SBA Loan Closing Specialist

About iBusiness Funding:

iBusiness Funding is a leader in providing innovative Software as a Service (SaaS) solutions for banks and lenders, with a specialization in SBA lending. We build scalable lending platforms that streamline the business lending process, allowing lenders to efficiently deliver capital to small and medium-sized businesses.

To date, weve processed over $7 billion in SBA loans and handle more than 1,000 business loan applications daily. Our team is driven by our core values of innovation, integrity, enjoyment, and family.

As a top five SBA 7(a) preferred lender, our parent company offers SBA express and small loan capabilities. Join us and be part of a team thats transforming the finance industry and empowering businesses to thrive!

Position Description:

We are looking for a Senior SBA Loan Closing Specialist to join our dynamic and growing team. You will be reviewing SBA 7A applications for our small loan and SBA express products. Your responsibilities include:

• Process approved loan applications in accordance with applicable policies, SBA SOPs, state, and local lending laws.
• Perform due diligence on loan file and documentation received.
• Review and analyze items received to ensure file is accurately documented to perfect liens security interest.
• Ability to prepare, review and make determinations on acceptability of loan closing documents. Interact with closing counsel and deal team to obtain necessary documentation required for loan file and to accomplish accurate and timely closing/funding of loan transactions in accordance with credit approval memorandums.
• Communicate and interact regularly with federal and state regulators and agencies.
• Exhibit expertise on the content of standard loan closing documents and answer customer generated questions.

**For out of state applicants, this job may be performed remotely from your home**

Major Areas of Responsibility:

• Review Request for Credit Approval, Write-up Commitment Letter within 24 hours of receipt of legal file, conduct introductory call to borrower and prepare/send Closing Checklist detailing documentation required for loan closings.
• Upon receipt of a loan package, exercise discretion in reviewing, analyzing and determining closing requirements.
• Follow up, review and approve all Closing checklist/borrower due diligence items required for loan closing.
• Regularly liaise with federal and state regulators.
• Determine what is required to perfect security interest in collateral and decide when loan file is ready to close.
• Analyze supporting documents provided by borrowers and third parties to determine if they meet Company approvals/standards and make decision that loan is thoroughly documented in accordance with Company and SBA policies and credit approval memorandums.
• Ensure all required hazard, contents, liability and/or flood insurance coverage has been obtained on industry required forms naming Company as mortgagee and/or loss payee.
• Maintain excellent level of customer service by being responsive to calls and emails from borrower and inside staff regarding loans in process within 24 hours of receipt.
• Order appropriate third-party searches (flood, good standing certificates, UCC, title, judgment, and bankruptcy) for all borrowers/guarantors.
• Compliant with Company policies/procedures and have knowledge of SBA SOPs and regulations.
• Prepare and review all required SBA, legal and state specific documents required for loan closing.
• Become an integral part of the SBA Closing Team.
• Responsible for following updated SBA policy notifications when issued.
• Master Companys construction policy, follow guidelines in notifying SBA of any modifications to the construction project such as but not limited to extension of maturity date, increase, or decrease to the loan amount.
• Responsible for reviewing site inspection reports for accuracy and process of the project as well as relaying any unforeseen issues to credit and management.
• Manage productivity by ensuring proper communication with borrower, general contractor, and vendors to limit 1 to 2 disbursements per month.
• Act as liaison between Legal Counsel, Escrow, Title, deal team and all interested parties to coordinate document preparation, loan signing, funding, and closing.
• Review and approve closing settlement statements, escrow documentation, insurance, and outstanding loan conditions.
• Prepare funding information sheets detailing wiring information and use of loan proceeds.
• Coordinate with accounting to assure timely release of wires for loan funding.
• Prepare closing packages of documents and ensure legal file is in compliance with Company policies before transferring for Compliance Review.
• Provide assistance with portfolio acquisition due diligence.
• Adhere to turn time requirements.
• Additional duties as as requested.
  

Required Knowledge, Skills, and Abilities:

• Bachelors degree.
  
• 3 years of experience as an SBA loan closer.
• Expertise of the SBA, SBA SOP guidelines.
• Basic credit skills required.
• Ability to prioritize and operate with a sense of urgency.
• Strong verbal and written communication skills.
• Organized, detail-oriented, and able to multi-task.
• Ability to work collaboratively with multiple stakeholders.
• Ability to answer loan document related questions from borrowers and referral sources.

Conclusion:

This job description is intended to convey information essential to understanding the scope of the job and the general nature and level of work performed by job holders within this job. This job description is not intended to be an exhaustive list of qualifications, skills, efforts, duties, responsibilities or working conditions associated with the position.

The company is an equal opportunity employer and will consider all applications without regard to race, sex, age, color, religion, national origin, veteran status, disability, genetic information or any other characteristic protected by law.