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About Blue Foundry Bank

This is the Bank Where Things are Made. Blue Foundry is a bank where businesses are shaped, plans are formed, ideas are refined, solutions are built, and stuff gets done. Blue Foundry is revolutionary, bold, resourceful, roll-up-your-sleeves committed, smart, creative, and fun. A Bank of movers, shakers, and makers…We are a Bank that Gets Things Done.

At Blue Foundry Bank we invest in the well-being of our most prized asset…our employees! We provide a robust array of programs and benefits to help employees advance their careers and enhance the quality of their lives. Our experiential learning and development program ensures employees are on track to grow their career as of day one.

Position Summary

The Commercial Loan Closer plays a pivotal role in managing the loan closing process for diverse commercial loans, including Commercial & Industrial (C&I), Commercial Real Estate (CRE) and Small Business Administration (SBA) loans. This position is crucial in ensuring that all documentation is accurate, complete, and compliant with regulatory standards.

The Commercial Loan Closer collaborates closely with internal stakeholders to confirm that all loan terms are met before closing. Additionally, the role requires effective communication and coordination with external partners, including attorneys, title companies, and borrowers, to facilitate a seamless and timely closing experience. This position is integral to the successful execution of commercial loans, reinforcing the bank’s commitment to delivering high-quality financial services.

The rate of pay is the minimum amount offered for this position. Blue Foundry Bank will compensate employees in a fair and equitable manner, taking into consideration education, skills, current and relevant experience, among other factors this position is eligible for incentive pay based on achievement of company and/or individual goals.

In addition, our comprehensive compensation package includes medical, dental, and vision coverage; life insurance, short- and long-term disability insurance; 401(k)/Roth with company match up to 5%; paid time off, and 11 paid holidays; employee referral bonus; and educational reimbursement.

Position Requirements

+ High school diploma or equivalent. Bachelor's degree in Business Administration, Finance, Accounting, or a related field

+ Minimum of 2 years in commercial loan closing, loan operations, or related commercial lending experience

+ Experience with various loan types including Commercial Real Estate (CRE), Commercial & Industrial (C&I), construction loans, and SBA loans.

+ Strong understanding of loan documentation, title policies, UCC filings, and loan underwriting practices.

+ Working knowledge of commercial lending regulations (TILA, RESPA, ECOA, etc.).

+ Exceptional attention to detail with strong organizational skills to manage multiple closings.

+ Effective communication skills to collaborate with both internal teams and external parties.

+ Ability to problem-solve and manage issues related to document discrepancies and compliance.

+ Proficient in Microsoft Office Suite and loan processing software.

Primary Responsibilities

+ Prepare commitments, extensions, and amendments for all commercial loans.

+ Review and/or prepare loan documents for various products, including commercial real estate mortgages, construction loans, and commercial-industrial loans.

+ Review HUD-1 statements for accuracy.

+ Order and review appraisals, reviews, environmental reports, OFAC checks, credit reports, flood searches, and any other necessary documentation.

+ Coordinate all aspects of the loan closing process with the title company, borrower’s attorney, and the bank’s review attorney, confirming that all approval conditions have been met for closing.

+ Assist in opening operating accounts for the borrowing entity prior to closing

+ Handle the funding process by preparing vouchers, verifying wire instructions, and collecting necessary documentation for loan disbursement.

+ Verify that all necessary documents have been signed in the appropriate areas post-closing

+ Assist in booking and advancing the loan in the COCC system.

+ Scan executed loan documents into the Identifi system for record-keeping

+ Track and follow up on post-closing documents, including recorded mortgages, assignments of leases, state and county UCCs, and final title policies

+ Manage advances for construction loans by ensuring receipt of inspection reports, title rundowns, active builder’s risk and liability insurances, and that taxes are current.

+ Monitor estimated time of arrivals (ETAs) and interest reserve accounts related to construction financing

+ Update ongoing reports related to loan closings and post-closing activities.

+ Assist customers and professionals with any questions regarding the loan closing process

All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, LGBTQ, national origin, disability or protected veteran status.

Blue Foundry Bank will award an employee referral payment to employees who refer new hires. If the candidate is hired, the referring employee will be eligible to receive referral payment in accordance with the following guidelines:

• $100 after the new employee has completed his/her three-month anniversary

• $400 after the one-year anniversary

Both employees must be employed on the anniversary date of the referred employee in order to receive a referral payment.

Monday - Friday, Hybrid Work Schedule, Parsippany, NJ