What does a loan closer do?
A loan closer is primarily in charge of handling and closing loan documentation, ensuring accuracy and smooth transactions. A loan closer's responsibilities revolve around liaising with clients to guarantee that they adhere to every term in the contract, preparing necessary reports and documents, monitoring payment progress, and ensuring that they have a deep understanding of the obligations under the contract. Furthermore, it is essential to maintain records of all transactions and assist clients, all while implementing the company's policies and regulations.
Loan closer responsibilities
Here are examples of responsibilities from real loan closer resumes:
- Time management and organization skills to effectively prioritize multiple objectives and achieve volume goals.
- Update files by obtaining annual and interim financial statements, renew insurance policies and UCC amendments, continuations and terminations.
- Maintain a working knowledge of government underwriting policies pertaining to multiple programs such as VA, USDA, and FHA financing.
- Gain knowledge of requirements establish by the FHA/VA, FNMA, FHLMC and private investors.
- Prepare the delivery of mortgage loan documents to facilitate the processing of mortgage loan closings including TRID.
- Prepare loan documents for retail mortgages (conventional, VA, FHA), all states in a paperless environment.
- Review closed loan files and forward documents to shipping and accounting personnel, complete final RESPA checklist and HMDA package.
- Review HUD-1 settlement statement for approval communicating and rectifying deficiencies with settlement agent to comply with RESPA requirements.
- Sell salable loans to FHLMC.
- Scan and mail out payoff checks, broker's checks, HOA checks, and hazard insurance checks.
- Insure all loans close are FHLMC salable.
- Function as an assistant closer and post-closer.
- Order taxes, payoff and HOA's in preparation for closings.
- Demonstrate professionalism in appearance, punctuality, attitude, and grammar.
- Retrieve, review and distribute purchase advises from FNMA and private investors.
Loan closer skills and personality traits
We calculated that 24% of Loan Closers are proficient in Customer Service, Excellent Organizational, and TRID. They’re also known for soft skills such as Communication skills, Math skills, and Organizational skills.
We break down the percentage of Loan Closers that have these skills listed on their resume here:
- Customer Service, 24%
Provide excellent customer service to ensure thorough and accurate documentation of loan documents resulting in successful loan qualification.
- Excellent Organizational, 5%
Offered excellent organizational and communication skills, working diligently to ensure document accuracy and completion.
- TRID, 4%
Reviewed and sent out closing instructions, HUD's/Closing Disclosures, and loan documents in accordance to the new TRID regulations.
- FHA, 4%
Possess a thorough knowledge of banking regulations as well as FHA, Fannie, Freddie, VA and HARP program guidelines.
- Va, 4%
Participated in IT testing for VA closing department updates/releases, and national title vendor software integration account reconciliations.
- RESPA, 4%
Adhere to all state and federal regulations including, but not limited to HMDA, RESPA, Fair Lending practices etc.
Most loan closers use their skills in "customer service," "excellent organizational," and "trid" to do their jobs. You can find more detail on essential loan closer responsibilities here:
Communication skills. One of the key soft skills for a loan closer to have is communication skills. You can see how this relates to what loan closers do because "financial clerks should be able to explain policies and procedures to colleagues and customers." Additionally, a loan closer resume shows how loan closers use communication skills: "prepare loan documents for conventional, fha and usda loans. * internal/external communication with customers. "
Math skills. Another soft skill that's essential for fulfilling loan closer duties is math skills. The role rewards competence in this skill because "the job duties of financial clerks includes calculating charges and updating financial records." According to a loan closer resume, here's how loan closers can utilize math skills in their job responsibilities: "utilized the bureau of labor statistics and accurint websites to ensure borrower's employment/income status and any undisclosed real estate owned. "
Organizational skills. Another skill that relates to the job responsibilities of loan closers is organizational skills. This skill is critical to many everyday loan closer duties, as "financial clerks must be able to arrange files so they can find them quickly and efficiently." This example from a resume shows how this skill is used: "offered excellent organizational and communication skills, working diligently to ensure document accuracy and completion. "
The three companies that hire the most loan closers are:
- CyberCoders86 loan closers jobs
- Citizens Alliance52 loan closers jobs
- The Medicus Firm
15 loan closers jobs
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Compare different loan closers
Loan closer vs. Underwriting assistant
An underwriting assistant provides additional support to the underwriter in determining whether clients can qualify for insurance policies, products, mortgage, loans, or other financial services. Job tasks could vary, but often include administrative duties, as well as organizing and arranging loan approval packages. This entails reviewing and gathering financial and statistical information. It also involves communicating with clients to get the necessary information, such as gathering credit history and other relevant background information to complete the screening process and other related transactions.
