Commercial Loan Assistant

MSU Federal Credit Union East Lansing , MI 48825

Posted 3 months ago

Who we are:

Founded in 1937, MSU Federal Credit Union is owned and operated by members of the Michigan State University and Oakland University communities. We offer financial services to MSU and OU faculty, staff, students, alumni association members, and their families as well as a variety of select employee groups.

A day in the life of a Commercial Loan Assistant:

The Commercial Loan Assistant is responsible for assisting assigned loan officer(s) in all phases of processing and servicing of business loans. Handles routine member questions and inquiries, collects required documentation, prepares correspondence, and answers incoming telephone calls, faxes and emails. Works with the loan officer and member to obtain required documentation for all new loan requests and assists with ongoing monitoring and reporting related to the business loan portfolio. The Commercial Loan Assistant is expected to assist in enhancing the relationship with the business members throughout the life of the loan, and with cultivating new loan opportunities.

Responsibilities

Commercial Loan Assistant I:

  • Assists loan officer(s) with inputting all new loan requests in the business loan software ensuring the file is accurate, complete, and ready for underwriting

  • Completes a wide variety of word processing and spreadsheet tasks including loan correspondence, internal memorandums, and internal reports and form

  • Prepares correspondence and reports as needed from loan officers, assists loan officers and members by answering phones, faxing or emailing

  • Assists with maintaining commercial loan file record keeping and filing systems, both paper and electronic. Classifies, sorts, and sends all applicable loan records and other documents to be filed appropriately in loan origination software

  • Responsible for processing commercial loans with lender(s) to include obtaining, verifying, and documenting all information required for loan files per internal checklists to adhere with standard policy and procedures

  • Monitors documentation submissions for lender(s) and collects necessary documents for loan file

  • Assists loan officers with loan closing prep work such as ordering of appraisals, title searches, surveys, credit reports, environmental reports, and arrangements for inspections, UCC filings, and obtaining entity docum Evaluates all necessary information and documentation is gathered and ensures a timely transition to credit underwriting, approval, and closing.

  • Assists the loan officers in reviewing new applications and loan files, preparing the file for underwriting and closing, ensuring accuracy and completeness

  • Assists in the prompt communication and coordination of closing with all parties involved, including vendors and merchants

  • Ensure that sound analysis, lending procedures, and loan conditions and covenants are Act in compliance with the Credit Union's Business Lending policy at all times

  • Prepares borrower commitment letters, appraisal, and engagement letters consistent with signed loan approval, limiting the Credit Union's exposure to additional liability

  • Identify cross-selling opportunities and make the appropriate referrals within the department and other areas of the Credit Union

  • Participate in training activities within the department/branches/human resources, as well as training outside the department; such training helps to ensure staff compliance with Credit Union policies and state and federal regulations and laws

  • Assists lender(s) with processing government guaranteed loans, coordinating with third party packaging companies and government program liaisons as necessary

  • Attends regular vendor and third party networking events to establish and maintain relationships with key vendors

  • Perform other duties and assist other employees, as assigned

Commercial Loan Assistant II:

  • All of Level I duties and responsibilities

  • Independently inputs new loan requests in the business loan software ensuring the file is accurate, complete, and ready for underwriting

  • Obtains credit information and ensure loan collateral is sufficient per internal and regulatory policies and guidelines

  • Assists with managing the loan pipeline to ensure timely processing of loan files from underwriting to approval and closing, taking steps to mitigate risk and meet loan conditions

  • Maintains third party vendor relationships, contact lists, and updates third party vendor list based on periodic reviews of vendor performance

  • Maintains contact and develop relationships with members to enhance the overall experience with the Credit Union and the Business Services department

  • Discusses loan options with members using multiple channels and takes initial application, including financial statement information, for review

  • Independently process government guaranteed loans, coordinating with third party packaging companies and government program liaisons as necessary

Senior Commercial Loan Assistant:

  • All of Level I and II duties and responsibilities

  • Assists lender(s) in vetting new loan leads to ensure the credit quality aligns with credit union standards

  • Assists in the training and development of Business Loan Processor I and II

  • Ensures that Business Lending policies, procedures, and practices are in conformity with industry standards and regulatory policies

  • Identifies new and innovative methods to improve processes and procedures related to the business lending department

  • Assists in the creation and maintenance of resources documenting loan process procedures

  • Assists with annual loan policy review and provides input and recommendations for change

  • Manages entire loan pipeline with limited oversight to ensure timely processing of loan files from underwriting to approval and closing, taking steps to mitigate risk and meet loan conditions using experienced commercial practices

What you can bring to MSUFCU

Commercial Loan Assistant I:

  • Combination of the following education and/or experience: Bachelor's Degree in business, finance, or sales related field and/or a minimum of one year of financial institution experience

  • Good math skills are very desirable

  • Analytical ability to conduct an analysis of an applicant's credit status

  • Basic knowledge and understanding of state and federal lending laws as follows: Truth-in- Lending; Equal Credit Opportunity Act; Fair Credit Reporting Act; Fair Debt Collection Practices Act; Rights to Financial Privacy Act; Bank Secrecy Act; Money Laundering Control Amendment Act

  • Excellent member service and interpersonal skills

  • Must have excellent written and verbal (face-to-face and phone) communication skills including professional grammar and demeanor

  • Strong organizational skills with attention to detail

  • Ability to manage multiple tasks with minimal supervision

  • Experience with Personal Computers and knowledge of various computer programs, such as, Windows, Microsoft Word, Excel, and other software programs as needed

Commercial Loan Assistant II:

  • All of Level I knowledge, skills, and abilities

  • Combination of the following education and/or experience: Bachelor's Degree in business, finance or sales related field and/or a minimum of two years of financial institution experience

  • Strong understanding of board policies, department guidelines and NCUA regulations

  • Strong understanding of environmental and appraisal policies, procedures

  • Ability to assist in the training of other staff members in the various software programs that are used by the Business Services Department

Senior Commercial Loan Assistant:

  • All of level I and II knowledge, skills, and abilities

  • Combination of the following education and/or experience: Bachelor's Degree in business, finance or sales related field and/or a minimum of three years of financial institution experience

  • Must have demonstrated a willingness to lead others

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Commercial Loan Assistant

MSU Federal Credit Union