What are the responsibilities and job description for the Loan Closer position at Farm Credit?
Position Description:
We are searching for a full-time in office Loan Closer to work in our Amarillo, Texas location. This position ensures preparation of loan closing requirements and instruments within accepted procedures and guidelines of the association and prepares loan closing packages. Performs title review and certification of liens covered by title insurance. Approves disbursement of loan proceeds.
Day-to Day-Duties and Responsibilities:
- Review commitments for title insurance to substantiate adequacy of the title to meet regulatory and association requirements.
- Organizes loan closing requirements and instruments in compliance with all bank and association policies, procedures, and regulations. Ensures all requirements are met prior to closing and assists the Loan Officer in coordinating the date, time and place for the loan closing.
- Assembles and compiles documents for closing, such as insurance forms, loan forms, and flood certificates. Examines loan applications and closing documents for accuracy and completeness.
- Research borrower/collateral history including tax lien and judgment search (if not performed by Title Co.) Process UCC filings, searches and billing.
- Verify sufficiency of legal description of the security of the collateral.
- Prepares loan closing statements verifying net loan proceeds, loan maturity dates and initial interest and principal repayment dates. Requests and approves loan proceeds (wire transfers) and verifies receipt of funds by the title company.
- Prepares various statements to meet requirements of the Truth-in-Lending Act as required (i.e. Disclosure, RESPA, Right to Cancel).
- Reviews post-closing documents such as title policies, deeds of trust, assignments and additional collateral. Ensures that all documents have been properly signed, witnessed and notarized by all required individuals.
- With properly delegated authority, may close loans in the absence of the loan officer and signs the association loan proceeds check.
What You Bring to the Team:
Our ideal candidate lives within a commutable distance from our office in Amarillo, Texas.
It is an important role that covers many skills. This position requires:
- High school graduate plus two (2) to four (4) years' experience in land or title examination and/or loan documentation preparation with a working knowledge of consumer compliance regulations.
General knowledge of the following:
- General knowledge of accounting/financial systems.
- Specialized knowledge of title insurance, crop insurance and credit life insurance.
- May require working knowledge of the Texas Homestead Act and the Truth-in-Lending Act.
- Specialized knowledge of real estate security legal requirements, Truth-in-Lending Act regulations and procedures, FMHA requirements, and loan processing procedures.
- Specialized knowledge of documentation requirements for title policies, deeds of trust, and collateral.
- Skill in oral and written communication.
- Skill in providing customer service.
- Intermediate skill level in Microsoft Office applications.
High school graduate plus two (2) to four (4) years' experience in land or title examination and/or loan documentation preparation with a working knowledge of consumer compliance regulations.
