Director Commercial and Specialty Loan Closing
This position develops, plans and directs the strategy as well as is responsible for the delivery of consistent, high quality loan closing services for all Commercial Bank loans ($50 billion) as well as multiple specialty loans including but not limited to CRE Construction, Dealer Floor Plan, Asset Based Loans, International Loans, Standby Letters of Credit and Equipment Leases. The Loan Closing department provides services in support of commercial loans including confirmation that all pre-requisites are satisfied, ordering due diligence items, Subject To Signoffs, etc. to ensure the timely processing of loan closing requests, data validation, and management of data integrity for the reporting of Comerica's loan portfolio. In addition to the loan closing function initiating funding and disbursements, this team also operates under customer-driven tight deadlines and expectations, while ensuring the bank does not commit to lending millions of dollars until the approved legal, credit and regulatory conditions precedent are met. The scope of responsibilities includes data accuracy, pre-closing regulatory compliance, credit approval compliance, due diligence completion, post-closing resolution of issues and exceptions and ensuring high quality customer interactions. The Director of Commercial and Specialty Loan Closing must focus on adding value to the loan closing process through best-in-class services, digital capabilities, an enhanced customer experience, an engaged and proficient workforce as well as providing financial oversight and managing the risks related to these complex lending activities. The position is responsible for partnering with internal colleagues, external counsel and other suppliers to ensure a remarkable experience for the customers.
Position Responsibilities:
Operations Strategy
- Develop, effectively communicate, and implement strategic and tactical plans to deliver Loan Closing services that meet corporate objectives.
- Create a consistent national operating model to ensure the delivery of competitive, quality loan closing services to support Comerica's commercial credit activities.
- Stay abreast of industry and competitor trends and determine their impact on Comerica.
- Benchmark performance against peers to identify opportunities to improve service effectiveness and efficiency.
- Drive assessment of existing operations and identify opportunities to move the operations past industry standard toward competitive differentiation.
Operations Management
- Direct activities to ensure a consistent national platform for the delivery of competitive, quality Loan Closing services to support Comerica's commercial activities.
- Lead efforts to efficiently deliver operational services in a manner that ensures both long-term cost competitiveness and positively differentiated quality processing.
- Ensure a customer focus for the services provided by partnering with clients and customers to evaluate potential improvements and / or resolve issues.
- Identify and manage to key operational metrics, particularity in areas of customer impact, quality, timeliness, productivity, and overall Loan Closing efficiency.
- Develop effective communication vehicles to report department performance and actions taken to address service failures.
- Champion technology projects that provide standardized, highly automated, and cost-effective Loan Closing services.
- Lead with composure during an incident or crisis. Perform effective root cause analysis as well as strategies to recover.
Relationship Management
- Build critical alliances with key lending, credit, legal, and technology business partners in the delivery of Loan Closing activities.
- Establish a structured, rigorous and efficient method to collect and analyze client satisfaction data to identify opportunities for improvement.
- Provide consultative support to lending and credit teams related to pre-closing requirements to be satisfied and resolved and data validation activities.
- Ensure aligned with strategic plans and pipeline activities with business partners to install confidence in their ability to market timelines and the closing process.
Financial and Risk Management
- Manage the financials of Loan Closing with attention to the details of planning and budgets while exhibiting cost discipline.
- Ongoing operations efficiency should be standard practice and reflected in the financials and budgets annually.
- Create and monitor risk management practices to ensure an effective internal control environment as well as compliance with relevant laws and regulations.
- Analyze and interpret new or changing regulations and develop plans to implement within operations.
Talent Management
- Select, motivate, and retain high performing talent, cultivating a spirit of teamwork with shared goals and objectives.
Develop and clearly articulate distinctive strategies to position LTS as a competitive advantage to enable Comerica to reach its revenue growth goals. - Develop a team of professionals who can effectively interact with key constituents (i.e. customers, business partners, external counsel, suppliers, etc). In particular, the team must be skilled at interacting with sophisticated commercial customers.
- Coordinate with HR and peer operations managers to enhance corporate practices and programs to continuously improve operations management developmental curriculum.
- Provide strategic direction to ensure instructionally sound training programs are delivered to improve operational and targeted technical capabilities that ensure team members are skilled for the future.
- Develop plans to reduce key person dependencies, ensure succession and knowledge transfer plans.
Position Qualifications:
- Bachelor's degree from an accredited university or in lieu of a bachelor's degree a high school diploma or GED and 6 years of Commercial Lending experience
- 10 or more years of experience in banking or financial service environment
- 7 years In depth knowledge of commercial lending operations to include areas such as loan closing, commercial loan structures and documentation
- 4 years managing technology initiatives associated with operations
- 4 years operations specific management experience
- 4 years developing and tracking key performance metrics
- 4 management of process and/or process improvement (can be part of a larger operational ownership role)
About Comerica
We know our employees are critical to our overall success and we are dedicated to investing in their future. One of the ways we do this is to offer a comprehensive Total Rewards package designed to recognize and reward individual performance, as well support health, well-being, development and security for our colleagues and their family. Total Rewards consists of cash compensation, development and flexible benefit programs designed to meet individual needs today and in the future. Your salary will be commensurate with your work experience and our programs are reviewed regularly to ensure each remain competitive. We are proud to offer benefits such as health and welfare programs, strong retirement benefits, and generous paid time off programs. You and your eligible family members, including domestic partners and their children, can participate in medical, dental, and vision benefits, 401(k) and pension, income protection benefits such as life insurance, AD&D, and supplemental health programs to offset unexpected health care expenses. We also have a variety of time off programs for things like vacation, sick time, disability, and parental leave. Eligibility for some programs varies based on employment status and tenure.
Upon offer, Comerica conducts a comprehensive background and fingerprint check.
NMLS certification requirement: where applicable, a favorable background check screening, credit check, fingerprint check, and NMLS certification is required in accordance with the SAFE Act.
Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned into three major business segments; the Commercial Bank, the Retail Bank, and Wealth Management. Comerica's colleagues focus on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico.
Comerica is proud to be an Equal Opportunity Employer - veterans/individuals with disabilities, committed to workplace diversity.
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Comerica Bank
$50 billion) as well as multiple specialty loans including but not limited to CRE Construction, Dealer Floor Plan, Asset Based Loans, International Loans, Standby Letters of Credit and Equipment Leases. The Loan Closing department provides services in sup
life insurance, parental leave, paid time off, sick time, 401(k)
Jan 18, 2025