Job Summary: The Commercial Loan Processor is responsible for managing all aspects of loan processing, from application review to disbursement and post-closing duties. This role requires a solid understanding of federal lending regulations, loan documentation, and financial institution products and services. The ideal candidate will act as the main point of contact for the Loan Origination software, coordinate closely with the commercial loan origination team, and ensure the accuracy and compliance of all loan documentation.
Job Requirements:
High school diploma or equivalent; Associate's or Bachelor's degree preferred.
At least five years of experience in loan processing.
Strong knowledge of federal lending regulations.
Successful completion of in-house training programs.
Good understanding of financial institution products and services.
Specific Job Functions:
Loan Documentation & Software Management:
Serve as the primary contact for Loan Origination software (Abrigo) related to loan documentation preparation (LaserPro).
Prepare and review loan closing documents, ensuring accuracy before submitting them to the Loan Originator for final approval.
Loan Application Review:
Review loan applications submitted by the Loan Originator to fully understand the transaction and required documentation.
Pipeline Management:
Participate in weekly meetings with the commercial Loan Originator team to discuss and manage the current loan pipeline.
Flood Determination & Appraisal Coordination:
Obtain Flood Determination reports, if applicable.
Order appraisals and manage the deposit of appraisal fees into the appropriate General Ledger account.
Forward appraisals to the Loan Originator upon receipt.
Title Exam & Payoffs:
Order Title Exams and payoffs as needed.
Upon receipt of the title opinion, review vesting, liens, taxes, and defects, and communicate findings to the Loan Originator.
Loan Closing:
Complete the funding sheet, print checks, and prepare files for closing.
Disburse loans, send wires, deliver payoffs, and manage the recording of mortgages and deeds.
File UCCs and manage construction loan inspections and disbursements.
Backup Support & Documentation Management:
Provide coverage for other loan processors during absences, such as vacations.
Scan and file all loan-related documents in a timely manner.
Prepare mortgage releases and release UCCs when loans are paid off.
Loan Servicing & Customer Support:
Post payments to the DNA system as needed.
Act as the primary point of contact for commercial borrowers regarding loan questions and concerns.
Responsible for managing commercial loan types within the core system, including creating cases as needed.
Insurance Tracking:
Track insurance policies and request updated documentation to ensure that all loans are covered by current evidence of insurance.