Associate Construction Specialist

Live Oak Bank • Wilmington, NC

1d

About The Position

Live Oak Bank is a digital bank that serves small business owners across the country, aiming to be America’s Small Business Bank by helping customers buy, build, and expand their businesses, and grow their money with high-yield savings and CD products. The bank prioritizes the well-being of its employees, believing them to be the heart of the company. This role is crucial in actively managing and continuously monitoring the specialty construction portfolio to identify and mitigate risk. The Associate Construction Specialist will leverage their experience and expertise to guide borrowers, projects, and lending teams on construction-related policies, procedures, and best practices. The position ensures that all construction department standards are consistently applied in accordance with Bank and government guaranteed lending policies and procedures, thereby promoting a high-quality construction portfolio.

Requirements

• 1 - 2 years of commercial lending or customer service experience
• Effective communication skills with a focus on conflict resolution
• Detail oriented with a high degree of accuracy
• Strong organizational skills with the ability to prioritize workload
• Excellent customer service skills
• Proficient with Microsoft Office Suite

Nice To Haves

• Bachelor’s degree or 3 - 4 years equivalent experience
• Extensive knowledge of Bank and government guaranteed programs’ construction standards, policies, and procedures
• Knowledge of BUILT and Salesforce

Responsibilities

• Generate the construction closing checklist and participate in closing kick-off calls to educate borrowers on construction loan closing requirements
• Collaborate with lenders, underwriters, closers, borrower, general contractor, and other third parties to ensure necessary construction documentation is collected prior to closing
• Provide lending teams construction closing updates during pipeline meetings
• Initiate required credit enhancements; engage third-party firms for initial project review and construction inspections
• Prepare, analyze, and present general contractor due diligence for approval
• Review construction documents collected from borrower to ensure completeness and accuracy prior to submitting file for closing approval
• Confirm final loan budget and configure project setup in disbursement software application
• Create and submit disbursements in conformance with bank and loan agreement funding requirements
• Coordinate with internal and external partners on participated loans to insure loans are funded timely; address participant questions or concerns and elevate issues as appropriate to avoid funding delays
• Ensure inspections and title updates are timely ordered, lien waivers and change orders collected, and the preparation of draw checklist is completed in a manner to expedite disbursements
• Serve as borrowers' construction point of contact throughout loan closing and disbursement; answer general loan questions, monitor project timelines, manage loan budget, and maintain current loan file through project completion
• Completes modification requests on multi-advance loans as necessary; works with internal and external parties as required to facilitate documentation
• Track monthly loan payments and address delinquencies in a prompt manner
• Assist internal servicing department with collection of updated financials from borrowers in accordance with loan agreement
• Elevate problematic situations to Construction Manager and Credit Administration as needed
• Treats people with respect; keeps commitments; inspires the trust of others; works ethically and with integrity; upholds organizational values; accepts responsibility for own actions
• Maintain a high standard of regulatory awareness including BSA, AML, CIP, and OFAC
• Performs other duties as required

Benefits

• For a detailed overview of our employee benefits please visit: http://www.liveoakbank.com/careers/
• We provide at least the minimum requirement of paid sick leave to our employees who reside in states that require employer-paid sick leave, including but not limited to Arizona, California, Colorado, District of Columbia, Maine, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New Mexico, New York, Oregon, Rhode Island, Vermont, and Washington.
• Compensation may also include annual bonuses and long-term incentives, subject to various metrics and company policy.

What This Job Offers

• Job Type: Full-time
• Career Level: Entry Level
• Education Level: No Education Listed