Loan Closer (Administrative)
Impact
Improves Banks financial position.
Responsibilities
Performs various duties to support the loan closing function pertaining to construction and commercial real estate deals with a primary focus on SBA loans.
Essential Functions
1. Reviews approved loans to determine conditions that must be met prior to closing.
2. Reviews loan files for proper compliance, disclosures, signatures, and documentation.
3. Calculates figures and prepares required documents for closing; resolves any errors with original document audit including Memo for Closing, HUD, TIL, application, etc.
4. Ensures compliance with all applicable regulatory requirements; verifies accuracy and consistency of specifications on all documents.
5. Contacts internal and external individuals to correct closing issues and system discrepancies.
6. Reviews HUD-1 when received from attorney or title company for accuracy prior to closing.
7. Tracks closing dates on all new loans to assure closing dates are met.
8. Coordinates loan closing with underwriters, loan officers, borrowers, and legal counsel; ensures all necessary loan documentation is completed and delivered in a timely manner.
9. Issues closing instructions to settlement agent; orders and reviews title work for mortgage loans.
10. Makes corrections to closing documents and forwards corrected documents to the originator for signature, as required.
11. Maintains and prepares reports for senior management as required.
12. Understands SBA requirements and supports SBA loan needs including, but not limited to, document preparation and review, funding memos, interactions with attorneys and customer, and audits.
Ancillary Functions
1. Assures adherence to Bank policies and procedures and federal and state regulatory requirements.
2. Provides cross-functional support to other areas of the department and the Bank where service or assistance is needed.
3. Performs tasks which are supportive in nature to the essential functions of the job, but which may be altered or re-designed depending upon individual circumstances.
Mandatory Training Curricula
Training is required of all Bank staff as related to regulatory mandated compliance topics and courses required for specific job functions. Career enhancement training courses are also available. Please refer to course catalog and management for details.
Competencies (refer to Competencies Library)
Skills
Clearly communicates in English;
proficient reading, writing, grammar, and mathematics skills;
proficient interpersonal relations and communicative skills;
moderate analytical skills;
knowledge of mortgage loan closing policies, procedures, and documentation;
moderate PC skills, including Microsoft Office software.
Physical Demands
The physical and related demands described in this section are representative of those that must be met by an employee to successfully perform the essential functions of this job. This job is mostly sedentary in nature, but may occasionally involve lifting files and other materials that weigh up to 20 lbs. Employees in this job must be able to work in an office environment during regular business hours where they come into regular and frequent contact with internal and external customers and other members of the public. Therefore, employees in this position are expected to have consistently positive interactions with the public.
