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Farm Credit Illinois Loan Process Specialist in Taylorville, Illinois

Description/Job Summary

The Loan Process Specialist serves in the Field Operations Department and reports directly to a Regional Manager located in one of the regional offices. This role acts as the "Deal Champion" for loans and ensures timely and accurate processing of loans originated by Loan Officers and Regional Manager. The Loan Process Specialist participates in several stages of the credit lifecycle for all relevant loans. This includes aggregating and organizing all pre-underwriting documents into a credit package, maintaining accurate and complete electronic files, completing loan due diligence tasks, reviewing loan documentation, coordinating and occasionally attending loan closings, and preparing loans for booking in the loan origination system.

Responsibilities/Duties

Qualification of Loan Credit Package

/ The/ /Loan Process Specialist/ /serves as the Deal Champion support person for all loan application activities, ensuring that required documentation is gathered, reviewed, and organized into a final credit package for submission to the Credit Services Department (CSD). Key activities include: /

  • Assists the Loan Officer and Regional Manager with the pre-qualification information process, which includes the following responsibilities:

o Gathering and compiling customer information necessary to qualify a loan opportunity, including financials, information pertaining to scope of operations, and entity documentation

o Assessing qualitative and quantitative business and financial information, as appropriate and in conjunction with the loan officer, and conducting follow- up inquiries with customer for clarification if necessary

o Reviewing borrowers' trust agreements, articles of organization, and operating agreement to ensure the right to borrow, pledge, and mortgage

o Inputting all relevant loan-level information (e.g., Purpose Details, Interest Rates and Terms, Payment Schedule) into the loan system

  • Submits loan applications to the CSD and serves as the Deal Champion on all submitted loans by responding to internal and external inquiries and providing assistance throughout the loan origination and servicing processes

  • Assists in following Territorial Concurrence procedures, ensuring compliance with regulations

  • Loan Processing & Document Preparation*

/ The/ /Loan Process Specialist/ /reviews and processes new and existing loans, and services loan requests and inquiries in a timely manner. Key activities include: /

  • Prints the Notice of Credit Approval or Statement of Credit Denial and obtains signature from the Loan Officer or Regional Manager

  • Completes initial interest rate lock in the loan system per request of Loan Officer or Regional Manager, and monitors open rate lock commitments proactively

  • Contacts members and completes a Fraud Alert, Approval to Proceed Form if a fraud alert appears on a consumer report

  • Completes and leads real estate loan-related processing activities, including:

o Collecting information to identify real estate location, type, and improvements

o Ordering a value of collateral (e.g., appraisal) based on information collected from the customer

  • Orders and completes initial review of loan title work, which is then submitted to CSD along with the completed loan package

  • Understands and facilitates processing activities associated with real estate loans, which includes the following key responsibilities:

o Submits requests to Loan Operations Department or a 3rd party for preparation of Loan Documents, and serves as the primary contact for inquiries by the 3rd party

o Reviews prepared loan documents and requests modifications in a timely manner if errors were noted

o Coordinates with the Borrower and Title Company to ensure all requirements will be satisfied prior to closing a transaction

o Provides written loan closing instructions to the Title Company as well as all relevant loan documents for loan closings

  • Reviews operating and machinery loan documents for accuracy and returns to Loan Operations for modifications as observed or as requested by the Field

  • Gathers all loan-related documents and prepares the loan closing packet in preparation for the closing

  • Coordinates schedules, including location and time, for the Borrower, Loan Officer, Title Company, and/or Regional Manager, ensuring the loan closing accommodates the Borrower's requirements

  • Non-Traditional Loan Processing*

/ The/ /Loan Process Specialist/ /executes the procedures related to non-traditional or infrequent loan situations, including government loans and joint checks. Key responsibilities include: /

  • Serves as the primary lead on Farm Service Agency (FSA) loan processing, which includes the following tasks:

o Submitting required information to the FSA

o Returning conditional commitments

o Completing the Guaranteed Loan Closing Report

o Establishing and conducting follow-up system to ensure FSA-2235 Loan Guarantee document is received from FSA

