Loan Modification Analyst

Live Oak Bank • Wilmington, NC

1d

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. 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, you provide critical support by guiding 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. 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. Additionally, 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

• 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: Mid Level