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Loan Processing Specialist
2 months ago
About the Role
LoanBud is expanding, and we have an exciting opportunity for a dedicated individual to become part of our dynamic team. Our mission is to assist small enterprises in securing the financing necessary for their success, while providing a fulfilling career with opportunities for professional advancement and a collaborative work environment.
Employee Appreciation
We value our employees and strive to create an environment that is recognized as "the ideal workplace".
We are in search of a Loan Documentation Specialist to support LoanBud Business Lending Officers and clients in the processing and closing of SBA and other commercial loans. If you possess experience in banking, loan processing, or loan review, enjoy assisting individuals in achieving their financial objectives, and have a keen eye for detail while excelling in process management, this position may be a great fit for you.
Compensation for this role includes an hourly base wage along with commission, with wage placement determined by qualifications and relevant experience.
About LoanBud
Benefits We Provide
- We offer comprehensive benefits, including medical, dental, and vision coverage, as well as a generous 401(k) matching program. We prioritize the well-being of our employees.
- Investing in our employees is paramount. We provide professional development resources and pathways for career growth.
- At LoanBud, we promote a healthy work-life balance. With an extensive holiday and PTO policy, there are always opportunities to recharge.
- We foster a supportive and adaptable work atmosphere. Our employees are treated with respect, empathy, and trust, as valued members of the LoanBud team.
Key Responsibilities
This position plays a crucial role in assisting clients, lenders, and lending officers with the processing and closing of SBA and other commercial loans. Responsibilities include engaging with borrowers and referral partners from loan submission to funding, gathering and assessing documentation according to program specifications, and ensuring compliance with lender guidelines.
Essential Duties
- Collaborate with internal teams, including Business Lending Officers, to ensure timely processing and closing of loans.
- Review loan files and compile a list of required items for closing and funding.
- Clearly communicate requirements and loan status to all parties involved.
- Prepare loans for submission in alignment with lender guidelines.
- Calculate business and/or global debt service coverage ratios.
- Open Title and request preliminary title reports as necessary; review and amend title reports as needed.
- Assess and accept entity documentation such as articles, by-laws, and partnership/LLC documents.
- Ensure adherence to SBA Standard Operating Procedures (SOP) and lender credit policies.
- Determine insurance needs and secure hazard/flood/liability insurance as required.
- Evaluate loan applications to establish initial eligibility.
- Prepare and finalize loan document requests, ensuring compliance with lender approvals and conditions.
- Coordinate loan closings with borrowers, referral partners, and business lending officers.
- Maintain accurate pipeline reports and meet monthly loan closing goals.
- Perform additional duties as assigned.
Qualifications We Seek
- Deadline-oriented with a strong sense of urgency to meet required timelines.
- Analytical thinker capable of synthesizing complex information.
- Proficient problem-solver who identifies and resolves issues promptly.
- Effective communicator with strong verbal and written skills, demonstrating professionalism in customer service.
- Leadership qualities that inspire and motivate team members.
- Commitment to quality management, seeking ways to enhance processes and ensure accuracy.
- Sound judgment with the ability to make timely decisions.
- Strong planning and organizational skills, utilizing time efficiently.
- Adherence to safety and security protocols, handling data and materials responsibly.
Preferred Qualifications
- Associate's degree or higher.
- Four years of experience in loan processing or a combination of professional experience and education in a related field.
- Familiarity with lending policies and procedures.
- Proficient in MS Office applications (Word, Excel, Outlook).
Equal Opportunity Statement
LoanBud is committed to providing equal employment opportunities to all individuals, regardless of race, color, creed, religion, gender, age, sexual orientation, national origin, disability, veteran status, or any other characteristic protected by applicable law.