Job Description: Job Summary This role is responsible for reviewing critical information pertinent to the closing process with an emphasis on the compliance requirements related to the generation of a closing transaction on a residential mortgage.
This position ensures compliance with Reg Z, X, B Mortgage Disclosure Information Act, Home Ownership Equity Protection Act, Qualified Mortgage, and Ability to Repay and any additional state and federal regulations that affect the loan industry. The closer also validates the following; Title Work, Insurance documents, & Property Tax statements to ensure they comply with Flagstar's policies and to accurately prepare the closing settlement statement.
This is a production based role with a strong quality component required to guarantee success. It requires excellent organizational and communication skills to ensure closing deadlines are met while providing high quality closing document package. It requires the ability to work well under pressure within a limited timeframe to meet service level expectations.
Review documents required for closing a loan to ensure compliance and the documentation is meeting Flagstar's requirements
Complete the data input of the required information in order to generate an accurate closing package
Analyzing LE and CD disclosures for the purposes of RESPA, TRID, & TILA
Work with Settlement Agents and brokers to obtain any required information to complete the closing process and obtain a final HUD1 Settlement Statement
Review and balancing of the Closing Disclosure figures for regulatory, investor, and Flagstar requirements
Investigate and resolve loan issues while dealing with others internal and external
Ensures compliance with applicable federal, state and local laws and regulations. Completes all required compliance training. Maintains knowledge of and adhere to Flagstar's internal compliance policies and procedures. Takes responsibility to keep up to date with changing regulations and policies.
High school diploma, GED, or foreign equivalent required.
Bachelor's Degree is a related field is strongly preferred.
1 to 2 years training in Residential Mortgage Lending
1-2 years of closing, funding or similar mortgage banking background
Experience with closing Conventional, FHA and/or VA products
Knowledge of current compliance changes to Reg Z, Respa, GFE and MDIA
Experience closing Renovation and/or Construction loans a plus
Experience with closing loans in the states of New York and Texas a plus
Excellent written and verbal communication skills
Ability to multi-task while still maintaining careful attention to detail
Ability to operate both independently and as part of a team