TOP 3 must-have skills
- Understanding of documents and clear exceptions
- Review and understand extensions.
- General knowledge of loan documents
- 100% remote
- Manages the documentation and closing needs of a diverse, complex portfolio of commercial real estate and corporate loans;
- Reviews and understands commercial banking and/or commercial real estate loan terms and financial components and identifies potential problems and solutions;
- Prepares in-house loan extension letters and performs related due diligence (i.e. checking for current insurance, flood certificates, related credit approval. Confirms all modifications are closed in compliance with credit policy and company procedures and relevant regulations. Coordinates closing activities with all parties involved, including the preparation of funding statements and booking sheets ensuring all relevant terms are captured and fees and expenses are accurate, documented and collected;
- Weekly reporting of all closings and modifications to management and related departments; maintains the database;
- Assists senior closers in the opening of files via procuring approval from in-house counsel of requested outside counsel and then engages same for modifications and new loan closings; gathers required information for insurance consultant engagement and engages same;
- Responsible for tracking, receiving and logging loan document exceptions; reaching out to counsel for missing documents on a weekly basis and providing exception reports to the business;
- Responsible for receiving and uploading digital document binders into our database of record.
- Assist in the document review of loan documents related to systems transfer.
Impact on the Business
- Manage the documentation and closing needs of a diverse, complex portfolio of commercial loans for an assigned business, which may include construction, commercial, corporate and syndicated transactions.
- Review and understand commercial banking and commercial real estate loan terms and financial components; identify potential problems and solutions.
- Ensure loan modifications comply with applicable internal guidelines, external regulations, unique investor/customer requirements and credit approval.
- Responsible for closing activities with all parties involved, including loan funding and booking calculations. Complete closing process, ensuring all fees are properly and fully collected at closing, all exceptions and outstanding items are identified and the file is complete.
- Responsible for transmittal of loan information to Servicing to support accurate servicing of the loan. Proper servicing of the transaction ensures maximum recover-ability on asset.
Customers / Stakeholders
- Prepare closing documentation and coordinate closing activities with all parties involved including external/internal attorneys, relationship managers, borrower and borrower's counsel.
- Serve as a knowledge resource and subject matter expert for the business on all document exceptions and current status of closing transactions.
Leadership & Teamwork
- Engage, manage, direct and coordinate all aspects of commercial loan modifications and closings including working with internal and external counsel, relationship managers, insurance consultants and closing peers in accordance with credit approvals, policy and credit standards.
- Coordinate loan closings with all parties involved and handle loan from the time of assignment to closing in target time frames established by department, business and as required by transaction and borrower.
- Ensure effective communication with Relationship Managers, counsel, management and colleagues to ensure each loan, including special requirements of products offered, are met or alternatives exists.
- Coordinate activities with other parties including external legal counsel, borrower, title company, third parties and internal contacts and resources.
Operational Effectiveness & Control
- Mitigate and remedy documentation and operational risks, including serving as a screening process for issues impacting post-closing administration.
- Confirm that all loan paperwork is handled in compliance with Company procedures and relevant regulations.
- Responsible for review of credit approvals and supporting documentation and confirming that loan documentation properly reflects unique, individualized requirements in the approval for the specific loan.
- Communicate back to Credit and Relationship Manager when proposed requirements or approvals for the loans cannot be met; offer an alternative scenario to close the loan.
- Identify, mitigate and remedy documentation and operational risk, including pre and post closing issues, document exceptions and overall quality control.
- Complete other responsibilities, as assigned.
- Commercial transactions, which include Commercial Real Estate, syndications and asset-based lending, are highly complex, and include very different products with diverse structures. The customers are generally highly sophisticated and each closer is expected to work independently with attorneys, customers and relationship managers to document the loan, or modification ensuring the Bank is appropriately represented and protected. The complexity of the transactions requires a highly skilled and knowledgeable individual with the ability to handle complex situations which include communication, a high level of legal skill, balanced with a comprehensive understanding of the Bank policy, regulations and laws. Loans must be documented properly to ensure all activities is expected to complete are fully and accurately described and processes outside of the capability of Servicing are not agreed to or put in place.
- The position manages the closing and documentation of complex commercial transactions independently. Individuals in the position are expected to identify and mitigate risk, offer solutions to complex issues and provide a high level of service to our customers. The position develops and presents solutions for approval to credit, the business or servicing as needed. The position must be able to manage multiple parties and their expectations as well as handle a minimum number of transactions at any given time.
Management of Risk
- Ensure compliance, operational risk controls in accordance with client or regulatory standards and policies; and optimize relations with regulators by addressing any issues.
Observation of Internal Controls
- Maintains internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators.
- The position must be able to manage a minimum number of deals at any given time.
Reporting, Documentation, Commercial Loan, Loan, Commercial