Retail Credit Loan Closing Specialist III

: Position Title: Retail Credit Loan Closing Specialist III Reports to: Consumer Loan Closing Specialist Team Leader Direct Reports: N/A Salary Grade: 7 GENERAL FUNCTION: The Loan Closing Specialists is responsible for pro-actively coordinating all aspects of the loan closing process, acting as liaison between the Underwriter (U/W), Consumer Lenders, 3rd Party Vendors, Loan Documentation Preparation and the Loan Processing Center for all new and renewed Consumer Loans. The Loan Closing Specialists completes all due diligence associated with the satisfaction of approval conditions prior to the preparation of loan closing documents. These responsibilities include requesting, reviewing and critical interpretation of all 3rd party provided documents needed to provide the “clear to close” and in coordinating efforts to prepare loan closing documents for real estate and non real estate secured loans. 3rd party documents consist of but are not limited to the following: real estate appraisals, valuation services, environmental reports, flood determinations, UCC searches, title searches or commitments, insurance documents, surveys and any other documents as required by the Underwriter. The Loan Closing Specialists is expected to effectively communicate with all parties to minimize the average accumulated time between the issuance of a final underwriting decision and the request for loan documentation, while meeting underwriting, bank policy, compliance and regulatory requirements. Working independently and under minimal supervision, the position performs a wide variety of functions relating to insuring all conditions and due diligence items are cleared for the preparation and processing of loan documents for all approved loan requests. JOB REQUIREMENTS:

• College Graduate Preferred. High School graduate or similar certificate and equivalent experience in a related field acceptable.
• 3 - 5 years' work experience in a financial institution with a focus on due diligence and/or loan documentation
• 3+ years' consumer loan documentation experience
• Excellent time management and organizational skills evidenced in previous assignments
• Demonstrates an understanding of applicable bank policies and procedures as they pertain to the satisfaction of loan closing conditions as well as vendor documents and services
• Excellent knowledge of most common vendor documents - title work, AVM's, appraisals, flood determinations, lien searches
• Excellent knowledge of loan documents and requirements
• Excellent knowledge of consumer lending and loans
• Thorough knowledge of CRIF ACTion, 360 View, LaserPro, Navigator and UCBI internal banking systems
• Excellent personal computer skills with demonstrated knowledge of Microsoft EXCEL, WORD, email, etc.
• Ability to multi-task
• Detail oriented
• Self-starter and works with minimal direction
• Excellent verbal and written communication skills
• Excellent negotiation skills
• Excellent interpersonal skills and team orientation
• Ability to meet deadlines under pressure
• Ability to coach and mentor team members (Team Lead and above)
• Utilized complete independence in problem solving and decision making
• Experience in an automated loan origination environment highly desirable
• Completion of all required Bank Secrecy Act/anti-money laundering training suitable to his or her position
• Completion of Loan Closing Specialists certification program
• Participate in all required compliance training, including Bank Secrecy Act/anti-money laundering training, as well as internal and external training programs, online training, meetings, and seminars/conferences, etc.

JOB FUNCTIONS:

• Monitors new loans for incoming work as well as tracking work in process
• Utilizes conditions set and Checklist to determine due diligence requirements or specific needs for each loan type.
• Coordinates efforts to obtain required due diligence items such as:

• Title commitment / Title search
• UCC search
• Articles
• Resolution
• Evaluation or real estate appraisal
• Environmental questionnaire or evaluation (phase I/II)
• Flood determination
• Proof of insurance documents
• Survey
• Entity documents

