What are the responsibilities and job description for the SBA Loan Processor position at iBusiness Funding?
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, we’ve 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 that’s transforming the finance industry and empowering businesses to thrive!
Please note this role is for our Parent Company, Ready Captial.
Position Description
The SBA Loan Processor will manage and oversee all aspects of SBA loan processing, from document collection to post-closing tasks, ensuring compliance with federal guidelines. In addition, this position will have backup responsibilities in key areas such as processing guarantee fee payments, handling ACH transactions, and managing broker payments and customer refunds. Please note this role is for our Parent Company, Ready Captial.
Major Areas of Responsibility
- Review and process SBA loan applications, ensuring completeness and compliance with SBA guidelines.
- Verify financial documents, tax returns, and other supporting materials provided by loan applicants.
- Work with applicants and loan officers to clarify discrepancies and gather necessary documents.
- Coordinate with third-party vendors to obtain and review appraisal reports.
- Address discrepancies or additional requirements by communicating with relevant parties, including vendors and loan officers.
- Track and manage the collection of trailing documents post-loan closing.
- Ensure that all necessary documents are received and correctly filed in the loan system.
- Process guarantee fee payments, ensuring accuracy and timely submission to the relevant agencies.
- Maintain detailed records of all guarantee fee transactions and report any discrepancies.
- Assist with executing Automated Clearing House (ACH) transactions related to loan payments or other financial obligations.
- Reconcile discrepancies and ensure all ACH transactions are accurately processed and documented.
- Process payments to brokers, ensuring proper calculation, timely disbursement, and compliance with agreements.
- Address any discrepancies or issues related to broker payments.
- Manage customer refunds, ensuring accurate processing and prompt resolution.
- Maintain detailed records of all refund transactions and address customer inquiries or concerns.
Required Knowledge, Skills, and Abilities
- Minimum of 2 years of experience in SBA loan processing, commercial lending, or a related field.
- Familiarity with SBA loan programs (7(a), 504, etc.) and current federal regulations.
- Strong attention to detail, organizational skills, and the ability to multitask in a fast-paced environment.
- Proficiency in Microsoft Office Suite (Excel, Word, Outlook) and loan management systems (such as nCino, or similar).
- Excellent written and verbal communication skills for effective interaction with applicants, brokers, vendors, and internal teams.
- High school diploma required, bachelor’s degree in finance, business, or a related field preferred.
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.
