Commercial Loan Processor

Title

Government Guaranteed Loan Processor & Closer II

Industry

Credit Union

Employment Type

Direct Hire

Start Date

ASAP - January 5th start date

Location

Phoenix, AZ area (Hybrid)

Reporting To: Loan Director

Work Schedule & Compensation

• Schedule: Hybrid
• First month: 1 day a week in the Phoenix office, the rest remote.
• After first month: 1 day a month in the Phoenix office, the rest remote.
• Pay: $65,000 - $75,000 per year
• Bonus: Eligible for bonus compensation.

Must-Have Requirements

1. Experience: 4 years of relevant experience.
2. Loan Type: Must have experience with SBA commercial loans (NOT residential).
3. Program Expertise: Must have experience with both the SBA 7(a) and SBA 504 loan programs.
4. Skills: Must have Processing AND Closing experience. Strong closing experience is most important.

Essential Day-to-Day Responsibilities

The Processor & Closer II is a vital role coordinating the origination process with members, lenders, sales agents, and escrow companies to ensure loans are handled accurately, efficiently, and in accordance with Credit Union, SBA, and USDA guidelines.

I. Processing and Documentation

• Reviews and analyzes the loan approval to determine structure, borrower, collateral, and guarantor requirements.
• Determines due diligence requirements and prepares an SBA Master Needs List.
• Orders and reviews third-party reports (e.g., title commitments, flood certifications, UCC searches, etc.).
• Ensures compliance requirements are met, including Commercial Customer Identification Program (CIP), BSA, ECOA, and OFAC.
• Promptly and accurately determines when underwriting approval conditions have been satisfied, or takes corrective action to resolve discrepancies.
• Manages workload and monitors the pipeline report to ensure internal Service Level Agreements (SLAs) are met.
• Processes Adverse Actions requests.
• Collaborates with Loan Officers to draft 327 Actions to the SBA and obtains SBA approvals via ETRAN.

II. Closing and Funding

• Prepares loan closing documentation using the loan documentation system.
• Coordinates the closing with all parties (attorneys, title companies, members, loan officers) to ensure funding deadlines are met.
• Mitigates risk by clearing liens and credit approval conditions prior to closing.
• Prepares the loan funding and disbursement package, reviewing settlement statements, and balancing disbursements with escrow/title.
• Provides direction for the disbursement of all loan proceeds, including funds held back for construction.
• Reviews executed loan documents to verify signatures, dates, and closing conditions are met prior to funding.
• Works with Certified Development Companies (CDCs) to obtain Debenture funding on 504 Loans.

III. Compliance and Systems

• Stays current with and applies Credit Union policy, SBA SOP rules and regulations, and procedures to all transactions to mitigate risk and protect the loan guaranty.
• Reviews loan presentation for correct coding needed for portfolio and regulatory reporting (loan purpose, collateral type, etc.).
• Organizes electronic files, enters data, and maintains data integrity in the commercial loan origination system.
• Submits the loan file for pre-close review and ensures all items are filed with the centralized documentation system.

Selling Points & Benefits

• Health: No cost Medical, Dental, and Vision insurance.
• Retirement: 401(k) with employee match and a generous starting company contribution.
• Time Off: Generous PTO (Paid Time Off), Company Paid Holidays, Sick leave, and Bereavement leave.
• Growth: Tuition reimbursement and clear growth and advancement paths.
• Security: Company-paid long-term disability and Life Insurance.