SBA & USDA Closing Specialist (SBAUS012857)

About the role

The SBA & USDA Closing Specialist is responsible for all aspects of SBA & USDA loan closings, including processing draw requests, preparing closing checklists, reviewing loan applications, and engaging closing attorneys and title agents.

Responsibilities

• Review the Credit Memo/LOM for accuracy and any changes (Addendums) needed.
• Prepare the closing checklist for the borrower &/or loan officer.
• Note any exceptions (check/include on the LOM).
• Enter the loan/package into SBA One/ETran/Wizard to obtain the SBA Authorization.
• Send 327 Action Notices for any changes/addendums to the SBA Authorization.
• Review the loan application and supporting documentation, request updated documents if needed.
• Send updated documents to the credit analyst to update the file/credit memo &/or addendum.
• Engage Closing Attorney &/or Title Agent (if real estate is included).
• Order appraisal through RIMS, Environmental, Survey, Title (any due diligence reports).
• Review the Commitment Letter/Conditions for accuracy.
• Review the Credit Memo (and any Addendums) and updated Conditions, add to closing process.
• Work directly with the borrower, guarantors and loan officers to keep them updated.
• Schedule the loan closing (include the loan officer).
• Research UCCs, Liens, etc (verify with closing attorney).
• Clear any 912 issues, liens, UCCs (ensure First lien position on business assets).
• Collect all supporting documentation from the borrower/guarantors (invoices, receipts, etc). Scan file into OnBase (Fortis).
• Verify Cash Injection or equity injection.
• Order appraisal on any personally owned properties offered as collateral and monitor Construction projects.
• Completes required BSA/AML training and other compliance training as assigned.
• Ensure Loan Covenants are included the Loan Agreement per the Credit Memo/Conditions.
• Maintain GL Account (SBA Pass-thru), originate or approve wires for closings/draws.
• The ability to work in a constant state of alertness and in a safe manner.
• Engage site inspection vendor/provider, as needed, for draw requests.
• Audit cashier checks/keep log.
• Keep up to date on WSJ Prime/rate changes (update the Credit Memo & SBA Authorization).

Qualifications

To perform this job successfully, an individual must be able to perform each essential duty mentioned satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Broad knowledge of such fields as accounting, marketing, business administration, finance, etc. Equivalent to a four year college degree, plus 3 years related experience and/or training, or equivalent combination of education and experience. Communication Skills: Ability to read, analyze, and understand general business/company related articles and professional journals; Ability to speak effectively before groups of customers or employees. Abilities: Ability to work in a constant state of alertness and in a safe manner.