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Loan Closing Officer
Comerica
Dallas, TX, United States
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Job Description
Loan Closing Officer
The Loan Closing department is responsible for providing services to the commercial loans to ensure the timely processing of loan closing requests and management of data integrity for the reporting of Comerica's loan portfolio. This role will also manage loan closing activities and independently analyze and validate information provided in the RECAP for standard, moderate and complex commercial/consumer loans for all markets.
Position Competencies
Successful incumbents have strong customer-centricity, are collaborative, have high integrity, strive for excellence, are agile, promote diversity and are involved in our community.
Position Responsibilities
Loan Closing:
• Partner with key stakeholders to drive loans to closure in an accurate and timely manner.
• Coordinate and execute all aspects of commercial loan closing from loan approval through closing. This includes communication with borrowers, engagement of third parties, communication with bank counsel, resolution of prerequisites to closing and capture of required data.
• Identify and resolve process or business related obstacles to loan closing, escalate as needed.
• Develop knowledge and understanding of support and loan documents required for the borrowing entity, collateral type and loan controls and/or covenants contained in the credit approval for various commercial and consumer loans, including those with greater complexity (e.g., multi-bank transactions, non-accrual, etc.).
• Determine required documentation based on the loan type and orders documentation from the appropriate source (National Document Preparation, Corporate Legal or outside legal counsel).
Customer Service:
• Engage customers, internal and external legal counsel, to obtain necessary information for loan closing.
• Collaborate with suppliers (e.g., appraisers, environmental companies, title insurance companies, etc.) to obtain pre-documentation due diligence.
• Maintain effective relationships with clients and suppliers.
• Consult and manage problem resolution during the post approval and pre-boarding phases.
• Key point of contact for post-closing operational units for assigned loans.
• Monitor and communicate receipt and progress of work.
Risk Management / Data Validation:
• Coordinate prerequisite criteria and loan document preparation as identified in RECAPs in conjunction with approvers/reviewers.
• Partner with key stakeholders to ensure regulatory requirements are satisfied and escalate non-compliance concerns.
• Utilize knowledge of underwriting principals and the end-to-end loan process to review, analyze and interpret information in the Recap, to determine what is required to be captured in the system of record.
• Make quality and timely decisions regarding conflicting information.
• Work independently with minimal guidance and support.
• Maintain knowledge of legal and regulatory issues related to various commercial and consumer loans. Provide recommendations on process adjustments based on updates and revisions to regulations. Some examples of regulations governing this work:
• Reg Z
• Home Mortgage Disclosure Act(HMDA)
• Flood Disaster Protection Act
• Train incoming data validation analysts to document, board, service and provide accurate reporting of commercial and consumer loans.
Travel
Travel is not required of this position.
Relocation
Relocation is not available for this position.
Qualifications
Qualifications
• High School diploma or equivalent
• 4 years banking or financial service environment experience
• 3 years commercial loan experience
• 3 years analysis experience
• 3 years customer service experience in a telephone and face-to-face environment
About Comerica
We know that our employees are critical to our overall success. We are dedicated to investing in their future to maintain long-term relationships for lasting commitments. One of the ways we do this is to offer a comprehensive package of compensation and benefits programs which are regularly reviewed to maintain them at competitive levels. Your salary will be commensurate with your work experience.
Upon offer, Comerica conducts a comprehensive background check, fingerprint check and a drug test.
NMLS certification requirement: where applicable, a favorable background check screening, credit check, fingerprint check, and NMLS certification is required in accordance with the SAFE Act.
Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned by the Business Bank, the Retail Bank, and Wealth Management. Comerica's more than 9,000 colleagues focus on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico.
Comerica is proud to be an Equal Opportunity Employer - veterans/individuals with disabilities, committed to workplace diversity.