Welcome to our last installment of “What Does My Client’s ____ Do?” Over the last few months we’ve helped you better understand the many different professional roles involved in the mortgage application and closing process. The last on our list is the Closer (And no, we’re not talking about that crime drama television show).
Here’s a brief overview of what a Closer does:
This position coordinates every step of the loan closing, arriving at detailed and accurate financial numbers for borrowers and readying documents by organizing, checking and completing closing files.
While that seems simple enough, it's evident that the Closer plays one of the most important roles in the mortgage process. After all, if a loan can’t successfully close then the transaction can’t be completed. Obviously, that situation would leave both the buyer and seller extremely disappointed.
If it wasn’t already clear, the Closer’s main responsibility is not only to close the loan, but to close it efficiently and on time. In order to do so, a Closer typically reviews the application file three days or more before closing, and again when the file is cleared to close by underwriting. Another factor helping to move things along smoothly is absolute accuracy of the informational content in the closing documents. Having one person able to solely focus on accuracy is a huge benefit of having a dedicated Closer.
If, during processing, the Closer needs more information, they’ll reach out to the loan originator, processor, tax office, insurance company or whomever else may have information they need.
Again, timing is everything for a Closer. Each file they review is on a strict deadline, and it can take up to two hours from start to finish to close just one file. Hence, the more ahead of everything they can be, the better. Unfortunately, in cases of a rushed closing or last minute change, the likelihood of mistakes occurring only increases.
Since accuracy is everything, once the Closer has reviewed all content with a scrutinizing eye, they send out the pre-closing disclosure to the applicants within the required three days prior to closing. Next, they send the closing disclosure to the title company, where together they balance the numbers. Once approved, they review everything with a fine-tooth comb one more time before preparing the closing package.
From there, it’s time to close. And assuming all goes as well as it should, both the buyers and sellers complete the process as happy campers – due largely in part to the efforts of the Closer.
We hope this article has brought more understanding of this important role. If you ever have any questions about what a Closer (or anyone else in the process) does, we’re always here to answer your questions.
And know that once a loan closes here at Guardian, the service you have received to date continues. We have an excellent customer service team that is here for you if you have any questions, such as “How do I pay my loan online?” or “What happens if my property taxes go up and I need to put more money in escrow?” But those are details for later. For now, happy closing on your home!