Address
Form of workLoan Closing Specialist
Department: Loan Operations Department
Reports: FVP, Director of Loan Operations
Position Summary:
The Loan Closing Specialist is responsible for the closing of loans associated with Carver's suite of loan products including but not limited to commercial loans, C&I, micro-loans, lines of credit, secured cash access loans, MTA loans, participations, purchased loans, and sold loans. This role ensures that loan data is accurately entered in Carver's loan origination database ensuring that all loan documents are collected and compiled into loan files in accordance with Carver's standards. Key internal partners include the Lending, Credit, Portfolio Management, Audit, and Compliance departments.
Essential Duties and Responsibilities
Loan Closings (60%)
• Collect loan submission paperwork from Loan Officers.
• Acts as liaison between outside counsel, lending officers and customers.
• Prepare and execute loan file document checklists for all loan originations.
• Gather all loan documents and prepare loan files.
• Track good faith deposits and disbursements of these deposits.
• Generate and deliver third party credit reports.
• File UCC-1 and UCC-3 paperwork for assignments and terminations.
• Perform CIP and CDD and validate prerequisites before closing a loan.
• Supply BSA Department with CIP customer information, i.e., OFAC, Applications, ID's, and loan documents.
• Generate adverse action and declined loan letters for Commercial and Retail loan requests.
• Monitors lending pipeline reports.
• Prepare wire transfers for loan advances and repayments and ensure all pre-funding requirements are met prior to closing.
• Ensure new loan files are prepared and eligible for FHLB pledging (when applicable).
• Establish and maintain a thorough knowledge of all Carver loan products and investor requirements to ensure quality closing packages and potential salability into the market.
• Initiate environmental review (phases I, II, and III) as necessary.
Compliance, Quality Control and Other Duties (40%)
• Prepare loan file document checklists for loan pool purchases and other tasks, including:
o File ordering and stacking
o Review of calculations for escrow requirements
o Assist with the preparation of legal documents, good-bye, and welcome letters, and UCC assignments.
• Gather all purchased loan documents and prepare loan files (both hard copy and digital)
• Perform pre-closing review of loan settlement disbursement agreement and CAM.
• Review loan files for completeness and accuracy prior to closing.
• Other duties as assigned.
Background and Experience:
• Minimum associate degree or equivalent related business experience.
• Minimum of 2 years of experience in loan origination.
• Strong communications skills and the ability to communicate effectively verbally and in writing.
• Excellent organizational, time management, and analytical skills.
• Strong attention to detail.
• Able to read and understand credit approval terms and conditions.
• Knowledge of commercial real estate, construction, business, SBA, residential and consumer mortgage loan processing and loan documentation.
• Knowledge of lien perfection and collateral release processes.
• Knowledge of State, Federal and general banking compliance requirements, and regulations.
• Knowledge of Jack Henry core system.
• Knowledge of Lexis Nexis and Smartsheet.
• Excellent Microsoft Excel & Word skills.
• Familiarity with all phases of loan processing.
Department: Loan Operations Department
Reports: FVP, Director of Loan Operations
Position Summary:
The Loan Closing Specialist is responsible for the closing of loans associated with Carver's suite of loan products including but not limited to commercial loans, C&I, micro-loans, lines of credit, secured cash access loans, MTA loans, participations, purchased loans, and sold loans. This role ensures that loan data is accurately entered in Carver's loan origination database ensuring that all loan documents are collected and compiled into loan files in accordance with Carver's standards. Key internal partners include the Lending, Credit, Portfolio Management, Audit, and Compliance departments.
Essential Duties and Responsibilities
Loan Closings (60%)
• Collect loan submission paperwork from Loan Officers.
• Acts as liaison between outside counsel, lending officers and customers.
• Prepare and execute loan file document checklists for all loan originations.
• Gather all loan documents and prepare loan files.
• Track good faith deposits and disbursements of these deposits.
• Generate and deliver third party credit reports.
• File UCC-1 and UCC-3 paperwork for assignments and terminations.
• Perform CIP and CDD and validate prerequisites before closing a loan.
• Supply BSA Department with CIP customer information, i.e., OFAC, Applications, ID's, and loan documents.
• Generate adverse action and declined loan letters for Commercial and Retail loan requests.
• Monitors lending pipeline reports.
• Prepare wire transfers for loan advances and repayments and ensure all pre-funding requirements are met prior to closing.
• Ensure new loan files are prepared and eligible for FHLB pledging (when applicable).
• Establish and maintain a thorough knowledge of all Carver loan products and investor requirements to ensure quality closing packages and potential salability into the market.
• Initiate environmental review (phases I, II, and III) as necessary.
Compliance, Quality Control and Other Duties (40%)
• Prepare loan file document checklists for loan pool purchases and other tasks, including:
o File ordering and stacking
o Review of calculations for escrow requirements
o Assist with the preparation of legal documents, good-bye, and welcome letters, and UCC assignments.
• Gather all purchased loan documents and prepare loan files (both hard copy and digital)
• Perform pre-closing review of loan settlement disbursement agreement and CAM.
• Review loan files for completeness and accuracy prior to closing.
• Other duties as assigned.
Background and Experience:
• Minimum associate degree or equivalent related business experience.
• Minimum of 2 years of experience in loan origination.
• Strong communications skills and the ability to communicate effectively verbally and in writing.
• Excellent organizational, time management, and analytical skills.
• Strong attention to detail.
• Able to read and understand credit approval terms and conditions.
• Knowledge of commercial real estate, construction, business, SBA, residential and consumer mortgage loan processing and loan documentation.
• Knowledge of lien perfection and collateral release processes.
• Knowledge of State, Federal and general banking compliance requirements, and regulations.
• Knowledge of Jack Henry core system.
• Knowledge of Lexis Nexis and Smartsheet.
• Excellent Microsoft Excel & Word skills.
• Familiarity with all phases of loan processing.
