Business Closing Officer

FirstBank Florida; Miami (FL); On-site; USD 55,000 - 75,000; Full time

Job summary

FirstBank Florida in Miami is seeking a Loan Closing Specialist responsible for coordinating and scheduling loan closings, ensuring all documents are accurate, complete, and properly signed.

You will review mortgage documents, determine conditions before closing, coordinate with closing agents, borrowers, and title entities, and prepare the closing package and post-closing reports. Strong math, communication, and knowledge of banking procedures are essential.

Qualifications

• High School Diploma and mortgage loan experience, or two years as a loan processor in a Mortgage company or previous banking experience with loan products.
• Strong numerical and communication skills, attention to detail, and ability to manage multiple closing tasks.
• Experience handling mortgage documents, titles, and compliance practices is preferred.

Responsibilities

• Coordinate and schedule commercial and corporate loan closings in line with approvals, deadlines, policies and procedures.
• Review mortgage documents to identify conditions that must be met before closing and verify consistency with commitment letters.
• Liaise with closing agents, borrowers, and their representatives to track closing status and collect required documents.
• Order environmental reports, verify flood determinations, insurance coverage, and title documents; ensure post-closing actions are completed.
• Prepare funding calculations, balance figures with closing agents, and generate the closing package and post-closing reports.

Skills

Math skills

Verbal and written communication

Mortgage loan knowledge

Attention to detail

Multi-tasking

Education

High School Diploma

Tools

Calculator

Copier

Fax machine

Computer terminal

Job description

This position is responsible for coordinating and scheduling the loan closing activities by ensuring all compiled closing documents are accurate, complete and properly signed.

ESSENTIAL RESPONSIBILITIES:

• Responsible for closing Commercial and Corporate Banking Loan files in accordance with the Bank’s approval, guidelines, deadlines, policies and procedures.
• Review approved mortgage loan documents to determine conditions that must be met prior to loan closing and/or review
• Documents against the commitment letters to make certain that all marked ups were or will be addressed. Discuss any doubts with the manager.
• Request documents and/or additional information as: property information, payoff letters, insurance, rent roll, leases and title documents in order for closing to be ready and scheduled.Order Environmental Reports, verify reports does not request further action.Verify loan to value based on approval Credit Memorandum versus appraisal.Review adequate cover for insurance in alignment with bank policies. Flood Determination must be in file.
• Maintain communication with closing agent, borrowers and their representative regarding closing status of the loan file and pending documentation or requirements: follow up closing contingencies, document follow-up calls and conversation.
• Request OFAC and CCI reports to comply with BSA and US Patriot Act Regulations.
• Coordinate and schedule with the closing agent the loan closing. Verify interest rate and fee, notify the closing agent of any changes, inform supervisor. Immediately notify the loan officer and loan processors of any material discrepancy or deviation discovered during the loan closing that might affect the quality or credit risk of the loan.
• Calculate funding amount, balance figures with closing agents based on closing statement, prepare wire
• Ensure that all post-closing conditions are included in the Post-Closing Report.
• Follow-up on post- closing documents, obtain closing package from closing agent immediately after the closing, title commitment and copies of other closing documents and affidavits. Follow-up on the delivery of the original recorded mortgage, riders, and other documents, original title policy within prudent time.
• Prepare loan file for submission to quality control.
• Prepare the following reports: Mortgage Loan Production and Documentary Stamp Reports on a monthly basis. Log all closed loans in the Mortgage Loan Production Report.
• Responsible for balancing of the monthly Commercial Closing General Ledger Accounts.
• Responsible to prepare closing documentation for unsecured or UCC secured loan, this include obtain and review UCC Search.
• Responsible to send for recording UCC with Secretary of State for unsecured loan.
• Serve as back up in other areas within the department according to departmental needs.

REQUIREMENTS:

• Good mathematical, and verbal / written communication skills.
• Good understanding of financial institution products and services.
• Prior experience as loan closer and/ or loan processor.
• Ability to use office equipment, such as computer terminal, calculator, copier and fax machine
• Flexibility on working schedule.

IMPACT OF ERRORS:

• The impact of errors in this position could affect job, department and Bank activities and could create a negative financial/compliance/audit impact to the Bank.

COMPETENCIES:

• Good verbal and written communication skills.
• Requires ability to multi-task, be a self-starter and ability to work under pressure.
• Effective human relations. Ability to accomplish the previous duties through use of the computer and general office equipment.
• Ability to generate reports in computer system.
• Good understanding of loan documentation.
• Some banking experience.
• Good mathematical skills.
• Able to handle stress.
• May require work in seating position for prolonged period of time.
• Deviation of normal or customary working schedule, as over time could be required according to department needs.
• Able to bend and lift up heavy files and heavy boxes, and deal with heavy cabinets drawers.

INTERPERSONAL COMMUNICATION:

Excellent communication skills are required for this position. Ability to communicate with internal and external clients.

MINIMUM REQUIREMENTS:

This position requires a minimum of High School Diploma and mortgage loan experience, or a minimum of two years experience as a loan processor in a Mortgage company or previous banking experience with loan products.

PHYSICAL DEMANDS, EDUCATION AND SKILLS:

The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this position. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. Specific vision abilities by this job include close and distance vision. While performing the duties of this job, the employee is regularly required to sit, use hand to finger, handle, or feel and talk and hear. The employee is occasionally required to stand for prolonged period of time and walk. Able to bend and lift heavy bags of money and/or boxes up to 15 pounds, and deal with heavy cabinet drawers. Arms could be exposing to repetitive movements. Stress varies with peak and slow periods.