Closing Department Manager
Location: Newtown, CT
Newtown Savings Bank is seeking a knowledgeable, experienced professional to join our Loan Servicing team as a Closing Department Manager. This position, under the general direction of the VP Loan Operations, is responsible for managing the Bank’s Retail Lending closing functions, loan funding and delivery, post-closing, and compliance both for portfolio and Investor mortgages and Home Equities.
PRIMARY ACCOUNTABILITIES / RESPONSIBILITIES:
- Responsible and accountable for compliance across all aspects of loan closing and post-closing.
- Manages all aspects of team’s operational metrics (docs drawn, packages sent, loans closed etc.)
- Manages, coaches and trains Closing and Post-Closing staff.
- Directs the content of and conducts weekly staff meetings to keep staff up to date with any changes or issues relative to closing or post-closing.
- Oversees the review of all information for completion of settlement documents, charges and instructions from the documentation provided in the file and ensures the accuracy of the documentation through the use of checklists and validity checks.
- Manages unresolved customer issues that have been escalated beyond the Closing and Post-Closing Supervisors.
- Coaches and counsels staff for peak performance and customer service expectations.
- Trains new personnel in the closing or post-closing department on internal systems, policies and procedures as well as the implementation of new products or Investors.
- Ensures every closing package is complete and all information is correct.
- Analyzes, suggest, develops and implements procedural changes to improve efficiency and productivity.
- Stay abreast of regulatory changes and how they affect the closing function and train staff as needed.
- Ensure the timely and accurate preparation and delivery of closing documentation for all types of retail loans to include mortgages and home equities. Ensure that all loan documentation is prepared in accordance and compliance with state and federal laws (i.e. TILA/RESPA Integrated Disclosure).
- Monitor mortgage and home equity pipelines to ensure all commitment expiration, rate lock expiration and investor delivery dates are met and that all loans are proactively scheduled to close in a timely manner. Report status to manager on a weekly basis.
- Ensure Post Closing staff are proactive in seeking the prompt return of all fully executed closing documentation, obtaining missing items and/or corrections in a timely manner and subsequent upload of information to Jack Henry and delivery of all files to Loan Servicing for programming.
- Perform periodic review of post-closing tracking and follow-up efforts. Report status to manager on a weekly basis.
- Oversee the secondary market loan delivery function and ensure timely delivery of properly executed and endorsed documents to Investors.
- Provide support and guidance to the mortgage underwriting and consumer lending staff regarding compliance, title and insurance issues.
- Oversee the Investor, Correspondent and Broker loan closing and post-closing functions to ensure accurate and prompt actions are taken to meet all lock expiration and delivery dates without penalty. Ensure collection and distribution of all appropriate fees and post-closing delivery of documents to Broker or Correspondent.
- Maintain relationships with bank attorneys and closing agents in a competent, knowledgeable and professional manner. Proficiently resolve any issues that may arise at any time during the underwriting and closing process. Monitor attorney performance and maintain the Bank’s closed attorney list.
- Establish SMART goals; perform quarterly goal assessment and annual performance evaluations of direct reports. Ensure completion of all Closing and Post Closing staff goal assessments and performance evaluations.
- Assist Vice-President of Loan Operations as necessary.
- Actively communication with other Residential Lending staff to provide quality customer service throughout the entire mortgage process.
- Uphold exemplary customer service levels when dealing with both internal and external customers and positively promote the Bank and Bank’s services. Participate in community events.
- Bachelor’s degree in a business discipline and/or a minimum of four to seven years equivalent experience with a minimum of five years managerial experience.
- Thorough knowledge of state and federal laws and regulations governing real estate, consumer lending and compliance.
- Thorough knowledge and understanding of the retail and mortgage closing process and loan documentation; including construction lending.
- Strong management, leadership and communication skills. Strong organizational skills and ability to work well under pressure.
- Ability to handle multiple tasks and prioritize work to ensure timely closings and customer experiences.
- Proficient in all applications of Microsoft Office.
- Working knowledge of Desktop Underwriter, Loan Prospector and FHA/CHFA processes a plus.
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed above are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
Any physical demands or work conditions described here are representative of those that must be met by an employee to successfully perform the essential functions of this job.
Full time employees also receive a complete benefit package including a generous 401(k), medical benefits, paid time off, and short and long term disability programs.
Newtown Savings Bank is an equal opportunity and affirmative action employer regardless of race, gender, disability status, protected veteran status. All qualified applicants will receive consideration for employment without regard to race, color, religion, gender, age, marital status, national origin/ancestry, sexual orientation, gender identity, disability status, protected veteran status, or any other legally protected status.