BUSINESS CLOSING OFFICER - WATERFORD

First BanCorp•The Hammocks, FL

About The Position

Work in conjunction with the lending officers, processors, credit department and Title Companies/attorneys to close commercial and corporate loans in accordance with policies, procedures and underwriting specifications, as well as to help to maintain a quality and profitable loan portfolio. Essential Responsibilities: Collect the requirements needed for the closing of commercial and corporate loans, including modifications, future advance, renewal and amendment while interpreting bank approval, guidelines, deadlines, policies and procedures in place. Review and approve commitment letter, as applicable, confirming all CAM stipulations are appropriately reflected. Review CAM to determine conditions that must be met prior to loan closing have been appropriately satisfied. Review loan documentation received from the attorney to confirm and verify all CAM stipulations and requirements have been correctly documented. Responsible for reviewing the prevailing interest rate and fees, notify the closing agent of any changes; obtain supervisor’s concurrence when necessary. Immediately notify the loan officer and/or loan processors of any material discrepancy or deviation discovered during the loan closing that might affect the quality or credit risk of the loan Ensure final review of loan closing package for accuracy and completeness to immediately identify errors or omissions, such as promissory notes, mortgage, guaranty, loan agreement, title commitment, pay-off letters, etc. Effectively communicate with closings agents/attorneys, borrowers and their representatives regarding closing status, and ending documentation. Ensure compliance requirements and verifications are aligned to all contingencies. Assure that proper hazard, windstorm, flood, liability and business interruption (as applicable) insurance policies are in force on or before closing, review adequate coverage and compliance with FirstBank Florida insurance rating and classification guidelines, reflecting accurate mortgagee clause. Requests OFAC and CCI reports to comply with BSA and US Patriot Act Regulation. Ensures timely reporting of HMDA (if applicable) Reconciliation of monthly general ledger accounts: Documentary Stamp. Unearned fee and Environmental accounts by the 5th of the month. Follow-up onpost-closing documents, obtain closing package from attorneys immediately after the closing, title commitment and copies of other closing documents. Prepare the following reports: Master Pipeline and New Money report in a monthly basis. Perform post-closing on files and ensure that all post-closing in the Post closing report. Confirms applicable authority signature, dates and other relevant information approval is obtained Ensure accurate reconciliation of Journal Entries with Closing Statement and CAM requirements. Review and create physical files upon receipt of original documentation. Review and upload all applicable documents to NCINO system. Serves as back up for other functions in the department

Requirements

Excellent organization skills and attention to details
Excellent verbal and written communication skills.
Excellent time manager with a proven ability to meet deadlines.
Ability to prioritize tasks.
Excellent interpersonal skills, conflict and resolution.
Ability to act with integrity, professionalism and confidentiality.
Ability to generate reports accurately.
Able to bend and lift heavy files and heavy boxes.
Excellent understanding of loan documentation and mortgage loan origination system
May require work in seating position for prolonged periods.
Deviation of normal or customary working schedule, able to work longer hours in peak times.
Proficiency with the ability for the following applications: Microsoft word Excel Encompass
This position requires a Bachelor’ Degree or mortgage loan experience, a minimum of two years’ experience as a loan closer/ processor in a bank or related field such as a mortgage company or previous banking experience with loan products and use of mortgage origination system.
Familiar with regulatory environment in respect to residential mortgage loan origination.

Responsibilities

Collect the requirements needed for the closing of commercial and corporate loans, including modifications, future advance, renewal and amendment while interpreting bank approval, guidelines, deadlines, policies and procedures in place.
Review and approve commitment letter, as applicable, confirming all CAM stipulations are appropriately reflected.
Review CAM to determine conditions that must be met prior to loan closing have been appropriately satisfied.
Review loan documentation received from the attorney to confirm and verify all CAM stipulations and requirements have been correctly documented.
Responsible for reviewing the prevailing interest rate and fees, notify the closing agent of any changes; obtain supervisor’s concurrence when necessary. Immediately notify the loan officer and/or loan processors of any material discrepancy or deviation discovered during the loan closing that might affect the quality or credit risk of the loan
Ensure final review of loan closing package for accuracy and completeness to immediately identify errors or omissions, such as promissory notes, mortgage, guaranty, loan agreement, title commitment, pay-off letters, etc.
Effectively communicate with closings agents/attorneys, borrowers and their representatives regarding closing status, and ending documentation.
Ensure compliance requirements and verifications are aligned to all contingencies.
Assure that proper hazard, windstorm, flood, liability and business interruption (as applicable) insurance policies are in force on or before closing, review adequate coverage and compliance with FirstBank Florida insurance rating and classification guidelines, reflecting accurate mortgagee clause.
Requests OFAC and CCI reports to comply with BSA and US Patriot Act Regulation.
Ensures timely reporting of HMDA (if applicable)
Reconciliation of monthly general ledger accounts: Documentary Stamp. Unearned fee and Environmental accounts by the 5th of the month.
Follow-up onpost-closing documents, obtain closing package from attorneys immediately after the closing, title commitment and copies of other closing documents.
Prepare the following reports: Master Pipeline and New Money report in a monthly basis.
Perform post-closing on files and ensure that all post-closing in the Post closing report.
Confirms applicable authority signature, dates and other relevant information approval is obtained
Ensure accurate reconciliation of Journal Entries with Closing Statement and CAM requirements.
Review and create physical files upon receipt of original documentation.
Review and upload all applicable documents to NCINO system.
Serves as back up for other functions in the department