Loan Modification Analyst
About The Position
As a Loan Modification Analyst, you play a pivotal role in ensuring borrowers’ loan modification requests receive efficient, accurate, high quality, and customer-focused service while safeguarding the bank’s interests. Your expertise directly impacts our borrowers and contributes to Live Oak’s mission of being America’s Small Business Bank. Specifically: Critical Support: You guide borrowers through the loan modification intake and approval process, collaborating with external third parties, and various internal teams to ensure timely and prudent outcomes. Your critical thinking and problem-solving skills directly impact borrowers’ financial well-being and Live Oak’s reputation. Efficiency and Accuracy: You contribute to Live Oak’s ability to handle loan modifications swiftly and accurately, safeguarding the Bank’s interests while providing borrowers with a positive experience. Risk Mitigation: By strategically analyzing loan modification requests and supporting documentation, you protect the bank from potential risks. Your attention to detail maintains our high standards and ensures compliance with bank and government regulations.
Requirements
- Bachelor's degree or equivalent experience
- 4 - 6 years of Commercial, Transactional, or Banking experience
- Experience with SBA loans, corporate documentation, title, leases, contract and other legal and loan documentation
- Proficient in Microsoft Office (Word, Excel, Outlook, and Power Point)
Nice To Haves
- Paralegal studies degree/studies
- Prior Live Oak Bank experience
- Critical thinking
- Negotiation
- Problem Solving
- Communication
- Customer Service
- Organization
- Research
- Detail oriented
Responsibilities
- Engage directly with borrowers, external third parties, and internal teams to set clear expectations for the modification process
- Assess borrowers’ financial status, current collateral, loan terms and structure, in conjunction with the modification request, ensuring accuracy and prudence
- Prepare and submit loan modification credit memoranda to Credit Administration for approval, addressing risks and critical details
- Lead and assist servicing teams during the approval process, fostering collaboration and efficiency
- Demonstrate excellent customer service, negotiation, critical thinking and problem-solving skills
- Maintain thorough knowledge about current modification requirements and procedures, ensuring compliance
- Conduct thorough reviews and independently apply expertise and judgment to validate and ensure eligibility of the modified loan structure
- Make timely and independent Credit decisions within approved Credit authority for specific modification requests
- Conduct certain due diligence items including checking for any outstanding exceptions, ordering, and evaluating third party appraisal(s) on real estate, business valuation(s), etc. when necessary
- Review and analyze documents supplementing each loan modification request, including purchase agreements, leases, organizational documents, etc
- Effectively manage a pipeline to ensure quality and customer service standards are achieved
- Stay informed by attending workshops, reviewing publications, and benchmarking best practices
- Maintain a high standard of regulatory awareness including BSA, AML, CIP, and OFAC
Benefits
- Paid sick leave
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What This Job Offers
Job Type
Full-time
Career Level
Mid Level
Number of Employees
251-500 employees
