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VP, Commercial Contracts Administration

Livingston, NJ, USA | CIT Group

  • Industry:
    Financial Services
  • Position Type:
  • Functions:
    General Management
  • Experience:
    7-10 years
Job Description:
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Responsibilities


CIT Capital Equipment Finance provides equipment loans and leases for transactions ranging in size from $3 million to $100 million and more. We offer flexible terms of up to eight years, with advance rates tailored to the equipment and credit strength of the borrower.


Reporting to the Senior Vice President of Originations, the VP of Contract Administration is responsible for managing a team which has end to end ownership of the originations process which begins with credit approval through booking and funding.


Principal Duties and Responsibilities:


Ensure all transactions are processed timely while in accordance with CIT policies, approved credit parameters, funding approval and disbursements

Train and mentor the Contract Administration team

Oversee the daily processing of end user document and funding packages and set priorities to meet all deadlines

Take the lead or handle the closing of more complex transactions, as applicable.

Maximize process flow and productivity

Assists team members in identifying viable solutions to resolve documentation issues and responsible for final approval of transaction for funding

 Validate that the team verifies security interest in collateral and compliance with company policies – this includes perfection of UCC filings, verification of insurance requirements and titling, as required.

Coordinate all closing checklist items between Business Development, Underwriters, Legal, Compliance teams as needed

May interface directly with external CIT clients

Work closely with the Syndications Desk on closing of deals that are being originated to sell.

Identify Process Improvement opportunities and required system enhancements to help build a scalable Contract Admin group.

Establish and providing reporting and analysis as required.


Qualifications


• Minimum of 7-10 years Contract Administration/Lease/Loan Closing experience

• 5+ years managing a high performing team in a regulated banking environment

• Bachelor’s degree in Business, MBA preferred but not required

• Understanding of equipment leasing and financing transactions and requirements

• Understanding of standard and non-standard documentation

• Understands sales, use and property tax laws


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