Provident Bank · 2 hours ago
Commercial Loan Closing Coordinator I
Woodbridge, NJ
Full-time
Onsite
Entry Level
$22.81/hr - $28.62/hr
1+ years expProvident Bank is a highly regarded financial institution in New Jersey, committed to enhancing customer and employee experiences. The Commercial Loan Closing Coordinator I is responsible for facilitating document preparation and closing of various loans, acting as a liaison between customers and banking professionals.
Financial Services
Responsibilities
Reviews proposed loan documents on new transactions for conformance with the loan approval & commitments. This includes organization of the file, review of the closing documents for accuracy, assuring receipt of all required closing documentation, due diligence, compliance and satisfaction of all closing terms, conditions and covenants
Is responsible for loan set-up including completion of loan input sheets, transaction tickets to reconcile the general ledger debit and credit entries, calculation of required escrows, reserves and prepaid interest, initiating wire transfers and wire verifications
Coordinates all aspects of the closing process to ensure that all terms and conditions of the transaction are met. Assemble, prepare and verify closing documents, in-house or attorney prepared during the completion of commercial loan transaction. Ensures proper setup of LaserPro prepared documents and attorney prepared documents, which varies from Commercial Loans, CapEx Lines, Lines of Credit, Term Notes and occasionally, Letters of Credit
Responsible for confirming that the loan was properly established on the bank’s system by the Loan Processing Administrators
Consistently updates the loan closer reports. Maintains the loan files on a current basis at all times; responds to customer inquiries; assists the Relationship Manager; facilitates communications with Loan Operations. Post closing follow-up to ensure that all required documentation is received
Prepare and review Legal documentation for extensions, modifications, renewals and term out and ensure conformance to credit approval. Order and review judgment and Lien searches and corporate status findings and ensure compliance with loan approval. Review Insurance coverage for adequacy as per policy and ensuring coverage is current
Coordinates and acts as a liaison with Attorneys, Relationship Managers/Portfolio Managers and other professionals to schedule and ensure closing takes place in a timely fashion
Immediately following all closings, coordinates post closing items with the post closing administrator
Performs other related duties as required
Qualification
Required
1 to 3 years of experience in the mortgage industry or loan processing
Associate's degree or its equivalent
Loan Closing Documentation
Commercial loan closings / mortgage processing and ability to apply such knowledge
Strong verbal, communicative and written skills
Proficient with software and systems programs
Ability to manage heavy workflow, resolve problems with modest supervision, attention to detail and the ability to perform arithmetic calculations
Benefits
Paid time-off (PTO)
Holiday (PTO)
Health and Wellness benefits including Medical, Dental and Vision Plans
Flexible and Health Savings Accounts
401(k) Retirement Plan
Disability Insurance
Employee Assistance Program
Basic Life Insurance
Tuition Disbursement and Loan Repayment programs
Supplemental Life Insurance
Accident
Critical Illness
Hospital Indemnity
Legal plans
Company
Provident Bank
Provident Bank is the wholly owned subsidiary of Provident Financial Services, Inc.
1001-5000 employees
Funding
Current Stage
Late StageLeadership Team
Maheshkumar Kandasamy
SVP, Enterprise Architecture Director
Scott Hurlbert
SVP, Digital Channels Director
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