Senior Loan Closing Specialist

About Us

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.

How This Role Impacts Live Oak and its People

Responsible for ordering and reviewing loan due diligence documents while protecting the Bank's interest from the time of approval through funding. Once approved by credit, the Senior Loan Closing Specialist is responsible for quarterbacking the loan closing process by working closely with loan officers, underwriters, borrowers, attorneys and the loan closing management team to ensure there is a smooth, error-free loan closing. Works closely with the Closing Team Manager to guarantee quality customer service and timely closings for customers and the Bank. Effectively manages a large pipeline while always treating each customer as the only customer.

What You\'ll Do at Live Oak

• Shows proficiency in closing for 5 + verticals at a minimum, including at least three different product types (SBA, 504, Conventional, USDA).
• Provides coaching and mentoring to Loan Closing Specialists I and II. Provides periodic updates to the Closing Training Manager as to how the individual is progressing if needed.
• Is responsible for the creation, distribution, and maintenance of the loan closing checklist.
• Collaborates with the borrower, attorneys, and any other third parties associated with the loan to ensure necessary documents and any other items are produced on time for the set closing date.
• Leads the closing kick-off call and is the point person for telephone inquiries from borrowers and Bank personnel regarding loans in process
• Is the main point of contact with the borrower, answering questions to ensure the borrower has a clear understanding of the loan closing process, with attention to customer service and closing details.
• During the closing process, resolves or escalates potential problems to the Loan Team, Closing Team Manager, and/or Bank Attorney.
• Has responsibility for assembling the credit file for accuracy and completeness prior to loans closing.
• Requires minimal assistance in maintaining clean loan files and functions on a Modified or Docs Only Pre-Funding Review process.
• Completes Pre-Funding Reviews for Loan Closing Specialists I and II on as needed basis.
• Ensures the loan closing date is met or, based upon specific judgment, reschedules, and negotiates extensions of contracts if documents necessary for closing are not available or complete.
• Orders and reviews necessary documentation including attorney prepared closing and construction loan closing documents. Makes independent decisions concerning the validation of the documentation to ensure underwriting and closing transpires according to Bank and regulatory requirements.
• Applies expertise and independent judgment to validate the loan structure with the lending team and works closely with the underwriter to ensure modifications are addressed properly.
• Coordinates with Quality Assurance, borrowers, and attorneys to clear loan exceptions.

How You\'ll Do It

• Has responsibility for following regulatory requirements including those pertaining to the Bank Secrecy Act (BSA), Anti-Money Laundering (AML), Customer Identification Program (CIP), and OFAC to assist in the identification, detection and determent of money laundering or other unlawful activities.
• Has responsibility for following SBA Standard Operating Procedure (SOP), USDA Operating Procedures & Live Oak Bank requirements.
• Functions as a team member and realizes all members of the team are vital to its success.
• Performs other duties as required.

Required and Preferred Experience

• Five to ten years work experience with SBA and/or USDA preferred
• Five to ten years legal or lending experience is preferred
• Proficient with Microsoft Office (Word, Excel and Power Point).
• Strong organizational skills with the ability to prioritize workload.
• Professional and confidential disposition; exercise considerable judgment and discretion in handling confidential information.
• Excellent communication skills.
• Detail oriented with a high degree of accuracy
• High school diploma or GED required
• College degree in business or finance preferred

Our Values

• Dedication: Possess a deep commitment to Live Oak Bank\'s mission and core values, exemplified through a strong work ethic, adaptability and pride in your work.
• Ownership: Take initiative to deliver positive results by proactively and creatively solving problems, while maintaining a high degree of quality.
• Respect: Treat everyone wi.th courtesy, politeness, and kindness.
• Innovation: Embrace fresh ideas and fearlessly contribute new solutions to emerging or existing problems.
• Teamwork: Foster collaboration, accountability, and trust with others and understand that together, we do more

For a detailed overview of our employee benefits please visit: https://www.liveoakbank.com/corporate-social-responsibility/live-oak-bank-employees/

Live Oak Bank is an Affirmative Action and Equal Opportunity Employer, Minorities/Women/Veterans/Disabled. We consider applicants for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, genetic information, veteran status or disability. Equal access to programs, service and employment is available to all persons. Those applicants requiring reasonable accommodation to the application and/or interview process should notify human resources at HumanResources@liveoak.bank.

EEO is the Law

The base pay range for this position is $80,000.00 - $130,000.00 per year. Compensation may also include annual bonuses and long-term incentives, subject to various metrics and company policy. A candidate\'s salary is determined by several factors including travel, relevant work experience or skills and expertise.

Please note that 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.

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