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Legal Staff in Fargo, ND

Bank of the West Sep 18,2014 Aug 31,2014 Location USA Fargo ND
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In-House

Legal Staff

Finance - Banking

Litigation - Whistleblower - CFTC

1-2 yrs required

Profile

Commercial Loan Collateral Specialist, Senior Duties: Responsible for the maintenance and control of documentation files, original notes, collateral, and customer privacy policy for all loans, including but not limited to, Commercial loans, Commercial Real Estate loans, Agricultural loans, Asset Base Lending, Trade Finance, Church loans, and Construction loans. Responsible for the accurate preparation of collateral documentation for filing or release with the appropriate government agencies for the perfection and release of liens on loans according to established procedures and practices. Controls and maintains a secure environment for documentation files, original notes/credit agreements and collateral for all loans maintained at the location for File Safekeeping and ensures that the file room and all documents are in compliance with the bank’s Customer Privacy Policy. Processes paid loans on Commercial loans, Commercial Real Estate loans, Agricultural loans, Asset Base Lending, Trade Finance, Church loans, and Construction loans and assembles obsolete and paid loan files. Releases liens on paid loans for all loan types consisting of but not limited to: re-conveyance/lien satisfaction on deeds of trust/mortgages; UCC filings; ownership certificates; and partial release of collateral. Reconstructs collateral documents if unable to locate original documents in order to release liens on related property. Tracks for approval and follows up on certain loan types and lending offices that require the lending officer’s approval prior to releasing the collateral. Files the proper collateral documents with the appropriate state and/or county agency to perfect the collateral on documents such as; UCC filings, deeds of trust/mortgages, DMV ownership certificates. Communicates with customers, title companies, County recorder’s office, and other governmental agencies and vendors to perform accurate and timely recordation of the documents. Follows up for receipt of recorded documents and other collateral related documents such as: title policies, tax service contracts, Search to Reflect for review, etc. Reviews the documents upon receipt for proper recording, vesting, lienholder, lien position, etc. and updates the tickler system and follows up with the proper agency for error and corrections. Administers the tickler system by: following up on past due ticklers and/or documentation exception for missing and/or unrecorded documents such as; deed of trust/mortgage, UCC filings, DMV; recognizing and clearing unneeded ticklers that are set on loans, as well as reconciling any incorrect ticklers that are set on loans; and researching and updating tickler comments on miscellaneous documentation exception items. Prepares and files UCC continuations listed on the tickler report after review and research to ensure continuation should be done. Ensures timely preparation and recording to maintain the Bank’s security. Follows up on the receipt of the recorded UCC continuation and updates ticklers. Prepares and files MN Request for Notice forms for Minnesota Second Mortgages listed on the tickler report. Drafts and files CREM continuation forms on Collateral Real Estate Mortgages listed on the tickler report. Ensures timely preparation and recording to maintain the bank’s security. Follows up on the receipt of recorded CREM continuations and MN Request for Notice forms and updates ticklers. Tracks and monitors receipt of current hazard insurance policies within the established monitoring guidelines. Contacts insurance companies, lending officers, or customers to obtain updated hazard insurance declaration sheets. Compares new policies with existing policies to ensure proper coverage and follows up with lending officer if the coverage is not adequate to cover loan balance and/or collateral. Updates Ticklers and files/scans new policies upon receipt. Deletes any ticklers when the loan no longer falls within the monitored guidelines. Prepares UCC searches, orders copies of existing filings, prepares amendments to existing filings, and orders Certificates of Good Standing and all other Financing Statement related documents upon the lending officer’s request. Updates the Loan Tracking Database to track complete workflow of UCC filings and logs all activity in Loan Tracking Database. May review monthly billing reports from processing vendors for correct cost center charges and field any questions regarding the execution of the procedures relative to these areas or charges on the office’s general ledger. Recognizes scanning and filing errors and has them corrected. Escalates complex problems (i.e. production, system problems and/or collateral documentation issues) to Team Lead or Manager. May assist with special projects designated by the Team Lead or Manager.

Qualification and Experience

Qualifications: Associate’s Arts degree in Finance, Business or equivalent combination of education and experience. Paralegal preferred. 1-2 years’ experience in commercial loan documentation, loan operations or lending. Loan accounting software (preferably AFS) experience helpful. Documentation Imaging software (preferably FileOnQ) experience helpful. Documentation Preparation system (preferably LaserPro) experience helpful. Knowledge of requirements and controls for lien perfection including revised Article 9 of the Uniform Commercial Code. Knowledge of filing requirements for all collateral types in all states where BOW has lending offices. Knowledge of hazard insurance, flood insurance, title policies, UCC searches, DMV ownership certificates in all states where BOW has lending offices.

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