What are the responsibilities and job description for the Business Loan Origination Specialist position at Member Business Financial Services?
Member Business Financial Services, L.L.P. (MBFS), a credit union-owned company, is looking for a Business Loan Origination Specialist (Remote).
The Business Loan Origination Specialist II is responsible for ensuring the effectiveness, accuracy, and compliance of loan documentation preparation and commercial loan closings for MBFS. This role provides guidance and consultation to lenders throughout the closing process to ensure compliance with credit union policies and applicable regulations.
Assists credit union clients with complex loan requests, coordinates due diligence activities, prepares loan documentation, and supports the closing and booking of commercial loans. The position also contributes to internal initiatives and ad hoc projects within MBFS.
The individual must possess advanced knowledge of member business/commercial lending, strong technical proficiency with loan documentation systems, and excellent written and verbal communication skills to effectively interact with internal staff, credit unions, attorneys, and external vendors.
Responsibilities Include
The Business Loan Origination Specialist II is responsible for ensuring the effectiveness, accuracy, and compliance of loan documentation preparation and commercial loan closings for MBFS. This role provides guidance and consultation to lenders throughout the closing process to ensure compliance with credit union policies and applicable regulations.
Assists credit union clients with complex loan requests, coordinates due diligence activities, prepares loan documentation, and supports the closing and booking of commercial loans. The position also contributes to internal initiatives and ad hoc projects within MBFS.
The individual must possess advanced knowledge of member business/commercial lending, strong technical proficiency with loan documentation systems, and excellent written and verbal communication skills to effectively interact with internal staff, credit unions, attorneys, and external vendors.
Responsibilities Include
- Provide consultation to all Lender clients, guiding them through the closing process, ensuring the Lender is in compliance with their policy and government regulations, offering assistance with any needed due diligence expertise. This can include, but is not limited to:
- Review of the approved collateral that is to secure the loan and advise on what due diligence reports are required.
- Appraisal & appraisal reviews: Request DCS I to order and monitor the progress of these reports and when they are completed, DCS II will review and ensure that the Lender is in compliance with their policy/regulations and approved LTV requirements.
- Environmental Report: Request DCS I to order and monitor the progress of these reports and when they are completed, DCS II will review and ensure the proper level of due diligence report is completed and mitigates any existing environmental concerns
- Ordering flood determinations if necessary and reviewing if in a flood zone, that the Lender obtains adequate flood insurance coverage from borrower with the Lender listed as mortgagee
- Ensuring property hazard/property insurance is obtained with Lender listed as Mortgagee and/or loss payee
- Ensuring we have appropriate title work or current property search information to confirm Lender's approved lien position and collateral description, including parcel number(s), vesting, legal description, etc.
- If appropriate, ensuring Lender has current UCC searches
- If appropriate, ensuring we have current purchase agreement in place
- Review of proposed Borrower and Guarantors information; ensuring appropriate documentation is in file such as: EIN verification, Certificate of Formation documents, Operating Agreement, By-Laws, Partnership Agreements, Trust Agreements, etc
- Thorough review of the entity documentation to accurately determine the signers and their titles of who is authorized to bind the company into debt with the Lender.
- Prepare loan documents according to the executed loan approval through the Laser Pro documentation system with minimal to no errors. Include any applicable required covenants the Lender deems necessary for the transaction.
- Check documents for proper vesting, legal description, closing dates, signatures and collateral lien recordation.
- Coordinate attorney review of loan documentation and settlement, if applicable
- Prepare Participation Agreements when needed, ensuring that all appropriate approvals are in file and that all details of the participation are accurate and thorough.
- Coordinate the execution and wire transfers for all participation portions over to the Lead Lender.
- Files loan documents with the appropriate agencies (UCC-1 financing statements for example), if requested
- Review, create, track and complete all Change in Terms requests that are assigned.
- Provide administrative support to the Manager as needed.
- Track, organize, maintain and continuously re-prioritize daily duties as demanded by your workflow
- Ensure staff work area is clean, secure, and well maintained in conjunction with the company's clean desk policy.
- Complete annual required compliance, technical/business, professional development/universal skills, and lending training through the MBFS and American Heritage Credit Union Online Training systems, within the prescribed timeline.
- Five to seven years of direct work experience
- Strong Technical Ability.
- Excellent interpersonal skills; ability to interact with all levels of the organization.
- Strong experience with loan documentation and loan documentation systems such as Laser Pro.
- Strong experience with loan processing systems such as Ncino.
- Knowledgeable about Lender products and services.
- Excellent working knowledge of Microsoft Programs.
- Strong decision making skills; strong organizational skills, ability to work independently, flexibility; ability to react to changing needs of the department.