What are the responsibilities and job description for the Commercial Loan Officer position at Reading Co-Operative?
POSITION SUMMARY
Reading Cooperative Bank seeks a C&I Commercial Loan Officer for the Lynn Market. He/ She will source, originate, evaluate, underwrite and recommend for approval quality commercial loans primarily focus on growing the Banks C&I portfolio that would include: C & I loans; lines of credit; term loans, equipment loans all adhering to the Bank’s credit policy. He/she will administer an assigned Commercial loan portfolio including review and recommend approval of requisitions, loan monitoring, collection of overdue accounts and recommend Bank strategy in loan workouts and restructured loans. The Commercial loan officer is expected to exercise discretion and independent judgment in their decision making.
ESSENTIAL DUTIES AND RESPONSIBILITIES
- Interviews applicant obtaining completed loan application packages, preparation of an initial loan proposal draft, and diligent follow up on all needed documents as requested by the underwriters.
- Maintain active communication with the Credit Department while acting as the customer’s point of contact for any and all questions that may arise, thus ensuring that the client’s needs are met and the loan closes in a timely and organized manner.
- Responsible for monitoring all pending loan applications for timely responses by both RCB and client to ensure that no loan becomes stale, clients are kept fully aware of their progress through the application process and that loans close within a timely manner.
- Responsible for managing and reporting on an assigned loan portfolio which will entail but will not be limited to; the collection of current financial information, Collection of overdue payments and discussing clients with Senior Management and security Committee.
- Negotiate loan structures, including rates, terms, fees, and repayment options in alignment with borrower needs and the Bank’s risk profile.
- May perform annual reviews of existing commercial loan relationships
- Assists in the collection of overdue or delinquent payments, taxes, insurance. Analyzes and recommends workout strategies on problem loans.
- Develops business for the Bank by actively seeking high quality commercial loans and cross sells other bank products and services as appropriate.
- Monitor relationship on an ongoing basis for financial and collateral performance, including preparing historical and projected financial statements, modeling and analysis (A/R aging, inventory valuations).
- Prepare and organize reports, memos, and documentation on a timely basis, including internal and regulatory submissions.
- Promote the Bank’s presence through active participation in community, civic, and charitable events. Serve as a visible representative of the Bank.
- Ensures loan agreements and all necessary documents are complete and accurate according to Bank policy. Documents loan activity and performance requirements of borrowers by creating paper trail in loan file and by obtaining proper documentation.
- Utilizing Bank procedures, may administer loans for inspection funding, partial releases and maturities. Maintains integrity of assigned loan portfolio by performing due diligence on collections, workouts, and other miscellaneous matters. Recommends problem solving action in various matters relating to specific loans within portfolio.
- Establish and maintain a productive referral network of CPAs, attorneys, real estate professionals, and financial advisors.
- Participates in special projects and assumes additional responsibilities as required.
- Embrace new and emerging technologies; demonstrate adaptability and proficiency in learning systems that support customer experience and internal operations.
- Actively engage in community and professional organizations to build brand visibility and source new business.
Performs all other duties as may be required
MINIMUM KNOWLEDGE, SKILLS AND ABILITIES REQUIRED
- Bachelor's degree (B. S. in business, finance or related field) from four-year college or university strongly preferred.
- Three to five years’ related experience required.
- A history of external sales focus and community involvement required.
- Excellent interpersonal skills required with a focus on exceptional customer service.
- Demonstrated strong referral network including relationships with CPA’s, Financial Planners, Real Estate Brokers, Attorneys and other sources.
- Working knowledge of regulatory requirements (e.g., appraisals, Sec. 21-E, environmental risk, compliance issues).
- Familiarity with loan terminology and legal requirements.
- Demonstrated analytical, problem solving and decision-making skills required.
- Demonstrated excellent communication – both written and verbal skills required.
- Must be a “team player”, flexible and willing to support other business line partners to provide excellent customer service.
- Proficiency with Microsoft Office (Word, Excel, Outlook).
- Must be results oriented and able to prioritize multiple tasks.
- Must be a person of high integrity who is dependable and professional at all times.
Reading Cooperative Bank provides equal employment opportunities to all employees and applicants for employment and prohibits discrimination and harassment of any type without regard to race, color, religion, age, sex, national origin, disability status, genetics, protected veteran status, sexual orientation, gender identity or expression, or any other characteristic protected by federal, state or local laws.
This policy applies to all terms and conditions of employment, including recruiting, hiring, placement, promotion, termination, layoff, recall, transfer, leaves of absence, compensation and training.
