Commercial Loan Specialist
About The Position
Coordinate and track commercial real estate acquisition and refinance loan closings, while supporting commercial construction and participation loan closings. Manage construction loan administration and draw processes, and administer commercial loan participation activities in collaboration with lenders and leadership. Review, book, assemble, and maintain commercial loan documentation; monitor collateral perfection, lien protection, servicing requirements, financial covenants, and insurance coverage; and ensure applicable regulatory and compliance requirements are met. Serve as a primary contact for commercial members regarding loan questions and servicing needs, assist with departmental monitoring and training, and complete special projects and assignments directed by leadership. The position is based in Apple Valley, Minnesota, with a hybrid schedule after training. The role is offered as contract-to-hire.
Requirements
- At least 3 years of commercial loan operations or commercial servicing experience.
- At least 1 year of experience with CRE and Commercial & Industrial (C&I) lending.
- At least 1 year of experience reviewing business financial documents.
Nice To Haves
- At least 1 year of commercial participation and commercial construction servicing experience.
Responsibilities
- Coordinate and track CRE acquisition and refinance loan closings and support commercial construction and participation loan closings.
- Prepare and facilitate regular meetings with lenders and analysts.
- Complete assigned tasks within established timelines and escalate issues as needed.
- Coordinate communications with third-party vendors, including title companies, environmental and appraisal management firms, legal counsel, and other financial institutions.
- Manage commercial construction loan administration and draw processes with lenders and leadership.
- Establish and maintain construction project tracking; balance draw requests, pay applications, and invoices against available funding; ensure progress inspections are completed; and verify project completion against advances.
- Validate collection of lien waivers, insurance documentation, and other required items.
- Administer commercial loan participation activities, ensuring documentation meets approval requirements and servicing complies with participation agreements.
- Communicate with participating lenders about loan administration and servicing, balance payments and advances for accurate allocations, and provide required financial information.
- Review loan documentation, identify outstanding items, and provide feedback to lenders.
- Assemble, maintain, electronically file, and accurately record complete post-closing loan packages.
- Book new commercial, construction, and participation loans into the core loan system and verify other Specialists’ work for booking accuracy.
- Establish applicable ticklers and covenant-tracking requirements.
- Monitor collateral perfection, lien protection, and servicing requirements throughout the commercial and participation loan portfolio.
- Track financial covenants and reporting; monitor insurance coverage; maintain recorded mortgages, assignments of leases and rents, and final title policies; and manage UCC filings, renewals, and terminations.
- Ensure compliance with regulations applicable to commercial loans and deposit accounts, including HMDA requirements for applicable loans secured by residential real estate.
- Serve as a primary contact for commercial members on loan questions and servicing needs; respond to requests involving statements, loan and deposit account inquiries, and wire transactions.
- Assist with monitoring department reports for past-due payments, NSF items, and outstanding post-closing documentation, and communicate identified items.
- Complete assigned training activities to support onboarding and training of new team members.
- Complete special projects and departmental assignments directed by leadership, managing timelines, monitoring progress, and resolving issues.
- Adhere to Bank Secrecy Act policies, procedures, and regulatory requirements.
Benefits
- Medical insurance
- Dental insurance
- Vision insurance
- Critical Illness, Accident, and Hospital coverage
- 401(k) retirement plan with pre-tax and Roth post-tax contributions available
- Life insurance, including voluntary Life and AD&D coverage for employees and dependents
- Short- and long-term disability coverage
- Health Spending Account (HSA)
- Transportation benefits
- Employee Assistance Program
- Time off/leave, including PTO, vacation, or sick leave
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What This Job Offers
Education Level
No Education Listed
