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Equity Closer II

  • Location: VA Vienna - Headquarters
  • Full/Part Time: Full-Time
  • Regular/Temporary: Regular

Job Description


Employee Perks

Why You Will Love Being Part of the Navy Federal Team:

*Competitive compensation with opportunities for annual raises, promotions, and bonus potential
*Best-in-Class Benefits! (7% 401k match / Pension plan / Tuition reimbursement / Great insurance options)
*On-site amenities include fitness center, wellness center, cafeteria, etc. at Pensacola, FL; Vienna, VA and Winchester, VA campuses
*Consistently Awarded Top Workplace
*Nationally recognized training department by TRAINING Magazine
*An employee-focused, diverse, and service-oriented workplace environment

Basic Purpose

To close equity loans in accordance with applicable federal/state laws as well as Navy Federal policies and procedures. To coordinate the closing and funding of assigned loan packages.


1. Prepares equity packages for delivery to members, notaries public and settlement companies for purposes of equity loan closings.
• Verifies completeness and accuracy of approved credit packages; resolves deficiencies
• Ensures credit, underwriting, title and property conditions of the loan approval have been satisfied prior to closing
• Schedules closing settlement with member, notary, or closing agent
• Prepares documents needed to meet title commitment requirements (such as affidavits, hold harmless agreements) and issues instructions to notary/closing agent of special signing instructions required for closing.
• Ensures that NFCU has obtained surveys, termite inspection reports, or other documentation needed; works with member, Processor, and third parties to obtain missing documentation
• Evaluates title report or title commitment to determine status of title and ensures title binder reflects correct information for mortgagees, mortgagors, manner of title, and existing/proposed liens, etc.
• Evaluates title exceptions (restrictive covenants, encroachments, easements, taxes due) to determine if acceptable
• Resolves title issues to ensure protection of member’s and Navy Federal’s interests; works with Title Insurance company, members, other owners, prior owners, county recorders, prior settlement agents, and others to resolve issues
• Analyzes property location survey to determine if there are unacceptable or uninsurable encroachments or violations
• Examines property status reports (termite, well/septic, Residential Use Permits, warranties) to ensure property’s condition and acceptability and ensures other necessary documents are provided (e.g., Power of Attorney, Trust Agreements, Subordination Agreement, Escrow Agreements)
• Examines property hazard insurance, flood, wind, hail policies to confirm correct coverage and mortgagee and lien position
• Reviews trust agreements to ensure they meeting NFCU’s lending guidelines and legal requirements imposed by the trust agreement
• Reviews preliminary and final closing package, including HUD-1 for compliance with Real Estate Settlement Procedures Act (RESPA)

2. Reviews loan pricing to ensure loan closes at correct interest rate/points and correct cash out limitations.
• Determines type of closing mortgage documents to prepare based on loan type, conditions, and State or County specific requirements
• Prepares loan closing instructions listing the conditions under which the closing agent must conduct settlement; the mortgage Note and Security Instrument including Riders (Planned Unit Development, Condo, Assumption); and final compliance disclosures (Truth-In-Lending, Right to Cancel, State specific)
• When a notary public is used to witness a closing, ensures that liens are paid and released in accordance with applicable Federal and State laws, compliance regulations, Federal Home Loan Bank requirements and Navy Federal’s policies and procedures
• When a settlement company is used, instructs lawyer or Settlement Agent to ensure that liens are paid and released in accordance with applicable Federal and State laws, compliance regulations, secondary marketing requirements, and Navy Federal’s policies and procedures

3. Performs final review of closing packages for accuracy of pricing, loan data and completed items; makes corrections as needed.
• Sends closing packages to the members, notary public/closing agent, and other signers of the loan documents if multiple closings are scheduled for the same loan
• Upon receipt of signed documents from the notary/settlement agent, reviews for completeness and accurate signatures of all documents
• Works with member and signing service/settlement agent to resolve any issues with the documents
• Prepares fully executed equity file for post-closing to ensure efficient delivery to Secondary Marketing for investment portfolio
• Clears any equity documentation deficiencies within specified time periods

4. Determines amount to be withheld from loan proceeds and prepares the request for loan disbursement by check or wire.
• Requests and processes internal payoffs
• Prepares and prints checks or wires funds for payment to any third parties
• Communicates with lawyers, Settlement Agents and members regarding status of closing and funding including what is needed or the status of items requested

5. Performs other related duties as required or appropriate.

Level II:
• Works independently and may serve as a resource and guide to other Closers
• Follows standard course of action with limited discretion to vary from established policies, procedures, or guidelines
• Works under general supervision with the ability to resolve more complex loan closing and routine title issues
• Reviews mortgage closing packages and for other Closers prior to delivery during periods of high volume or to assist as needed
• Reviews funding requests and authorizes disbursement of loan proceeds for GL73 Closers during periods of high volume or to assist as needed
• Performs all closing functions proficiently

Qualifications -- Knowledge, Skills and Abilities:

• Previous experience processing or closing equity or mortgage loans and/or as a title underwriter
• Good knowledge of real estate lending requirements, regulations, and procedures
• Ability to solve problems and complete assigned duties with minimal supervision and assistance
• Effective interpersonal, verbal, and written communication skills
• Works effectively and efficiently with automated systems and computers

• Knowledge of UNIFI Mortgage Processing/Closing system
• Knowledge of Navy Federal objectives, policies, programs, services, organizational and functional relationships

Monday-Friday, 9:00AM-5:30PM

Equal Employment Opportunity


Navy Federal values, celebrates, and enacts diversity in the workplace.  Navy Federal takes affirmative action to employ and advance in employment qualified individuals with disabilities, disabled veterans, Armed Forces service medal veterans, recently separated veterans, and other protected veterans.  EOE/AA/M/F/Veteran/Disability