Access the latest Washington Report: Read More

Mortgage Loan Closer

Published on January 6, 2021
Organization: Tennessee Housing Development Agency


Tennessee Housing Development Agency


Division: Single Family Loan Operations
Reports to: Mortgage Loan Closing Manager
Location: Nashville, TN
Full-time/Part-time: Full-time
Salary Grade: 30
Monthly Salary Range Minimum: $3,365
FLSA Classification: Non-exempt (01)

Critical features of this job are described under the headings below. They may be subject to change due to changes in our business processes or other business-related reasons.

POSITION SUMMARY: Reviews the agency’s closed mortgage loans documentation for accuracy; maintains and controls follow-up in a timely manner with assigned Origination Agents (OA) to obtain all needed closing documentation; handles necessary correspondence to carry out such maintenance.

Essential duties and responsibilities include the following. Other duties may be assigned.

  • Reviews closed mortgage loan documentation to ensure documents are executed properly, mortgage loan meets insurer and Agency guidelines, and Agency is in first lien position.
  • Reviews closed second mortgage loan note and Deed of Trust to ensure Agency is in second lien position and documents are executed correctly.
  • Enters pertinent data into the closed loan tracking system THELMA.
  • Reviews Closing Disclosure for accurate funds used for closing and initial escrow deposit. Ensures that fees do not exceed maximum allowable.
  • Processes overnight mail, original mortgage security notes, and properly secures documentation.
  • Reviews pipeline daily, as well as communicates with the OAs to ensure all documentation has been received from OAs timely; works with OAs to obtain non-trailing documentation to purchase first mortgage loans and reimburse second mortgage loans promptly, to maintain compliance with Real Estate Settlement Procedures Act (RESPA) and Consumer Financial Protection Bureau (CFPB) first payment guidelines.
  • Maintains written and oral communication with OAs to ensure accurate and timely receipt of final documentation.
  • Maintains pipeline in THELMA to ensure accurate and timely receipt of final documentation (trailing documents) needed to complete loan and provide Service Release Premium (SRP) to the lenders; reports progress and problems to the OA to ensure accurate and timely receipt of final documentation and SRP.
  • Works closely with mortgage loan underwriting section to insure accurate loan closing or resolve closing conditions.
  • Prints and mails Welcome Letters to the borrowers.
  • Works with the State of Tennessee Department of Revenue to obtain de-titling documentation for manufactured homes.
  • Provides excellent customer service in answering telephones (General Closing Line) in a businesslike manner, giving general information to lenders and potential new OAs.
  • Maintains timely follow-up.
  • Supports other areas in the division as necessary or as time allows; is cross trained and responsible for other duties as specified by the Division Director and the Mortgage Loan Closing Manager.

The requirements listed below are representative of the knowledge, skills, and/or abilities required.

Education and Experience:

  • High school diploma or equivalent GED required.
  • Knowledge of the mortgage lending field; at least 3 years of experience in this field preferred.
  • Mortgage closing related experience; at least 2 years of closing related experience preferred.
  • Recent employment in the mortgage banking field is preferred.

The above qualifications express the minimum standards of education and/or experience for this position. Other combinations of education and experience, if evaluated as equivalent, may be taken into consideration.

Knowledge, Skills, Abilities, and Competencies:

  • Knowledge of Federal Housing Administration (FHA), Veterans Administration (VA), United States Department of Agriculture/Rural Housing Service (USDA/RHS), Federal Home Loan Mortgage Corporation (Freddie Mac), Federal National Mortgage Association (Fannie Mae) and Private Mortgage Insurance (PMI) regulations.
  • Knowledge of CFPB closing guide lines.
  • Ability to effectively manage multiple tasks and duties.
  • Strong interpersonal skills.
  • Excellent verbal and written communication skills.
  • Builds and maintains positive relationships with internal and external constituents.
  • Strong organizational skills.
  • Strong time management skills; uses time effectively; consistently meets deadlines.
  • Ability to exercise good judgment in evaluating situations.
  • Ability to adjust to frequent procedural change.
  • Documents regularly, thoroughly, accurately, and completely.
  • High level of detail and accuracy.
  • Exercises good and consistently fair judgment, courtesy, and tact in dealing with the staff and public in giving and obtaining information.
  • Computer literate; proficient in Microsoft Word, Excel, Outlook, and the internet; able to effectively adapt to and use other computer systems as needed for daily activities.

Special Demands:
The special demands described here are representative of those that must be met by a staff member to successfully perform the essential functions of this job.

  • While performing the duties of this job, the employee is regularly required to sit; stand; use hands to finger, handle or feel; and talk and hear.
  • The employee is occasionally required to walk; reach with hands and arms, and stoop, kneel, or crouch.
  • Specific vision abilities required by this job include close vision, distance vision, and the ability to adjust focus.

BENEFITS: THDA offers an excellent benefits package: medical, dental, vision, and life insurance options; disability insurance; retirement plans; flexible benefit pre-tax accounts for medical, dependent care, transportation, and parking; annual leave and sick leave that begin accruing after the first month of employment; and 11 paid holidays per year. We also offer work-life balance opportunities through alternative work schedules, flexible schedules, and telecommuting.