AVP/VP, SBA Closing Officer

GENERAL SUMMARY

The AVP/VP, SBA Closing Officer, is responsible for ensuring compliance with SBA requirements and proactively resolving challenges in the loan closing process. This role requires collaboration with the SBA Closing Manager, attorneys, investors, and other third parties to facilitate timely and accurate closings. Additionally, this role oversees loan sales procedures for secondary markets, ensuring smooth coordination with internal and external stakeholders.

As the backup officer to the SBA Closing Manager, the AVP/VP, SBA Closing Officer also supports the closing duties and daily operations of the department, ensuring continuity and efficiency in loan closing activities.

ESSENTIAL FUNCTIONS

• Serve as the backup to the SBA Closing Manager in managing closing operations and ensuring seamless daily workflow.
• Prepare SBA loan packages, obtain SBA approval through ETRAN, and prepare SBA 7(a) authorization to meet bank loan approval requirements.
• Prepare closing checklists and work directly with borrowers to collect the required documents.
• Prepare and review Preliminary Title Reports, Purchase Agreements, and Escrow Instructions.
• Review and collect required borrower insurance and environmental reports.
• Communicate regularly with the borrower to answer questions and ensure understanding of the loan process.
• Work with legal counsel and title/escrow team to ensure all loan requirements are met prior to closing.
• Review and approve settlement statements per lender instructions.
• Review and document borrower's equity requirements.
• Manage and process loan disbursements in accordance with SBA and bank-required documentation. Issue cashier's checks or wire disbursements for closing fees and costs.
• Manage and generate monthly production reports and prepare the G/L account and SBA Bank Control Act Certifications.
• Assist in testing and implementation of system enhancements, documenting and updating procedures.
• Coordinate SBA loan sales procedures to secondary markets, including:
  
  
  
  
  • Manage operational aspects of loan sales.
  • Communicate with investors, operations teams, and accounting departments.
  • Coordinate required paperwork and approvals.
  • Ensure accurate and timely completion of transactions.
  
  
  
  
• Prepare SBA 7a, 504, express line loan documents. Prepare SBA loan documentation using LaserPro system.
  
  
  
  
  • Maintain accuracy of all records in system of record.
  
  
  
  

QUALIFICATIONS

• Education: College degree in accounting, finance, or business preferred but not mandatory.
• Experience: Minimum 5-7 years of direct experience in SBA loan closing or commercial loan operations, including independently closing and packaging SBA 7(a) and 504 loans. Experience preparing loan documentation using LaserPro system is required. Familiarity with SBA loan documentation forms, closing procedures, and standard SBA SOP guidelines.
• Skills/Ability: PC proficient and detail oriented. Strong verbal and written communication skills. Knowledge of LaserPro or other LOS systems. Excellent organizational and time management skills. Ability to handle multiple deadlines and interact with attorneys, escrow, title, and third-party vendors. Bilingual (English/ Mandarin or Cantonese) is a plus.

OTHER DETAILS

AVP: $75K - $90K / year
VP: $90K - $115K / year
Pay determined based on job-related knowledge, skills, experience, and location.

This position may be eligible for a discretionary bonus.

Cathay Bank offers its full-time employees a competitive benefits package which is a significant part of their total compensation. It is our goal to provide employees with a comprehensive benefits package to fit their needs which includes, coverage for medical insurance, dental insurance, vision insurance, life insurance, long-term disability insurance, and flexible spending accounts (FSAs), health saving account (HSA) with company contributions, voluntary coverages, and 401(k).

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Cathay Bank is an Equal Opportunity and Affirmative Action Employer. We welcome applications for employment from all qualified candidates, regardless of race, color, ethnicity, ancestry, citizenship, gender, national origin, religion, age, sex (including pregnancy and related medical conditions, childbirth and breastfeeding), reproductive health decision-making, sexual orientation, gender identity and expression, genetic information or characteristics, disability or medical condition, military status or status as a protected veteran, or any other status protected by applicable law.

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