SBA Loan Closer

$80,000 - $115,000/Yr

Cross River International - Fort Lee, NJ

Full-time - Mid Level

Fort Lee, NJ

Textile Mills

About the position

The SBA Loan Closer at Cross River plays a crucial role in supporting the SBA Loan team by analyzing financial information and ensuring compliance during the loan closing process. This position involves collaborating with customers and various stakeholders to facilitate the closing of different types of SBA loans, including 7(a), Sub-350, SBA LOC Express, and 504 loans. The role emphasizes accuracy, compliance with banking regulations, and effective communication, contributing to the company's mission of reshaping global finance and financial inclusion.

Responsibilities

• Order and review UCC/Federal/State/County preliminary lien searches, title commitments, flood search, background checks, CAIVRS, IRS Transcripts, appraisal, and environmental reports.
• Request essential loan documentation as indicated by the loan approval to ensure completeness of the loan file.
• Review articles and by-laws/operating agreements of partnerships, corporations, and LLCs where applicable.
• Substantiate Equity Injection as required by the loan approval.
• Ensure prompt payment of the Guarantee fee for the SBA loan as required by allotted time.
• Generate closing checklist and coordinate the closing with borrower, BDO, and attorney.
• Ensure the accuracy of the loan file, including all packaging documents and compliance with SBA lending requirements and Bank policies.
• Complete a detailed review of the loan approval to determine borrowers, guarantors, collateral, and other required credit and closing conditions.
• Request any needed corrections or additions to the loan approval.
• Work closely with underwriting, attorneys, document preparation, third-party vendors, and customers to prepare closing conditions and items needed to schedule/close the loan.
• Prepare compliant closing documents in LaserPro to send to bank attorney.
• Disburse loan proceeds and reconcile settlement statement, review signed loan documents to ensure documents are signed correctly and follow up to obtain any missing information.

Requirements

• Bachelor's degree in Accounting, Finance, or equivalent experience.
• Minimum of two years of closing experience in SBA lending or residential mortgage loan closing.
• Strong knowledge of closing procedures, federal and state banking regulations, and adherence to banking policies.
• Experience with LaserPro and E-tran is required.
• Strong oral and written communication skills in a commercial bank environment.
• Demonstrated effective customer service skills.
• Effective business writing and professionalism.
• Strong working knowledge of Microsoft Word and Excel.

Benefits

• Competitive salary range of $80,000 - $115,000 per year.
• Equal Opportunity Employer with a commitment to diversity and inclusion.