This article talks about the job of a ''post closer'' that is also titled ''loan closer'' and this job requires the employee or paralegal to handle the closing of commercial or residential real estate purchases. While real estate is suffering, President Obama has legislated incentives through the government to request banks make good solid loans to new, qualified home buyers. New home owners will also receive a substantial credit on their tax return to aid them after buying a residence.
Post Closers are still needed in the mortgage and banking industry to understand and manage closing documents at the end of a real estate transaction. In some states, like New York, an attorney must handle the purchase and sale of a property. Paralegals who handle Post Closing can assist attorneys with this step. The other work to process loans is handled through automation but when closing on property there are things that cannot be automated. There are legal forms and deeds to verify for accuracy and completeness. Here is a list of duties a Post Closer can expect to be prepared to perform.
Prepare closing statements
Prorate taxes, rents, insurance premiums
Account for funds received and disbursed on the closing statement
Record deeds, mortgages
Verify title insurance policies have been received
Setup for delivery of the deed and title insurance policies to the buyer
Request a check for any funds in escrow that go to the seller or buyer
Review escrow files for all necessary documents, double check that all are properly prepared
Assemble closing pack for lender and verify all provisions of lender are completed
All these duties will be familiar to someone who has purchased real estate and gone through a closing. Post Closers are also hired by mortgage companies and banks. The duties can be a little different for a Post Closer at a bank. Here are some additional duties a Post Closer might be expected to perform for a bank.
Transfer loans to servicing after closing
Sell mortgage loans on the secondary exchange
Review and correct legal documents for closed loans.
The responsibility to review and correct legal documents is required by regulatory agencies and there are internal deadlines to meet after closing. The Post Closer must be able to communicate clearly with customers and title companies. If any issues need to be resolved, the Post Closer will work with partners to settle them.
The requirements to be hired as a Post Closer will vary a little in each industry as the banking industry might look for some one with experience selling loans in the secondary market. Another employer might request a couple of years experience as a Post Closer. The education requirements are a high school diploma. This means if you are a new graduate and want to get into the banking or mortgage industry, your degree work might put you at the top of the list for Posting Closer. Advancement in banking would be natural for graduates with a paralegal certification or degrees in finance, accounting or business.
Salaries will vary based on the industry, location, experience and education. The Post Closer can earn an annual salary from $28K to $45K. The job outlook will improve with the economy and currently more jobs will come available as attrition occurs. Real Estate Law is a slow business now but the mortgage and banking industries continue to hire and keep it alive.
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