Career Development

What Does a Closing Coordinator Do?

Find out what a closing coordinator does, how to get this job, and what it takes to succeed as a closing coordinator.

Closing coordinators are responsible for ensuring that the closing process goes smoothly. They commonly work with buyers, sellers, lenders and other parties involved in real estate transactions to ensure that all of their needs are met before, during and after a sale is completed.

Closing coordinators may also be responsible for managing vendors or contractors who provide services related to closing on a property. This might include appraisers, inspectors, title companies, etc.

Closing Coordinator Job Duties

Closing coordinators have a wide range of responsibilities, which can include:

  • Coordinating with the real estate broker or agent to ensure that all paperwork is completed correctly and on time
  • Maintaining contact with clients throughout the home buying process to ensure that all needs are met
  • Preparing reports for the broker regarding the status of accounts and transactions
  • Preparing closing packages containing all documentation related to the closing of a real estate transaction for processing by title companies and lawyers
  • Communicating with real estate agents, mortgage brokers, appraisers, and other parties involved in the closing process to ensure that all requirements are met by all parties
  • Coordinating with title companies, attorneys, escrow officers, settlement agents, and other third parties involved in the closing process
  • Maintaining client files, including records of phone calls, emails, and other correspondences between clients and their real estate agents or brokers
  • Providing customer service to clients, including answering questions about loan qualification requirements, home buying terminology, and closing processes

Closing Coordinator Salary & Outlook

Closing coordinators’ salaries vary depending on their level of education and experience, the company size and geographic location.

  • Median Annual Salary: $44,500 ($21.39/hour)
  • Top 10% Annual Salary: $122,000 ($58.65/hour)

The employment of closing coordinators is expected to grow slower than average over the next decade.

Demand for closing coordinators depends on the overall health of the real estate market. When real estate markets are strong, there will be more closings and, therefore, more demand for closing coordinators. However, when real estate markets are weak, fewer closings occur, reducing demand for these workers.

Closing Coordinator Job Requirements

A closing coordinator typically needs to have the following qualifications:

Education: Entry-level closing coordinators are expected to have a high school diploma or equivalent. Some employers prefer candidates who have completed a college degree in business, finance or real estate. Relevant coursework includes accounting, finance, economics, business law and real estate principles.

Training & Experience: Closing coordinators typically receive on-the-job training. This training may include shadowing a current closing coordinator or another team member until they are comfortable enough to complete tasks on their own. Training may also include learning the company’s software and computer systems.

Certifications & Licenses: Certifications are not usually a requirement to become a closing coordinator, but they can help you become a more competitive candidate when applying for jobs.

Closing Coordinator Skills

Closing coordinators need the following skills in order to be successful:

Communication: Communication is another essential skill for a closing coordinator. You may be responsible for relaying information to and from the real estate agent, the loan officer, the title company and the homeowner. It’s important to be able to communicate clearly and concisely in writing and verbally. You may also be responsible for communicating with the real estate agent and the homeowner about any changes to the closing schedule.

Organization: Organization is another skill that can be helpful for closing coordinators. They may be responsible for keeping track of customer information, contracts and other important documents. Being able to keep track of these items can help ensure that the company is receiving all of the information they need to complete a transaction.

Time management: Time management is another essential skill for a closing coordinator. They often have many tasks to complete in a short period of time, so it’s important that they can prioritize their work and stay on schedule. This can help ensure that the closing process runs smoothly and that customers are satisfied with the service they receive.

Problem-solving: As a closing coordinator, you may be responsible for handling any issues that arise during a closing. This may include helping the real estate agent and the client come to a resolution or finding a solution to a technical problem. Your ability to solve problems quickly and effectively can help you maintain a positive attitude and keep the closing on track.

Customer service: Customer service is the act of providing a positive experience for customers. As a closing coordinator, you may be the first person a customer interacts with, so it’s important to be friendly and welcoming. You can also use your customer service skills to answer questions, solve problems and provide solutions.

Closing Coordinator Work Environment

The work environment for a closing coordinator is usually an office setting, although some travel may be required to attend closings or meet with clients. The job is typically full-time, Monday through Friday, although some overtime may be required to meet deadlines. The job can be stressful, as coordinators must be detail-oriented and able to work under pressure. They must also be able to handle last-minute changes and solve problems quickly.

