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Provident Bank · 1 day ago

Commercial Loan Closing Coordinator II

Woodbridge, NJ

Full-time

Onsite

Mid Level

$25.33/hr - $31.69/hr

3+ years exp

Provident Bank is a highly regarded financial institution in New Jersey, committed to enhancing customer and employee experiences. The Commercial Loan Closing Coordinator II is responsible for facilitating document preparation and closing of various loans while acting as a liaison between customers and professionals to ensure timely closings.

Financial Services

Responsibilities

Reviews proposed loan documents 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 and compliance and satisfaction of all closing conditions and covenants. Is responsible for loan set-up including completion of loan input sheets, calculation of required escrows, reserves and prepaid interest, preparation of general ledger debit and credit entries and initiating wire transfers and wire verification

Coordinates and acts as a liaison with attorneys, Relationship Managers and other professionals to schedule and ensure the closings takes place in a timely fashion

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, CRE construction loans

Immediately following all closings, the Closing Administrator coordinates post-closing items with the post closing administrator

Responsible for confirming that the loan was properly established on the system by Loan Operations

Interacts with lenders and borrowers as to the submission of all required advance documentation

Calculates closing advance figures. Reviews thoroughly the loan approval documentation

Reviews borrower’s requisition for accuracy and compliance with loan approval. Funding the loan documents and confirming fundings; when necessary, coordinate monthly advances with Borrower, inspecting engineer, title company and Relationship Manager

Perform all required due diligence for all closings and loan advances; such as confirm interest payments are current and that insurance and tax payments are all current and in good standing

Creates and verifies loan closing statements/ with approved closing figures; funding criteria, loan allocations

Consistently updates the loan closer reports and/or construction loan reports. Keeps the Lender updated as to the status on each loan in process

Reviews Loan documents for required release consideration; issue partial release letters and/or modification documents

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

Performs other related duties as required