SBA Loan Closing Specialist - Northwest Bank
Independence, OH
About the Job
Description
The Small Business Administration (SBA) Loan Closing Specialist is responsible for all due diligence in relation to the accuracy and completeness of a new SBA loan, or a modification to an existing SBA loan, from post customer acceptance to booking/funding. This individual will work closely with SBA Sales and SBA credit to ensure all required due diligence and SBA guidelines are achieved. Additionally, the SBA Loan Closing Specialist will report on progress of loan closings to leadership at regular intervals, will be expected to remain knowledgeable of SBA changes and processes and will work to develop, with leadership, SBA process and procedure materials and provide education to field as requested.
Essential Functions
* Identify business entity types and collect the corresponding legal documentation that they are required to file with the state or county
* Utilize the loan workflow and specific tasks within the Loan Origination System, help to identify best practices
* Order, review and analyze all required third-party vendor documents in relation to the collateral to be held on the loan
* Complete all due diligence associated with the satisfaction of loan approval conditions as well as customer identification requirements in a timely manner
* Verify the loans have been approved by the appropriate level of authority
* Be the point of contact between the lender, underwriter, customer, attorney and/or title company, and SBA as needed
* Ensure all required due diligence and approval documentation has been indexed accurately into our system of record
* Use the loan documentation software to accurately create legal agreements/contracts
* Execute a post-closing examination of loan documents for accuracy and completeness and perform upload of documents to the system of record
* Verify all applicable fees have been collected from the borrower and loan proceeds disbursed according to schedule
* Send loan specific information to Loan Servicing for core system input and maintenance
* Verify proper approval has been obtained, including approval from SBA, FSA, etc. as appropriate
* Ensure proper loan entry/buildout into Loan Origination System (LOS) SBA Module
* Ensure proper SBA Forms and Disclosures are completed and properly executed at time of application and closing
* Submit and obtain SBA Loan approval through E-Tran or SBA One for newly originated SBA loans and SBA modifications as required by the Servicing and Liquidation Actions Matrix as needed
* Support all SBA closings, regardless of LOB in which they are originated
* Ensure compliance with Northwest's policies and procedures, and Federal/State regulations
* Navigate Microsoft Office Software, computer applications, and software specific to the department in order to maximize technology tools and gain efficiency
* Work as part of a team
* Work with on-site equipment
* Complete special projects upon request
Education and Work Experience preferred
* Bachelor's Degree Related field
* Less than 2 years Previous SBA Experience
* 2 - 3 years Previous Loan Closing / Loan Operations Experience
* Ability to make right decisions based on perceptive and analytical processes, practicing good judgment in gray areas
This position can be performed onsite in a hybrid capacity or remotely.
#LI-EK1
#LI-remote
#LI-hybrid
The contractor will not discharge or in any other manner discriminate against employees or applicants because they have inquired about, discussed, or disclosed their own pay or the pay of another employee or applicant. However, employees who have access to the compensation information of other employees or applicants as a part of their essential job functions cannot disclose the pay of other employees or applicants to individuals who do not otherwise have access to compensation information, unless the disclosure is (a) in response to a formal
The Small Business Administration (SBA) Loan Closing Specialist is responsible for all due diligence in relation to the accuracy and completeness of a new SBA loan, or a modification to an existing SBA loan, from post customer acceptance to booking/funding. This individual will work closely with SBA Sales and SBA credit to ensure all required due diligence and SBA guidelines are achieved. Additionally, the SBA Loan Closing Specialist will report on progress of loan closings to leadership at regular intervals, will be expected to remain knowledgeable of SBA changes and processes and will work to develop, with leadership, SBA process and procedure materials and provide education to field as requested.
Essential Functions
* Identify business entity types and collect the corresponding legal documentation that they are required to file with the state or county
* Utilize the loan workflow and specific tasks within the Loan Origination System, help to identify best practices
* Order, review and analyze all required third-party vendor documents in relation to the collateral to be held on the loan
* Complete all due diligence associated with the satisfaction of loan approval conditions as well as customer identification requirements in a timely manner
* Verify the loans have been approved by the appropriate level of authority
* Be the point of contact between the lender, underwriter, customer, attorney and/or title company, and SBA as needed
* Ensure all required due diligence and approval documentation has been indexed accurately into our system of record
* Use the loan documentation software to accurately create legal agreements/contracts
* Execute a post-closing examination of loan documents for accuracy and completeness and perform upload of documents to the system of record
* Verify all applicable fees have been collected from the borrower and loan proceeds disbursed according to schedule
* Send loan specific information to Loan Servicing for core system input and maintenance
* Verify proper approval has been obtained, including approval from SBA, FSA, etc. as appropriate
* Ensure proper loan entry/buildout into Loan Origination System (LOS) SBA Module
* Ensure proper SBA Forms and Disclosures are completed and properly executed at time of application and closing
* Submit and obtain SBA Loan approval through E-Tran or SBA One for newly originated SBA loans and SBA modifications as required by the Servicing and Liquidation Actions Matrix as needed
* Support all SBA closings, regardless of LOB in which they are originated
* Ensure compliance with Northwest's policies and procedures, and Federal/State regulations
* Navigate Microsoft Office Software, computer applications, and software specific to the department in order to maximize technology tools and gain efficiency
* Work as part of a team
* Work with on-site equipment
* Complete special projects upon request
Education and Work Experience preferred
* Bachelor's Degree Related field
* Less than 2 years Previous SBA Experience
* 2 - 3 years Previous Loan Closing / Loan Operations Experience
* Ability to make right decisions based on perceptive and analytical processes, practicing good judgment in gray areas
This position can be performed onsite in a hybrid capacity or remotely.
#LI-EK1
#LI-remote
#LI-hybrid
The contractor will not discharge or in any other manner discriminate against employees or applicants because they have inquired about, discussed, or disclosed their own pay or the pay of another employee or applicant. However, employees who have access to the compensation information of other employees or applicants as a part of their essential job functions cannot disclose the pay of other employees or applicants to individuals who do not otherwise have access to compensation information, unless the disclosure is (a) in response to a formal
Source : Northwest Bank
