Loan Closer: Job Description & Career Requirements
Loan closers finalize the mortgage loans that are usually needed to buy real estate. They coordinate all the steps of the loan closing, arriving at detailed and accurate financial numbers for borrowers and readying documents. Read on for more details to see if this is the career for you.
Loan closers assemble, prepare and verify closing documents during the completion of real estate transactions. Once a mortgage loan is approved and an offer is made and accepted, the loan closer coordinates all aspects of the closing process and ensures that all terms of the sale are met. They may prepare loan and property insurance paperwork included in a loan package, keep track of deposits, arrange for property appraisals and coordinate the details of the final closing meeting, during which the closing statement and mortgage note are signed. After the sale has been finalized, the loan closer also ensures that all documents are properly recorded and delivered. Loan closers work for mortgage banking companies, home builders and financial institutions throughout the United States.
How to Become a Loan Closer
Many loan closing positions require a high school diploma or GED and experience in loan documentation and banking; however, some employers may require completion of a loan closing certificate program and notary licensing. Loan closing certificate programs and classes are offered through vocational schools and community colleges, but specific courses, such as those covering Federal Housing Administration (FHA) loans are also available online. The National Notary Association (NNA) website offers information about notary training and exam requirements in each state.
Loan closers must be detail-oriented and organized with excellent communication, phone and customer service skills. They must have strong computer skills and proficiency with loan industry software, in addition to a working knowledge of word processing and spreadsheet programs. In addition to having current knowledge of loan closing and documentation procedures, closers must have solid math and calculation skills. Multiple language skills may also enhance job prospects.
Economic Forecast and Career Outlook
The U.S. Bureau of Labor Statistics (BLS) predicts average job growth of 9% for loan interviewers and clerks, including loan closing occupations, throughout the 2012-2022 period. Candidates with good customer service skills and loan closing experience may have a competitive edge in the job market. As of 2012, BLS figures indicated an average salary for loan interviewers and clerks of $36,180 per year.
Alternate Career Options
Bill and Account Collector
With a high school education and on-the-job training, these professionals work to recover payments for bills that are past due, sometimes setting up repayment plans with the debtors. Faster-than-average employment growth of 15% was predicted by the BLS for these positions during the 2012-2022 decade. The median annual wage for bill and account collectors in 2012 was $32,480, according to the BLS.
These clerks collect information and maintain records, in addition to performing other routine clerical tasks. Some secondary education could be necessary for some specialty areas, although a high school education may suffice. Little or no job growth was expected by the BLS from 2012-2022 for this occupation. The median annual salary for information clerks was $30,650 in 2012.
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