Mortgage Loan Closer
First Commonwealth Bank

Facilitates the smooth transition of loans from processing to closing by coordinating with First Commonwealth Mortgage production staff and settlement companies/attorneys. Prepares and reviews Closing Disclosures and closing instructions to verify federal, state, investor, and First Commonwealth Mortgage guideline compliance. Reviews insurance policies, gathers tax information, and calculates initial escrow requirements. Prepares and electronically delivers closing documents to settlement companies/attorneys then confirms closings occurred as scheduled. Registers new mortgage loans in the Mortgage Electronic Registration System (MERS).

Essential Job Responsibilities__________________________________

1. Facilitates the smooth transition of loans from processing to closing by coordinating the with First Commonwealth Mortgage production (i.e. Loan Officers and Loan Processors) staff and settlement companies/attorneys.

2. Reviews Loan Registration Confirmations against Underwriting Approvals for rates, products, and terms.

3. Reviews closing instructions provided by Loan Processor(s) for accuracy and compliance with all federal, state, investor, and company guidelines.

4. Requests and reviews preliminary HUD-1 Settlement Statements from settlement companies/attorneys in order to ensure RESPA compliance. Identifies and communicates any required corrections and verifies revisions.

5. Reviews homeowners' insurance (HOI) and verifies that coverage(s) are adequate for property and loan types.

6. Contacts settlement companies/attorneys for preliminary title commitment and tax information.

7. Verifies that borrowers' and properties' information is accurately reflected on title commitments and in the Loan Operating System (LOS).

8. Calculates initial escrow requirements in the LOS, based on the HOI and tax information. Provides escrow amount to settlement companies/attorneys.

9. Provides Processor(s) with the amount of borrowers' cash due at closing and determines final approval of HUD-1s.

10. Prepares and electronically delivers closing documents to settlement companies/attorneys then confirms closings occurred as scheduled. Updates loan tracking status.

11. Registers new mortgage loans in the Mortgage Electronic Registration System (MERS).

12. Verifies that closed loan packages are received from settlement companies/attorneys and that all documents are signed and dated. Delivers the package to the Loan Funder/Shipper for final whole loan delivery.

Bona Fide Occupational Qualifications___________________________

1. A high school diploma or equivalent is required. An associate's degree is preferred.

2. A minimum of one (1) year of current mortgage lending experience is required.

3. Attention to detail is critical, as are strong communication and organization skills. Solid mathematical and analytical skills are also necessary.

4. Must have knowledge of Real Estate Settlement Procedures Act (RESPA) guidelines.

5. Must not appear on the Freddie Mac Exclusionary List or Excluded Parties List System (EPLS), be subject to a Limited Denial of Participation (LDP) or otherwise restricted from participating in HUD programs. This will be verified semi-annually at a minimum.

6. May be eligible for Telecommuting.


Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities

The contractor will not discharge or in any other manner discriminate against employees or applicants because they have inquired about, discussed, or disclosed their own pay or the pay of another employee or applicant. However, employees who have access to the compensation information of other employees or applicants as a part of their essential job functions cannot disclose the pay of other employees or applicants to individuals who do not otherwise have access to compensation information, unless the disclosure is (a) in response to a formal complaint or charge, (b) in furtherance of an investigation, proceeding, hearing, or action, including an investigation conducted by the employer, or (c) consistent with the contractor's legal duty to furnish information. 41 CFR 60-1.35(c)