Loan Operations Specialist

Loan Operations Specialist

Job Summary:

The Loan Operations Specialist is in charge of ensuring the completeness and correctness of a new SBA loan or modifications to an existing SBA loan by carrying out the necessary due diligence activities from the point of customer acceptance until the funding of the loan. Effective collaboration with SBA Sales and SBA credit staff is pivotal to guarantee that all mandated due diligence and SBA criteria are met. Furthermore, the Senior SBA Closing Specialist will regularly update leadership on the progress of loan closures, maintain a comprehensive awareness of SBA revisions and procedures, and assist in the creation of SBA procedural materials in conjunction with leadership to provide guidance to the team members as required.

Essential Functions:

• Distinguish between the classifications of business entities and gather the corresponding legal documentation that needs to be lodged with the state or county
• Employ the loan origination system's workflow and particular assignments to highlight top-notch methods
• Request, assess, and interpret all compulsory third-party vendor documentation pertaining to the collateral designated for securing the loan
• Complete the necessary steps to fulfill loan approval conditions and adhere to customer identification requirements promptly
• Validate that the loans have been approved by the necessary level of authorization
• Function as the contact point linking the lender, underwriter, client, legal counsel, and title company, while also engaging with the SBA as deemed necessary
• Confirm that all required investigation and consent documentation has been precisely cataloged in our record-keeping platform
• Make use of the loan documentation software to ensure the accurate creation of legal agreements and contracts
• Engage in a meticulous assessment of loan documents once the closing procedure is completed to confirm their accuracy and comprehensiveness before inputting them into the system of record
• Check to see if all relevant fees have been gathered from the borrower and that the loan amount has been distributed as scheduled
• Transfer loan-specific information to Loan Servicing to input and maintain in the core system
• Make sure that all requisite permissions have been obtained, including approvals from SBA, FSA, and any other relevant bodies, as applicable
• Validate the precise recording and arrangement of loan information within the SBA Module of the Loan Origination System to streamline the loan application process
• Ensure that all essential SBA paperwork and disclosures are appropriately filled in and signed at both the commencement and conclusion of the loan procedure
• Obtain approval for SBA loans through E-Tran or SBA One for newly initiated loans and modifications in line with the Servicing and Liquidation Actions Matrix specifications as needed
• Procure and analyze verifications using CAIVRS and IRS Tax Transcript verifications
• Oversee and conduct the execution of Letter of Credit paperwork for Small Business portfolios
• Guarantee the finalization of all SBA closings, regardless of the division in which they were initiated
• Able to support and advise newer team members
• Compliance with the regulations of Northwest and Federal/State laws is essential
• Optimize the utilization of Microsoft Office Software, computer programs, and software tailored to the department to enhance technological tools and streamline operations
• Working collectively with others is a fundamental aspect of completing tasks efficiently
• Make use of on-site apparatus
• Accomplish miscellaneous assignments and special initiatives as instructed by managers
• Lead by example in promoting a safe work environment by complying with the specified safe work practices articulated in the safety and loss prevention program to deter unsafe habits among employees
• Uphold the implementation of safe working methods in a consistent and just manner
• Every employee should be knowledgeable about the necessary steps to take if an emergency occurs

Education and Experience:

• It is preferred for applicants to hold a bachelor's degree in a similar area
• Candidates with 5-6 years of prior experience in SBA are highly desirable for this position
• Prior experience in closing construction loans is advantageous
• Prior experience of 5 to 6 years in loan closing or loan operations is essential for this role

The opportunity permits telecommuting, except for those within a 40-mile radius of our Hub locations mentioned below. Residents in close proximity to these sites must attend the office on Monday through Thursday, with Friday being an optional day for remote work.

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