COMMERCIAL LOAN PROCESSOR/CLOSER

7 17 Credit Union•Warren, OH

3d•Onsite

About The Position

This position is responsible for processing and closing commercial loans. Key duties include ordering and obtaining all necessary third-party services and information from members, ensuring all required documentation is organized in the loan file, and managing the clear-to-close process to ensure timely loan closings in accordance with the credit approval memorandum. The role also involves preparing loan documents, reviewing title commitments and settlement statements, coordinating closings, providing funding instructions, and ensuring liens are perfected. Additionally, the position requires maintaining pipeline tracking, exception logs, backing up other Commercial Loan Operations positions, and assisting with audits. The role must be performed in compliance with all relevant regulations and credit union policies.

Requirements

High school diploma or equivalent
At least 3 years of experience processing, underwriting, closing, or servicing commercial loans
Excellent communication skills and ability to deal with others in a friendly, courteous, and efficient manner
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
Thorough understanding of payment transactions and loan amortizations, loan processing requirements for new loans, portfolio maintenance requirements, and recognizing and correcting errors
Must demonstrate accuracy and attention to detail while working in a fast-paced environment
Proficient in Microsoft Excel and Word software to prepare loan presentations, closing packets, and other duties in a timely manner
Proficient knowledge of commercial loan structures including loan participations, lien perfection, regulatory compliance, and document management
Customer service attitude and skills, including a team player attitude, commitment, patience, enthusiasm, creativity, listening, comprehension, initiative, cooperation, attention to detail, and resourcefulness
Professionalism, including confidence, good judgment, appropriate demeanor and appearance, and the ability to interact with employees and members
Skills including problem-solving, decision-making, time management, interpersonal communications, and organization
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
Must be accurate and thorough in processing loans

Responsibilities

Order and obtain all third-party services and information needed from members for loan closing, including appraisals, title, flood certificates, insurance, environmental reports, and any other documentation required to clear conditions noted in the credit memo.
Ensure all required information is organized in the loan file, including the commercial application, approved credit memo, appraisal, flood certificate, title, and environmental reports.
Follow the 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.
Keep all parties to the transaction informed of the current status of the file, pending items needed to close, and the timeline for outstanding items.
Prepare loan documents utilizing document preparation software or by coordinating with outside counsel.
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 such as the note, loan agreement, resolutions, guarantees, security agreement, mortgage, assignment of rents, errors and omissions, disbursement authorization, and agreement to provide insurance.
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.
Coordinate loan closings with all involved parties, including the title company, borrower, and loan officer.
Provide funding instructions to the Commercial Loan Administrator.
Ensure liens are perfected by verifying that mortgages and assignment of rents are appropriately recorded, UCCs are filed, and titled collateral has the credit union listed as a lienholder.
Track and resolve post-closing exceptions.
Maintain pipeline tracking and exception logs.
Back up other Commercial Loan Operations positions.
Assist with regulatory and external audits and exams.
Keep job processes and procedures up to date.
Stay informed of changes within the regulatory environment to ensure compliance.
Respond to inquiries from auditors and regulatory agencies.
Perform all duties in compliance with Federal and State regulations, 7 17 Board policies, and departmental and credit union procedures.