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
Responsible for ordering and reviewing loan due diligence documents while protecting the Bank’s interest from the time of approval through funding. Once approved by credit, the Senior Loan Closing Specialist is responsible for quarterbacking the loan closing process by working closely with loan officers, underwriters, borrowers, attorneys and the loan closing management team to ensure there is a smooth, error-free loan closing. Escalates potential problems to the Closing Team 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. Provide coaching and mentoring to Loan Closing Specialist I. Treat each customer as the only customer.
What You’ll Do at Live Oak
- Is responsible for the creation, distribution and execution of the closing checklist.
- Works closely with the borrower, attorneys and any other third party associated with the loan to ensure
- necessary documents and any other items are produced on time for the set closing date.
- Leads the closing kick-off conference call and is the point person for telephone inquires from borrowers and Bank personnel regarding loans in process
- 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.
- During the closing process, resolves or escalates potential problems to the Closing Team Manager and/or
- the Bank attorney.
- 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.
- Orders and reviews necessary documentation including attorney prepared closing and construction loan documents. Makes independent decisions concerning the validation of the documentation to ensure underwriting and closing transpires according to Bank and regulatory requirements.
- Applies expertise and independent judgment to validate the loan structure with the lending team, works closely with the underwriter to ensure modifications are addressed properly.
- Has responsibility for assembling the credit file for accuracy and completeness prior to loans closing.
- Coordinates with the Quality Assurance, borrowers and attorneys to clear all loan exceptions.
- Provide coaching and mentoring to Loan Closing Specialists I and II. Provide periodic updates to the Closing Training Manager as to how the individual is progressing if needed.
- Complete Prefund Reviews for Loan Closing Specialists I and II on as needed basis.
How You’ll Do It
- 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.
- Has responsibility for following SBA Standard Operating Procedure (SOP), USDA Operating Procedures & Live Oak Bank requirements.
- Functions as a team and realizes all members of the team are vital to its success.
- Performs other duties as required.
Required and Preferred Experience
- Five to ten years work experience with SBA and/or USDA preferred
- Five to ten years legal or lending experience is preferred
- 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
- High school diploma or GED required
- College degree in business or finance preferred
Required to Thrive at Live Oak
- 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 foster collaboration, accountability and trust with others and understand that together, we do more.
- Respect– You treat everyone with courtesy, politeness and kindness.
“The above statements are intended to describe the general nature and level of work being performed by the incumbent assigned to this classification. They are not intended to be construed as an exhaustive list of all responsibilities, duties and/or skills required of all personnel so classified.”