Loan Disclosure Specialist

Loan Disclosure Specialist

Job Description:

The Loan Disclosure Specialist has the responsibility of conducting thorough due diligence to verify the accuracy and integrity of a new SBA loan or modifications to existing SBA loans, from the point of customer acceptance up to the funding stage. Collaboration with SBA Sales and SBA credit teams is essential to ensure compliance with all necessary due diligence requirements and adherence to SBA regulations. Moreover, this professional will be accountable for updating leaders on the status of loan closings regularly, keeping abreast of SBA policy changes and protocols, and participating in creating SBA procedural resources in conjunction with leadership to offer training to staff when needed.

Essential Functions:

• Differentiate the types of business entities and obtain the necessary legal paperwork that must be submitted to the state or county
• Use the loan process flow and individual steps in the Loan Origination System to pinpoint optimal strategies
• Evaluate, assess, and examine all necessary external vendor paperwork concerning the asset intended as collateral for the loan
• Perform all necessary tasks related to meeting the conditions for loan approval and verifying customer identities promptly
• Confirm that the loans have received authorization from the suitable level of authority
• Act as the intermediary connecting the lender, underwriter, client, legal representative, and SBA whenever necessary
• Make certain that all necessary verification and authorization paperwork has been correctly logged in our official database
• Utilize the loan documentation software to precisely generate lawful agreements and contracts
• Conduct a thorough review of loan documents after the closing process to ensure their accuracy and completeness, followed by uploading them to the designated record system
• Ensure that all relevant charges have been obtained from the borrower and that the loan funds have been distributed as planned
• Forward loan-specific details to Loan Servicing for inclusion and upkeep within the primary system
• Confirm that the necessary authorizations have been secured, such as those from SBA, FSA, etc. as required
• Verify the accurate input and setup of loans in the SBA Module within the Loan Origination System to facilitate a seamless loan processing experience
• Make certain that all necessary SBA documents and disclosures are correctly filled out and signed during both the application and closing processes
• Request and secure approval for SBA loans via E-Tran or SBA One for newly created SBA loans and modifications in accordance with the Servicing and Liquidation Actions Matrix when necessary
• Request and assess verifications from CAIVRS and IRS Tax Transcript systems
• Organize and carry out the preparation of Letter of Credit paperwork for Small Business portfolios
• Ensure the closure of all Small Business Administration (SBA) deals, regardless of the line of business in which they were initiated
• Can offer guidance to less experienced team members
• Adhere to the rules and guidelines set forth by Northwest as well as Federal and State laws
• Utilize Microsoft Office programs, computer applications, and department-specific software to enhance the use of technology tools and improve productivity
• Collaborating within a group is essential for achieving common goals
• Utilize equipment at the location
• Fulfill additional responsibilities and unique assignments as directed by supervisors
• Discourage unsafe work habits by demonstrating proper adherence to the necessary safe work practices outlined in the safety and loss prevention program to set a positive example for employees
• Promote the consistent and equitable implementation of secure operational procedures
• Guarantee that every staff member is aware of the procedures to follow in case of an emergency

Education and Experience:

• Having a bachelor's degree in a relevant subject is advantageous
• It is preferred that candidates have previous experience with Small Business Administration (SBA) within the last 5 to 6 years
• Experience with the closing of construction loans is preferred
• A minimum of 5 to 6 years of prior experience in loan closing or loan operations is a mandatory requirement

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