Commercial Loan Closers are responsible for completing all of the tasks involved with closing and disbursing commercial loans for a variety of loan products offered by the Bank, including Commercial & Industrial, Commercial Real Estate, asset based lending, small business administration, construction (Closers typically focus on supporting a particular type of loan product). They serves as liaison with many internal and external parties including the Lending Origination Officer, borrower, third party closing agents (such as escrow and title companies), Documentation and Compliance, Credit Administration, and Loan Servicing.
Closers work with the Lending Origination Officer to gather the appropriate documentation and collateral from the Borrower, verifying documents and researching information to prepare closing documents. Works with partners to resolve any issues or obstacles to closing (e.g., liens, judgments, insurance, and title exceptions) with appropriate parties. Confirms all loans are closed in compliance with Company procedures and relevant regulations.
Processes loan requests prepared by Lending Origination Officers and prepares loan packages for review by Documentation, Compliance and the Lending Origination Officer. Assists Lending Origination Officers in the review and renewal of credit facilities. Ensures loan submissions comply with bank policies and procedures, and that completed loan documentation is accurate and properly maintained.
Interviews prospective applicants and requests specified information related to loan or credit application; ascertains that all necessary documentation has been gathered and completed, and all preconditions to closing have been met; obtains proper approval for any noted exceptions, and escalates issues to Commercial Loan Closer Team Lead appropriately. Acts as liaison between Escrow, Title and all interested parties to coordinate funding and closing activities.
Books and disburses the loan; ensures all fees are properly and fully collected at closing; Follow up on post-closing exceptions and receipt of original signed documents Processes loan disbursements requests, wire transfers and payments for commercial credit and closing related vendor services. Responsible for transmittal of loan package to Loan Servicing.
Monitors tickler files and informs Lending Origination Officers when up-to-date financial statements and other covenant items are needed for commercial accounts; ensures credit inquires and UCC filings are researched to determine credit worthiness and appropriate collateral positioning are achieved.
Associate's Degree or equivalent from a college or university and 1-2 years of related experience, or a high school diploma and 3-5 years of related experience, education and/or training.
Beginning to Intermediate knowledge of lending regulations and closing procedures, title and insurance policies required.
Knowledge of loan types including specialty lending- hypothecation, mortgage warehouse, syndication, municipal and homebuilder finance/borrowing base administration are a plus.
Intermediate computer operational skills required.
Western Alliance Bancorporation