What is a mortgage closer?
A mortgage closer is the last person in the process after an application for a mortgage has been approved. Mortgage closer jobs are available from the financial institution that is lending the money. The mortgage closer makes sure that all the paperwork is prepared correctly before it is forwarded to the real estate lawyer so that the closing can be completed.
Many mortgage closers work directly for a bank and they operate a lot like loan officers, but they focus on closing mortgage loans rather than loans for other purposes such as purchase of an automobile. There are mortgage closer jobs available in attorneys’ offices and notary publics who provide closing services on an as-needed basis. Regardless of where the loan closer works, the job is very important as it includes gathering all the documentation that is involved in a mortgage and then making sure that everything is absolutely perfect. Some mortgage closers are authorized to actually draft the loan documents.
The documentation for a mortgage has to be correct not only for the lender, but the regulatory agencies. If there are any documents not available or the information is in error, the mortgage closer must either find the missing documents or correct those that are incorrect. The entire closing is time sensitive as it is the last thing to happen at the end of escrow. The loan applicant will need the final loan processing done as fast as possible so he comes in under the time allotted for escrow.
Once all the paperwork has been completed and verified and all the required signatures are attached, the mortgage closer provides all the material to the lender. Once the lender has all the documentation the loan can be consummated and the borrower can be issued all of the documents pursuant to the mortgage. In many jurisdictions the final closing of the transaction can only be done by an attorney or notary. Those with mortgage closer jobs may handle multiple loans every day depending on the financial institution he works for.
The biggest misconception with the job is that the mortgage closer actually closes the loan, he does not; he simply acts as the conduit between the financial institution and the closing agency or agent.