. Reviews all new consumer and consumer real estate loan files for regulatory compliance pertaining to disclosures, signatures, and documentation prior to closing.

    k. Communicates with attorneys, title companies, etc. to coordinate closings, order surveys, as necessary, and make sure all necessary consumer real estate loan documentation is completed and delivered per regulatory requirements. Communicates with branch personnel to coordinate closings and delivery of closing documents for consumer loan closings conducted at a branch location.

    l. Reviews title work for all consumer real estate loans.

    m. Issues closing instructions to settlement agent.

    n. Prepares loan closing documents for all consumer and consumer real estate loans, and reviews for any advisory, critical, omission, and HPML warnings.

    o. Collects necessary data, prepares, and mails the Closing Disclosure to the borrower(s) within the regulatory time frame for all residential mortgage loans.

    p. Assigns a loan number and funds the transaction.

    q. When necessary, makes corrections to closing documents and gets corrected documents signed and processed in a timely manner.

    r. Prepares necessary Loan Disbursement checks, Wire Transfers, General Ledger tickets, and balances transaction.

    s. Completes HMDA and CRA reporting information on all applicable consumer and real estate secured loans.

    t. Completes monthly report of closed consumer real estate loans and forwards to the Marketing Department.

    u. Forwards files for booking.

    v. Works closely with Compliance regarding regulatory changes.

    w. Manages the packaging and submission of loan documents in accordance with bank and department requirements.

    x. Updates all parties relative to loan approval status and anticipated closing dates.

    y. Handle all regulatory and legal dissemination as it relates to the loan processing area, particularly residential mortgage.

    z. Keep up to date on new releases to the loan processing software, train existing users both on the operations and sale side, look for efficient use of the software or technology so it best fits the Bank’s needs, and assist in solving operational problems as required.

    aa. Represent First United on applicable loan processing software advisory councils.

    bb. Responsible for ordering flood determination and ensuring adequate insurance coverage is obtained prior to closing.

    cc. Collect all prior to closing conditions indicated on the Conditional Commitment Letter.

    dd. Works closely with Compliance regarding regulatory changes.

    ee. Makes certain that all office operations are performed in accordance with established bank policies and procedures, either directly or through appropriate supervisor.

    ff. Maintains an awareness of new business opportunities; actively refers customers to appropriate sales personnel as appropriate.

    2. Coordinates specific work tasks with other personnel within the department as well as with other departments to ensure the smooth and efficient flow of information.

    3. Abides by the current laws and organizational policies and procedures designed and implemented to promote an environment which is free of harassment and other forms of illegal discriminatory behavior in the work place.

    4. Cooperates with, participates in, and supports the adherence to all internal policies, procedures, and practices in support of risk management and overall safety and soundness and the Bank's compliance with all regulatory requirements, e.g. Community Reinvestment Act (CRA), Bank Secrecy Act (BSA), Equal Credit Opportunity Act, etc.

    5. Reports pertinent information to the immediate supervisor as requested, or according to an established schedule; compiles information as necessary or as directed and provides data to appropriate bank personnel.

    6. Responds to inquiries relating to his/her particular area, or to requests from customers, other bank personnel, etc., within given time frames and within established policy.

    Ancillary Duties

    Performs tasks which are supportive in nature to the essential functions of the job, but which may be altered or re-designed depending upon individual circumstances.

    Job Location

    Various locations as assigned


    PC/Computer keyboard
    Copy machine
    Fax/Scanner machine

    First United Bank & Trust is an Equal Opportunity Employer and does not discriminate against any employee or applicant for employment because of race, color, sex, age, national origin, religion, sexual orientation, gender identity, status as a veteran, and basis of disability or any other federal, state or local protected class.
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