Retail Loan Closer

Website Saco & Biddeford Savings Institution

Founded in 1827, we are the oldest Bank in Maine!

Position Summary:

This position is primarily responsible for providing effective, efficient and timely ongoing support in the closing of residential loans.

Essential Functions:

  1. Provides professional, courteous and efficient service to all internal and external customers.
    Complies with federal and state banking regulations, as well as with all bank and department policies and procedures.
  2. Schedules and prepares required documentation for loan closings.
    Verifies and updates loan data in bank’s loan origination system and Secondary Market investor’s website.
  3. Calculates fees and charges including prorating of real estate taxes, payoffs, title insurance commission and other insurances associated with closing transactions.
  4. Prepares and verifies accuracy of residential loan documentation and maintains regulatory disclosure management to include HMDA, RESPA, Regulation Z, Regulation B, Flood and any other applicable regulations.
  5. Insures that the residential file includes proper title vesting and legal descriptions.
  6. Reviews and validates loan documentation prepared by closing agents prior to closing.
  7. Authorizes approval to close and provides loan proceeds check to closing agent.
  8. Boards portfolio loans on the Miser system.
  9. Disburses loan funds into General Ledger accounts and pays third party vendor invoices.
  10. Packages secondary market closed loans and delivers to investor for sale.
  11. Processes wired funds when received from Secondary Market investor.
  12. Insures that closed loans contain documents with proper signatures, dates and other relevant data to ensure timely delivery of file to Quality Control.
  13. Monitors and reconciles General Ledger accounts.
  14. Attends staff meetings.
  15. Provides back-up for Consumer Loan Closer, as needed.
  16. Performs other miscellaneous duties or special assignments as required or assigned.

Other Duties and Responsibilities:

  • Mails documents for recording at the Registry of Deeds and files UCC’s with the Secretary of State, as needed.
  • Performs general filing, typing and extensive use of PC.
  • Communicates with real estate agents, attorneys, tax offices, customers and all other parties involved with loan closing.
  • Attends all required meetings and training.
  • Serves on various committees as assigned.

Position Qualifications and Education Requirements:

  • High school graduate or equivalent.
  • Minimum two years of experience in secondary market loan closing documentation or similar background preferred.
  • Solid knowledge of loan compliance and regulatory issues and documentation.
  • Solid understanding of the loan application and loan closing process.
  • A good knowledge of banking regulations and required procedures and/or documents.
  • Proven ability to deliver quality work during times of increased volumes.
  • Excellent customer service skills.
  • Ability to adapt to changes in priorities quickly.
  • Interacts harmoniously, professionally, cordially and effectively with others, focusing upon the attainment of bank goals and objectives through a commitment to teamwork.
  • Strong written and verbal communication, interpersonal, time management and organizational skills.
  • Strong accuracy skills.
  • Operational competency using Microsoft Office suite; Proficient in Outlook, Word and Excel and other Windows based applications; comfortable learning new software.
  • Strong attention to detail.
  • Commitment to ongoing learning.
  • Ability to work independently and as a team player.
  • Ability to read/see documents and computer screens, to communicate in person and via the telephone and to operate a computer and other office equipment.
  • Is dependable and conforms to punctuality and attendance standards.
  • Able to travel to all bank locations.

Working Conditions:

  • Physical surroundings are generally pleasant and comfortable with protection from weather conditions but not necessarily from temperature changes.
  • May sit or stand with freedom of movement on a regular basis.
  • Extensive operation of computers and other office equipment requiring dexterity and coordination and frequent use of hands.
  • Some use of personal vehicle for business calls, site inspections and other needed travel outside the bank.
  • Able to travel to all bank locations.
  • Ability to lift items weighing approximately thirty-five pounds.

Those holding this position must be capable of performing all duties and responsibilities, either unaided or with the assistance of a reasonable accommodation, as determined by management.

The Bank has reviewed this job description to ensure that essential functions and basic duties have been included. It is intended to provide guidelines for job expectations and the employee’s ability to perform the position described. It is not intended to be construed as an exhaustive list of all functions, responsibilities, skills and abilities. Additional functions and requirements may be assigned by supervisors as deemed appropriate. This document does not represent a contract of employment, and the bank reserves the right to change this job description and/or assign tasks for the employee to perform, as the Bank may deem appropriate.

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