Custom Loan Specialist at Northern Trust

Chicago, 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

Specific knowledge or expertise typically gained through formal education or equivalent experience
Continues to build knowledge of the company, processes, and clients
Develops and maintains working knowledge of all loan products and collateral types and is proficient in them
Works under general supervision but independently most of the time
Has specific knowledge of a discipline to achieve goals through own work

Responsibilities

Determines the legal, regulatory, compliance and bank policy documents needed to finalize all loan transactions to ensure that they support the approved loan structure and comply with Corporate Credit Policy, internal legal guidelines and meet all regulatory compliance standards
Prepares legal documents using the bank's computer application software and standard bank legal templates for new, renewed and increased consumer, personal real estate and commercial loans
Reviews complex, externally prepared legal documents and understands all terms and conditions required for closing
Reviews organizational documents to determine correct legal name and authority to enter into and execute legal documentation
Reviews complete legal documentation prior to execution to ensure accurate depiction of loan terms and that documentation meets compliance with all applicable regulations
Determines the appropriate level of borrower and collateral due diligence required for each loan transaction and works to collect all required documents including but not limited to KYC/OFAC, Flood Determinations, UCC searches, Good Standing Certificates, Title Commitments, etc
Acts as a resource for relationship team for highly complex loan transactions. Interacts with legal department, outside law firms and account officers to clarify unfamiliar or non-standard loan documentation
Prepares internal booking forms and collateral set ups needed for boarding loans
Submits completed loan packages that include all necessary compliance, regulatory and bank policy documents along with all executed loan documents to the Loan Documentation Unit for funding approval and booking
Prepares summary reports of each existing loan audited for review by division and appropriate senior management
Develops and recommends new procedures and operational controls to protect loan documentation and customer information
Participates in training of new hires and junior team members
Works closely with relationship banking staff on complex loan transactions to ensure all necessary terms and conditions are understood and assures that documentation of the corporation’s loan portfolio is complete and accurate to protect bank assets

Skills

Key technologies and capabilities for this role

Commercial Loan DocumentationLoan Documentation ReviewCredit Approval PackageLegal Document ReviewLoan ClosingsLoan BoardingBanking Loan SystemsOperational Controls

Questions & Answers

Common questions about this position

What is the work arrangement for this role?

Northern Trust offers a balanced hybrid working model, allowing the successful candidate to split their time between the office and working from home.

What is the salary or compensation for the Custom Loan Specialist position?

This information is not specified in the job description.

What skills are required for the Custom Loan Specialist role?

The role requires specific knowledge or expertise typically gained through formal education or equivalent experience, proficiency in preparing and reviewing complex commercial loan documentation, and understanding of legal, regulatory, compliance, and bank policy requirements.

What is the company culture like at Northern Trust?

Northern Trust emphasizes enduring principles of service, expertise, and integrity, with over 22,000 partners providing innovative financial services using leading technology and exceptional service to sophisticated clients.

What makes a strong candidate for this position?

A strong candidate will have specific knowledge or expertise in loan documentation gained through formal education or equivalent experience, the ability to work independently under general supervision, and experience reviewing complex legal documents for compliance.