SUMMARY: The Commercial Loan Closing Officer (LCO) is responsible for handling SBA, C&I, CRE, and Loan Origination System (LOS) Originated loan requests. Activities include but are not limited to:

Coordinating and executing closing of loans by participating in ongoing meetings with the Deal Team (attorneys, Relationship Managers, Credit Product Officers (CPO) and Credit Officers),
Along with Relationship Manager, ensuring loan documents accurately reflect approved terms and conditions and are executed in a timely manner,
Work with Deal Team ensuring closing conditions outlined in the credit approval, or identified during closing process and approved by Credit, are satisfied
Working with business partners to ensure closing related fees are received, distributed and applied correctly,
Ensure or coordinate proper setup of transactions in loan system by Loan Servicing Team,
Determining when loan is "clear to close" and communicating with Deal Team,
Performing due diligence searches, as requested,
Updating shared document repository deal sites with closing related and post-closing documentation and due diligence and
Generating and disbursing ongoing transactional notices for participant banks.
This is an entry level LCO position, primarily focused on SBA loan products
Normally works on loans that are not as complex or that may require a lower level of closing condition resolution
Works under minimal supervision and direction

ESSENTIAL DUTIES AND RESPONSIBILITIES include the following. Other duties and special projects may be assigned.

Pre-Closing and Due Diligence (55% of time)
Receives and Reviews -- Receives approved CAM packages from Underwriter or Portfolio Manager. Reviews the Approved CAM package for loan closing conditions, appropriate lending authority, and lien perfection requirements.
Ensures Complex Transactions are Setup in Loan System Correctly -- Work with Loan Servicing department to ensure deals are setup to bill correctly to our borrower and participants.
Coordinates Fees - Working with the deal team, which can include internal partners, agent bank and/or participating banks, to coordinate distribution, receipt of and application of direct, syndication, sold participation and Shared National Credit closing related fees including but not limited to commitment fee, arranger fee, skimming fee and administration fee.
Conditions to Close -- Confirm and satisfy "Conditions to Close" by completing the Closing Memorandum Worksheet.
Orders Due Diligence -- Orders required due diligence items including flood determinations.
Confirms Receipt of Satisfactory Due Diligence -- Confirms due diligence items have been reviewed and are satisfactory. Due diligence items include but are not limited to flood regulation items, hazard, liability insurance and any other required insurance certificates, OFAC clearance, beneficial ownership forms, appraisal and appraisal review, environmental report and review.
Acts as Liaison with Partners -- Interacts with all business partners including relationship manager, Credit Products Officer (UW/PM), credit officers, attorneys, 3rd party vendors, etc. to ensure loan closing requirements are understood and satisfied.
Satisfies Pre-Closing Conditions -- Expedites the prompt and accurate satisfaction of all pre-closing conditions. Including calculation of collateral loan-to-value and determining adequacy of insurance coverage.
Resolves Non-Credit Deficiencies - Independently takes remedial actions to resolve non-credit related deficiencies escalating questions/disputes to the appropriate party when necessary.
Resolves Credit Related Deficiencies -- Works closely with underwriter/portfolio manager and credit officer to resolve credit related deficiencies and obtain approval if needed.
Loan Documentation (25% of time)
Engages with Attorney -- When the approved CAM package is received, LCO is introduced to counsel (selected from the Bank's Approved Attorney List or In House Counsel) to prepare loan documents. RM to notify LCO which firm is to be engaged or has been engaged. For Loan Closing Officer prepared loan documents which are either closed in house by the LCO or where the LaserPro Loan documents are used by Counsel for an attorney led closing, the LCO must be proficient in LaserPro. Ongoing LaserPro Training will be provided.
Reviews Loan Documents -- Performs thorough and timely review of loan documents ensuring that the documents adequately reflect the loan as approved and protects the Bank's interests. Understands the materiality of nuances in legal language to assess whether the loan documents capture the intentions of the approved deal/covenants/conditions. Ultimate quality of the integrated approved terms are the responsibility of the Loan Closing Officer.
Participates in Document Uploads -- for syndicated deals, uploads documentation and due diligence required by participant banks to shared document repository site.
Ensures Rate Options are Properly Documented -- Uses knowledge of interest rate indices and loan types in order to ensure documents capture borrowing options in a way the loan system can accommodate.
For Attorney Prepared/Closed Loans, the LCO facilitates a final Loan Document review with Bank's Counsel and RM and determines when the loan documents are finalized and ready for execution. If the Loan Documents are prepared in house and counsel is not retained by the Bank, the LCO reviews the documents with the RM and provides the finalized documents to the RM for execution.
Closing and Funding (15% of time)
Reconciles Fees -- Reconciles fees for third-party vendors/reports and provides a summary to Bank's Counsel, when closed by an attorney. For Loans Closed in a Loan Origination System, that system is updated with all Fees due to the Bank
Issues the "Clear-to-Close" -- Issues the "Clear-to-Close" when all pre-closing conditions have been met and loan documents are finalized. Has the authority to delay closings if all pre-closing conditions have not been met or if approval has not been obtained to move a pre-closing condition to a post-closing condition.
Coordinates Closing -- Coordinates closing date, time, and place with all parties.
Reviews Executed Documents -- Following closing, LCO reviews all executed loan documents to ensure that they have been executed properly.
Initiates Funding -- After all executed documents are reviewed and validated, the LCO will fund the loan proceeds as directed by Bank Counsel and provide a Clear to Fund to Bank's Counsel. On a non-attorney closed loan, LCO prepares a Borrower executed Loan Disbursement Form and initiates funding accordingly.
Forwards Executed Documents -- Provides executed loan documents to Loan Servicing for booking with direction to set tickers up for tracking of trailing documents.
Post-Closing Activities (5% of time)
Assist Loan Administrator in Resolving Tracking Items -- Using internal reporting, resolves ongoing items coming due such as insurance expirations, rate type change, loan and payment structure changes.
Adheres to and complies with applicable, federal and state laws, regulations and guidance, including those related to anti-money laundering (i.e. Bank Secrecy Act, US PATRIOT Act, etc.).
Adheres to Bank policies and procedures and completes required training.
Identifies and reports suspicious activity.

EDUCATION

Experience

Bachelor's Degree or equivalent related experience required

1-3 Years prior experience in a loan operations or loan closing environment required

Knowledge, Skills And Abilities

Good understanding of Commercial Loan products
Familiarity with most common vendor documents -- title work, appraisals, flood determinations, lien searches, etc. and the procedures and regulations related to ordering, receipt and review
Knowledge of loan documentation, collateral evaluation (including LTV calculation), and lien perfection
Good interpersonal skills with the ability to establish and maintain working relationships both inside and outside the Bank
Negotiation skills
Good verbal and written communication skills
Self-starter and able to work with minimal direction
Proficient in MS Office (Excel, Word, Outlook, etc.)

SBA/CML Loan Closing Officer I -OPX (Remote)

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