Should I Become a Mortgage Closer?
The closing is the final step in mortgage processing. A closer receives mortgage applications and verifies employment, assets, liabilities, and other important information needed for obtaining a mortgage. They confirm that the required documents for the closing have been submitted, and then they review each individual document for accuracy and required signatures. He or she also prepares all closing instructions for each closing they process. Because of the important financial and legal documents they must review, it is crucial for mortgage closers to be detail-oriented. Mortgage processing is a fast-paced industry that requires strict attention to deadlines and the ability to work under pressure.
Career Requirements
| Education Level | High school diploma or equivalent |
| Training | On-the-job |
| Certification | Voluntary certification is available through the National Association of Mortgage Processors (NAMP) |
| Experience | 1 year experience minimum in loans |
| Key Skills | Good communication, interpersonal, prioritizing, time management, multitasking, flexibility, customer service and math skills; good attention to detail; familiarity with Microsoft Office Suite and loan closing software; basic knowledge of office equipment; ability to work with confidential material |
| Median Salary (2018) | $39,570 per year (for financial clerks) |
Sources: *U.S. Bureau of Labor Statistics, Job postings (December 2012), National Association of Mortgage Processors
Step 1: Find Entry-level Work
There are no set requirements for mortgage closers. Most employers require a high school diploma or its equivalent and at least one year of experience in the mortgage industry or loan processing. Potential employers can be a bank or other type of financial institution. Many clerk positions in these industries are entry-level and can provide the experience needed to become a mortgage closer.
Step 2: Get Certified
The NAMP offers several types of certification for mortgage processors. The Certified Purple Processor (NAMP-CPP) is the initial certification for anyone who wants to begin work as a loan processor. Successful completion of this certification includes a criminal background check, 12 hours of training, an examination, and an active association membership.
Earn Additional Certification from NAMP for FHA & VA Loan Processing
Although they are not affiliated with any government agencies, these NAMP certifications can provide additional knowledge and training to get an edge in the mortgage processing job market.
Get Advanced Certification
The NAMP Master Loan Processor (NAMP-MLP) certification is for those looking to advance in loan processing, and it has the same requirements as the NAMP-CPP, plus 12 more hours of training.
Step 3: Join an Organization
Aspiring mortgage closers may consider joining an industry-related association, such as the National Association of Mortgage Professionals (NAMB) or the National Association of Mortgage Processors (NAMP). The NAMP offers its members access to professional listings, job leads, networking, training opportunities, industry-related events, and other resources for professional growth and advancement.
So, in order to become a mortgage closer, remember that employers will require a minimum of a high school diploma and likely some banking or loan-related experience in order to train a potential employee on the job and then have him or her successfully work as a closer that has the skills to be detail oriented, strong customer service expertise, and the ability to review and prepare necessary financial documents under given guidelines and time constraints.
