Commercial Loan Closing Administrator

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Regular Full-Time 5B - Loan Support Thomaston, CT, US

4 days ago Requisition

Salary Range: $25.79 To $38.68 Hourly

Role

Performs a variety of loan processing and administrative functions in conformance with established Bank policies and procedures by performing the following duties. This position may be designated as a dual employee of the Thomaston Mortgage Services Passive Investment Company (PIC) and may be required to participate in the annual PIC time study.

• Prepares the loan file and closing documents for accuracy and completion of underwriting requirements prior to closing.
• Prepare and review commitment letters for accuracy of loan terms and requirements; ensure that all underwriting requirements have been satisfactorily resolved.
• Review closer pipeline reports weekly to manage flow of anticipated closings; keep information in the origination system current so the pipeline reports are accurate.
• Use pre-closing and post-closing checklists to ensure accuracy of closing documents; assimilate loan documents in proper order to prepare for actual closing.
• Communicate with borrowers and realtors to schedule closings based on real estate contract dates for purchase transactions; file completeness for refinance transactions; and overall workload of processors and/or closing assistants. Update scheduled closing date in loan origination system as soon as possible.
• Initiates funding for loan closings via wire transfer, bank check or credit memo.
• Maintains current knowledge and compliance with all regulatory BSA/AML and OFAC requirements and with all other bank policies, procedures and regulations.