Job Description
The COMMERCIAL ORIGINATION SPECIALIST II prepares complex commercial loan documentation packages with nominal oversight. This position is responsible for gathering documentation from third parties and Commercial Banking Officers necessary for preparing loan documents, in addition to booking and funding loans, completing file review and collateral perfection, and servicing the commercial loan portfolio while maintaining orderly, extremely detailed, and accurate information on current business members and commercial loan files throughout the loan origination process.
PRINCIPAL RESPONSIBILITIES
PROCESSING / LOAN DOCUMENTATION
- Order title policies, open escrow when appropriate, order flood determinations, order hazard insurance, and pull UCC searches.
- Review organizational entity legal documentation such as operating agreements, bylaws, meeting minutes, partnership agreements, articles of incorporation, and trust documents to determine purpose, duration, ownership, signing authority, and management.
- Reviewing organizational entity legal documentation to ensure documents are dated, fully executed, and without any conflicting or adverse language or information that would affect the credit approval and or loan structure.
- Review and research information available on the Secretary of State website sources for additional entity documentation.
- Review and research property information available on county websites.
- Review preliminary title insurance policies to verify the current and proposed vesting, outstanding taxes due, existing liens and any exceptions to title that would impact the desired lien position for the collateral.
- Accurately create loan documents for complex commercial loan packages with a variety of borrowing structures, loan structures, rates, and collateral.
- Ensure correct combination of documents are prepared for each transaction based on the nature of the loan, the collateral, and the borrowing structure in order to secure legal interests and security of the credit union.
- Review all loan documentation and ensure compliance with legal, regulatory agency, and policy requirements. Provides technical advice, explaining the possible ramifications of the deficiencies and resolves those issues before processing the loan documents.
CLOSING / BOOKING / FUNDING
- Coordinate loan closings directly with the title companies and or Commercial Banking Officers.
- Coordinate recording of loan documents.
- Prepare closing/recording instructions and review settlement statements from title company offices.
- Review document packages to ensure all documents were fully executed.
- Utilize automated booking system to board loan information to system of record, troubleshooting errors or issues as needed.
- Fund and disburse loans as needed (wires, cashier’s check, direct deposit, internal payoffs).
- Order tax tracking and file UCCs.
- Complete Small Business Loan funding requests.
FILE REVIEW / COLLATERAL PERFECTION / SERVICING
- Input tracking items necessary to perfect various types of collateral (recorded documents, released liens, UCC Post Searches, final title policies, and any other post-closing items).
- Review and verify final title insurance policies for accuracy.
- Perform dual control by checking the system of record for data accuracy and reviewing reports to verify accurate loan information.
- Monitor reports for post-closing items to be completed in a timely matter.
- Scan and upload all necessary loan documentation to the system of record.
- Scan and upload any and all trailing collateral perfection documentation received.
- Prepare and send payoff quote requests.
- Process payoff transaction requests.
- Process collateral releases and reconveyances.
- Provide operational support on the loan servicing system.
- Prepare, edit, and proof weekly and monthly loan change and maintenance reports.
- Review and process the delinquent tax monitoring reports for the loan portfolio
- Review and process the HMDA reports (adverse and originated).