Loan Closer - Lending

Position Description

LISC is seeking qualified candidates to fill the position of a Loan Closing Officer. The position will be part of LISC’s Lending Department and will report to LISC’s Director of Loan Closing, and work in close coordination with lending staff in the field and other members of LISC’s Lending and Legal departments. The Loan Closing Officer will manage the closing and funding needs of a diverse, complex portfolio of real estate, working capital, small business and New Markets Tax Credits leveraged loans. Collaborating with LISC staff nationwide, this position will ensure that the approved loan terms and conditions are accurately communicated to borrowers and captured in the loan documents prepared by the Legal Department, that each loan is closed and funded in a timely manner, and that the required documentation is collected and properly filed. Additionally, the Loan Closing Officer is responsible for processing monthly draw requests under predevelopment lines of credit, which includes a level of project development monitoring.

The primary duties of the position include:

• Collaborate with attorneys to ensure that unique loan requirements, terms and conditions are properly captured in the loan documents.
• Monitor changes in sources and uses and address or escalate budget adjustments as needed.
• Assist borrowers with explanation of loan closing process and requirements, with attention to customer service.
• Perform additional duties, as required.
• Review of insurance documentation and relevant due diligence.
• Prepare and distribute commitment letters consistent with the terms of the credit approval, collect good faith deposits, and establish communication between the borrower’s and LISC’s teams to prepare for loan closing.
• Ensure that all loan closing documentation is collected, reviewed and approved by the responsible party, and saved in the electronic loan file.
• Monitor use of funds per approved sources and uses, by maintaining tracking spreadsheets and reviewing invoices, AIA forms, evidence of payment and other documents as needed.
• Prepare or review closing checklists and confirm they accurately capture all closing and disbursement conditions.
• Prepare or review Summary of Loan Terms for loan booking.
• Review and approve disbursement packages to confirm compliance with LISC requirements and perform funding calculations to ensure all loan disbursements, fees and expenses are accurately processed and documented. This includes:
• Interact with LISC staff and borrowers in a professional and timely manner.
• Communicate and collaborate with Lending and Legal departments, as well as field staff, when approved requirements for the loans cannot be met and further action is required.
• Update various systems with progress milestones and other loan information.
• Act as closing agent for LISC loans, coordinating activities with other parties, including legal counsel, borrower, title company, as well as LISC staff, to ensure that the loan closing is achieved in a timely manner and deadlines are met.
• Review of settlement statement against approved sources and uses and loan requirements.

Qualifications

Applicants should have the following qualifications:

• Minimum three (3) years real estate loan closing experience with a bank or other financial institution.
• Proficiency in Microsoft Office suite, particularly Microsoft Excel.
• Ability to review settlement statements in various forms and accurately calculate loan funding.
• Ability to work independently, manage multiple assignments simultaneously and prioritize them efficiently, in a high-volume environment.
• Familiarity with community development lending is a plus, including Low-Income Housing Tax Credit and New Markets Tax Credit transactions.
• Ability to evaluate, assess and mitigate risk inherent to closing process, as well as ensuring adherence to policies and procedures, while recognizing the unique, individualized nature of each transaction.
• Bachelor’s degree from an accredited college or university or equivalent relevant work experience.
• Strong communication, analytical, decision-making, time management, organizational, follow-up and relationship management skills.

Job Specifications

LISC provides a competitive salary ( $78,625 - $92,500; salary commensurate with experience and location) and excellent fringe benefits. This position is available immediately.