Commercial Loan Closing Specialist

Commercial Loan Closing Specialist

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Responsible for the determination of requirements, review, analysis and completion of all due diligence associated with the commercial loan documentation and closing process. Ensures satisfaction of credit approval conditions before preparing documentation.

• Receives, reviews, and analyzes draft and final credit approval/credit memo from underwriter or portfolio manager and determines due diligence requirements.
• Analyzes and interprets the loan approval to determine borrower, collateral, guarantor and loan requirements.
• Control point to confirm evidence of sufficient lending authority obtained on the credit approval.
• Manages workload by monitoring newly received loans as well as tracking work in process.
• Orders and/or interprets supplemental vendor due diligence information to ensure borrower, collateral and guarantor requirements are met and ensures production of appropriate documentation in compliance with all terms of the loan request such as: title commitment / title search, UCC (Uniform Commercial Code) search, evaluation or real estate appraisal, environmental questionnaire, RSRA/Transaction Screens or evaluation (phase I/II), flood determination and other regulatory or compliance items, proof of insurance documents, survey, and entity documents.
• Ensures adherence to the Bank's risk tolerance or escalates appropriately.
• Promptly and accurately determines when all underwriting approval conditions for the loan closing have been satisfied. Takes appropriate remedial actions to resolve deficiencies and escalates questions/disputes to appropriate level when necessary.
• Determines closing date expectations and advises sales and credit of obstacles that may impede meeting client expectations.
• Coordinates efforts to establish the closing date and time with all parties concerned including internal and external attorneys (as applicable), title companies, external customers and relationship manager or financial center manager.
• Coordinates efforts to engage and finalize preparation of loan documents by internal and external counsel in a timely manner.
• Reviews loan documents and identifies/resolves shortfalls to ensure alignment with the deal structure and credit approval.
• Understands all business entity structures and obtains/reviews entity documents to determine authorized parties that can bind the entity to the loan transaction.
• Proactively contacts customers directly to obtain required documentation and when facilitating closing date/times, when applicable.
• Collaboratively works with and shares knowledge with internal partners and divisions.
• Understands, determines and obtains appropriate approval for compliance requirements, such as commercial customer identification Program (CIP), Reg. U, consumer purpose, Flood, etc.
• Understands and makes determination of appropriate loan coding needed for portfolio and regulatory reporting purposes, such as loan purpose, collateral type, obligation type, etc.
• Demonstrates and appropriately applies a working knowledge of diverse commercial loan documentation, legal & regulatory requirements (including unique state regulations), policies and procedures, and applies that knowledge.
• Obtains and understands all funding information and creates and/or reviews the settlement Statement providing direction for the disbursement of loan proceeds.
• For internally prepared loans, makes the final determination that all due diligence has been completed, final credit approval has been received, all policies and regulations have been met. Upon this determination, notifies sales, credit, title company, outside counsel, etc. of authorization to close the transaction. The loan closing cannot occur without this final LCS decision.
• Works directly with outside counsel on externally prepared commercial loan documentation, acting on the bank's behalf to review all loan documentation and confirms all due diligence items are addressed by bank or attorney, if applicable.
• Provides guidance and support to business partners to meet the needs of external customers.
• Able to coach business partners on the retail business banking and commercial lending loan closing process.
• Interacts and communicates daily with all levels, including financial center employees, supporting business units, relationship managers, credit, underwriters, document preparation, REVG, title companies, 3rd parties, attorneys, flood vendors to ensure they meet goals and service level agreements.
• Ensures all individual and departmental goals and service level agreements (SLAs) are met.
• Stays current with and apply credit policy and procedures to all transactions to mitigate risk to the Bank.
• Reviews appropriate loan accounting system and identifies…