Documentation, Closing & Funding Department is responsible for preparing the Promissory Note, Business Loan Agreement, and other loan documentation in LaserPro or reviewing attorney drawn loan documents, drafting Lender’s Instructions, and performing necessary pre-closing validation for closing and funding.
5 direct reports: 4 Senior Loan Specialists and 1 Senior Loan Administrator.
- Review and document all standard and complex commercial loans, such as, Cross Collateralized, Asset Based, Construction complex, International Trade Finance complex.
- Review complex attorney prepared loan documents prior to signing in accordance with Credit Approval. Consult with Cathay legal counsel and outside attorney, for any changes or additions to loan documents.
- Validate the receipt of the loan and borrower supporting documentation and verify compliance with loan committee approval conditions, Bank's policies, procedures and Federal, State and other regulatory requirements.
- Create LaserPro documentation based upon loan approval conditions and in compliance with loan committee approval conditions, Bank's policies, procedures and Federal, State and other regulatory requirements.
- Create escrow closing instructions, pre-closing conditions and any other conditions required for Lender/Borrower information.
- Receive signed loan documents and perform closing and funding activities, such as, wire request, account funding, remit funds to pay off other lender, order tax contracts, UCC filing, set up and maintain tickler and monitoring databases (such as Stucky and Trade Innovation etc.).
- Review and approve escrow and recording instructions prepared by junior level processors, as necessary.
- Examine loan packages processed by less experienced staff to verify accuracy, or conformity with loan requirements, and approve closing (Funding, Wire, UCC filing/verification, Title policy reviewing etc.).
- Database administrator for LaserPro, responsible for updates and maintenance of LaserPro library setting, including maintain and test LaserPro disaster recovery application along with LaserPro testing database used prior to implementing additions or changes to production.
- Present an agreement on specific proposals through discussion or communication with others of a different viewpoint (i.e. Lending Units, Loan Servicing and legal counsel).
- Instruct less experienced staff in detail or work they perform (either directly or by enforcement of well-established procedure), assign work, observe and evaluate performance in detail, and work with team member(s) to improve performance.
- Coach and develop staff to meet their position responsibility. Address performance issues as identified and required. Evaluate, interview and hire staff as required. Provide
s necessary direction and support to staff, and promote training, career development, and motivation. Hold employees accountable for their daily work.
- Communicate and oversee processing turnaround times to ensure fulfillment of service level agreement.
- Education: College graduate with major in accounting or business preferred.
- Experience: 6+ years banking experience with minimum 2+ years experience at a senior level. Knowledge and understanding of commercial loans and international lines of credit required.
- Minimum 3 years supervisory experience required.
- Skills/Ability: Detail-oriented and accurate; ability to make sound recommendations to improve workflow; excellent communication skills; PC proficient; thorough knowledge and understanding of commercial loans and international lines of credit.