Commercial Loan Processor​/Closer

Job Location:

Warren, OH 44483

Job Summary:

The Commercial Loan Processor/Closer is responsible for processing and closing commercial loans including real estate secured, non‑real estate secured, and unsecured loans. The position interacts with members, loan officers, and third parties to create a smooth and timely loan closing process and ensure compliance with applicable regulations, policies, and procedures.

• Primary Duties – Loan Processing:
  • Order and obtain all third‑party services and information needed from members to close, including appraisal, appraisal review, title, survey, flood certificates, insurance, condominium documentation, environmental reports, and any documentation required to clear all conditions to close noted in the credit memo in a timely manner.
  • Ensure all required information is organized in the loan file, including commercial application, approved credit memo, appraisal, flood certificate, title, and environmental reports.
  • Follow 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 as to the current status of the file, pending items needed to close, and the timeline for outstanding items.
• Primary Duties – Loan Closing:
  • Prepare loan documents utilizing document preparation software or by coordinating with outside counsel if attorney‑prepared documents are required. 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 title company, borrower, and loan officer.
  • Provide funding instructions to 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 credit union listed as a lienholder.
  • Track and resolve post‑closing exceptions.
• Other Duties:
  • 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.
  • Keep abreast of changes within the regulatory environment to ensure compliance while responding to inquiries from auditors and regulatory agencies as necessary.
  • Perform all duties in compliance with Federal and State regulations, 717 Board policies, as well as departmental and credit union procedures.

Other Employees, Members, Vendors, Community Leaders, Corporate Management

Must keep members' documents, financial information, transactions and other Credit Union business in strictest confidence.

Occasionally travel to vendors or business customers.

• Prerequisite
  
  Education:
  
  High school diploma or equivalent.
• Prerequisite
  
  Experience:
  
  
  • At least 3 years 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, recognizing and correcting errors.
  • Must demonstrate accuracy and attention to detail in performing daily duties while working in a…