Title and Clearance

• The loan modification closer also checks on property lines.Comstock/Comstock/Getty Images
  
  Examining title and clearing open title matters is a loan modification closer's responsibility. Examples of title examination may be pulling court records to show who is holding the warranty or grant deed to the property. The holder of the grant deed is considered the owner of title rights to the property. When the title is obtained, the closer looks at it to see whether there are any other mortgage liens or other types of liens outstanding -- money owed that could affect ownership of the property, such as builder liens, HOA dues owed, or unpaid federal and state taxes -- and work to resolve and pay off those liens, called clearing title. They also check to see that the property lines and ownership rights are in order.
  
  

Income and Credit Reports

• How much does the borrower make and owe to creditors?Comstock/Comstock/Getty Images
  
  A loan modification closer may have to look into the borrower's current income, credit and financial information in order to determine whether she qualifies for a modification loan. This information also helps determine what the new terms should be, with the ultimate goal of lowering the monthly payments and possibly the long-term interest rate.
  
  

Drafting the Closing Documents

• A loan modification closer helps draft the needed documents to close a new loan transaction. These documents include a promissory note, a new mortgage deed, a truth in lending statement and possibly new documentation for any impounds -- such as taxes and insurance -- that are included in the new monthly mortgage payments. The closer may also include any property-related documents that are particular to the state law in which the property is located, and any affidavits and sworn, notarized statements and disclosures that are needed to secure the lender's interest in the property.
  
  

Document Signing

• Loan modification documents must be properly signed and notarized.Jupiterimages/Photos.com/Getty Images
  
  The main duty of a loan modification closer is to ensure all necessary and extra documents are properly drafted and set up for the signature or signatures of all borrowers, and that the proper places for a notary to sign the documents is provided. When the documents are returned, the loan modification closer ensures they're property executed -- or signed -- and notarized, and prepare them for disbursement to the lender and investor.
  
  

Secondary Marketing

• A loan modification closer has the responsibility of seeing to it that all of the loan documents are in order for the investor. This may include a process called preparing the documents for secondary marketing, or the possible bundling of many loans together to sell to other investors. Duties may include checking the documents to ensure there are no errors, checking title records to see whether any other liens are outstanding, ensuring that subordinate liens are paid in full and released in the county records, and making certain that the newly executed documents that should be recorded are filed and returned. It may also include drafting and issuing final title insurance policies that insure the lender's interest in the property and its adjoining rights of way, encroachments and easements.