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Senior Loan Closer
Investors Bancorp
Short Hills, NJ, United States
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Job Description
POSITION OVERVIEW
Prepares in-house legal loan documents and reviews documents prepared by outside counsel to ensure compliance with bank policy and standards. Schedules loan closings and ensures that all closing requirements have been satisfied. Monitors department workflow and cross-reviews work of other closers to ensure accuracy. Understands lending laws and regulations to ensure that the Bank's lending policies and guidelines comply. Keeps current with industry and Investors guideline changes. Makes recommendations for procedures and lending policy changes; ensures that staff is trained on same and is compliant. Involvement in departmental audits ensuring that loan files and documentation are complete and in compliance.
RESPONSIBILITIES
• Manages the loan closing process, including making sure that the loan files are complete in accordance with Investors standards; ensures preconditions have been met and properly documented; obtains outstanding items; ensures taxes are current; reads flood reports to determine adequate coverage levels; determines escrow amounts required; prepares closing figures; coordinates closings; prepares in-house loan documents; completes closing worksheets; and performs post-closing follow-up. Ensures compliance with Bank policies and procedures and legal requirements. Leads and mentors junior staff by overseeing complex closings. Escalates issues concerning discrepancies or closing impediments with recommendations to management for approval.
• Receives and reviews loan documents from legal counsel and other offices for consistency with loan commitment prior to closing. Resolves any discrepancies noted to ensure a timely closing. Proposes recommendations on discrepancies or closing impediments to management for approval.
• Directs the workflow of Loan Closers, assigning and following up on tasks as needed. Provides training and assistance as well as ensuring the accuracy and completeness of all department work. Recommends process improvements and solutions and escalates any issues for prompt resolution.
• Develops and maintains effective working relationships with internal and external customers and other professionals to ensure a positive closing experience. Follows up with required parties to gather documents and information needed to ensure a complete and accurate loan file. Provides regular updates to customers, Relationship Managers, branches, management, etc. to keep them informed of Closing progress.
INDIRECT REPORTS
• Loan Closers
EXTERNAL AND VENDOR RELATIONSHIPS
• Significant interaction with customers, attorneys/paralegals, title companies.
Requirements
Manages the loan closing process, including making sure that the loan files are complete in accordance with Investors standards; ensures preconditions have been met and properly documented; obtains outstanding items; ensures taxes are current; reads flood reports to determine adequate coverage levels; determines escrow amounts required; prepares closing figures; coordinates closings; prepares in-house loan documents; completes closing worksheets; and performs post-closing follow-up. Ensures compliance with Bank policies and procedures and legal requirements. Leads and mentors junior staff by overseeing complex closings. Escalates issues concerning discrepancies or closing impediments with recommendations to management for approval. Receives and reviews loan documents from legal counsel and other offices for consistency with loan commitment prior to closing. Resolves any discrepancies noted to ensure a timely closing. Proposes recommendations on discrepancies or closing impediments to management for approval. Directs the workflow of Loan Closers, assigning and following up on tasks as needed. Provides training and assistance as well as ensuring the accuracy and completeness of all department work. Recommends process improvements and solutions and escalates any issues for prompt resolution. Develops and maintains effective working relationships with internal and external customers and other professionals to ensure a positive closing experience. Follows up with required parties to gather documents and information needed to ensure a complete and accurate loan file. Provides regular updates to customers, Relationship Managers, branches, management, etc. to keep them informed of Closing progress.
INDIRECT REPORTS
Loan Closers
EXTERNAL AND VENDOR RELATIONSHIPS
Significant interaction with customers, attorneys/paralegals, title companies.