Associate Loan Closing Specialist
About The Position
Live Oak Bank is a digital bank that serves small business owners across the country. Our groundbreaking spin on service and technology has fueled our mission to be America’s Small Business Bank. Our products help customers buy, build, and expand their business, and our high-yield savings and CD products help them grow their hard-earned money. At Live Oak, we never lose sight of the well-being of our people. We believe our employees are the heart of our company. Our commitment to our customers and culture is intertwined, and we seek those who embody and embrace what it takes to empower the American dream. 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 Associate 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 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 closing pipeline while always treating each customer as the only customer.
Requirements
- High school diploma or GED
- Proficient with Microsoft Office (Word, Excel, and PowerPoint)
- 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
Nice To Haves
- College degree in business or finance
- 2+ years of work experience with SBA and/or USDA
- 2+ years of legal or lending experience
Responsibilities
- Shows proficiency in closing for multiple verticals
- 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
- Works to maintain clean loan files as independently as possible through research and problem solving, reaching out for assistance to Loan Closing Specialist I’s, II’s, and Closing Team Managers as needed
- Has responsibility for assembling the credit file for accuracy and completeness prior to loans closing
- Submits files for review in a timely manner and works with the assigned Closing Team Manager to have a minimal amount of items cited (5 or less)
- 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
- 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
- Maintain a high standard of regulatory awareness including BSA, AML, CIP, and OFAC
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What This Job Offers
Job Type
Full-time
Career Level
Entry Level
Education Level
High school or GED
