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 Loan Closing Specialist II 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. Works closely with the Closing Team Manager to guarantee quality customer service and timely closings for customers and the Bank. Effectively manages a large pipeline while always treating each customer as the only customer.
What You’ll Do at Live Oak
- Shows proficiency in closing for 4-5 verticals at a minimum, including at least two different product types (SBA, 504, Conventional, USDA).
- Assists with answering questions from Loan Closing Specialist I’s, is comfortable in a coaching environment, and provides feedback to Closing Team Managers as needed.
- Is responsible for the creation, distribution, and maintenance of the loan closing checklist.
- Collaborates with the borrower, attorneys, and any other third parties 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 call and is the point person for telephone inquiries from borrowers and Bank personnel regarding loans in process
- Is the main point of contact with the borrower, answering questions to ensure the borrower has a clear understanding of the loan closing process, with attention to customer service and closing details.
- During the closing process, resolves or escalates potential problems to the Loan Team, Closing Team Manager, and/or Bank Attorney.
- Has responsibility for assembling the credit file for accuracy and completeness prior to loans closing.
- Requires minimal assistance in maintaining clean loan files with the goal of moving to Modified Review.
- 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 closing 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 and works closely with the underwriter to ensure modifications are addressed properly.
- Coordinates with Quality Assurance, borrowers, and attorneys to clear loan exceptions.
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 member and realizes all members of the team are vital to its success.
- Performs other duties as required.
Required and Preferred Experience
- Three to seven years work experience with SBA and/or USDA preferred.
- Three to seven 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.”