Job Description of a Mortgage Closer
Many aspiring home buyers do not have enough savings to purchase their own home. In order to make home buying possible, a loan called a mortgage is often needed. A bank purchases the home buyer's home and then the home buyer makes monthly payments to the bank. When the mortgage process is nearing completion, a mortgage closer is needed to seal the deal.
Other People Are Reading
-
Function
-
The mortgage closer coordinates the mortgage closing process, which is the final process before the home buyer officially becomes a home owner. The mortgage closer provides the home buyer with all necessary legal documents and assists the home buyer in filling out these documents. The mortgage closer assists the home buyer in paying for closing costs. The mortgage closer is responsible for negotiating whether the home buyer pays for the closing costs up front or has the closing costs rolled into the monthly payment. The mortgage closer also performs various other duties that vary from state-to-state.
Conditions
-
Mortgage loan officers such as mortgage closers often spend a lot of time away from the office and communicate with clients through telephone and email. In some cases, mortgage closers work entirely out of their home. According to the Bureau of Labor Statistics, mortgage closers usually work 40 hours per week.
-
Qualifications
-
Mortgage closers must have at least a high school diploma and a state license. In order to become licensed to close mortgages, the mortgage closer must complete 20 classroom hours, pass a written exam and pass a background check. They must also continue their education, according to the Bureau of Labor Statistics. Continuing education requirements vary from state to state. For instance, in Texas, mortgage loan officers have to complete 15 hours of coursework every year. In some cases, the bank will pay for the continuing education of their mortgage closers. Interpersonal skills are needed since mortgage companies must develop good relationships with real estate agents. They must also have the ability to make a sale.
Outlook
-
According to the Bureau of Labor Statistics, the need for loan officers such as mortgage closers is expected to grow by 10 percent between 2008 and 2018. Population growth will drive the need for mortgages on new homes, but this growth will be slowed by technological advances that make the mortgage process more efficient. Eventually, mortgage closers advance to higher positions such as loan officer supervisor, which creates new openings for mortgage closers.
Earnings
-
Payscale.com reports that the median earnings for mortgage closers in 2010 were $39,305. Many mortgage closers are paid commission for each loan that they close. The earnings for a mortgage closer are highly dependent on how large the bank is that they work for and whether they earn commission.
-
References
- Photo Credit house image by kruszek from Fotolia.com
