Job Summary: The Commercial Loan Processor/Closer is responsible for processing and closing commercial loans including real estate secured, non-real estate secured, and unsecured loans. The position interacts with members, loan officers, and third parties to create a smooth and timely loan closing process and ensure compliance with applicable regulations, policies, and procedures.
All job positions at 7 17 Credit Union may be assigned further duties with or without notice, verbally or in writing. Essential duties and responsibilities include the following.
Primary Duties – Loan Processing:
- Order and obtain all third-party services as well as information needed from members to close including, but not limited to appraisal, appraisal review, title, survey, flood certificates, insurance, condominium documentation, environmental reports, and any documentation required to clear all conditions to close noted in the credit memo in a timely manner
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Ensure all required information is organized in loan file including but not limited to commercial application, approved credit memo, appraisal, flood certificate, title, and environmental reports
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Follow clear to close process to ensure commercial loans are closed timely and in accordance with the credit approval memorandum. Review approvals and verify conditions are satisfied by obtaining any required information and verifying the data
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Keep all parties to the transaction informed as to the current status of the file, pending items needed to close, as well as timeline for outstanding items
Primary Duties – Loan Closing:
- Prepare loan documents utilizing document preparation software or by coordinating with outside counsel if attorney prepared documents are required. Ensure all documents have appropriate signature blocks for business entities and that beneficial ownership information is appropriately completed. Create a full loan package including all required commercial loan documents including but not limited to the note, loan agreement, resolutions, guarantees, security agreement, mortgage, assignment of rents, errors and omissions, disbursement authorization, and agreement to provide insurance.
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Review title commitments and settlement statements – resolve exceptions noted in schedule B and ensure all credit union fees are appropriately listed on the settlement statement
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Coordinate loan closings as required with all involved including title company, borrower, and loan officer
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Provide funding instructions to Commercial Loan Administrator
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Ensure liens are perfected by verifying that mortgages and assignment of rents are appropriately recorded, UCCs are filed, and titled collateral has credit union listed a lienholder
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Track and resolve post-closing exceptions
Other Duties:
- Maintain pipeline tracking and exception logs
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Backs up other Commercial Loan Operations positions
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Assists with regulatory and external audits and exams
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Keep job processes and procedures up to date
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Keep abreast of changes within the regulatory environment to ensure compliance while responding to inquiries from auditors and regulatory agencies as necessary
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Performs all duties in compliance with Federal and State regulations, 7 17 Board policies, as well as departmental and credit union procedures
This position manages the following jobs: None
Internal and External Contacts: Other Employees, Members, Vendors, Community Leaders, Corporate Management
Confidentiality Requirements: Must keep members' documents, financial information, transactions and other Credit Union business in strictest confidence.
Travel Demands: Occasionally travel to vendors or business customers.
Prerequisite Education:
1. High school diploma or equivalent
Prerequisite Experience:
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At least 3 years experience processing, underwriting, closing, or servicing commercial loans
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Excellent communication skills and ability to deal with others in a friendly, courteous and efficient manner
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Strong experience and knowledge of the various and typical reports and documentation relevant to commercial lending as related to the formation of business entities, loan closings, lien perfection, and ongoing monitoring of loans
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Thorough understanding of payment transactions and loan amortizations, loan processing requirements required for new loans, portfolio maintenance requirements, recognizing and correcting errors
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Must demonstrate accuracy and an attention to detail in performing daily duties while working in a fast paced environment
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Proficient in Microsoft Excel and Word software to prepare loan presentations, closing packets, and other duties in a timely manner
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A proficient knowledge of commercial loan structures including loan participations, lien perfection, regulatory compliance, and document management
Required knowledge, skills and abilities once in the job:
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Customer service attitude and skills to include: Team player attitude, commitment, patience, enthusiasm, creativity, listening, comprehension, initiative, cooperation, attention to detail, resourcefulness
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Professionalism to include:Confidence, good judgment, appropriate demeanor and appearance; ability to interact with employees and members
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Skills to include: Problem solving, decision making, time management, interpersonal communications, organization
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Must be able to maintain extensive contact with applicants and members and conduct relationships in a professional manner that will enhance the marketing effort of the credit union
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Must be accurate and thorough in processing loans
Certifications, licenses required once in the job: None
Physical, Mental or Visual Demands: The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
While performing the duties of this job, the employee is regularly required to: stand, walk, sit, use hands to finger, handle, or feel objects, tools, or controls, reach with hands and arms, talk or hear.
This job regularly requires the employee to lift _1__ to _20_ pounds __5_ times per day.
Specific vision abilities required by this job include close vision, distance vision, color vision, peripheral vision, depth perception, the ability to adjust and focus.
Working Conditions: The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
The noise level in the environment is usually moderate.
