Commercial Loan Closing Administrator

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

5 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.

Major Duties and Responsibilities

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.

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