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A loan closer is typically responsible for making sure all the documents needed for processing a loan are acquired. They might also schedule the time and place of a loan closing, which is the actual signing of the official documents. These individuals may check other people's paperwork for accuracy and enter data into a computer system. They are normally employed at banks or mortgage companies.
Many times, there is a large amount of documentation required for the loan processing. The loan closer usually makes sure all these papers are provided by the applicant, and that they are forwarded to the right individuals within an organization. Some of the documents a loan processor might deal with on a daily basis could pertain to a person's income or employment. Mortgage closers might also deal with property surveys, title searches, and deeds.
Ensuring that all of the information provided is complete and accurate is usually a duty delegated to a loan closer. Missing or incomplete data can often stall the processing of a line of credit. When additional documents, such as insurance agreements, are needed, this employee may be required to contact one or more of the parties involved so this information can be obtained.
The amount of time needed to process a loan normally varies based upon the monetary amount, type of loan, and personal credit history of the applicant. A loan closer usually sets an appointment for signing the legal contract, in exchange for the borrowed funds, based upon these factors. He typically then works toward processing the necessary paperwork and preparing the closing documents so this deadline can be met.
A closer often personally appears at the loan closing session. He normally brings the prepared paperwork for the borrower, or borrowers, to sign. If there are any questions concerning these documents, he is usually called on to answer them at that moment. After all signatures are obtained, he will typically collect the originals and place them into a folder or notebook for the financial institution's records.
The qualifications for a position as a loan closer can be good communications skills, mathematical ability, and a willingness to work in a fast-paced environment that can be stressful at times. A high school diploma is usually sufficient for many employers, although college coursework in banking or finance is often helpful. Mortgage closers may find that a background in real estate is also beneficial.
Although much of the work of a loan closer is often done behind the scenes, these workers are usually very valuable to the organizations they work for. They can help to ensure that their institutions do not make risky financial decisions when lending money. They might also help people make major purchases, like a new home or car, which can greatly enhance their quality of life.