Loan Closer - Lending at Local Initiatives Support Corporation | Torre
Loan Closer - Lending
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Local Initiatives Support Corporation

Loan Closer - Lending

Local Initiatives Support Corporation
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Full-time
Compensation
USD78.6k - 92.5k/year
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Remote (anywhere)
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Posted over 2 years ago

Requirements and responsibilities

Since 1979, LISC and its affiliates have invested approximately $29.7 billion in businesses, affordable housing, health, educational mobility, community and recreational facilities, public safety, employment, and other projects that help to revitalize and stabilize underinvested communities. Headquartered in New York City, LISC’s reach spans the country from East coast to West coast in 38 markets with offices extending from Buffalo to San Francisco and in 2,400 rural counties across 49 states and Puerto Rico. 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. Responsibilities: - 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. - Review of 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 to confirm compliance with LISC requirements and perform funding calculations to ensure all loan disbursements, fees and expenses are accurately processed and documented. - 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 Summary of Loan Terms for loan booking. - Interact with LISC staff and borrowers in a professional and timely manner. - Perform additional duties, as required.
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