Commercial Loan Closer
Company: Merchants Capital Corporation
Location: Saint Paul
Posted on: April 9, 2021
Summary: The Commercial Loan Closer must be knowledgeable of the
various investor programs and loan products offered by Merchants
Capital, which include Fannie Mae DUS program, Freddie Mac Program
Plus and Freddie Mac TAH. The Commercial Loan Closer will be held
accountable and responsible for the compliance of the respective
program guide requirements. The position's primary focus will be on
Fannie Mae and Freddie Mac loans originated by Merchants Capital,
but the responsibilities could also include working with Bank or
HUD products.Essential Duties and Responsibilities:
- Participate in Kick-off call with both Internal team members
and Borrower to gain understanding of transaction at onset of
- Expert for all applicable loan policies and procedures both
internally and required by Agency Guide's.
- Assist origination & underwriting in clearing stipulations
required by loan committee or Agency program (as/if
- Maintain -Pipeline report(s).
- Coordinate with MCC's legal representatives to schedule loan
closings, while collecting required items needed for closing from
the Borrower, Bank, or Legal Team.
- Organize closing calls with borrower and counsel, as
- Create Settlement Statements for closing and oversee the
contribution of equity, loan disbursements, and third-party
- Coordinate all aspects of loan closings which includes
providing outside counsel with timely receipt of required closing
documents, working closely with counsel to prepare and review all
necessary loan documents, reviewing title and survey comments
prepared by counsel and follow up if required; and obtaining all
necessary documentation for the completion of a closing statement
as well as obtain backup documentation for the processing of an
initial draw for construction transactions.
- Arrange loan fundings.
- Review and track all Lender and Investor commitments, as
- Issue loan commitments and confirmations, as applicable.
- Coordinate all loan delivery packages with both Underwriting
team and outside counsel, as applicable.
- Work directly with the various Agencies to securitize and
provide necessary closing documentation post-closing to finalize
the mortgage-backed security to the investor, as applicable.
- Deliver permanent loan files to servicing, construction
servicing and asset management departments.
- Ability to travel to closings, as required (limited).
- Other duties as assigned.
- Strong organizational skills with attention to detail.
- Possess the initiative to work in an independent and reliable
manner, and ability to work closely with other internal departments
to close a loan in a timely manner.
- Strong customer service skills in person, via electronic
communication and phone.
- Proficient in Microsoft Word, Excel, Outlook and database
- Requires critical thinking skills and multitasking.
- Two-Year College Degree or 2 years real estate lending or
closing specific experience preferred.
- Educational or work experience in relation to loan closing in
finance, real estate, Title or associated fields preferred.All
employees are expected to contribute to the overall success of the
organization by performing requested duties regardless of explicit
inclusion in the job description or reasonable relation to an
employee's primary role. Additionally, all employees must
understand and adhere to all federal and state laws and banking
regulations and company policies and procedures applicable to
assigned job responsibilities, including compliance as appropriate
under the Bank Secrecy Act and Anti-Money Laundering regulations.
Additionally, all employees are expected to demonstrate the
following Core Competencies: Professionalism - acting with
responsibility, integrity and accountability; demonstrating
consistent trustworthiness and reliability; always remaining
flexible, adaptable and willing to accept coaching; building and
managing professionally healthy relationships; deliberately
managing career decisions; and continually developing awareness of
business-related topics. Communication - understanding various
active and passive tools and styles and their effects; and
exhibiting appropriate, effective, timely use of tools and styles
to connect, collaborate, facilitate teamwork and serve customers.
Work Quality - demonstrating an ongoing commitment to compliance,
safety and security; executing work with efficiency, a sense of
urgency and attention to detail; and displaying organized work
practices and a results-oriented mindset. Analytical Ability -
navigating work-related circumstances with practical, sound
reasoning; and demonstrating creativity in problem solving.
Leadership - displaying good judgment and certainty in decision
making; taking initiative with job-related demands; demonstrating
innovative thinking and sound planning with business practices;
managing individual performance toward shared organizational goals;
and thinking strategically to set and accomplish goals. Merchants
Bancorp and its affiliates and subsidiaries are committed to being
equal opportunity employers. All job candidates and incumbents will
be assessed based on only criteria relevant to successfully
performing the job as defined in this job description and as
generally accepted in the job's relevant industries. PM20
Keywords: Merchants Capital Corporation, St. Paul , Commercial Loan Closer, Accounting, Auditing , Saint Paul, Minnesota
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