Residential Mortgage Closer – NEW YORK recruitment

• Manage closings.

• Assist in managing the closing schedule for all residential mortgage loans.

• Negotiate issues which arise at closing and which require judgment as to whether to proceed with loan funding.

• Provide feedback to management about loan files and regulatory processes which affect all the steps leading up to the closing.

• Receive legal documents, HUD-1 Settlement Statement, credit file complete with Credit Approval Memo and KYC, Escrow Agreement or Closing Attorney letter, hazard and flood insurance binders, screenshots of securities accounts (if side collateral is required).

• Review legal documents for consistency with approved underwriting and ensures that all documents required to satisfy the conditions of the underwriting have been prepared, as well as making sure that the dates for rate resets and maturity, penalty and late fees, signature blocs are correct.

• Review HUD-1,GFE and TILs and compares with initial disclosures to insure that the final costs to the borrower fall within estimates originally provided by the lender, that the forms comply with RESPA and TILA, respectively. This aspect requires negotiating with escrow or closing agents to ensure the disclosures are accurate and comply with applicable laws and regulations.

• Review state by state disclosures for the 35 states in which Residential Lending extends residential mortgage loans to ensure that the loan is compliant with the laws and regulations of the state in which the property is located.

• Review flood insurance and disclosures to make sure that the loan complies with applicable federal law.

• Review the file for changed circumstances as defined under TILA and RESPA and that the borrower has been notified in a timely and complete manner. The position decides based on the facts in the file whether the loan can proceed to closing or if additional disclosures and time are required.

• Review hazard insurance to assure that the collateral for the loan is adequately insured. This may require contacting the client and insurance agents to increase coverage or extend applicable dates of the policy.

• Synchronize the settlement agent or closing attorney, the borrower’s counsel, the seller, if applicable) and the Banks’ counsel are synched to act on the agreed upon closing date.

• Interact with borrowers, attorneys, closing agents, Wealth Advisors, Investment Portfolio Managers, Residential Lending Specialists, and Loan Ops on matters relating to closings and modifications.

Facilitate and review loan modifications

JOB RESPONSIBILITIES

• 3+ years experience in closing residential  mortgage loans

• Skills in reviewing and drafting legal documents

• Paralegal training/experience

• Strong interpersonal skills and professional demeanor as this position interacts with clients and their attorneys on a daily basis

• Extremely strong organizational skills required as this position requires juggling many professionals and personnel issues in many different geographic locations to perform in a very short period of time.

• Strong understanding of mortgage regulatory and compliance (especially RESPA, TILA, Reg B. Reg U, Reg W, Reg O and Bank policies and procedures.

• Ability to prioritize tasks in order to manage multiple conflicting demands.

• Strong attention to detail

• Systems Knowledge

Excel

Word