SUMMARY: The Commercial Loan Closing Officer III (LCO III) is responsible for handling all C&I and CRE (included construction) loan activities including direct, purchased, sold and syndicated deals. Activities include but are not limited to: 1) coordinating and executing closing of direct, sold, purchased and syndicated deals by participating in ongoing meetings with the Deal Team (agent banks, participating banks, attorneys, Relationship Managers, Underwriters and Credit Officers), 2) along with Relationship Manager, ensuring loan documents accurately reflect approved terms and conditions and are executed in a timely manner, 3) work with Deal Team ensuring closing conditions outlined in the credit approval are satisfied 4) working with business partners to ensure closing related fees are received, distributed and applied correctly, 5) ensuring proper setup of complex transactions in loan system by Loan Servicing Team, 6) determining when loan is "clear to close" and communicating with Deal Team, 7) performing due diligence searches, 8) updating shared document repository deal sites with closing related and post-closing documentation and due diligence and 9) generating and disbursing ongoing transactional notices for participant banks. * This is an advanced-level LCO position * Assigned to the most complex loans or those that require a high degree of independence in closing condition resolution (may coach other LCOs on resolution) * Empowered to use judgment to determine materiality regarding clearing closing conditions or the need for escalation * May oversee other LCOs
ESSENTIAL DUTIES AND RESPONSIBILITIES include the following. Other duties and special projects may be assigned.
- Pre-Closing and Due Diligence * Receives approved CAM packages from Underwriter or Portfolio Manager. Reviews the Approved CAM package for loan closing conditions, loan setup criteria, appropriate lending authority, and lien perfection requirements. * Work with Commercial Loan Servicing department to ensure deals are setup to bill correctly to our borrower and for sold loans, participants. * Working with the deal team, which can include internal partners, agent bank and/or participating banks, to coordinate distribution, receipt of and application of direct, syndication, sold participation and Shared National Credit closing related fees including but not limited to commitment fee, arranger fee, skimming fee and administration fee. * Confirm and satisfy "Conditions to Close" by completing the Closing Memorandum Worksheet. * Performs closing related due diligence and collects any affiliated fees. Due diligence consists of but is not limited to appraisals, environmental reports, flood zone determinations, OFAC, KYC documentation, insurance review, etc. * Interacts with all business partners including line, underwriters/portfolio managers, credit officers, attorneys, 3rd party vendors, etc. to ensure loan closing requirements are understood and satisfied. * Expedites the prompt and accurate satisfaction of all pre-closing conditions. * Independently takes remedial actions to resolve non-credit related deficiencies escalating questions/disputes to the appropriate party when necessary. * Works closely with underwriter/portfolio manager and credit officer to resolve credit related deficiencies and obtain approval if needed.
- Loan Documentation (20% of time) * Engage outside counsel to begin creation of draft loan documents. In certain cases allowable by policy, the LCO III may prepare in-house documents. * Performs thorough and timely review of loan documents ensuring that they adequately reflect the loan as approved and protect the Bank's interests. Understands the materiality of nuances in legal language to assess whether the loan documents capture the intentions of the approved deal/covenants/conditions. * Uses knowledge of rate and loan types in order to ensure documents capture borrowing options in a way the loan system can accommodate. * Facilitates the loan document review process with Bank's Counsel, RM and Deal Team, and determines when the loan documents are finalized and ready for customer signing.
- Closing and Funding (15% of time) * Engage outside counsel to begin creation of draft loan documents. In certain cases allowable by policy, the LCO III may prepare in-house documents. * Performs thorough and timely review of loan documents ensuring that they adequately reflect the loan as approved and protect the Bank's interests. Understands the materiality of nuances in legal language to assess whether the loan documents capture the intentions of the approved deal/covenants/conditions. * Uses knowledge of rate and loan types in order to ensure documents capture borrowing options in a way the loan system can accommodate. * Facilitates the loan document review process with Bank's Counsel, RM and Deal Team, and determines when the loan documents are finalized and ready for customer signing.
- Post-Closing Activities (15% of time) * Based on an assigned queue, submit requests for posting of transactions and changes such as loan maintenance, advances and payments to Loan Servicing Team to execute in Loan System. * Address Tracking Items -- Using internal reporting, resolves ongoing items coming due such as insurance expirations, rate type change, loan and payment structure changes. Uploads items to document repository site for use by participant banks.
- Adheres to and complies with applicable, federal and state laws, regulations and guidance, including those related to anti-money laundering (i.e. Bank Secrecy Act, US PATRIOT Act, etc.).
- Adheres to Bank policies and procedures and completes required training.
- Identifies and reports suspicious activity.
EDUCATION
Bachelor's Degree in Business preferred
EXPERIENCE
- 7-9 Years of experience in a financial institution with a focus on due diligence and loan documentation required
- Experience as a paralegal or paralegal certificate preferred
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BankUnited
Feb 04, 2025