Senior Loan Closing Specialist

Overview

About Us

Live Oak Bank is a digital bank that serves small business owners across the country. Our mission is to be America's Small Business Bank, offering products that help customers buy, build, and expand their business, and high-yield savings and CD products to grow their money. We are committed to the well-being of our people and seek those who embody 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 quarterbacks the loan closing process by working closely with loan officers, underwriters, borrowers, attorneys, and the loan closing management team to ensure a smooth, error-free closing. Works 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

• Close for 5+ verticals at a minimum, including at least three product types (SBA, 504, Conventional, USDA).
• Provide coaching and mentoring to Loan Closing Specialists I and II. Provide periodic updates to the Closing Training Manager on progression as needed.
• Create, distribute, and maintain the loan closing checklist.
• Collaborate with the borrower, attorneys, and third parties to ensure necessary documents are produced on time for the closing date.
• Lead the closing kick-off call and be the point person for inquiries from borrowers and Bank personnel regarding loans in process.
• Serve as the main point of contact with the borrower, answering questions to ensure understanding of the loan closing process with emphasis on customer service and closing details.
• During the closing process, resolve or escalate potential problems to the Loan Team, Closing Team Manager, or Bank Attorney.
• Assemble the credit file for accuracy and completeness prior to loan closing.
• Maintain clean loan files and function in a Modified or Docs Only Pre-Funding Review process as needed.
• Complete Pre-Funding Reviews for Loan Closing Specialists I and II as needed.
• Ensure the loan closing date is met or, when necessary, reschedule and negotiate extensions of contracts if documents are not available or complete.
• Order and review necessary documents including attorney-prepared closing and construction loan closing documents. Make independent decisions regarding validation of documentation to ensure underwriting and closing align with Bank and regulatory requirements.
• Apply expertise and independent judgment to validate the loan structure with the lending team and work closely with the underwriter to address modifications properly.
• Coordinate with Quality Assurance, borrowers, and attorneys to clear loan exceptions.

How You'll Do It

• Follow regulatory requirements including BSA, AML, CIP, and OFAC to help identify, detect, and deter money laundering or other unlawful activities.
• Follow SBA SOP, USDA Operating Procedures, and Live Oak Bank requirements.
• Function as a team member and recognize that all team members are vital to success.
• Performs other duties as required.

Required and Preferred Experience

• Five to ten years of experience with SBA and/or USDA preferred
• Five to ten years of legal or lending experience preferred
• Proficient with Microsoft Office (Word, Excel, PowerPoint).
• Strong organizational skills with the ability to prioritize workload.
• Professional and confidential disposition; exercise judgment 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, demonstrated through a strong work ethic, adaptability, and pride in your work.
• Ownership: Take initiative to deliver positive results by proactively solving problems while maintaining quality.
• Respect: Treat everyone with courtesy, politeness, and kindness.
• Innovation: Embrace fresh ideas and contribute new solutions to problems.
• Teamwork: Foster collaboration, accountability, and trust, understanding that together we do more.

For a detailed overview of our employee benefits, please visit: Live Oak Bank employee benefits page.

Live Oak Bank is an Affirmative Action and Equal Opportunity Employer, Minorities/Women/Veterans/Disabled. We consider applicants without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, genetic information, veteran status, or disability. Equal access to programs, services 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 include annual bonuses and long-term incentives, subject to metrics and company policy. A candidate's salary is determined by factors including travel, relevant work experience or skills and expertise.

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