Loan Closing Specialist

at Live Oak Bank • Wilmington, NC

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Position Summary:

Works closely with Closing Training and Development Manager, as well as assigned mentors to thoroughly learn the closing process. Responsible for ordering/reviewing/negotiating loan & due diligence documents and protecting the Bank’s interest from the time of approval through funding.  Once approved by credit, the Loan Closing Specialist is responsible for quarterbacking the loan closing process by working closely with lenders, underwriters, borrowers, borrower’s attorney, the Bank’s attorney and the loan closing management team to ensure there is a smooth, error-free loan closing.  Escalates potential problems to a Loan Closing Manager to guarantee quality customer service and timely closing for the client and the Bank.  Effectively manage a pipeline to ensure all transactions are processed according to service level agreements. 

Essential Functions:

  1. Is responsible for the creation, distribution and execution of the closing checklist.
  2. Works closely with the borrower, attorney and any other third party associated with the loan to ensure necessary documents and any due diligence items are produced in time for the set closing date.
  3. Leads the closing kick-off conference call.
  4. Is the main point of contact with the borrower. Answers questions to ensure the borrower has a clear understanding of the loan process, with attention to customer service and closing details.
  5. During the closing process, resolves or escalates potential problems to the Loan Closing Manager and/or the Bank’s attorney.
  6. Ensures the loan closing date is met or, based upon specific judgment, reschedules, and negotiates extensions of contracts, if documents necessary for closing are not available or complete.
  7. Orders and reviews necessary documentation including attorney prepared documents and construction loan documents. Makes independent decisions concerning the validation of the documentation and determines the process to ensure underwriting and closing transpires according to Bank and regulatory requirements.
  8. Maintains organization of financial information online.
  9. Applies expertise and independent judgment to validate and, if necessary, modify the loan structure with the lending team.
  10. Has responsibility for assembling the credit file for accuracy and completeness prior to loans closing.
  11. Coordinates with the quality assurance, borrowers and attorneys to clear all loan exceptions.
  12. Is the point person for telephone inquiries from borrowers and Bank personnel regarding loans in process.

Additional Responsibilities:

  1. Has responsibility for following regulatory requirements including those pertaining to the Bank Secrecy Act (BSA), Anti-Money Laundering (AML), Customer Identification Program (CIP), and OFAC to assist in the identification, detection and determent of money laundering or other unlawful activities.
  2. Has responsibility for following SBA Standard Operating Procedure (SOP) & Live Oak Bank requirements.
  3. Functions as a team and realizes all members of the team are vital to its success.
  4. Performs other duties as required

Skills:

  • Proficient with Microsoft Office (Word, Excel and Power Point).
  • Strong organizational skills with the ability to prioritize workload.
  • Professional and confidential disposition; exercise considerable judgment and discretion in handling confidential information.
  • Excellent communication skills.
  • Detail oriented with a high degree of accuracy

Education:

  • High school diploma or GED required
  • College degree in business or finance is preferred

Experience:

  • Three to five years’ legal or lending experience is preferred.

Physical Demands/Work Environment Requirements:

  • Vision, hearing, speech, movements requiring the use of wrists, hands and/or fingers
  • Able to sit, stand, stoop and bend
  • The ability to work the days and hours required to fulfill the essential functions of the position
  • The ability to work long hours and to multitask

Mental Demands:

  • Learning, thinking, concentration
  • The ability to interact with others and exercise self-control
  • The ability to work under stressful conditions, particularly in customer and employee relations’ situations
  • The ability to make decisions and exercise discretion, when necessary