COMMERCIAL LOAN PROCESSOR/CLOSER

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.

All job positions at 7 17 Credit Union may be assigned further duties with or without notice, verbally or in writing. Essential duties and responsibilities include the following.

Primary Duties – Loan Processing:

1. Order and obtain all third-party services as well as information needed from members to close including, but not limited to 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
2. Ensure all required information is organized in loan file including but not limited to commercial application, approved credit memo, appraisal, flood certificate, title, and environmental reports
3. 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
4. Keep all parties to the transaction informed as to the current status of the file, pending items needed to close, as well as timeline for outstanding items

Primary Duties – Loan Closing:

1. 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 including but not limited to the note, loan agreement, resolutions, guarantees, security agreement, mortgage, assignment of rents, errors and omissions, disbursement authorization, and agreement to provide insurance.
2. 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
3. Coordinate loan closings as required with all involved including title company, borrower, and loan officer
4. Provide funding instructions to Commercial Loan Administrator
5. 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 a lienholder
6. Track and resolve post-closing exceptions

Other Duties:

1. Maintain pipeline tracking and exception logs
2. Backs up other Commercial Loan Operations positions
3. Assists with regulatory and external audits and exams
4. Keep job processes and procedures up to date
5. Keep abreast of changes within the regulatory environment to ensure compliance while responding to inquiries from auditors and regulatory agencies as necessary
6. Performs all duties in compliance with Federal and State regulations, 7 17 Board policies, as well as departmental and credit union procedures

This position manages the following jobs: None

Internal and External Contacts: Other Employees, Members, Vendors, Community Leaders, Corporate Management

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

Travel Demands: Occasionally travel to vendors or business customers.