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- Herndon, VA 20170
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Mortgage Closer II
Navy Federal Credit Union • Herndon, VA
Posted 7 days ago
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Why You Will Love Being Part of the Navy Federal Team:
*Competitive compensation with opportunities for annual raises, promotions, and bonus potential
*Best-in-Class Benefits! (7% 401k match / Pension plan / Tuition reimbursement / Great insurance options)
*On-site amenities include fitness center, wellness center, cafeteria, etc. at Pensacola, FL; Vienna, VA and Winchester, VA campuses
*Consistently Awarded Top Workplace
*Nationally recognized training department by TRAINING Magazine
*An employee-focused, diverse, and service-oriented workplace environment
To close first mortgage loans in accordance with applicable federal/state laws as well as Navy Federal policies
and procedures. To coordinate the closing and funding of assigned loan packages.
1. Prepares mortgage packages for delivery to settlement companies for purposes of mortgage closing on conventional, Veteran's Administration (VA) and Federal Housing Administration (FHA), mortgage products.
• Verifies completeness and accuracy of approved credit packages; resolves deficiencies
• Ensures credit, underwriting, and property conditions of the loan approval have been satisfied prior to closing
• Schedules settlement with closing agent, member, seller, and realtor
• Furnishes information for title binder to the closing agent and issues instructions to closing agent of documents and conditions required for closing. (e.g., property location survey, termite inspection report)
• Analyzes the title binder to determine status of title and ensures title binder reflects correct information for mortgagees, mortgagors, manner of title, and existing/proposed liens
• Evaluates title exceptions (restrictive covenants, encroachments, easements, taxes due) to determine if acceptable. If not acceptable, takes action to ensure protection of member's and Navy Federal's interests
• Analyzes property location survey to determine if there are unacceptable or uninsurable encroachments or violations
• Examines property status reports (termite, well/septic, Residential Use Permits, warranties) to ensure property's condition and acceptability and ensures other necessary documents are provided (e.g., Power of Attorney, Subordination Agreement, Escrow Agreements)
• Examines property hazard insurance, flood, wind, hail policies as applicable to confirm correct coverage, mortgagee and lien position
• Reviews preliminary and final closing package including HUD-1 for Real Estate Settlement Procedures Act (RESPA) compliance
2. Reviews loan pricing to ensure the loan closes at correct interest rate/points and correct cash out limitations.
• Determines type of closing mortgage documents to prepare based on loan type (e.g., VA loan, ARM)
• Prepares documents such as: loan closing instructions listing the conditions under which the closing agent must conduct settlement; the mortgage Note and Security Instrument including Riders (Planned Unit Development, Condo, Assumption); and final compliance disclosures (Truth-In-Lending, Right to Cancel, State specific)
• Instructs lawyer or Settlement Agent to ensure that liens are paid and released in accordance with applicable Federal and State laws, compliance regulations, secondary marketing requirements and Navy Federal's policies and procedures
3. Determines amount to be withheld from loan proceeds and prepares the request for loan disbursement by check or wire.
• Requests and processes internal payoffs
• Communicates with lawyers, Settlement Agents, Real Estate Brokers regarding status of mortgage package closing, what is needed, or status of items requested
4. Performs final review of closing packages for accuracy of pricing, loan data and completed items; makes corrections as needed.
• Confirms loan proceeds amount and initiates request for funds by preparing a CDV and forwards to Supervisor for authorization
• Authorizes release of closing packages to the closing agent
• Prepares fully executed mortgage file for post-closing to ensure efficient delivery to Secondary Marketing for investment portfolio
• Clears any mortgage related deficiencies within specified time periods
5. Performs other related duties as assigned
• Works independently and may serve as a resource and guide to other Closers
• Follows standard course of action with limited discretion to vary from established policies, procedures, or guidelines
• Works under general supervision, with the ability to resolve more complex loan closing issues
• Reviews mortgage closing packages for other Closers prior to delivery during periods of high volume or to assist as needed
• Ability to close conventional and government purchase transactions
• Reviews HUD-1for both the buyer and seller, ensuring all fees are reflected on the correct side and all seller concessions are accounted for
Qualifications -- Knowledge, Skills and Abilities:
• Previous experience closing first mortgage loans (including government and conventional loans) and/or equity loans
• Good knowledge of mortgage lending requirements, regulations and procedures
• Ability to solve problems and complete assigned duties with minimal supervision and assistance
• Effective interpersonal, verbal and written communication skills
• Works effectively and efficiently with automated systems and computers
• Knowledge of UNIFI Mortgage Processing/Closing system
• Knowledge of Navy Federal lending policies and procedures
Equal Employment Opportunity
Navy Federal values, celebrates, and enacts diversity in the workplace. Navy Federal takes affirmative action to employ and advance in employment qualified individuals with disabilities, disabled veterans, Armed Forces service medal veterans, recently separated veterans, and other protected veterans. EOE/AA/M/F/Veteran/Disability