UW Credit Union Mortgage Closer in Madison, Wisconsin
The Mortgage Closer is responsible for the daily loan closing and basic operations for first mortgage loans. In addition, they are required to be knowledgeable of all investor guidelines and inform/communicate to staff as needed. The requirement for knowledge of all investor guidelines is not limited to our investor and also includes all state and federal regulations. This position is also responsible for ensuring compliance with appropriate regulations, investors, title companies and credit union policy and procedures.
The Mortgage Closer provides the member with reliable, accurate, and timely technical information necessary to meet their needs. They must work with the member and the loan originator to develop and execute mutually agreed expectations to insure the member will be satisfied with their mortgage loan experience. They must maintain these expectations throughout the loan process to ensure a smooth transition from application to closing. They are also responsible for ensuring a valid lien on the property secured by UW Credit Union mortgage.
This position must effectively carry out the essential duties of this position in a manner that consistently demonstrates the core values of the organization in a positive manner.
1) Mortgage Lending esponsibilities- 60%
a. Delivery of all required closing documents in a timely manner for all first mortgage products.
b. Supply Loan Officer with approved final HUD-1 Settlement Statement.
c. Work closely with Loan Officers to ensure quality service, including handling of difficult telephone and personal inquiries.
d. Issue closing funds and assist with wire transfers to title company.
e. Order payoff statements for loans being paid off with refinance transactions.
f. Review title commitments for liens to ensure UW Credit Union secures the first lien position and that title is clear of any outstanding judgment, liens, or special assessments.
g. Perform verbal verifications of employment to ensure member’s employment prior to closing.
h. Analyze homeowner’s insurance declarations page to verify sufficient coverage.
i. Request homeowner’s insurance declaration page mortgagee clause updates.
j. Preparation of UW Credit Union to UW Credit Union subordination agreements.
k. Escrow holdback account tracking and follow-up. Balance applicable Mortgage Lending Support branch teller totals.
l. Send title and appraisal order confirmations to applicable vendors.
m. Re-submit loans to Underwriting for loan amount changes when applicable.
n. Responsible for consistent system data integrity.
o. Maintain a current understanding and working knowledge of the various mortgage programs offered by UW Credit Union, including, but not limited to; fixed rate and adjustable rate, construction and government. p. Maintain a current understanding of all investors, state and federal guidelines, which include knowledge of regulations Z (Truth-in-Lending), C (HMDA), RESPA (Good Faith Estimate and HUD-1 Settlement Statement), and all other regulations that would have implications for UW Credit Union lending abilities.
2) Member Service- 30%
a. Title Company closing department and title department contact.
b. Homeowner’s insurance agent contact.
c. Closing package delivery product vendor contact.
d. Maintain vendor contact lists.
e. Internal Members- Provide and meet service levels for internal members.
3) Other Duties- 10%
a. Training new employees and/or temporary employees in closing area.
b. Maintain Loan Operating System company file contact lists.
2 or more years experience closing mortgage loans
Knowledge of FNMA/FHLMC/FHLB/Government/Secondary Market underwriting guidelines
Knowledge of the principles and practices of effective real estate lending and closing requirements
Excellent analytical skills
Demonstrated ability to work under and meet deadlines
Demonstrated ability to work with multiple priorities
Demonstrated ability to solve problems independently
Demonstrated ability to maintain control in high stress situations
Demonstrated ability to process paperwork accurately and efficiently
Strong written communications and interpersonal skills
Demonstrated ability to provide superb customer service
Ability to use a personal computer and related software including, Microsoft Word, - Microsoft Excel, and loan origination systems
Ability to use financial calculators
Schedule: M-F 8am- 5pm
Mid: USD $35,000.00/Yr.