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
Staff member is expected to consistently adhere to regulatory and compliance policies and standards linked to their job as listed. Staff member will not repeatedly act in a manner signifying intentional or willful noncompliance, nor exhibit gross negligence or a general disregard for compliance and regulatory standards. Staff member must ensure compliance with applicable federal, state and local laws and regulations. Staff member must complete all required compliance training on a timely basis. Staff member will maintain knowledge of and adhere to Flagstar's internal compliance policies and procedures. Staff member must take responsibility to keep up to date with changing regulations and policies.
High School Diploma, GED, or foreign equivalent required.
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.