Commercial Loan Assistant

Company: MSU Federal Credit Union
Location: East Lansing
Posted on: May 21, 2023

Job Description:

The Commercial Loan Assistant is responsible for coordinating with assigned loan officer(s) in all phases of processing and servicing of business loans. Handles member questions and inquiries, prepares correspondence, and answers incoming telephone calls, faxes and emails. Works with the loan officer and member to obtain required documentation and assists with ongoing monitoring and reporting related to the business loan portfolio. The Commercial Loan Assistant is expected to assist in enhancing the relationship with the business members throughout the life of the loan, and for cultivating new loan opportunities.Work Arrangement - This position offers a hybrid role with a combination of working both onsite at Headquarters 1 building in East Lansing and remotely. A minimum of being in the East Lansing office 2-3days/week is expected.Compensation & Benefits -100% Company-Paid Health, Dental, Vision, Life, and Long-Term Disability PremiumsUp to 26 days of PTO within your first year, as well as Volunteer Time Off & 11 Paid Holidays401(k) with an immediate 2:1 MatchTuition Reimbursement12 Weeks of Paid Parental LeaveEssential Duties and ResponsibilitiesCommercial Loan Assistant I:Responsible for processing commercial loans to include obtaining, verifying and documenting all information required for loan application files.Conducts thorough loan approval and closing prep work such as ordering appraisals, title searches, surveys, credit reports, environmental reports, flood certificates, and arrangements for inspections, UCC filings, and obtaining entity documents. Evaluates all information gathered and ensures that the underwriting of the loan has begun. Performs documentation follow up such as tracking final title policies and recorded mortgages.Manage active pipeline of new money, renewal, and modification loan requests.Works daily, monthly, and annual reports in a timely fashionMaintains maturing loans to ensure loans are properly renewed prior to maturity.Requests necessary recurring financial and non-financial documents to minimize exceptions. Prioritizes Past Due exceptions.Prepares and sends Adverse Action Notices (AAN) for applicants with denied, withdrawn, or cancelled applications.Upon credit and lender guidance, the Commercial Loan Assistant prepares and sends Covenant Default and Reservation of Rights letters based on credit and lender guidance.Completes a wide variety of word processing and spreadsheet tasks including loan correspondence, internal memorandums, internal reports and forms.Prepares correspondence and reports as needed from loan officers, assists loan officers and members by answering phones, faxing or emailing.Maintains commercial record keeping and filing systems. Classifies, sorts and sends all applicable loan records and other documents to be filed appropriately, including electronic or paper storage.Coordinates the loan review and closing process including the accuracy and completeness of the file, prompt communication with all individuals involved and coordinating the closing.Reviews loan approval memorandums and presentations to ensure adherence to lending procedures, and loan conditions and covenants are utilized.Act in compliance with the Credit Union's Business Lending policy and at all times.Answers inquiries and communicates with members and third parties, to ensure all are proactively kept up to date with the status of their loan file and/or relationship.Ensure that written correspondence with applicant, whether in the form of a commitment letter, proposal or term sheet is in agreement with signed loan approvals, and does not expose the Credit Union to additional liability. All correspondence must be reviewed by a senior loan assistant, Lender, or Management.Attends seminars and/or classes necessary to keep current on regulations and trends affecting economy or specific business sectorsReview new applications and loans for completeness and accuracy and ensure all additional documentation has been collectedObtain credit information and ensure loan collateral is sufficientParticipate in training activities within the department/branches/human resources, as well as training outside the department; such training helps to ensure staff compliance with Credit Union policies and state and federal regulations and lawsPerform other duties and assist other employees, as assignedCommercial Loan Assistant II:All of Commercial Loan Assistant I duties and responsibilitiesMonitors and removes any technical exceptions by corresponding with the title companies, county clerks, loan officers, members, attorneys, etc.Review of loan commitment letters, proposals, and term sheets drafted by Commercial Loan Assistant ISenior Commercial Loan Assistant:All of Commercial Loan Assistant I and II duties and responsibilitiesAssists in the training and development of Commercial Loan Assistant I and IIEnsures that Business Lending policies, procedures, and practices are in conformity with industry standards and regulatory policiesAssists loan officers with monitoring loan portfolio, to include maintaining current financial statements, adherence to loan covenants/terms, minimizing past due accounts and reporting to senior management potential issues on a proactive basis ensuring all loans are in compliance and properly documentedKnowledge, Skills, and Abilities RequiredCommercial Loan Assistant I:High school diploma or equivalent requiredMinimum of a Bachelor's degree or equivalent experience in business, finance, sales, or related field, or equivalent combination of work experience and education.Good math skills are very desirableAnalytical ability to conduct an analysis of an applicant's credit statusShould have a thorough knowledge and understanding of state and federal lending laws as follows: Truth-in- Lending; Equal Credit Opportunity Act; Fair Credit Reporting Act; Fair Debt Collection Practices Act; Rights to Financial Privacy Act; Bank Secrecy Act; Money Laundering Control Amendment ActStrong interpersonal skills including collaborating and team building.Must have excellent written and verbal (face-to-face and phone) communication skills including professional grammar and demeanor, along with the ability to present and explain information effectively to members and other employees.Strong organizational skills with attention to detailAbility to manage multiple tasks with minimal supervisionExperience with Personal Computers and knowledge of various computer programs, such as, Windows, Microsoft Word, Excel, and other software programs as neededCommercial Loan Assistant II:All of Level I knowledge, skills, and abilitiesBachelor's Degree in business, finance or sales related field and/or a minimum of two years of financial institution experienceAt least 2 years of demonstrated high performance in commercial lending or credit industryDemonstrated ability to provide consistently superior service in a professional and effective manner to both members and colleaguesStrong knowledge of commercial lending products and servicesAbility to make decisions with minimal supportSenior Commercial Loan Assistant:All of level I and II knowledge, skills, and abilitiesBachelor's Degree in business, finance or sales related field and/or a minimum of three years of financial institution experienceAt least 5 years of demonstrated high performance in commercial lending or credit industryMust have demonstrated a willingness to lead and mentor othersAbility to assist in the training of other staff members in the various software programs that are used by the Business Services departmentAbility to take ownership of and lead projectsPhysical Demands and Work EnvironmentMay be required to remain in a stationary position for an extended period of time.Ability to operate standard office technology, equipment and tools, which may include many hours of computer and phone usage.Occasionally needs to move about inside of office areaExposure to potentially hazardous condition, i.e. robbery. Receives detailed instructions and procedures to be followed to minimize the exposureThis position is able to work in hybrid or onsite working arrangements.EducationRequiredHigh School or betterEqual Opportunity Employer/Protected Veterans/Individuals with DisabilitiesThe contractor will not discharge or in any other manner discriminate against employees or applicants because they have inquired about, discussed, or disclosed their own pay or the pay of another employee or applicant. However, employees who have access to the compensation information of other employees or applicants as a part of their essential job functions cannot disclose the pay of other employees or applicants to individuals who do not otherwise have access to compensation information, unless the disclosure is (a) in response to a formal complaint or charge, (b) in furtherance of an investigation, proceeding, hearing, or action, including an investigation conducted by the employer, or (c) consistent with the contractor's legal duty to furnish information. 41 CFR 60-1.35(c)

Keywords: MSU Federal Credit Union, East Lansing , Commercial Loan Assistant, Other , East Lansing, Michigan