SBA Closing Team Lead

Please reference the schedule and minimum qualifications listed below before applying.

If you need assistance with filling out our application form or during any phase of the application, interview, or employment process, please notify our Human Resources Team at 801-366-6947 option 1 or email [email protected] and every reasonable effort will be made to accommodate your needs in a timely manner.

Job SummaryManages the SBA loan closing processes for highly complex SBA 7(a), 504, and Express loans in accordance with MACU, United States Small Business Administration (SBA), CFPB and NCUA rules and regulations, participates in department administration functions, and participates in all aspects of the SBA lending cycle. Provides meaningful support and training to the members of the SBA Loan Specialist Team and coordinates with the SBA Portfolio Specialist Team. Assists leadership in overall SBA program management.

Job Description

To be effective, an individual must be able to perform each job duty successfully.

Loan Closing duties account for approximately 60% of the workday:

• Is able to manage 12-15 loan files at a given time.
• Works with SBA loan officers, underwriters, borrowers, title companies, insurance companies attorneys, the United States Small Business Administration (SBA) and other third parties to coordinate, package, document and fund highly complex structured SBA loans including SBA 7(a), Express and 504 Loan Programs, which may include multiple borrowers with complex/layered ownership structures, guarantors and trusts for all loan amounts.
• Has an expert understanding of SBA eligibility and loan documentation processes to remain in compliance with the SBA’s Standard Operating Procedures, MACU policy and standards, CFBP and NCUA rules and regulations.
• Has an expert understanding of 1031 Exchange rules, including Reverse 1031 Exchanges.
• Has an expert understanding of business tax returns, personal tax returns, schedule K-1s, financial statements, and rent rolls.
• Understands and demonstrates a high level of written communication relating to loan file documentation, memorandums, and all forms of written communication.
• Stays current on SBA regulations affecting loan documentation and perfection of collateral.
• Reviews approved credit memos and loan files to prepare closing needs lists to satisfy all subject to requirements of the approval, ensures SBA eligibility is met, properly documents the loan, and ensures loans are closed/funded according to approval documents and MACU policy with full autonomy.
• Communicates with commercial title companies to clear exceptions and other collateral issues to ensure MACU has appropriate lien positions on all real estate collateral.
• Prepares and files all UCC searches and filings to ensure MACU has appropriate lien positions on all UCC collateral (i.e. furniture, fixtures, equipment, inventory, receivables, etc.).
• Communicates with insurance companies to ensure loans have appropriate insurance coverage specific to the loan as well as ensuring that all SBA insurance requirements are met in relation to general liability insurance specific to each business industry.
• Prepares all SBA required loan documents and performs all SBA related loan packaging duties including preparing and obtaining SBA approvals on 7(a) and Express Loans through the SBA’s ETran system.
• Communicates directly with the SBA to ensure eligibility and compliance with the SBA including clearing all SBA hold codes required to obtain SBA approval to close all loans.
• Prepares all loan documents including trust deeds, notes, borrower certifications, beneficial ownership, borrower resolutions, and loan specific documentation, and all SBA forms.

• Processes and reviews IRS tax transcripts for accuracy and to ensure borrowers are eligible for SBA financing by verifying that tax returns have been filed with the IRS.
  • Ensures accurate records are maintained in loan files including lien perfections.

• Stays current on SBA regulations affecting loan documentation and perfection of collateral including keeping up on all SBA Notices and changes to the various SBA programs outlined in the SBA’s Standard Operating Procedures.

• Ensures SBA loan ticklers are property documented and maintained.
• Follows for all post-closing documentation when applicable.
• Responsible for reviewing, boarding, requesting wires, approving other closing specialist’s wires, and funding SBA loans.
• Prepares assigned origination and closing related reports in a timely and efficient manner.
• Reviews professional real estate appraisals to validate collateral accuracy (parcel numbers, values, and legal descriptions, etc.)
• Reviews lease agreements, subordinations and landlord consent for accuracy and coordinates with the MACU Legal Team, borrowers and landlords to ensure SBA eligibility requirements are met.
• Ensures regular communication through the origination process with loan officers, underwriters, management, members, and third parties.
• Provides superior customer service both internally and externally with respect to SBA loans.
• Coordinates with the Business Specialty Lending team, specifically commercial construction on SBA construction loans and assists with loan documents, checklists, needs lists, and other duties as needed.
• Works with the leadership team to prepare for exams and audits by preparing loan files for review and assisting in responding to examiners.

