Commercial Loan Closing Specialist

Fifth Third Bank; Grand Rapids (MI); On-site; USD 60,000 - 85,000; Full time

Job summary

Fifth Third Bank is seeking a detail-oriented professional to manage the due diligence and closing process for commercial loan documentation, including real estate and non-real estate loans.

You will review credit approvals, coordinate with internal teams and external partners, and ensure timely closing while adhering to risk policies and regulatory requirements.

Responsibilities

• Receives, reviews, and analyzes draft and final credit approvals and determines due diligence requirements.
• Analyzes loan approvals to determine borrower, collateral, guarantor and loan requirements.
• Confirms evidence of sufficient lending authority from the credit approval.
• Manages workload by monitoring new loans and tracking work in process.
• Orders/interprets vendor due diligence to ensure borrower, collateral and guarantor requirements are met; prepares documentation.
• Ensures adherence to the bank's risk tolerance and escalates as needed.
• Determines closing date expectations and flags obstacles to sales/credit.
• Coordinates closing with attorneys, title companies, customers and managers.
• Oversees preparation of loan documents by internal/external counsel in a timely manner.
• Reviews loan documents and resolves shortfalls to align with deal structure and approval.
• Understands entity structures and obtains entity documents to bind the entity to the loan transaction.
• Contacts customers to obtain required documentation and coordinates closing times.
• Collaboratively shares knowledge with internal partners.
• Ensures compliance approvals (CIP, Reg U, Flood) are obtained.
• Determines loan coding for portfolio and regulatory reporting purposes.
• Applies knowledge of commercial loan documentation and regulatory requirements.
• Obtains funding information and reviews settlement statements for disbursement.
• For internally prepared loans, confirms all due diligence is complete and approvals obtained.

Job description

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GENERAL FUNCTION: Responsible for the determination of requirements, review, analysis and completion of all due diligence associated with the commercial loan documentation and closing process. This includes the satisfaction of credit approval conditions prior to the preparation of commercial loan documentation. These responsibilities include identifying, requesting, reviewing and critical interpretation of all 3rd party provided documents needed to grant the "clear to close". This also includes coordinating the efforts to prepare commercial loan documentation for all commercial loans including real estate and non-real estate secured loans. Communicates proactively with sales, credit, external customers and 3rd party vendors ensuring the bank meets the closing date and time expectations of the borrower. Under minimal supervision, uses established guidelines to receive and review vendor documents. Clear liens and credit conditions and confirms loan to value ratios for a moderately complex line of loan product

Responsible and accountable for risk by openly exchanging ideas and opinions, elevating concerns, and personally following policies and procedures as defined. Accountable for always doing the right thing for customers and colleagues, and ensures that actions and behaviors drive a positive customer experience. While operating within the Bank's risk appetite, achieves results by consistently identifying, assessing, managing, monitoring, and reporting risks of all types.

ESSENTIAL DUTIES AND RESPONSIBILITIES:

• Receives Reviews and analyzes draft and final credit approval/credit memo from underwriter or portfolio manager and determines due diligence requirements.
• Analyzes and interprets the loan approval to determine borrower, collateral, guarantor and loan requirements.
• Control point to confirm evidence of sufficient lending authority obtained on the credit approval.
• Manages workload by monitoring newly received loans as well as tracking work in process.
• Orders and/or interprets supplemental vendor due diligence information to ensure borrower, collateral and guarantor requirements are met and ensures production of appropriate documentation in compliance with all terms of the loan request such as:title commitment / title search,UCC (Uniform Commercial Code) search, evaluation or real estate appraisal, environmental questionnaire, RSRA/Transaction Screens or evaluation (phase I/II), flood determination and other regulatory or compliance items, proof of insurance documents, survey, and entity documents.
• Ensures adherence to the Bank's risk tolerance or escalates appropriately.
• Promptly and accurately determines when all underwriting approval conditions for the loan closing have been satisfied. Takes appropriate remedial actions to Resolve deficiencies and Escalates questions/disputes to appropriate level when necessary.
• Determines closing date expectations and advises sales and credit of obstacles that May impede meeting client expectations.
• Coordinates efforts to establish the closing date and time with all parties concerned including internal and external attorneys (as applicable), title companies, external customer and relationship manager or financial center manager.
• Coordinates efforts to engage and finalize preparation of loan documents by internal and external counsel in a timely manner.
• Reviews loan documents and identifies/resolves shortfalls to insure alignment with the deal structure and credit approval.
• Understands all business entity structures and obtains/reviews entity documents to determine authorized parties that can bind the entity to the loan transaction.
• proactively contacts customers directly to obtain required documentation and when facilitating closing date/times, when applicable.
• Collaboratively works with and shares knowledge with internal partners and divisions.
• Understands, determines and obtains appropriate Approval for compliance requirements, such as commercial customer identification Program (CIP), Reg. U, consumer purpose, Flood, etc.
• Understands and makes determination of appropriate loan coding needed for portfolio and Regulatory reporting purposes, such as loan purpose, collateral type, obligation type, etc.
• Demonstrates and appropriately applies a working knowledge of commercial loan documentation, Legal & Regulatory requirements (including unique state regulations), policies and procedures, and applies that knowledge.
• Obtains and Understands all funding information and creates and/or reviews the settlement Statement providing direction for the disbursement of loan proceeds.
• For internally prepared loans, makes the final determination that all due diligence has been completed, final credit approval has been received, all policies and regulations have been met. Upon this determination, notifies sales, credi