What Does a Mortgage Closer Do?

Mary McMahon

A mortgage closer facilitates the loan closing process by drawing up, obtaining, and reviewing documents and obtaining the proper signatures and endorsements. This work usually requires experience in the financial industry. Some employers also expect a college degree from their mortgage closers, along with familiarity with different loan types and the legal requirements associated with lending in a specific region. Work opportunities for mortgage closers can be independent or under the auspices of an employment services agency or financial institution.

A notary public might provide loan closing services.
A notary public might provide loan closing services.

Some mortgage closers work for a specific bank and operate much like loan officers, with a focus on closing loans. Others are attorneys or notaries public who provide loan closing services in addition to other real estate services on an as-needed basis. In both cases, one important part of the task involves collecting all the documentation associated with a loan and verifying that it is correct. This can include drafting loan documents, if authorized to do so.

Most homes are purchased with a mortgage.
Most homes are purchased with a mortgage.

The mortgage closer needs to make sure the documentation conforms to regulations as well as internal policies at the lender. If documents are incorrect or missing, the mortgage closer must correct this information. This process can be time sensitive, as loan closing usually comes at the very end of escrow, and the borrower may need the loan processed as quickly as possible to come in under the escrow deadline. It may be necessary to travel to draw up and correct documents, as well as to collect the necessary endorsements.

When the loan paperwork is collected with all the necessary signatures, the mortgage closer can submit the packet to the lender to make it possible to originate the loan and issue documentation for the borrower. There may be legal requirements in some regions that limit the ability to close a loan to a licensed financial services officer, attorney, or notary. Mortgage closers typically handle multiple loans at once and in a high volume facility may handle five to eight per day.

Pay for this work is variable, but tends to be low. Mortgage closing is often an entry level position in real estate and financial services, and provides experience and opportunities for advancement rather than being a life-long career. A mortgage closer may be able to access employee benefits if they work for financial institutions, and can start building up hours to use in applications for more advanced positions, many of which require a set amount of experience.

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