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, including clean energy and greenhouse gas and air pollution reducing projects. 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, reviewed 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.
Responsibilities
The primary duties of the position include:
- 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.
- Prepare or review closing checklists and confirm they accurately capture all closing and disbursement conditions.
- 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.
- Assist borrowers with explanation of loan closing process and requirements, with attention to customer service.
- Ensure that all loan closing documentation is collected, reviewed and approved by the responsible party, and saved in the electronic loan file.
- Determine applicable insurance requirements based on LISC’s loan policy, and review insurance documentation and relevant due diligence.
- 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.
- Collaborate with attorneys to ensure that unique loan requirements, terms and conditions are properly captured in the loan documents.
- Review and approve disbursement packages (both closing and post-closing) 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:
- Review of settlement statement against approved sources and uses and loan requirements.
- 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.
- Monitor changes in sources and uses and address or escalate budget adjustments as needed.
- Update various systems with progress milestones and other loan information.
- Prepare or review detailed booking sheet, with all necessary loan terms for loan booking.
- Interact with LISC staff and borrowers in a professional and timely manner.
- Perform additional duties, as required.
Qualifications
Applicants should have the following qualifications:
- Bachelor’s degree or equivalent experience.
- Minimum three (3) years commercial real estate loan closing experience with a bank or other financial institution.
- Strong technical expertise in loan closing and funding; experience with processing construction or predevelopment disbursement requests is preferred.
- Familiarity with community development and/or clean energy and greenhouse gas reduction projects is a plus.
- Ability to review settlement statements in various forms and accurately calculate loan funding.
- 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.
- Strong communication, analytical, decision-making, time management, organizational, follow-up and relationship management skills.
- Ability to work independently, manage multiple assignments simultaneously and prioritize them efficiently, in a high-volume environment.
- Proficiency in Microsoft Office suite, particularly Microsoft Excel.
Compensation:
LISC offers a competitive salary ($78,625 - $92,500) commensurate with experience and location, and excellent benefits.
