Commercial Loan Closer I

Job Description

Job Description

Starting Salary : $55,000 (negotiable dependent upon experience)

Basic Qualifications

Education / Training : High School Diploma or equivalent with an emphasis in Business Administration or related field required.

Skill(s) : Proficient commercial loan closing experience; proficient in English, reading, writing, grammar and mathematics skills; attention to detail; ability to work under strict time requirements or under tight timeframes; proficient interpersonal relations and communication skills; proficient organizational skills; proficient PC skills including Microsoft Office and Excel; thorough knowledge of current related regulations.

Experience : A minimum of one (1) year of commercial loan closing experience. LaserPro experience a plus.

General Responsibilities

Responsible for coordinating all aspects of the loan closing process to ensure the loan closes properly; coordinating work within the department, as well as with other departments; complying with operating policies and procedures established for the commercial loan closing function; communicating with appropriate personnel; responding to inquiries or requests for information; reporting pertinent information to Loan Closing Manager.

Essential Duties

• Supervise and coordinate all aspects of the loan closing process to ensure the loan closes properly of which the following are illustrative :
• Works to guide approved loans through the documentation, closing, and funding process per the terms outlined in the original loan approval document.
• Reviews loan approval document for completeness.
• Communicates with loan officers, borrowers, attorneys, title companies, appraisers, and insurance agents to coordinate loan closing process and acquire needed information.
• Ensures compliance with all regulations and governmental guidelines.
• Review all documents, i.e. - title report, survey, tax searches, entity documents, insurance, third party reports, etc.
• Run flood searches on collateral properties.
• Prepare and issue commitment letter.
• Prepare closing checklist of all items needed prior to closing and send to borrower, bank attorney, and borrower’s attorney.
• Prepare loan documents for small dollar loans approved, i.e. - commercial mortgages and lines of credit utilizing LaserPro software and send loan documents to attorneys and Loan Closing Manager for review.
• Communicate with loan officers, borrowers, attorneys, and title companies to acquire all documentation needed to coordinate loan closing.
• Obtain fee quotes from attorneys and other third-party vendors as applicable.
• Order third party reports and searches.
• Satisfaction of all closing conditions have been cleared per loan approval.
• Attend loan closings to assist the attorneys, borrowers, and title company.
• Prepare loan closing wires and OFACs for each loan closing.
• Prepare collateral files for each loan closing.
• Prepare loan documents for change in terms, i.e. - extensions, renewals, rate changes, etc. utilizing LaserPro software and send to Loan Closing Manager for review.
• Performs other related duties as assigned.
• May be asked to perform various duties to support the closing department which can include but shall not be limited to commitment letters, document collection and organization to prepare for closings and processing tickets for third party reports.
• Coordinate specific work tasks with other personnel within the department as well as with other departments to ensure the smooth and efficient flow of information.
• Report pertinent information to Loan Closing Manager as requested, or according to an established schedule; compiles information as necessary or as directed and provides data to appropriate bank personnel.
• Respond to inquiries relating to his / her particular area, or to requests from customers, other bank personnel, etc., within given time frames and within established policy.
• Communicate with Loan Closing Manager, other department managers, and appropriate staff personnel to integrate goals and activities.
• Abide by the current laws and organizational policies and procedures designed and implemented to promote an environment which is free of harassment and other forms of illegal discriminatory behavior in the workplace.
• Cooperate with, participates in, and supports the adherence to all internal policies, procedures, and practices in support of risk management and overall safety and soundness and the Bank's compliance with all regulatory requirements, i.e. - Community Reinvestment Act (CRA), Bank Secrecy Act (BSA), Equal Credit Opportunity Act, etc.

Ancillary Duties

Perform tasks which are supportive in nature to the essential functions of the job, but which may be altered or re-designed depending upon individual circumstances.

Telephone