BankUnited
Overview
SUMMARY:
The Commercial Loan Closing Officer (LCO) is responsible for handling all C&I and CRE loan activities including direct, purchased, sold and syndicated deals, including Construction Loans. Activities include: 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); ensuring loan documents accurately reflect approved terms and conditions and are executed in a timely manner; working with Deal Team to ensure closing conditions outlined in the credit approval are satisfied; working with business partners to ensure closing related fees are received, distributed and applied correctly; ensuring proper setup of complex transactions in loan system by Loan Servicing Team; determining when loan is clear to close and communicating with Deal Team; performing due diligence searches; updating shared document repository deal sites with closing related and post-closing documentation and due diligence; and generating and disbursing ongoing transactional notices for participant banks. Note:
This is an intermediate-level LCO position assigned to loans that are more complex or require greater independence in closing condition resolution. LCO is empowered to use judgement to determine materiality regarding clearing closing conditions or the need for escalation. Essential Duties and Responsibilities
Pre-Closing and Due Diligence (50% of time)
Receives approved CAM packages from Underwriter or Portfolio Manager. Reviews the Approved CAM package for loan closing conditions, appropriate lending authority, and lien perfection requirements. Ensures Complex Transactions are set up in the Loan System correctly and works with the Loan Servicing department to ensure deals are billed correctly to our borrower and participants. Coordinates Fees
– Working with the deal team (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.
Conditions to Close
– Confirm and satisfy
Conditions to Close by completing the Closing Memorandum Worksheet. Orders Due Diligence
– Orders required due diligence items including credit searches and flood determinations. Confirms receipt of satisfactory due diligence items reviewable as required. Due diligence items include some of but not limited to flood regulation items, hazard and liability insurance certificates, OFAC clearance, beneficial ownership items, environmental reports and appraisal reviews. Acts as Liaison with Partners
– 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. Satisfies Pre-Closing Conditions – Expedites the prompt and accurate satisfaction of all pre-closing conditions, including calculation of collateral loan-to-value and determining adequacy of insurance coverage. Resolves Non-Credit Deficiencies by taking remedial actions and escalating questions/disputes as needed. Resolves Credit Related Deficiencies by working closely with the underwriter/portfolio manager and credit officer to obtain approval if needed. Loan Documentation (20% of time)
– Engages with Attorney (outside counsel selected from the Bank's Approved Attorney List) to prepare loan documents. Reviews loan documents thoroughly to ensure they reflect the loan as approved and protect the Bank's interests. Participates in document uploads for syndicated deals to the shared document repository. Ensures rate options are properly documented to capture borrowing options in a way the loan system can accommodate. Finalizes Loan Documents
– 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)
– Reconciles fees for third-party vendors/reports and provides a summary to Bank's Counsel. Issues the "Clear-to-Close" when all pre-closing conditions have been met and loan documents are finalized. Has authority to delay closings if pre-closing conditions are not met or if approval to move a pre-closing condition to a post-closing condition is not obtained. Coordinates closing date, time, and place with all parties. Reviews executed loan documents to ensure proper execution. Initiates funding after all documents are reviewed and validated and provides a Clear to Fund to Bank's Counsel. Forwards Executed Documents
– Provides executed loan documents to Loan Servicing for booking with direction to set tickers for tracking of trailing documents, and to Process Administration for setting up credit ticklers. Resolved issues arising during closing and booking. Post-Closing Activities (15% of time)
– Coordinates Syndication Notices and distributes transactional notices to participant banks including LIBOR and Prime advances, payments, loan rollovers, conversions and rate changes; submits postings to the Loan Servicing Team to execute in the Loan System. Executes Life of Loan Transactions by submitting requests for posting of transactions and changes (e.g., loan maintenance, advances and payments) to Loan Servicing Team. Addresses tracking items (insurance expirations, rate type changes, loan and payment structure changes) and uploads items to the document repository for participant banks. Adheres to applicable laws, regulations and guidance, including anti-money laundering requirements (e.g., Bank Secrecy Act, US PATRIOT Act). Adheres to Bank policies and completes required training; identifies and reports suspicious activity. Qualifications
Education
Bachelor's Degree in Business preferred Experience
4-6 Years of experience in a financial institution with a focus on due diligence or loan documentation is required Paralegal experience is preferred Knowledge, Skills and Abilities
Strong understanding of C&I and CRE Commercial Loan products Thorough understanding of common vendor documents (title work, appraisals, flood determinations, lien searches, etc.) and related ordering, receipt and review procedures Strong understanding of loan documentation, collateral evaluation (including LTV calculation), lien perfection and applicable local, state and federal requirements Demonstrated time management and organizational skills with ability to meet deadlines under pressure Strong interpersonal and communication skills; ability to establish and maintain relationships inside and outside the Bank Strong negotiation skills; self-starter with the ability to work without direction Independence in problem solving and decision-making Strong computer skills (Excel, MS Word, Outlook) Qualifications: Candidates residing in locations within BankUnited's footprint may be given preference.
