Commercial Loan Closing Administrator

Thomaston Savings Bank • Thomaston, CT

8d • $26 - $39

About The Position

Performs a variety of loan processing and administrative functions in conformance with established Bank policies and procedures. This position may be designated as a dual employee of the Thomaston Mortgage Services Passive Investment Company (PIC) and may be required to participate in the annual PIC time study.

Requirements

• Accuracy and completion of underwriting requirements
• Accuracy of loan terms and requirements
• Satisfactory resolution of underwriting requirements
• Management of anticipated closings
• Current information in origination system
• Accuracy of closing documents
• Assimilation of loan documents in proper order
• Scheduling of closings
• Communication with borrowers and realtors
• Updating scheduled closing date in loan origination system
• Initiation of funding for loan closings
• Current knowledge and compliance with regulatory BSA/AML and OFAC requirements
• Compliance with all other bank policies, procedures and regulations

Responsibilities

• Prepares the loan file and closing documents for accuracy and completion of underwriting requirements prior to closing.
• Prepare and review commitment letters for accuracy of loan terms and requirements; ensure that all underwriting requirements have been satisfactorily resolved.
• Review closer pipeline reports weekly to manage flow of anticipated closings. Keep information in the origination system current so the pipeline reports are accurate.
• Use pre-closing and post-closing checklists, to ensure accuracy of closing documents. Assimilate loan documents in proper order to prepare for actual closing.
• Communicate with borrowers and realtors to schedule closings based on real estate contract dates for purchase transactions; file completeness for refinance transactions; and overall workload of processors and/or closing assistants. Update scheduled closing date in loan origination system as soon as possible.
• Initiates funding for loan closings via wire transfer, bank check or credit memo.
• Maintains current knowledge and compliance with all regulatory BSA/AML and OFAC requirements and with all other bank policies, procedures and regulations.

What This Job Offers

• Education Level: No Education Listed