Specialty Finance Underwriter

at Live Oak Bank • Wilmington, NC

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Live Oak is more than a bank. Live Oak helps people realize their full potential so they can create meaningful impact at work, home or in their communities. As an innovation hub, we fully embrace a bold approach to solving problems and surpassing goals. Daily life at Live Oak centers around a culture of taking care of each other, which has made us one of the most desirable places to work. We’ve topped the list of American Banker’s “Best Banks to Work For” because of our unparalleled dedication to our people. Our commitment to our customers and our culture is intertwined, so we seek those who embody and embrace what it takes to empower the American dream. Learn more at liveoakbank.com. 

How This Role impacts Live Oak and its People

The Specialty Finance Underwriter will guide the borrower and the loan team through the credit approval process while managing the credit risk and quality of the loan.  An Underwriter serves as the first line of defense for the bank’s credit risk management and is responsible for collecting and analyzing financial data, completing financial spread analysis, and telling the story of the loan applicant.  Additionally, an Underwriter is responsible for managing multiple tasks and responsibilities while still meeting target deadlines.  Underwriting in Specialty Finance will give you the skills, knowledge, and experience to successfully move to any position in the bank or even allow you to make underwriting a career.     

  

What You’ll Do at Live Oak

  • Work with an experienced Loan Officer to complete the underwriting of the application to include the analysis of applicants' financial status, credit, and property evaluation to determine if loan requests meet the bank's and various lending criteria. Evaluate the sources of repayment on loan requests.
  • Develop an understanding of bank policies and procedures as well as USDA’s One RD and SBA’s SOP. Review the loans for conventional credit worthiness, USDA eligibility or SBA eligibility and verifies same.
  • Complete the customer interview. Make an assessment of the customer and resolves outstanding questions related to the transaction.
  • Develop expertise in use of Bank loan systems. Ensure that all documents required for the credit approval of the loan transaction are uploaded to Sales Force.
  • Responsible for preparing the Credit Memorandum detailing the loan request, completing personal and business financial analysis for credit worthiness, and complying with banking regulatory guidelines and USDA or SBA eligibility, as applicable.
  • Submit the loan request to Underwriting peer or Management for preliminary file review and responsible for making appropriate corrections, until proficiency is demonstrated.
  • Submit the loan request to Credit Administration to secure approval for the transaction. Work closely and directly with the credit officer, answers questions about the loan and the customer which allows the credit officer to become comfortable with the request.
  • Prepare packages and communicates with USDA or SBA lending personnel as needed.
  • After the loan is approved, issues or reviews the commitment letter. When issuing, tracks until it is returned signed and accepted.
  • Orders third party appraisal(s) on real estate, business valuation(s) and environmental assessment(s) when applicable. Review documentation upon completion for compliance with loan conditions.
  • Develop industry expertise in serving specified market niches.
  • Ensure a smooth transfer of the customer to the Loan Closing Specialist for the closing and funding of the loan.
  • Work with the Closer throughout the loan process up though the loan funding, including but not limited to file clean up, review and approval of all Underwriting items, preparation of Change Memos, complying with all Prefunding file review items as needed to ensure a smooth and timely loan closing.
  • Work with the Construction Relationship Manager on Multiple Disbursements loans throughout the loan process until the loan closes, including but not limited to review of documents received, and preparing of Change Memos, as applicable.
  • Ensure a smooth transfer of the customer to the Loan Servicing team for ongoing monitoring of the loan.
  • Keep abreast of economic conditions, changes and trends in customers' businesses, the banking industry and the specific market niches targeted by the bank.

How You’ll Do It           

  • In accordance with established lending policies and procedures, and under the guidance of the Specialty Finance Underwriting Team Lead develops an understanding in examining, evaluating, and closing commercial extensions of credit with an emphasis on utilizing USDA and SBA loan programs. 
  • May request specified information for loan application.  Responsible for assembling information required by Live Oak and counsel to properly close loans. 
  • Develop customer relationships through friendly, courteous and responsive service. 
  • Develop understanding of commercial lending, USDA and SBA Program rules and procedures. Promote the Bank's services to current and potential customers

 Required and Preferred Experience

  • 3- 5 years of commercial underwriting experience or equivalent depending on the primary vertical served
  • Credit analyst/lending experience is required.
  • Excellent customer service and interpersonal skills.
  • Sound judgment.
  • Detail oriented and high level of ownership in lending process.
  • PC proficiency.
  • In-depth knowledge of Bank lending policies, procedures and criteria
  • USDA or SBA credit training
  • Project Finance
  • Conventional Lending
  • Municipal or Nonprofit
  • Senior Care
  • Asset Based Lending
  • Government Contracting
  • Renewable Energy
  • Minimum of a Bachelor’s degree in Finance, Accounting, Business, or or underwriting or related industry experience
  • An MBA is preferred

Required to Thrive

  • Dedication– You possess a deep commitment to Live Oak Bank’s mission and core values,  exemplified through a strong work ethic, adaptability and pride in your work.
  • Ownership– You take initiative to deliver positive results by proactively and creatively solving problems, while maintaining a high degree of quality.
  • Innovation– You embrace fresh ideas and fearlessly contribute new solutions to emerging or existing problems.
  • Teamwork– You understand that together, we do more. Only through collaboration, accountability and trust can we accomplish our mission.
  • Respect– You treat everyone with courtesy, politeness and kindness.

 

 

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