Loan Documentation Specialist
LoanBud is continuing to grow, and we have an exciting opportunity for the right candidate to join a great team in New York, NY. Join us in the pursuit of our mission to help small businesses get the financing they need to succeed, and enjoy a career filled with professional growth opportunities, team-oriented colleagues, and the satisfaction of supporting small businesses.
About the role
We are looking for a Loan Documentation Specialist to assist LoanBud Business Lending Officers and borrowers process and close SBA and other commercial loans. This position is a salary plus commission role, with wage placement based on qualifications and direct experience.
Responsibilities
- Assists customers, lenders, and lending officers with the processing and closing of SBA and other commercial loans.
- Interfaces with borrowers and referral partners from loan submission to funding.
- Collects and reviews documentation per program requirements.
- Coordinates and processes loans in accordance with lender guidelines.
- Orders and collects third-party reports.
- Collaborates with internal staff including Business Lending Officers to process and close loans in a timely manner.
- Reviews the loan file and prepares a list of items required to close and fund the loan.
- Communicates the requirements and loan status clearly and concisely.
- Prepares loans for submission in accordance with lender guidelines and requirements.
- Calculates business and/or global debt service coverage ratios.
- Opens Title and orders preliminary title reports as required; reviews title reports and makes changes as necessary.
- Reviews and accepts entity documentation such as articles, by-laws as well as partnership and LLC documents.
- Ensures compliance and adherence to SBA Standard Operating Procedures (SOP) and lender credit policy.
- Determines insurance requirements and obtains hazard/flood/liability insurance as required.
- Reviews loan applications and determines initial eligibility.
- Prepares and completes loan document requests; ensures that loans are documented correctly to conform with lender approvals and conditions.
- Coordinates closings with borrowers, referral partners, and business lending officers.
- Maintains accurate pipeline reports; meets monthly loan closing and loans in pipeline goals.
- Performs other duties as assigned.
Skills
- Deadline Oriented – Acts with a sense of urgency to prioritize and hit required deadlines.
- Analytical – Synthesizes complex or diverse information.
- Problem-solving – Identifies and resolves problems on time and gathers and analyzes information skillfully.
- Communication – Speaks and writes clearly and persuasively in positive and negative situations, demonstrates excellence in telephone etiquette, customer service, and business communication skills.
- Leadership – Inspires and motivates others to perform well, accepts feedback from others.
- Quality management – Looks for ways to improve and promote quality and demonstrates accuracy and thoroughness, including the ability to proofread documents for accuracy.
- Judgment – Displays willingness to make decisions, exhibits sound and accurate judgment, and makes timely decisions.
- Planning/organizing – Prioritizes and plans work activities, uses time efficiently, and develops realistic action plans.
- Safety and security – Observes safety and security procedures and uses data and materials properly.
Requirements
- Associates degree or higher.
- Four years' experience in loan processing or four years of combined professional experience and education in a related field.
- Knowledge of SBA loans or prior lending experience.
- Proficient use and understanding of MS Office products (Word, Excel, Outlook).
Benefits
- 401(k) matching
- Dental insurance
- Health insurance
- Paid time off
- Vision insurance
About LoanBud
We take care of our employees! The wisest investment we make is in our employees. We support them with professional development resources and opportunities for advancement. At LoanBud, we believe in work-life balance. With an extensive holiday and PTO plan, there's always something to look forward to. We offer a supportive and flexible work environment. We treat our employees like humans, not robots. You deserve respect, empathy, and trust, and that's what you'll get as a member of our LoanBud team.