Will “Mortgage Loan Closer” be Automated?

Core Skills & Abilities

• Check value of customer collateral to be held as loan security.

• Answer questions and advise customers regarding loans and transactions.

• Interview loan applicants to obtain personal and financial data and to assist in completing applications.

• Order property insurance or mortgage insurance policies to ensure protection against loss on mortgaged property.

• Calculate, review, and correct errors on interest, principal, payment, and closing costs, using computers or calculators.

• Accept payment on accounts.

• Assemble and compile documents for loan closings, such as title abstracts, insurance forms, loan forms, and tax receipts.

• Verify and examine information and accuracy of loan application and closing documents.

• Review customer accounts to determine whether payments are made on time and that other loan terms are being followed.

• Record applications for loan and credit, loan information, and disbursements of funds, using computers.

• Contact credit bureaus, employers, and other sources to check applicants' credit and personal references.

• Present loan and repayment schedules to customers.

• Contact customers by mail, telephone, or in person concerning acceptance or rejection of applications.

• Prepare and type loan applications, closing documents, legal documents, letters, forms, government notices, and checks, using computers.

• Submit loan applications with recommendation for underwriting approval.

• Schedule and conduct closings of mortgage transactions.

• Establish credit limits and grant extensions of credit on overdue accounts.

• File and maintain loan records.