Commercial Loan Closing Officer - #440252

BankUnited


Date: 09/15/2021 13:30 PM

City: Miami Lakes, Florida

Contract type: Full Time

Work schedule: Full Day

SUMMARY: The Commercial Loan Closing Officer (LCO) is responsible for handling all C&I and CRE loan activities including direct, purchased, sold and syndicated deals. Activities include but are not limited to: 1) coordinating and executing closing of direct, sold, purchased and syndicated deals by participating in ongoing meetings with the Deal Team (agent banks, participating banks, attorneys, Relationship Managers, Underwriters and Credit Officers), 2) along with Relationship Manager, ensuring loan documents accurately reflect approved terms and conditions and are executed in a timely manner, 3) work with Deal Team ensuring closing conditions outlined in the credit approval are satisfied 4) working with business partners to ensure closing related fees are received, distributed and applied correctly, 5) ensuring proper setup of complex transactions in loan system by Loan Servicing Team, 6) determining when loan is "clear to close" and communicating with Deal Team, 7) performing due diligence searches, 8) updating shared document repository deal sites with closing related and post-closing documentation and due diligence and 9) generating and disbursing ongoing transactional notices for participant banks

  • This is an entry level LCO position
  • Normally works on loans that are not as complex or that may require a lower level of closing condition resolution
  • Works under minimal supervision and direction


ESSENTIAL DUTIES AND RESPONSIBILITIES include the following. Other duties and special projects may be assigned

Pre-Closing and Due Diligence (50% of time)
  • Receives and Reviews - Receives approved CAM packages from Underwriter or Portfolio Manager. Reviews the Approved CAM package for loan closing conditions, appropriate lending authority, and lien perfection requirements
  • Ensures Complex Transactions are Setup in Loan System Correctly - Work with Loan Servicing department to ensure deals are setup to bill correctly to our borrower and participants
  • Coordinates Fees - Working with the deal team, which can include internal partners, agent bank and/or participating banks, to coordinate distribution, receipt of and application of direct, syndication, sold participation and Shared National Credit closing related fees including but not limited to commitment fee, arranger fee, skimming fee and administration fee
  • Conditions to Close - Confirm and satisfy "Conditions to Close" by completing the Closing Memorandum Worksheet.
  • Orders Due Diligence - Orders required due diligence items including credit searches and flood determinations
  • Confirms Receipt of Satisfactory Due Diligence - Confirms due diligence items have been reviewed and are satisfactory. Due diligence items include but are not limited to flood regulation items, hazard and liability insurance certificates, OFAC clearance, beneficial ownership items, environmental reports and appraisal reviews
  • Acts as Liaison with Partners - Interacts with all business partners including: line, underwriters/portfolio managers, credit officers, attorneys, 3rd party vendors, etc. to ensure loan closing requirements are understood and satisfied
  • Satisfies Pre-Closing Conditions - Expedites the prompt and accurate satisfaction of all pre-closing conditions. Including calculation of collateral loan-to-value and determining adequacy of insurance coverage
  • Resolves Non-Credit Deficiencies - Independently takes remedial actions to resolve non-credit related deficiencies escalating questions/disputes to the appropriate party when necessary
  • Resolves Credit Related Deficiencies - Works closely with underwriter/portfolio manager and credit officer to resolve credit related deficiencies and obtain approval if needed.
Loan Documentation (20% of time)
  • Engages with Attorney - When the approved CAM package is received, LCO is introduced to the outside counsel (selected from the Bank's Approved Attorney List) to prepare loan documents. RM to notify LOC which firm is to be engaged
  • Reviews Loan Documents - Performs thorough and timely review of loan documents ensuring that they adequately reflect the loan as approved and protect the Bank's interests. Understands the materiality of nuances in legal language to assess whether the loan documents capture the intentions of the approved deal/covenants/conditions
  • Participates in Document Uploads - In syndicated deals, uploads documentation and due diligence required by participant banks to shared document repository site
  • Ensures Rate Options are Properly Documented - Uses knowledge of rate and loan types in order to ensure documents capture borrowing options in a way the loan system can accommodate
  • Finalizes Loan Documents - Facilitates the loan document review process with Bank's Counsel, RM and Deal Team, and determines when the loan documents are finalized and ready for customer signing.
Closing and Funding (15% of time)
  • Reconciles Fees - Reconciles fees for third-party vendors/reports and provides a summary to Bank's Counsel
  • Issues the "Clear-to-Close" - Issues the "Clear-to-Close" when all pre-closing conditions have been met and loan documents are finalized. Has the authority to delay closings if all pre-closing conditions have not been met or if approval has not been obtained to move a pre-closing condition to a post-closing condition
  • Coordinates Closing - Coordinates closing date, time, and place with all parties
  • Reviews Executed Documents - Reviews all executed loan documents to ensure that they have been executed properly.
  • Initiates Funding - After all executed documents are reviewed and validated, the LCO will fund the loan proceeds as directed by Bank Counsel and provide a Clear to Fund to Bank's Counsel
  • Forwards Executed Documents - Provides executed loan documents to Loan Servicing for booking with direction to set tickers up for tracking of trailing documents, and to Process Administration for setting up credit ticklers
  • Resolves Issues - Resolves any issues arising during the closing process and discovered in booking.
Post-Closing Activities (15% of time)
  • Coordinates Syndication Notices - Generates and distributes transactional notices to participant banks including LIBOR and Prime advances, payments, loan rollovers, conversions and rate changes and submits postings to Loan Servicing Team to execute in Loan System
  • Execute Life of Loan Transactions - Based on an assigned queue, submit requests for posting of transactions and changes such as loan maintenance, advances and payments to Loan Servicing Team to execute in Loan System.
  • Address Tracking Items - Using internal reporting, resolves ongoing items coming due such as insurance expirations, rate type change, loan and payment structure changes. Uploads items to document repository site for use by participant banks.
EDUCATION and/or EXPERIENCE
  • Bachelor's Degree preferred
  • 0-3 Years of experience in a financial institution with a focus on due diligence or loan documentation required
  • Experience working with legal documents or in a law firm preferred

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