These skill sets are where the common ground ends though. The responsibilities of a loan closer are more likely to require skills like "customer service," "excellent organizational," "trid," and "va." On the other hand, a job as an underwriting assistant requires skills like "insurance policies," "loss runs," "strong analytical," and "insurance applications." As you can see, what employees do in each career varies considerably.
Underwriting assistants tend to reach similar levels of education than loan closers. In fact, underwriting assistants are 1.2% less likely to graduate with a Master's Degree and 0.5% less likely to have a Doctoral Degree.Loan closer vs. Processor
Processors are employees who deal with clients and ensure that the clients' requests are provided. Processors usually handle loans or any other related claims. They are in charge of managing the submission of the clients' rights. They communicate the requirements to clients, schedule appointments, receive requirements submitted by clients, validate the requirements, and endorse further processing and approval requirements. Processors act as the bridge between clients and other institutions. They also communicate the request's status to clients and assist should it be needed after approval.
Each career also uses different skills, according to real loan closer resumes. While loan closer responsibilities can utilize skills like "excellent organizational," "trid," "va," and "respa," processors use skills like "patients," "standard operating procedure," "strong customer service," and "bank deposits."
Processors earn a lower average salary than loan closers. But processors earn the highest pay in the finance industry, with an average salary of $35,573. Additionally, loan closers earn the highest salaries in the finance with average pay of $40,817 annually.Average education levels between the two professions vary. Processors tend to reach similar levels of education than loan closers. In fact, they're 1.9% less likely to graduate with a Master's Degree and 0.5% less likely to earn a Doctoral Degree.Loan closer vs. Closing coordinator
In the real estate industry, a closing coordinator is in charge of coordinating the final stages of a real estate deal, ensuring efficiency and smooth transaction. Among their responsibilities include preparing and processing legal documents, liaising with the buyer and seller, managing timelines and payment plans, and ensuring that both parties adhere to the terms of the agreement. Moreover, a closing coordinator must maintain an active communication line with staff, answering their inquiries, and assisting them as needed.
There are many key differences between these two careers, including some of the skills required to perform responsibilities within each role. For example, a loan closer is likely to be skilled in "excellent organizational," "trid," "va," and "origination," while a typical closing coordinator is skilled in "escrow," "hoa," "lender approval," and "open communication."
Closing coordinators earn the highest salary when working in the finance industry, where they receive an average salary of $45,518. Comparatively, loan closers have the highest earning potential in the finance industry, with an average salary of $40,817.When it comes to education, closing coordinators tend to earn similar degree levels compared to loan closers. In fact, they're 1.6% less likely to earn a Master's Degree, and 0.1% less likely to graduate with a Doctoral Degree.Loan closer vs. Mortgage specialist
Mortgage specialists are professionals who work with lending institutions to identify the best lending product for their clients in exchange for taking the title of the debtors' properties. These specialists must process mortgage loan applications by reviewing their paperwork to ensure accuracy and completeness before submitting for approval. They should monitor accounts during the bankruptcy proceedings to ensure that the rights of their clients are protected. Mortgage specialists are also required to guide associates regarding procedural guidelines from FNMA, FHLMC, and MHA.
Types of loan closer
Updated January 8, 2025
