Commercial Loan Closing Specialist at Fifth Third Bank

Rosemont, Illinois, United States

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Not SpecifiedCompensation

Mid-level (3 to 4 years)Experience Level

Full TimeJob Type

UnknownVisa

Banking, Financial ServicesIndustries

Requirements

Ability to determine due diligence requirements from draft and final credit approvals/credit memos
Skill in analyzing and interpreting loan approvals to identify borrower, collateral, guarantor, and loan requirements
Experience confirming evidence of sufficient lending authority on credit approvals
Capability to manage workload by monitoring newly received loans and tracking work in process
Proficiency in ordering and interpreting supplemental vendor due diligence (e.g., title commitment/search, UCC search, real estate appraisal/evaluation, environmental questionnaire, RSRA/Transaction Screens, flood determination, proof of insurance, survey, entity documents)
Knowledge of Bank's risk tolerance and ability to escalate appropriately
Competence in determining when all underwriting approval conditions are satisfied and resolving deficiencies
Ability to identify obstacles to closing dates and advise sales/credit
Skill in coordinating with internal/external parties (e.g., attorneys, title companies, customers, relationship managers) to establish closing dates/times
Expertise in reviewing loan documents for alignment with deal structure and credit approval, identifying/resolving shortfalls
Understanding of business entity structures and ability to obtain/review entity documents for authorized parties
Ability to proactively contact customers for documentation and facilitate closing logistics
Works under minimal supervision using established guidelines for moderately complex loan products
Accountability for risk management, policy adherence, and positive customer experience

Responsibilities

Receive, review, and analyze draft and final credit approval/credit memo to determine due diligence requirements
Analyze and interpret loan approval for borrower, collateral, guarantor, and loan requirements
Confirm evidence of sufficient lending authority on credit approvals
Manage workload by monitoring new loans and tracking work in process
Order and/or interpret supplemental vendor due diligence to ensure compliance with loan terms
Ensure adherence to Bank's risk tolerance or escalate issues
Determine when all underwriting conditions for loan closing are satisfied, resolve deficiencies, and escalate disputes
Determine closing date expectations and advise sales/credit of potential obstacles
Coordinate with all parties (internal/external attorneys, title companies, customers, relationship managers) to establish closing date/time
Coordinate preparation of loan documents by internal/external counsel
Review loan documents and resolve shortfalls to align with deal structure and credit approval
Obtain/review entity documents to identify authorized parties for loan transactions
Proactively contact customers to obtain documentation and facilitate closing
Communicate proactively with sales, credit, customers, and 3rd party vendors to meet closing expectations
Clear liens, credit conditions, and confirm loan-to-value ratios
Identify, request, review, and critically interpret 3rd party documents for "clear to close."
Coordinate preparation of commercial loan documentation for real estate and non-real estate secured loans

Skills

commercial loan documentation

due diligence

credit approval analysis

lien clearance

loan to value ratios

collateral review

risk management

credit memo analysis

Fifth Third Bank

Provides banking, loans, and wealth management services

About Fifth Third Bank

Fifth Third Bank offers a variety of financial services, including personal and business banking, loans, mortgages, credit lines, and insurance products. Their services cater to individual consumers, small businesses, and commercial clients, providing comprehensive solutions for managing finances. The bank generates revenue through interest on loans, service fees, and commissions from insurance and investment products. Unlike many competitors, Fifth Third Bank emphasizes community engagement and financial education, providing resources to help clients improve their financial literacy. The goal of Fifth Third Bank is to support clients in achieving their financial objectives while fostering a strong connection with the communities they serve.

Cincinnati, OhioHeadquarters

1858Year Founded

IPOCompany Stage

Social Impact, Financial ServicesIndustries

10,001+Employees

Benefits

Health Insurance

Paid Sick Leave

Paid Holidays

Performance Bonus

Flexible Work Hours

Risks

Rising interest rates may decrease demand for loans and mortgages.

Competition from fintechs like Robinhood threatens Fifth Third's wealth management sector.

Sophisticated cybersecurity threats pose risks to customer data and trust.

Differentiation

Fifth Third Bank offers comprehensive financial solutions for individuals and businesses.

The bank emphasizes community engagement and financial education for client empowerment.

It provides a wide range of insurance products, including life, health, and disability.

Upsides

Increased demand for digital banking boosts Fifth Third Bank's online service offerings.

Partnerships with fintech enhance technological capabilities and customer experience.

Growing interest in sustainable finance attracts environmentally conscious customers.

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