Commercial Loan Closing Coordinator I

Provident Bank • Woodbridge, NJ

10d • $23 - $29 • Onsite

About The Position

The position’s role is responsible for facilitating document preparation and closing of Small Business, Business Banking, Middle Market and Wealth Management Loans. Acts as a courteous and beneficial liaison between customers, Loan Relationship Managers, Portfolio Managers and other professionals. Job performance is evaluated on accuracy, timeliness, productivity and customer satisfaction.

Requirements

• 1 to 3 years of experience in the mortgage industry or loan processing.
• Associate’s degree or its equivalent
• Loan Closing Documentation
• Commercial loan closings / mortgage processing and ability to apply such knowledge.
• Strong verbal, communicative and written skills.
• Proficient with software and systems programs.
• Ability to manage heavy workflow, resolve problems with modest supervision, attention to detail and the ability to perform arithmetic calculations.

Responsibilities

• Reviews proposed loan documents on new transactions for conformance with the loan approval & commitments. This includes organization of the file, review of the closing documents for accuracy, assuring receipt of all required closing documentation, due diligence, compliance and satisfaction of all closing terms, conditions and covenants.
• Is responsible for loan set-up including completion of loan input sheets, transaction tickets to reconcile the general ledger debit and credit entries, calculation of required escrows, reserves and prepaid interest, initiating wire transfers and wire verifications.
• Coordinates all aspects of the closing process to ensure that all terms and conditions of the transaction are met. Assemble, prepare and verify closing documents, in-house or attorney prepared during the completion of commercial loan transaction. Ensures proper setup of LaserPro prepared documents and attorney prepared documents, which varies from Commercial Loans, CapEx Lines, Lines of Credit, Term Notes and occasionally, Letters of Credit.
• Responsible for confirming that the loan was properly established on the bank’s system by the Loan Processing Administrators.
• Consistently updates the loan closer reports. Maintains the loan files on a current basis at all times; responds to customer inquiries; assists the Relationship Manager; facilitates communications with Loan Operations. Post closing follow-up to ensure that all required documentation is received
• Prepare and review Legal documentation for extensions, modifications, renewals and term out and ensure conformance to credit approval. Order and review judgment and Lien searches and corporate status findings and ensure compliance with loan approval. Review Insurance coverage for adequacy as per policy and ensuring coverage is current.
• Coordinates and acts as a liaison with Attorneys, Relationship Managers/Portfolio Managers and other professionals to schedule and ensure closing takes place in a timely fashion.
• Immediately following all closings, coordinates post closing items with the post closing administrator
• Performs other related duties as required.

Benefits

• Team members accrue paid time-off (PTO), receive Holiday (PTO) and are eligible to participate in the bank’s Health and Wellness benefits including Medical, Dental and Vision Plans, Flexible and Health Savings Accounts, and a 401(k) Retirement Plan.
• In addition, the company provides Disability Insurance, an Employee Assistance Program, and Basic Life Insurance.
• Company sponsored Tuition Disbursement and Loan Repayment programs are also available.
• Voluntary benefits include Supplemental Life Insurance, Accident, Critical Illness, Hospital Indemnity and Legal plans.

What This Job Offers

• Job Type: Full-time
• Career Level: Entry Level
• Education Level: Associate degree
• Number of Employees: 1,001-5,000 employees