Commercial Loan Closer

The Commercial Loan Closer is responsible for the Clear to Close process for all commercial loans. The role is also responsible compliance reviews, related to HMDA, CRA, and Reg B. The Commercial Loan Closer provides secondary support to the Commercial Operations Manager.  The Commercial Loan Closer supports the Bank’s mission, values, goals and initiatives. 

Performs any functions necessary, within scope of authority and expertise, to provide the highest level of service and responsiveness to customers.

1. The primary function of this position will be managing the “Clear to Close” process for all commercial loans. This entails reviewing all approvals, correspondence, flood documents, HMDA forms, closing documents, commitment letters, insurance, etc. for accuracy; confirming all conditions have been met prior to closing; confirming LTV is within policy; confirming rate and payment; confirming accuracy of reporting (FDIC Code, Property Type code, etc.), and performing a secondary review of key draft closing documents (promissory note, loan agreement, security agreement, mortgage, etc.).  Any required corrections will need to be communicated to the loan teams and a log will need to be maintained with the errors for tracking purposes.
2. Reviewing non-originated loans on a monthly basis for HMDA LAR and Reg B Compliance, communicating corrections needed with the loan teams, and maintaining a log of errors for tracking purposes.
3. Responsible for the distribution of weekly pipeline and Reg B reports.
4. Assists loan teams as primary compliance support contact by answering day-to-day process and procedure questions related to HMDA, CRA, Reg B, and Flood as needed.
5. Provides secondary support to the Commercial Operations Manager in their absence.
6. Assists the Commercial Operations Manager with coaching and developing Loan Coordinator team to ensure depth of knowledge in all department functions.
7. Provide an exceptional customer experience for both internal and external customers by addressing issues or inquiries in a professional and timely manner.
8. Ensure department adherence to processes, policies and procedures; implement risk-mitigating controls as required.

OTHER ACCOUNTABILITIES / RESPONSIBILITIES:

1. Participate in meetings, user groups, conferences or on committees as requested
2. Provide support and assistance to other business lines as necessary, including cash management customer interactions and trainings
3. Supports the group at business development functions and events as necessary. Assists as needed.
4. Performs related and unrelated duties as may be required.

SUPERVISORY SCOPE:

None

INDEPENDENT ACTION:

Performs work within established guidelines and according to specific procedures.  Refers problems to immediate supervisor.

QUALIFICATIONS:

• Associate’s degree or experience acquired through comparable position employment
• Proficiency in HMDA, CRA, Flood, and Regulation B requirements.
• Five years’ experience in Commercial Lending department preferred.
• Familiarity with reviewing legal documents.
• Ability to read and interpret the Bank’s various policies and procedures.
• Must be able to manage time effectively, prioritize workload, meet deadlines, and work independently
• Good communications, organizational and interpersonal skills.
• Proficiency in Microsoft Word and Excel. Knowledge of basic bookkeeping.
• Ability to use various types of office equipment.

BANKNEWPORT CORE VALUES:

• We celebrate individuality
• We empower employees to be creative problem solvers
• We invest and take the time to really get to know our customers
• We commit to serving the financial needs of Rhode Islanders

Any physical demands or work conditions described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

BankNewport is committed to a policy of Equal Employment Opportunity and will not discriminate against an applicant or employee on the basis of race, color, religion, creed, national origin or ancestry, sex, age, physical or mental disability, veteran or military status, genetic information, sexual orientation, gender identity or expression, pregnancy, childbirth or related medical conditions, military service, marital status, or any other legally recognized protected basis under federal, state or local laws, regulations or ordinances.