Mortgage Loan Closers and Funders play a crucial step in the mortgage application process. They are the last set of eyes to review a loan and are responsible for closing and funding residential mortgage loans per company and investor guidelines. It is important to have a strong team of Loan Closer Funders who can push loans through the pipeline and get them closed and funded on time.
If you have a subpar team of Closer Funders, the bulk of your loans will come right down to the wire and you will most likely miss closing deadlines.
Bridge Personnel Services has been staffing and recruiting for mortgage positions for over 6 years. During this time, we have been able to research and identify the 8 soft skills all top-performing Mortgage Closer/Funders possess.
Top performing Closer Funders will scrub through every file with a fine-tooth comb. They will manage their time so that every file is stringently reviewed because they understand file accuracy is critical to a quick and easy closing process.
2. Mathematically Inclined
Ideal Closer Funders are analytical by nature. Inherent in their process are several stopgaps to ensure all aspects of the loan line up. Executing these spot checks without disrupting the flow of the review process requires a professional with strong mathematical skills.
Loan Closer Funders deal with a large amount of pressure from management, loan officers, and brokers. High-performing Loan Closer Funders will have thick skin and can work in stressful situations with ease. A Closer/Funder who can put pressure back on individuals to get the information they need to close their loans on time is key. At the end of the day, it’s a matter of getting loans closed on time, and politicking and outside pressure cannot be allowed to slow the closing process.
The responsibilities of a Mortgage Closer/Funder requires the ability to juggle several balls at once. Loan Closer Funders must manage multiple files all with tight deadlines and little room for error. The more disorganized a Closer, the more missed deadlines and dropped balls for your business.
Top-performing Loan Closer Funders will have an organized work process they stick to every day. They need to know the status of all their open files as well as what is coming down the pipeline, so they can ensure all closings and funding’s assigned to them are properly set up and approved ahead of time.
At the end of the day, it’s a matter of getting loans closed on time, and politicking and outside pressure cannot be allowed to slow the closing process
A Closer/Funder who is goal-oriented and will strive to surpass the goals set for them by management; this type of personality will do everything in their power to make sure loans are closed and funded on time.
Someone who will go the extra mile to get through their pipeline takes pride in their professional reputation and wants to keep their track record free of any negative marks for missed deadlines.
There are no two ways around it, loan funding/closing is a high-pressure job. It is all too easy for someone to collapse under the pressure –or worse have their integrity begin to falter. The second your Closer Funder lets a loan move through the pipeline that does not meet all the criteria is the same second your business opens itself up to unnecessary risk.
Your Loan Closer Funders should act as gatekeepers; they should be willing to put their foot down and reject a loan when necessary. Having a team made up of ethical Loan Closer Funders is critical to retaining your business’ brand integrity.
7. Independent Thinker
Understanding the dynamics of your team and being able to work well with colleagues is vital to the role of closer/funder. However, it is equally essential for your closer/funder to confidently make judgment calls based on their knowledge of federal and state regulatory requirements.
Successful Loan Closer Funders will not need their hand held for every decision, nor will they ask for justification of a decision from a team member or supervisor.
Strong Loan Closer Funders must have strong communication skills with a focus on customer service. Successful Loan Closer Funders communicate quickly with others on the team about the resources needed to approve and close a loan on time.
It is important to keep all parties involved and up to speed on where they are in the loan process. It is also equally important to be available to answer questions. Usually, Mortgage Loan Closer Funders are the last people a customer will speak to during the loan process; it is important they make a great last impression.
Loan Closer Funders who take their job seriously will have a passion for what they do. Candidates who demonstrate the above-mentioned soft skills during the interview process are those you should consider as top contenders for your closing team.
Loan Closer Funders are your last line of defense before a loan is funded. Having the right people in this position will give your business added brand protection as well as protection from unnecessary financial risk. The next time you are seeking a new closer/funder for your team, be sure to screen for the above-mentioned soft skills to make sure the individual’s knowledge and experience can be applied to their fullest extent