  • Completes necessary tasks associated with the joint checks procedure, inclusive of the following:

o Preparing a letter that informs prospective buyers of FCI's lien position

o Compiling a Notice of Security Interest to Buyers of Farm Products along with an attached copy of the UCC1

o Preparing relevant forms (e.g., Prospective Buyers of Farm Products)

o Mailing the aforementioned letters and notices to each buyer through certified mail

o Submits Truth in Lending (TRID) documents and disclosures to CSD for related consumer loans

  • Loan Closing, Booking, & Funding Processing*

/ The/ /Loan Process Specialist/ /ensures that loans are properly entered in the system for each closing, closed accurately and in a reasonable timeframe, and booked correctly in the system. Key responsibilities include: /

  • Assists the Loan Officer or Regional Manager in the loan closing process, while ensuring a positive member experience

  • Reviews loan documentation after the loan closing for accuracy (e.g., correct placement of signatures by all parties)

  • Submits a copy of the Promissory Note and other relevant loan documentation to the Central Loan Accounting (CLA) work queue and requests booking in the system

  • Submits original loan documents to the Collateral Custodian at AgriBank, our district bank, following the booking of the loan

  • Ensures the note is correctly booked in the system, and if so, disburses funds to the customer

  • Reviews disbursement requests and requirements, disburses funds accordingly, and monitors disbursement availability for construction loans

  • Completes and leads certain real estate-related loan closing activities, including:

o Recording the real estate mortgage, if the loan is closed solely by Farm Credit Illinois

o Notifying the document management group once the recorded mortgage and Loan Title Policy are received

o Receiving the Loan Finalling Certification from the document management group

  • Notifies the Title Company that the mortgage is recorded, funds were disbursed, and that the Association is awaiting issuance of the final title policy

  • Submits the UCC-1 to the third-party provider (CT Lien Solutions) once the commercial loan is closed and the Security Agreement is signed, and uploads the image of the filed UCC-1 to the Electronic Loan File

  • Completes Loan Closing Worksheet (Checklist) for real estate loans

  • Member Services & Portfolio Management*

/ The/ /Loan Process Specialist/ /facilitates loan-related requests to ensure accurate and timely completion, identifies opportunities for cross-selling additional products or services, and monitors the loan portfolio to ensure documentation current. Key tasks include: /

  • Compiles necessary documents to submit servicing actions to Loan Operations based on member requests, including (but not limited to), partial releases, payment date changes, formal extensions or deferments, and consent to easement or subordination

  • Promotes and sells additional products and services (e.g., online banking) to members by identifying needs and responding to cross-sell opportunities

  • Monitors insurance documentation associated with new or existing loans to ensure procedural requirements have been satisfied

  • Provides guidance to the Member Service Specialist regarding the UCC-3 continuation and amendment processes

  • Project & Training Participation*

/ The/ /Loan Process Specialist/ /seeks to make an impact within the association through participation in strategically significant projects and training sessions. Key tasks include: /

  • Participates in "high-level" committees to provide insight and develop processes and procedures

  • Participates in all required training sessions as determined by the Regional Manager

  • Required Skills*

  • General knowledge of accounting principles, practices and methods

  • Working knowledge of credit processing processes and procedures

  • Skill in listening and conveying awareness of a customer's problem or issue to find resolution

  • Skill in utilizing a systematic approach to problem solving

  • Skill in interacting and working effectively with others

  • Skill in gathering, compiling and organizing information

  • Skill in performing a variety of duties, often changing from one task to another of a different nature

  • Skill in utilizing technology to increase efficiency

  • Skill in establishing and maintaining cooperative working relationships with coworkers

  • Skill in hearing with thoughtful attention

  • Oral and written communication skills, sufficient to exchange information effectively with peers, supervisor and customers

Required Qualifications

High school diploma and 5 years of related experience in finance, loan processing or banking; or an equivalent combination of education and experience sufficient to perform the essential functions of the job.

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