Loan closers verify signatories’ identity and ensure correct loan document preparation. They liaise with third-party providers and notarize signatures. They file mortgage deeds and disburse funds.
Loan closes are overseen by a close closer, and typical loan close jobs include verifying the identity of signatories and ensuring that loan documents have been prepared correctly. Jobs closest to mortgage lending include title completion and disbursement of funds. Financial institutions often commission loan officers to perform closer loan work, but securities companies often hire individuals specifically to perform loan closes.
A loan originator will normally contact you closer when the application process for a loan has been completed or is nearing completion. The sender tells you the closer the loan is the closer jobs that are needed for the specific type of loan. The first task of a close is often closing scheduling. Loan terminators must also notify borrowers and creditors of the exact sums of money required at closing.
On closing day, the first loan closing jobs are printing copies of the loan documents for all parties involved and verifying that the dates, monetary amounts and other important details listed on the documents are correct. If the loan officer is closing originated loans, he can easily cross-reference the documents with his own files. A loan that works closely with a third-party provider, such as a title company, should liaise with the loan originator to ensure that all aspects of the loan agreement are correctly detailed in the closing documents. Lenders typically print two copies of documents; one for the lender and one for the borrower.
Borrowers must provide a loan closer to a government-issued form of identification, such as a passport or driver’s license, before signing the loan documents. The nearest loaner cannot accept expired or altered forms of identification and must visually determine that the individual sitting in front of you is the same person who appears on your driver’s license or passport. Many closer loan jobs require the use of a notary stamp, and consequently most full-time loan closers are registered notaries. Loan officers acknowledge the borrower’s signature with a notarized signature to indicate that the borrower’s identity has been proven prior to signing the documents.
The loan closer must ensure that all loan documents have been signed correctly before completing the loan close. Jobs closest to mortgage lending include filing mortgage deeds with the local county courthouse and providing the lender and borrower with a copy of the signed loan package. After the loan close is completed, other work closer to the loan include physically receiving disbursement checks to the bank or initiating wire transfers to transmit funds from the lender to the borrower or property seller.
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