Business lending expert Carrie Hutton shares her journey from military spouse to VP of documentation services at MBFS in this episode of Credit Union Conversations. Host Mark Ritter explores the critical components of the loan closing process, including essential entity documents, title work, and collateral valuations. Hutton reveals how proper documentation requirements for credit union business lending can dramatically reduce closing delays. From managing loan approvals to coordinating environmental due diligence, listeners gain insider knowledge on how to achieve faster, more efficient closings in commercial lending.

What You Will Learn In This Episode:

✅ The realistic timeline for closing commercial real estate loans versus equipment financing deals, and why business lending professionals should expect three to four weeks for real estate transactions, while non-real estate loans can close in under a week.

✅ The four critical loan documentation requirements that consistently delay closings include entity documents with correctly spelled names, title work for correct vesting, accurate collateral valuation, and detailed loan approval documentation.

✅ How credit union operations can avoid common mistakes in the loan closing process, including missing authorized signers on documents and delays caused by incomplete environmental due diligence or appraisal process issues.

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TIMESTAMPS:

00:00 Introduction to business lending expert Carrie Hutton and her debut on the Credit Union Conversations podcast

01:10 Carrie's banking career journey from military spouse employment at Bank of America in Japan to credit union roles

04:05 Carrie's role managing the documentation services team and onboarding credit unions

05:46 The ideal loan closing process timeline and managing appraisal process, flood certification, and environmental due diligence

09:07 Common mistakes that delay closings, from missing authorized signers to incomplete loan approval details

KEY TAKEAWAYS:

💎 Successful business lending depends on accurate entity documents with names spelled exactly as filed at the state level. Missing or incorrect operating agreement details and authorized signers are the most common causes of delays, sometimes rendering entire loan documents invalid.

💎 Understanding loan type impacts closing speed significantly. Commercial vehicles, UCC filings, and equipment financing deals close in under a week, while real estate transactions require three to four weeks due to appraisal and environmental due diligence timelines.

💎 Effective team management in documentation services requires clear procedural manuals and systematic tracking of construction loans, change in terms requests, and tickler systems to ensure nothing falls through the cracks during high-volume loan processing periods.

RESOURCES MENTIONED:

Mark Ritter - Website

Mark Ritter - LinkedIn

SEO KEYWORDS:

Credit Union Conversations, Mark Ritter, MBFS, Credit Unions, CUSO, Business Lending, Loan Documentation, Loan Closing Process, Documentation Requirements for Credit Union Business Lending, Title Work, Collateral Valuation, Loan Approval, Commercial Real Estate, Equipment Financing, Environmental Due Diligence, Appraisal Process, Operating Agreement, Loan Processing