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SUMMARY:
The Commercial Loan Closing Officer (LCO) is responsible for handling all C&I and CRE loan activities including direct, purchased, sold and syndicated deals, including Construction Loans. Activities include: 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); ensuring loan documents accurately reflect approved terms and conditions and are executed in a timely manner; working with Deal Team to ensure closing conditions outlined in the credit approval are satisfied; working with business partners to ensure closing related fees are received, distributed and applied correctly; ensuring proper setup of complex transactions in loan system by Loan Servicing Team; determining when loan is clear to close and communicating with Deal Team; performing due diligence searches; updating shared document repository deal sites with closing related and post-closing documentation and due diligence; and generating and disbursing ongoing transactional notices for participant banks. Note:
This is an intermediate-level LCO position assigned to loans that are more complex or require greater independence in closing condition resolution. LCO is empowered to use judgement to determine materiality regarding clearing closing conditions or the need for escalation. Essential Duties and Responsibilities
Pre-Closing and Due Diligence (50% of time)
Receives approved CAM packages from Underwriter or Portfolio Manager. Reviews the Approved CAM package for loan closing conditions, appropriate lending authority, and lien perfection requirements. Ensures Complex Transactions are set up in the Loan System correctly and works with the Loan Servicing department to ensure deals are billed correctly to our borrower and participants. Coordinates Fees
– Working with the deal team (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.
Conditions to Close
– Confirm and satisfy
Conditions to Close by completing the Closing Memorandum Worksheet. Orders Due Diligence
– Orders required due diligence items including credit searches and flood determinations. Confirms receipt of satisfactory due diligence items reviewable as required. Due diligence items include some of but not limited to flood regulation items, hazard and liability insurance certificates, OFAC clearance, beneficial ownership items, environmental reports and appraisal reviews. Acts as Liaison with Partners
– 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. Satisfies Pre-Closing Conditions – Expedites the prompt and accurate satisfaction of all pre-closing conditions, including calculation of collateral loan-to-value and determining adequacy of insurance coverage. Resolves Non-Credit Deficiencies by taking remedial actions and escalating questions/disputes as needed. Resolves Credit Related Deficiencies by working closely with the underwriter/portfolio manager and credit officer to obtain approval if needed. Loan Documentation (20% of time)
– Engages with Attorney (outside counsel selected from the Bank's Approved Attorney List) to prepare loan documents. Reviews loan documents thoroughly to ensure they reflect the loan as approved and protect the Bank's interests. Participates in document uploads for syndicated deals to the shared document repository. Ensures rate options are properly documented to capture borrowing options in a way the loan system can accommodate. Finalizes Loan Documents
– 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)
– Reconciles fees for third-party vendors/reports and provides a summary to Bank's Counsel. Issues the "Clear-to-Close" when all pre-closing conditions have been met and loan documents are finalized. Has authority to delay closings if pre-closing conditions are not met or if approval to move a pre-closing condition to a post-closing condition is not obtained. Coordinates closing date, time, and place with all parties. Reviews executed loan documents to ensure proper execution. Initiates funding after all documents are reviewed and validated and provides a Clear to Fund to Bank's Counsel. Forwards Executed Documents
– Provides executed loan documents to Loan Servicing for booking with direction to set tickers for tracking of trailing documents, and to Process Administration for setting up credit ticklers. Resolved issues arising during closing and booking. Post-Closing Activities (15% of time)
– Coordinates Syndication Notices and distributes transactional notices to participant banks including LIBOR and Prime advances, payments, loan rollovers, conversions and rate changes; submits postings to the Loan Servicing Team to execute in the Loan System. Executes Life of Loan Transactions by submitting requests for posting of transactions and changes (e.g., loan maintenance, advances and payments) to Loan Servicing Team. Addresses tracking items (insurance expirations, rate type changes, loan and payment structure changes) and uploads items to the document repository for participant banks. Adheres to applicable laws, regulations and guidance, including anti-money laundering requirements (e.g., Bank Secrecy Act, US PATRIOT Act). Adheres to Bank policies and completes required training; identifies and reports suspicious activity. Qualifications
Education
Bachelor's Degree in Business preferred Experience
4-6 Years of experience in a financial institution with a focus on due diligence or loan documentation is required Paralegal experience is preferred Knowledge, Skills and Abilities
Strong understanding of C&I and CRE Commercial Loan products Thorough understanding of common vendor documents (title work, appraisals, flood determinations, lien searches, etc.) and related ordering, receipt and review procedures Strong understanding of loan documentation, collateral evaluation (including LTV calculation), lien perfection and applicable local, state and federal requirements Demonstrated time management and organizational skills with ability to meet deadlines under pressure Strong interpersonal and communication skills; ability to establish and maintain relationships inside and outside the Bank Strong negotiation skills; self-starter with the ability to work without direction Independence in problem solving and decision-making Strong computer skills (Excel, MS Word, Outlook) Qualifications: Candidates residing in locations within BankUnited's footprint may be given preference.
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