Closing Coordinator Trends

Here are three trends influencing how closing coordinators work. Closing coordinators will need to stay up-to-date on these developments to keep their skills relevant and maintain a competitive advantage in the workplace.

The Growth of Remote Work

The growth of remote work is a trend that is quickly gaining popularity among businesses. This is due to the many benefits it offers, such as reduced costs and increased productivity.

As more and more businesses adopt remote work policies, closing coordinators will need to be able to work remotely. This means that they will need to be comfortable with technology and have the ability to manage their time effectively.

More Focus on Customer Experience

Closing coordinators are in a unique position to help businesses focus on customer experience. They are responsible for making sure that customers have a positive experience from start to finish, which includes everything from answering questions to helping them find what they’re looking for.

By focusing on customer experience, businesses can improve their bottom line by keeping customers happy. Closing coordinators can play a key role in this process by ensuring that customers are taken care of throughout the entire shopping process.

Better Use of Technology

Technology is playing an increasingly important role in the workplace, and closing coordinators are no exception. As technology improves, closing coordinators will need to learn how to use it to their advantage.

This includes learning how to use software to automate tasks, as well as using social media to connect with potential clients. In addition, closing coordinators should also be prepared to deal with any potential security breaches that may occur.

How to Become a Closing Coordinator

A closing coordinator career can be a great way to get your foot in the door of the mortgage industry. As a closing coordinator, you’ll be responsible for ensuring that all the paperwork is in order and that everything is signed correctly before the loan is closed. This means that you’ll need to have a thorough understanding of the lending process and know how to navigate the various forms and documents involved.

To become a closing coordinator, it’s important to have a strong knowledge of Microsoft Office products and be able to work well under pressure. You should also be able to communicate effectively with both borrowers and lenders.

Related: How to Write a Closing Coordinator Resume

Advancement Prospects

The most common way to advance in this position is to move up to a management role within the company. There are also opportunities to move into other positions in the real estate industry, such as becoming a real estate agent or broker. With experience, some closing coordinators may become paralegals or legal assistants.

Closing Coordinator Job Description Example

At [CompanyX], we’re committed to making the home-buying process as seamless as possible for our clients. We’re looking for a detail-oriented, organized, and efficient professional to join our team as our Closing Coordinator. In this role, you will be responsible for coordinating all aspects of the home-closing process, from ordering title insurance to scheduling the closing date. You will work closely with our clients, real estate agents, lenders, and attorneys to ensure that all parties are on track and that the closing goes smoothly. The most successful Closing Coordinator will be a problem-solver with excellent communication and customer service skills.

Duties & Responsibilities

  • Serve as the primary point of contact for customers during the loan closing process
  • Schedule and coordinate loan closings with customers, real estate agents, attorneys, and other parties involved in the transaction
  • Prepare loan closing documents and ensure all required signatures are obtained
  • Verify that loan terms and conditions are met prior to disbursing funds
  • Record and maintain accurate records of all loan closing transactions
  • Monitor and track post-closing activities to ensure customer satisfaction
  • Respond to customer inquiries and resolve any issues or concerns
  • Assist with the preparation of loan closing packages
  • Review loan documents for accuracy and completeness
  • Coordinate with title companies to obtain necessary documentation
  • Obtain payoffs and lien releases as needed
  • Perform quality control checks on loan files

Required Skills and Qualifications

  • High school diploma or equivalent
  • Proven customer service experience in a fast-paced environment
  • Excellent communication, interpersonal, and organizational skills
  • Ability to work independently and with a team to meet deadlines
  • Proficient in Microsoft Office, with aptitude to learn new software and systems
  • Familiarity with real estate terminology and documents

Preferred Skills and Qualifications

  • Associate’s degree or higher
  • Previous experience working in the real estate industry
  • Experience with CRM software, such as Salesforce
  • Notary public certification
  • Bilingual—Spanish/English

Similar Jobs

Previous

What Does a Food Engineer Do?

Back to Career Development
Next

What Does an Audio Engineer Do?