Senior Closer

NewPoint Real Estate Capital LLC•Chevy Chase, MD

About The Position

The Senior Closer is responsible for overseeing the closing and funding process for Fannie Mae, Freddie Mac and proprietary loans. He/she collaborates with all involved parties to ensure loans are closed accurately and in accordance with Fannie Mae, Freddie Mac and internal proprietary requirements. The Senior Closer also arranges for funding of the loans through the warehouse line or capital calls by providing required documentation in accordance with existing warehouse guidelines. He/she follows up and resolves any post funding issues. Must have superior customer service skills, be detail-oriented and self-motivated.

Requirements

Bachelor’s degree from four-year college or equivalent experience in commercial real estate, finance, title work, and/or paralegal studies
Minimum 7 years of required experience in multi-family lending, preferably in closing and delivering Fannie Mae/Freddie Mac loans including one-off loans, credit facilities, and the various product types, including conventional loans, streamlined refinance, forward commitments, affordable housing, seniors housing, and manufactured housing
Ability to competently complete multiple tasks simultaneously with an appropriate attention to detail
Strong organizational skills
Strong teamwork and interpersonal skills
Comprehension of real estate finance and secondary market concepts and loan documentation
Working knowledge of Microsoft Word, Excel, and Outlook
Experience with Fannie Mae and Freddie Mac systems and experience interfacing with database management systems is preferred
Ability to work under tight time constraints independently and within the department

Responsibilities

Manage the processing, closing, and funding of loans from receipt of application to final delivery and purchase, proactively, being especially conscious of timeframes.
Interact with all departments (Production, Underwriting, Servicing, Asset Management, and Accounting) and other involved parties (Borrower, Borrower’s Counsel, Correspondent, NewPoint Real Estate Capital Counsel, Title Company, Warehouse Lender, and Fannie Mae/Freddie Mac) proactively to ensure that loans are closed in a timely and responsible manner and according to agency requirements.
Update loan specific data on pipeline, specifically focused on updating transaction status and anticipated closing dates.
Engage outside counsel to begin working on a transaction, upon direction from the Closing Manager.
Provide due diligence and other information to closing counsel following review and satisfaction of the condition of such due diligence.
Work closely with closing counsel assigned on various transactional matters and to ensure anticipated timeframes are met.
Prepare Fannie Mae Commitments on assigned transactions, coordinate with Trading, and submit all final C&D Commitments through Fannie Mae electronic applications for confirmation.
Review draft loan documents for accuracy and revise as necessary including all approved loan document modifications approved by agencies comparing track waiver preparations, submissions, and approvals for business waivers, legal waivers, and insurance waivers.
Ensure all approved waivers are delivered to closing counsel, so all necessary and applicable conditions can be drafted into final loan documents.
Track Rate Lock and Closing Special Conditions to ensure satisfactory completion.
Review specific pieces of due diligence associated with the loan closing; i.e., title commitment, survey, Tax Bills, Third Party reports and any other due diligence applicable to the transaction; and raise any issues to Underwriting and/or the Closing Manager.
Review insurance report provided by 3rd party Consultant or Director of Insurance to ensure Property and Liability insurance renewal dates and premiums are properly noted prior to closing.
Oversee the funding process to ensure timely funding of each loan and movement of loans in and out of the warehouse to accommodate the need for warehouse capacity and to maximize warehouse income; and troubleshoot potential funding conflicts as they arise.
Prepare and complete the closing workbook for each deal to produce notices and advance requests for the warehouse lender, disbursement schedules for the title company, and accounting information for internal use.
Review Title Company Settlement Statement, ensure all closing conditions have been satisfied through communication with the Underwriter, Closing Manager, and closing counsel and Title Company.
Maintains responsibility for all Pre-Funding Letter conditions (Freddie Mac) or Delivery findings (Fannie Mae) with the assistance of Deliver Specialist.
Generate closing transmittals and prepare packages to hand loans off to Servicing.
Work with Delivery Specialist to resolve post-closing issues when necessary.
Assist in development and implementation of departmental procedures.
Participate and make recommendations in department hiring process.
Meet established productivity levels and turnaround times as set by Manager.
Collaborate with Closing Manager and assist in training of junior staff members.
Work on projects and team initiatives as requested.