What Is a Loan Modification Closer?
With the recent turmoil in the mortgage market in 2009, loan "modification" has become a hot career field. A modification changes the terms of a home mortgage, helping people in financial distress keep their homes and catch up on the repayment of their debt. A loan modification closer carries out this complex transaction in a legal and efficient manner.
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Experience Needed
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Most companies hiring loan modification closers expect them to have some mortgage-loan experience. The closer must know how home loans are originated and financed, how interest rates are determined, and how closing costs are calculated. He or she should also be familiar with the loan qualification process---which includes knowledge of credit scores, employment checks, debt-to-income ratios and financial reviews.
Customer Service
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The closer must have good customer service and interpersonal skills. Clients are going through a difficult process of modifying loans they can no longer afford to pay, with their homes and financial well-being on the line. The closer also has to interact with title companies, realtors, relocation companies, in-house support staff, loan managers, accountants and sometimes attorneys.
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Explaining the Options
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The closer must clearly and concisely explain the options to borrowers seeking to reduce their monthly payments. This can mean a reduced interest rate, a longer loan term, reduced principle amount, and other alterations that require math skills and close attention to detail. Once the process has started, a number of forms and applications have to be correctly filled out and filed with the banks, finance companies and public agencies.
Knowing the Rules
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The closer must be familiar with the complex rules and regulations governing loan modifications in the state where he or she works. There are state and federal programs available, all of which carry specific guidelines on who qualifies for loan modification as well as their financial parameters. Closers use audit checklists to carry out the required steps in the proper order, and ensure that all the documents are present.
Multitasking
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The loan modification closer is a multitasker who can stay in command of many documents and files at once. Close attention to detail and an ability to accurately carry out complex mathematical calculations is also required.
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