Commercial Loan Post Closer

Commercial Loan Post Closer

Job Description:

A Commercial Loan Post Closer is responsible for finalizing loan transactions by ensuring all necessary documentation is accurate and complete before disbursing funds to borrowers

The main duty of the Commercial Loan Post Closer involves overseeing all aspects of the due diligence process to confirm the correctness and thoroughness of new SBA loans or amendments to current SBA loans, from acceptance by the customer to the final funding stage. It is vital to maintain a close working relationship with SBA Sales and SBA credit teams to ensure that all necessary due diligence is completed and SBA guidelines are met. Additionally, regular updates on the progress of loan closings must be provided to the leadership team, and a strong understanding of SBA policies and procedures must be continuously upheld, with an emphasis on collaborating with leadership to develop SBA processes and resources for education purposes in the field.

Essential Functions:

• Recognize the various forms of business structures and gather the appropriate legal forms needed for submission to the state or county
• Implement the loan workflow and distinct activities in the Loan Origination System to recognize effective approaches
• Arrange for the acquisition, examination, and evaluation of essential third-party vendor records relevant to the loan's pledged collateral
• Carry out thorough investigations to ensure all loan approval conditions are met and customer identification requirements are satisfied promptly
• Ensure that the loans have been sanctioned by the relevant authority
• Serve as the primary liaison among the lender, underwriter, client, lawyer, and title company, with communication involving the SBA as required
• Verify that all essential diligence and approval records have been accurately entered into our designated system
• Employ the loan documentation tool for the precise formulation of legal agreements and contracts
• Verify the precision and entirety of loan documents post-closure and then proceed with the uploading of these documents into the system for record-keeping
• Confirm that all relevant fees have been acquired from the borrower and that the loan funds have been dispersed on time
• Provide Loan Servicing with loan-specific data for integration and management within the core system
• Ensure that the appropriate endorsements have been acquired, including those from SBA, FSA, and other relevant entities, as needed
• Confirm the correct entry and configuration of loan details into the SBA Module of the Loan Origination System for efficient loan origination procedures
• Verify that the required SBA forms and disclosures are accurately completed and duly signed when applying for or finalizing a loan
• Secure SBA Loan approval using E-Tran or SBA One for recently originated SBA loans and required modifications, following the guidelines outlined in the Servicing and Liquidation Actions Matrix
• Obtain and evaluate verifications through CAIVRS and IRS Tax Transcript processes
• Manage and implement the documentation process for Letters of Credit in Small Business portfolios
• Uphold the completion of every SBA transaction, irrespective of the department from which it originated
• Willing to provide mentoring to junior colleagues
• Make sure to follow Northwest's policies and procedures and comply with all relevant Federal/State regulations
• Maximize efficiency by effectively using Microsoft Office software, computer apps, and specialized departmental software to leverage technological resources
• Being a team player is crucial in a professional environment
• Operate machinery on site
• Carry out various tasks and specific projects as required by company leadership
• Set a precedent for employees by abiding by the essential safe work practices specified in the safety and loss prevention program to dissuade any risky behaviors in the workplace
• Ensure the uniform and impartial enforcement of safe workplace protocols
• It is essential to make sure that all employees are informed about the actions required during emergency situations

Education and Experience:

• A preference is given to candidates with a bachelor's degree in a related field
• Ideally, applicants should possess knowledge and experience in SBA activities within the past 5-6 years
• Preference for candidates with a background in closing construction loans
• Candidates must possess at least 5-6 years of experience in loan closing or loan operations as a prerequisite

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