• Receives and reviews due diligence items to ensure loan documents can be completed accurately and the Bank's lien can be perfected
• Reviews loan request to insure proper utilization of Purpose, Class, Collateral and Industry codes for accuracy of loan documentation preparation and loan booking/boarding
• Interacts with UW as required to insure accurate interpretation of loan closing conditions
• Calculates Loan to Value
• Determines adequacy of insurance coverage
• Reviews application and initial loan documentation for adherence to all compliance and regulatory requirements
• Constantly monitors work queues for deals in process to promptly follow up on vendor documents ordered but not received
• Calls for payoffs on accounts
• Ensures all due diligence information is properly documented and appended for image
• Establishes and maintains an effective dialogue with Lenders and utilizes system capabilities to insure deal status information is readily available
• Adheres to an established follow up methodology to support achievement of the department's Service Level Agreement (SLA) goals and individual turn time goals
• Promptly and accurately determines when all underwriting approval conditions for loan closing have been satisfied. Takes appropriate remedial actions to resolve deficiencies and escalates questions/disputes to appropriate level when necessary.
• Upon establishing the “Clear to Close”, moves the deal from the Specialists to Doc Prep for creation of loan documents
• Coordinates efforts to establish closing date and time with all parties concerned including Loan Documentation Preparation, attorneys, title companies, customer and Lender
• Coordinates efforts to engage and finalize preparation of loan documents by external counsel
• Facilitates efforts to insure timely creation of internally or externally prepared loan documents
• As required, reviews loan documents to insure alignment with credit approval
• Responsible for overseeing distribution and managing the workload among team members and ensuring adherence to service level agreements and quality requirements
• Will provide work direction, training, coaching, counseling and supervision to the Loan Closing Specialists staff
• Will often be confronted with volume and time pressures
• Should be able to perform all of the job functions of the Real Estate and non-Real Estate Loan Closing Officers and will be a key liaison with third party providers.
• Will be the escalation point for problem resolution involving the Branch Lender, UW, RM, 3rd party providers, Appraisal Group, Loan Documentation Prep and as necessary, the bank's customers
• Other duties as assigned or requested

POLICY/GUIDELINES/REGULATIONS/LAWS/COMPLIANCE/AUDIT/LEGAL/PRODUCT:

• Thorough understanding of all Consumer Loan products
• Thorough knowledge of Consumer Lending Credit Policy/Guidelines
• Thorough knowledge of loan documentation, collateral evaluation, lien perfection, local, state and federal regulatory requirements
• Knowledge and utilization of fair lending practices, rules and regulations such as CIP, Reg H, HMDA, CRA, Reg O requirements
• Ability to confirm that vendor/3rd party items and supporting documentation used for clearing conditions and due diligence items conform to the bank's credit policy/guidelines
• Ability to calculate Loan to Value and required insurance amounts
• Knowledge of procedures and regulations related to the ordering, review and receipt of required documents
• Knowledge of application of bank and statutory guidelines
• Understanding of large & complex credit requests may include multiple funding sources, multiple contracts, complicated equity requirements, curtailments, various rate options, tiered pricing, and purchase contract or takeout agreement

CUSTOMER SERVICE:

• Promotes a team environment with Lender, UW, Document Preparation and the LPC.
• Efforts are focused on maximizing the customer experience.
• Functions as a collaborator.
• Provides guidance and support in order to meet the needs of external customers.
• Able to represent the Loan Closing process.
• Insures Lender, attorneys, title companies, 3rd parties are updated daily on the status of loans in process.
• Interacts and communicates daily with all levels, including, financial center employees, lenders, underwriters, documentation preparation, Appraisal, title companies, 3rd parties, attorneys, title companies and flood vendors to ensure requirements are understood and met.
• Provides timely, complete and accurate responses to inquiries.
• Handles all situations in a professional, ethical manner.
• Escalates special situations or problems as necessary.
• Supports and contributes to the quality and sales goals of the bank.

PRODUCTIVITY:

• Ensures all goals and departmental service standards (SLAs) are met.
• Tracks, logs and provides daily, weekly, monthly, quarterly reporting of production statistics as defined by management.
• Manages production in times of fluctuating volumes and consistently meets production and turnaround time standards.
• Consistently meets quality and data integrity standards.
• Effectively utilizes available systems, workflow and imaging tools.

TEAM LEAD/SUPERVISORY/MANAGEMENT RESPONSIBILITIES: As applicable, none for Level I and II

• Provides supervision, coaching and training
• Mentors employees and develops skill through one on one training and coaching
• Reviews status with team and on an individual basis daily
• Conducts daily briefings to provide feedback and direction on productivity
• Maintains awareness of the status of new deals and existing pipeline, adjusts staffing as needed
• Evaluates Specialist's to determine knowledge of policy/guidelines, products, compliance requirements, etc.
• Reviews quality and integrity reports and takes action as appropriate
• Sets and tracks to performance goals and quality service standards
• Develops relationships across all levels internally and externally
• Evaluates and performs employee quarterly and annual reviews
• Monitors and approves times entries
• Responsible for staffing, including disciplinary issues, tracking of time off, vacations, etc.
• Interviews and makes hiring recommendations
• Provides regular updates to team related to corporate, division, department updates, policy/guidelines, procedures, workflow changes, etc.
• Provides management with appropriate reporting
• Participates in project related activities as assigned
• Assists in the development of certification and training programs
• Operates within established budget