Commercial Loan Closing Officer Iii

Profile

Commercial Loan Closing Officer III
The candidate handles all C&I and CRE loan activities including direct, purchased, sold and syndicated deals, including Constructions Loans. Coordinates and executes closing of direct, sold, purchased and syndicated deals by participating in ongoing meetings with the Deal Team (agent banks, participating banks, attorneys, Relationship Managers, Underwriters and Credit Officers). Ensures loan documents accurately reflect approved terms and conditions and are executed in a timely manner. Works with Deal Team ensuring closing conditions outlined in the credit approval are satisfied. Works with business partners to ensure closing related fees are received, distributed and applied correctly. Ensures proper setup of complex transactions in loan system by Loan Servicing Team. Determins when loan is "clear to close" and communicating with Deal Team. Performs due diligence searches. Updates shared document repository deal sites with closing related and post-closing documentation and due diligence. Generates and disburses ongoing transactional notices for participant banks. Assigned to the most complex loans or those that require a high degree of independence in closing condition resolution (may coach other LCOs on resolution). Uses judgment to determine materiality regarding clearing closing conditions or the need for escalation. May oversee other LCOs. 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. Works with Loan Servicing department to ensure deals are setup to bill correctly to our borrower and participants. Works 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. Confirms and satisfies "Conditions to Close" by completing the Closing Memorandum Worksheet. Orders required due diligence items including credit searches and flood determinations. Confirms due diligence items have been reviewed and are satisfactory. Due diligence items include but are not limited to flood regulation items, hazard and liability insurance certificates, OFAC clearance, beneficial ownership items, environmental reports and appraisal reviews. Interacts with all business partners including: line, underwriters/portfolio managers, credit officers, attorneys, 3rd party vendors, etc. to ensure loan closing requirements are understood and satisfied. Expedites the prompt and accurate satisfaction of all pre-closing conditions. Including calculation of collateral loan-to-value and determining adequacy of insurance coverage. Independently takes remedial actions to resolve non-credit related deficiencies escalating questions/disputes to the appropriate party when necessary. Works closely with underwriter/portfolio manager and credit officer to resolve credit related deficiencies and obtain approval if needed. Performs thorough and timely review of loan documents ensuring that they adequately reflect the loan as approved and protect 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. In syndicated deals, uploads documentation and due diligence required by participant banks to shared document repository site. Uses knowledge of rate and loan types in order to ensure documents capture borrowing options in a way the loan system can accommodate. Facilitates the loan document review process with Bank's Counsel, RM and Deal Team, and determines when the loan documents are finalized and ready for customer signing. Reconciles fees for third-party vendors/reports and provides a summary to Bank's Counsel. 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 date, time, and place with all parties. Reviews all executed loan documents to ensure that they have been executed properly. 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. Provides executed loan documents to Loan Servicing for booking with direction to set tickers up for tracking of trailing documents, and to Process Administration for setting up credit ticklers. Resolves any issues arising during the closing process and discovered in booking. Generates and distributes transactional notices to participant banks including LIBOR and Prime advances, payments, loan rollovers, conversions and rate changes and submits postings to Loan Servicing Team to execute in Loan System. oBased on an assigned queue, submit requests for posting of transactions and changes such as loan maintenance, advances and payments to Loan Servicing Team to execute in Loan System. Uses internal reporting, resolves ongoing items coming due such as insurance expirations, rate type change, loan and payment structure changes. Uploads items to document repository site for use by participant banks. Bachelor's Degree in Business is preferred. Should have 7-9 Years of experience in a financial institution with a focus on due diligence and loan documentation required. Experience as a paralegal or paralegal certificate is required

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