What are the responsibilities and job description for the Commercial Loan Coordinator I position at Lake Michigan Credit Union?
Job Summary:
The Commercial Loan Coordinator I is responsible for completing administrative responsibilities within the Commercial Lending Department, including opening memberships, contacting insurance companies,
processing fundings, and administration of various reminders and requirements.
Responsibilities:
Processes loans and gathers documentation, including opening memberships, pulling flood certifications, pulling Uniform Commercial Code (UCC) searches, contacting insurance companies to obtain proofs of insurance, processing loan fundings via wire requests, and ordering loan payoffs to facilitate loan closings.
Documentation: Images credit and collateral files, maintaining a consistent order. Collects insurance policy renewals based on company guidelines. Completes real estate collateral tax payment verifications semi-annually. Completes compliance tracking for commercial loans, including HMDA and Reg B reporting.
Loan Payments: processes loan payoffs, payments, and line of credit advances and obtains appropriate collateral discharges for paid o loans and removes associated reminders from the system. Addresses overdraft and NSF items on a daily basis, communicating with the Lender and Item Processing/ACH departments.
Administration: Establishes collateral tracking reminders and all financial reporting requirements; updates financial statement reminders when received from borrowers; completes member credit inquiries; tracks collateral exceptions to obtain necessary documentation; collects and processes mail on a daily basis. Updates the core operating system as required with internal codes and tracking dates. Coordinates changes/additions on credit card accounts, working with the member and Credit Card Department.
Completes special projects, including, but not limited to, IT testing, billing issues, accounting general ledger tracking and reconciliation, and special asset loan tracking.
Preferred Education and Experience:
Minimum of 1-3 years of similar or related experience preferably with a focus in finance, legal, and/or accounting.
Experience using Suntell, SilverLake, and LaserPro software a plus.
Experience using online accounts including BS&A software, CSC, and UCC filing sites a plus.
Experience in HMDA and Reg B reporting a plus.