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Commercial Loan Closing Specialist

2 months ago


Los Angeles, California, United States IDB Full time
Company Overview

For over seven decades, IDB Bank has dedicated itself to being the premier banking institution for our clients by prioritizing their needs. Our success is fundamentally attributed to our talented workforce. At IDB, you will collaborate with some of the industry's most skilled professionals who embody a strong sense of teamwork and a commitment to delivering outstanding service with meticulous attention to detail. We provide a comprehensive benefits package that includes generous paid time off and immediate participation in our medical coverage and 401(k) plan from your first day. Our commitment to diversity and inclusion ensures that all team members have equal opportunities to thrive and contribute meaningfully in a respectful and welcoming work environment.

Position Overview

The Loan Closer plays a critical role in guaranteeing the precise and timely closing of commercial loans. This position requires collaboration with various departments, preparation of closing documents, and management of the closing process to ensure adherence to bank policies and regulatory standards.

Key Responsibilities:
  • Draft and assess closing documents for commercial loans, including CRE, Construction, C&I, and unsecured lines of credit.
  • Coordinate with underwriting, legal, compliance, and other departments to confirm that all conditions are satisfied before closing.
  • Independently oversee the examination of the preliminary title report, address issues, and request the necessary endorsements for the final policy.
  • Engage with borrowers, attorneys, and third parties to ensure seamless loan closings.
  • Verify that all loan documentation is complete and accurate.
  • Manage the closing calendar and arrange closing dates.
  • Conduct final reviews and quality checks on closing packages.
  • Ensure compliance with all regulatory requirements and internal policies.
  • Resolve any challenges that arise during the closing process.
  • Maintain precise records of closed loans and update loan management systems.

Qualifications:
  • Bachelor's degree in finance, business administration, or a related field.
  • A minimum of 5 years of experience in commercial loan closing.
  • In-depth knowledge of commercial loan products and closing procedures.
  • Exceptional organizational, communication, and problem-solving abilities.
  • Capability to manage multiple tasks and meet deadlines effectively.
Preferred Qualifications:

- Paralegal certification or a related legal background.

Compensation:

The anticipated annual salary for this role ranges from $85,000 to $110,000 at the commencement of employment. Salary offers are determined on an individual basis, considering factors such as skills and experience. In addition to base salary, our total rewards package includes eligibility for an annual bonus, medical, pharmacy, dental, and vision plans, life and disability insurance, employee wellness programs, retirement and savings plans with employer contributions, generous holiday and paid time off schedules, parental leave, and tuition reimbursement.

Additional Information

IDB Bank is committed to providing reasonable accommodations to employees to enable them to perform essential job functions, except where doing so would impose undue hardship on the Bank. This includes individuals with known mental or physical disabilities, pregnant individuals, victims of domestic violence, and employees with religious observance obligations. Employees who believe they require accommodations should contact their supervisor or Human Resources to initiate a request. The Bank will engage in a good faith dialogue regarding accommodation needs and potential solutions.

Disclaimer

The statements above are intended to describe the general nature and level of work performed by individuals in this classification. They are not intended to be an exhaustive list of all responsibilities, duties, and skills required. All personnel may be required to perform duties outside of their normal responsibilities as needed.

All information will be kept confidential in accordance with EEO guidelines.

IDB Bank, including its subsidiaries and divisions, provides equal employment opportunities to all employees and applicants without regard to race, color, religion, sex, sexual orientation, national origin, age, disability, genetic status, citizenship status, marital status, military or veteran status, or any other legally protected category in accordance with applicable laws.