Team Lead responsibilities are expected to take approximately 40% of the workday and include:

• Provides training for new team member, processes and procedural updates.
• Reviews and provides feedback to all SBA Closing Specialists in relation to file documentation, file reviews, and memorandums. Ensures that loans are processed, documented and booked accurately to protect the member, the credit union and the SBA guaranty.
• Reviews commitment letters for underwriters to ensure the approval is documented accurately and aligns with the credit approval.
• Assigns approved 7(a) and 504 loans to closing specialists and ensures that each team member has a balanced workload.
• Oversees the Express Loan closing process by reviewing the approval email/commitment letter and assigning approved Express loans to closing specialists.
• Leads projects and coordinate processes for efficiencies.
• Serves as a backup administrator for software and vendors utilized by the closing specialists team and maintains strong working knowledge to make updates and manage user rights.
• Assists SBA leadership on developing and working with individual closing specialists to improve closing skills and proficiencies.
• Assists SBA leadership on training, developing, and working with individual closing specialists to improve closing skills and proficiencies.
• Assists closing specialists in documenting and verifying loan structures and SBA eligibility.
• Performs file and loan document reviews for all loan specialists prior to releasing documents for loan closings to ensure accuracy.
• Coordinates with the LOS Administrator on updates relating to loan processing and document software updates/changes.
• Assists SBA Leadership with monthly reporting.
• Problem solves and provides suggestions to improve processes and efficiencies.
• Works together with all teams to accomplish monthly, quarterly and annual goals.
• Performs other duties as assigned.

KNOWLEDGE, SKILLS, and ABILITIES

The requirements listed are representative of the knowledge, skills, and/or abilities required.  Reasonable accommodations may be made to enable individuals with disabilities to perform the essential job functions.

• Knowledge of SBA eligibility requirements and loan documentation processes to remain in compliance with the SBA’s Standard Operating Procedures, MACU policy and standards, CFPB and NCUA rules and regulations.
• Ability to stay current on SBA regulations affecting loan documentation and perfection of collateral including keeping up on all SBA Notices and changes to the various SBA programs outlined in the SBA’s Standard Operating Procedures.

Experience

Seven years of experience in a progressive financial/lending setting with experience in commercial real estate and small business lending.

Education

Bachelor’s Degree in business, finance, or related field or four additional years combined experience in a progressive financial setting.  

Licenses, Certifications, Registrations

Must qualify for access to SBA systems and not be listed on any SAM search or SBA debarment lists.

Managerial Responsibility

Has no supervisory/managerial responsibilities.

Computer/Office Equipment Skills

• Advanced skills with Microsoft Office Suite including Outlook, Word, and Excel.
• Experience with financial reporting or tax analysis software.
• Experience with SBA ETran.
• Experience with core banking software and loan origination systems.

Language Skills 

• Excellent oral communication skills with demonstrated ability to present information in a manner appropriate for key stakeholders and all levels of the organization.
• Excellent writing and grammatical skills relating to preparing memorandums and all forms of written communication.

Other Skills and Abilities

• Unquestioned personal and professional integrity.
• Ability to work both autonomously and collaboratively in a fast-paced environment.
• Utilize a keen understanding of team members' strengths, workloads, and expertise to efficiently delegate tasks while ensuring a balanced distribution of responsibilities.
• Possess strong personal accountability with the ability to hold team members accountable.
• Self-starter with excellent organization and time management skills and the ability to work productively and efficiently in a fast-paced environment with multiple projects and timelines.
• Adaptive to change, responds positively to altered circumstances or conditions.
• Possess a desire and willingness to learn and continually update knowledge base on financial concepts, strategies, systems etc.
• Take initiative to be a problem solver and provide suggestions to improve processes and efficiencies.

PHYSICAL ABILITIES / WORKING CONDITIONS

Physical Demands

Ability to sit, talk and hear consistently

Ability to stand, walk, and use hands to handle or reach occasionally

Vision Requirements

Close vision (clear vision at 20 inches or less)

Distance vision (clear vision at 20 feet or more)

Weight Lifted or Force Exerted

Ability to lift up to 10 pounds occasionally

Environmental

There are no unusual environmental factors (such as a typical office)

Noise Environment

Moderate noise (business office with computers and printers, light traffic)

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Mountain America Credit Union is an EEO/AA/ADA/Veterans employer.