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Commercial Real Estate Closer

Company: USE Credit Union
Location: San Diego
Posted on: September 24, 2022

Job Description:

USE Credit UnionJob ID 2022-1554Job Locations US-CA-San DiegoCategory Real EstateType Regular Full-TimeMore information about this jobOverview The Commercial Real Estate Closer is part of an exciting team that focuses on synthesizing the Commercial Loan Division of USE Credit Union. This position will work with the Commercial Real Estate Manager and be involved through the process of funding and closing of Commercial Real Estate both in originations and participations. They will be interacting with a wide variety of properties from multi-family, single-tenant-triple-net properties, office, medical office, retail, self-storage and hospitality. USE's Commercial Real Estate portfolio is rapidly growing.This position is centered on all aspects of funding, closing, relationship maintenance processes for both originated Commercial Loans and Participations. These include coordinating escrow/title, reviewing and ensuring clear title, work with legal drafting loan documents for borrowers with precision, dealing with 3rd party invoices, synchronizing closing with borrowers, ensure receipt of prior to funding conditions are clear, preparing and/or executing on wires, organizing both hard and digital files for storage and audit. As a Commercial Loan Team Member, provide additional support with tracking term loan reviews, covenants, and reports, present to management or committees, participate in internal/external audits or examinations.The position will interact with business owners, guarantors, CPAs, other credit unions, bank/broker dealers, commercial real estate brokers, and third party operators at various levels of its business operations. They will examine documents and ensure accuracy and compliance with guidelines, policies, and current regulation. Performs a variety of administrative tasks within the department and makes sound judgement for planning and accomplishing goals.Responsibilities

  • Receive Commercial Loan Approvals and prepare for closing conditions. Document packages will range from basic to a level of complexity around borrower structuresDetermine borrower(s) and guarantor(s) legal classification and review appropriate entity documentation, ensuring they are in good standing with the State of California
  • Ensures loan data integrity and all terms of the approved loans are accurately incorporated into the closing package. Conduct pre/post-closing review of all closing documents
  • Be a point of contact between all parties involved in funding and closing of a transaction
  • Coordinate with Legal and Commercial Real Estate Manager and prepare drafts of Commercial Real Estate loan documents and review executed versions for accuracy and completeness and compliance with closing procedures
  • Order and/or review escrow/title for liens, easements, and encumbrances. Clear any title work and ensure our lien position is securable
  • Responsible for reviewing, requesting and approving settlement statements
  • Request, review and approve insurance and ensure it accurately reflecting Credit Union as named as loss payee
  • Ensures documents for loan structures and collateral type are appropriate and is knowledgeable of products and their essential requirements
  • Orders and/or obtains the required due diligence items from internal departments, third-party vendors. These include title commitments/searches, UCC search/filings, environmental questionnaires or evaluations, flood determination, proof of insurance, and surveys
  • Prepare final figures for closing and wire instructions. Setup wires for final funding.
  • Participate in management of tracking term loan reviews, covenants, and exception tracking
  • May perform additional job responsibilities specific to regulations, policies, procedures; may include comprehensive reviews, quality control, exception reporting, data input, additional training, cross learning within the department
  • Participate in internal and external training to maintain knowledge of Credit Union products and partake in creative discussions to enhance business opportunities and processes
  • Firm understanding of credit policies and structure around Commercial Real Estate Loans
  • Assist in developing and maintenance of procedures and training materials
  • Assist in transferring loans into servicing system and imaging/storing of collateral into online storage systems with accuracy and detail
  • Compliment and contribute to Commercial Real Estate and Capital Market functions with any additional responsibilities
  • Onboard loans into FICS and Keystone and ensure the first few payments are made.
  • Work with borrowers after closing to answer any questions and assist in setting up auto payments to loans.
  • Participate in preparing collateral and documentation for potential opportunities both inbound and outbound with loan sales in secondary markets
  • Work cohesively as a team member in conducting due diligence on the acquisition of loan participations with other credit union relationships
  • Participate in AML/BSA compliance training as assigned. Adhere to credit union AML/BSA policy and procedure, including CTR rules and form preparation. Identify and refer suspicious activity to the Risk/Compliance department. Comply with business continuity and vendor management policy. These are crucial to the success of the organization and have regulatory compliance and/or safety and soundness for the sustainability of the credit union.
  • Adhere to company policy and procedure, complete annual compliance training, and comply with business continuity and vendor management policy. These are crucial to the success of the organization and have regulatory compliance and/or safety and soundness for the sustainability of the credit union.
  • Performs a variety of other duties as assigned. Qualifications EDUCATION and/or EXPERIENCE
    • +3 years commercial real estate experience in loan document preparation, funding, and closing transactions.Bachelor's Degree in Business, Accounting, Finance, Real Estate or related field is required; equivalent combination of education and experience is acceptable.
    • Must have strong interpersonal and communication skills (both verbal and written). Critical thinking skills required. Must be analytical, organized and be creatively-minded (thinking 'outside the box'). Skills of persuasion may be necessary for this role. Must be able to communicate effectively throughout the organization. Enables a culture of creativity, collaboration, innovation, speed and excellence. Ability to work with highly confidential information in a discretionary manner.
    • To perform this job, the employee must possess applicable technology skills and demonstrated expertise. Ability to use Microsoft Office application products, as well as the ability to learn new applications quickly.
    • Requires intermediate knowledge of computer network and database use.
    • Very strong capabilities in Microsoft Excel is preferred. Familiarity with relevant software, such as Microsoft Office Suite and other core commercial loan platforms for managing financial spreads, loan, periodic reviews, and servicing. SUPERVISORY RESPONSBILITIES
      • This job will not have supervisory responsibilities but will interact with other supervisors of interrelated departments that require the development and implementation of strategic projects and support of all Capital Markets functions.
      • To perform this job, the employee must possess strong interpersonal skills, good phone and e-mail etiquette, a professional presentation, and a high degree of personal initiative. Must have commitment to quality, time management skills and have a thorough approach to job responsibilities. Ability to work effectively within a team or as an individual. Ability to perform job duties with minimal supervision.
      • Must be able to work typical operational hours and work occasional nights and/or weekends. Must be able to fly to attend meetings as needed. Due to the nature of the job responsibilities the employee must have a valid driver's license and be able to travel as necessary. Overnight travel may be required.
      • Must have reliable transportation. Ability to travel when necessary to meet with members or related business relationships with credit unions.
      • Position qualifies for hybrid schedule between working remote and physically at the office under the condition they understand it's a privilege.University and State Employees Credit Union is an Equal Opportunity/Affirmative Action employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex including sexual orientation and gender identity, national origin, disability, protected Veteran Status, or any other characteristic protected by applicable federal, state, or local law.Employment may be contingent upon USE Credit Union's receipt of an acceptable and job-related background check, drug screen, credit check and vaccine verification, as applicable and permissible by law. USE Credit Union is committed to the safety and wellbeing of our employees and their families; our members and visitors; and the community at large. In accordance with our duty to provide and maintain a workplace that is free of known hazards, we are requiring that employees must have received or be willing to receive the COVID-19 vaccine. USE Credit Union continues to monitor the pandemic following CDC guidelines, federal state and local laws. Policies continue to be adjusted as new information emerges.USE Credit Union is committed to working and provide reasonable accommodation to applicants with physical, mental disabilities and sincerely held religious beliefs. For more information, contact Human Resources.PM17PI190353773

Keywords: USE Credit Union, San Diego , Commercial Real Estate Closer, Other , San Diego, California

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