Commercial Loan Closing Specialist

Fifth Third Bank • Grand Rapids, MI

4d • $54,400 - $111,500

About The Position

The Commercial Loan Closing Specialist determines, reviews, analyzes, and completes due diligence requirements for commercial loan documentation and closing. This includes confirming satisfaction of credit approval conditions before loan documents are prepared, interpreting third-party documents, and coordinating documentation for real estate and non-real-estate secured loans. The specialist works proactively with sales, credit, customers, attorneys, title companies, and other vendors to meet borrower closing expectations.

Under minimal supervision, the specialist reviews vendor documents, clears liens and credit conditions, confirms loan-to-value ratios for moderately complex loan products, and makes the final due-diligence determination required to proceed to closing. The role also reviews loan documents for alignment with the deal structure and approval, confirms entity authority and regulatory compliance, supports accurate funding and disbursement, and helps ensure the bank's policies and risk standards are followed. The position is located in Grand Rapids, Michigan.

Requirements

• High school diploma or equivalent.
• At least 2 years of experience focused on due diligence, loan documentation, or related work.
• Strong time-management and organizational skills.
• Understanding of bank policies and procedures relating to loan-closing conditions, vendor documents, and vendor services.
• Strong knowledge of common vendor documents, including title work, appraisals, flood determinations, and lien searches.
• Strong knowledge of loan documents and requirements.
• Strong knowledge of commercial lending and loans.
• Thorough understanding of business banking and commercial loan products and credit policies or guidelines.
• Thorough knowledge of loan documentation, collateral evaluation, lien perfection, and local, state, and federal regulatory requirements.
• Strong personal computer skills, including demonstrated knowledge of Microsoft Excel, Word, and email.
• Ability to work independently with minimal direction.
• Strong verbal and written communication, negotiation, and interpersonal skills, and a team-oriented approach.
• Ability to meet deadlines under pressure and appropriately escalate issues requiring problem-solving and decision-making.

Nice To Haves

• Bachelor's degree.
• Commercial loan experience.
• Knowledge of B2B, CCAS, AFS, RIMS, CHQ, loan document preparation systems, equivalent vendor systems, and other banking systems.

Responsibilities

• Review credit approvals and credit memoranda to determine borrower, collateral, guarantor, and loan due-diligence requirements.
• Confirm evidence of sufficient lending authority for credit approvals.
• Monitor newly received loans and work in process to manage workload and meet deadlines.
• Order and interpret third-party due-diligence materials, including title work, UCC searches, appraisals or evaluations, environmental reviews, flood determinations, insurance evidence, surveys, and entity documents.
• Confirm underwriting and closing conditions are satisfied, resolve deficiencies, and escalate questions or disputes as needed.
• Identify obstacles to meeting expected closing dates and coordinate closing dates and times with internal and external parties.
• Coordinate timely preparation of loan documents with internal and external counsel.
• Review loan documents for alignment with deal structure and credit approval, and identify and resolve shortfalls.
• Review entity documents and determine which parties are authorized to bind an entity to the loan transaction.
• Contact customers to obtain required documents and coordinate closing dates and times when applicable.
• Collaborate with internal partners and provide guidance and support, including coaching business partners on the loan-closing process.
• Determine and obtain appropriate approvals for compliance requirements, including CIP, Regulation U, consumer purpose, and flood requirements.
• Determine appropriate loan coding for portfolio and regulatory reporting.
• Apply knowledge of commercial loan documentation, legal and regulatory requirements, policies, procedures, and state-specific rules.
• Obtain and understand funding information and create or review settlement statements, directing disbursement of loan proceeds.
• For internally prepared loans, make the final determination that due diligence, final credit approval, policies, and regulations are complete before requesting document preparation.
• For attorney-prepared loans, make the final determination that due diligence, final approval, closing conditions, policies, and regulations are complete before authorizing the transaction to close.
• Work with outside counsel on externally prepared loan documents and confirm due-diligence items are addressed.
• Review loan accounting systems, identify differences between system structure and credit approval structure, and work with credit to resolve them.
• Apply current credit policies and procedures to transactions to mitigate risk and help meet individual and departmental goals and service-level agreements.
• Perform other duties as assigned.

Benefits

• Comprehensive benefits supporting employees' physical, financial, emotional, and social well-being.
• Eligibility to participate in an incentive compensation plan, with payments based on company, line-of-business, and/or individual performance.

What This Job Offers

• Job Type: Full-time
• Education Level: High school or GED