Company: Local Initiatives Support Corporation
Location: Remote, All
Job Function: Community Outreach
What We Do
With residents and partners, LISC forges resilient and inclusive communities of opportunity across America – great places to live, work, visit, do business and raise families.
Strategies We Pursue
- Equip talent in underinvested communities with the skills and credentials to compete successfully for quality income and wealth opportunities.
- Invest in businesses, housing and other community infrastructure to catalyze economic, health, safety and educational mobility for individuals and communities.
- Strengthen existing alliances while building new collaborations to increase our impact on the progress of people and places.
- Develop leadership and the capacity of partners to advance our work together.
- Drive local, regional, and national policy and system changes that foster broadly shared prosperity and well-being.
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. Visit us at www.lisc.org
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:
- 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. 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 Summary of Loan Terms for loan booking.
- Interact with LISC staff and borrowers in a professional and timely manner.
- Perform additional duties, as required.
Applicants should have the following qualifications:
- Bachelor’s degree from an accredited college or university or equivalent relevant work experience.
- Minimum three (3) years real estate loan closing experience with a bank or other financial institution.
- Familiarity with community development lending is a plus, including Low-Income Housing Tax Credit and New Markets Tax Credit transactions.
- 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 and Benefits
LISC provides a competitive salary ( $78,625 – $92,500; salary commensurate with experience and location) and excellent fringe benefits. This position is available immediately.
LISC is an equal opportunity employer. LISC does not discriminate in employment on account of actual or perceived race, color, creed, religion, national origin, ancestry, citizenship status, age, sex or gender (including pregnancy, childbirth, lactation and related medical conditions), gender identity or expression (including transgender status), sexual orientation, marital status, military status or veteran status, unfavorable discharge from military service, physical or mental disability, protected medical condition as defined by applicable state or local law, genetic information or any other characteristic protected by applicable federal, state or local laws and ordinances.
We will endeavor to make a reasonable accommodation to the known physical or mental limitations of a qualified applicant with a disability unless the accommodation would impose an undue hardship on the operation of our business.
LISC IS AN EQUAL OPPORTUNITY EMPLOYER COMMITTED TO DIVERSITY, EQUITY, INCLUSION AND JUSTICE
How to Apply
Please submit your application using this LINK