What Is a Mortgage Loan Closer?

Most people cannot afford to purchase a home with cash so a mortgage loan is required. Mortgage loan closers work directly with the loan applicant to aid with the loan process.

Job Description

Mortgage loan closers, also known as loan officers, provide assistance to loan applicants and meditate the lending process. Mortgage loan closers offer information to potential clients about loan products to fit their needs. If a client chooses to apply for a loan, the closer sees the process through from start to finish.

Work Environment

Closers work for banks, lending institutions, and mortgage companies. The typical environment is a clean, well-lit office building. Most closers work from a private desk with access to a computer and phone.

Training and Qualifications

According to the Bureau of Labor and Statistics, all mortgage loan officers are required to be licensed. The licensure process combines course work and a written exam. Mortgage loan closers also cannot have any record of criminal activity in order to obtain a license.

Other Considerations

Mortgage loan closers should also possess excellent communication skills and be proficient in math. Computer literacy is also a desirable skill for a closer because of the heavy use of computers in the job.

Loan Process

After a loan application is complete, the closer reviews the information. With the aid of computer programs, the loan officer can determine approval and loan terms. After certain conditions are met, the mortgage loan closer will prepare the required paper work for the borrowers to sign. Once all requirements are met, the loan will be funded.

References

• Bureau of Labor and Statistics: Loan Officer