Company: Reinvestment Fund
Location: Philadelphia (Headquarters), PA
Job Function: Lending/Loan Operations
About The Reinvestment Fund:
Headquartered in Philadelphia, Reinvestment Fund operates nationally with regional offices in Baltimore, MD, and Atlanta, GA. Reinvestment Fund is a national mission-driven financial institution that creates opportunity for underserved people and places through partnerships. We marshal the capital, analytics, and expertise necessary to build strong, healthy, and more equitable communities.
As a federally certified community development financial institution (CDFI), our job is to make finance an agent of positive change and equitable growth. We provide loans, grants, and technical assistance to businesses and nonprofits. Our borrowers and grantees educate students, support local economies, and create jobs. They build affordable housing and provide community goods and services that include access to nutritious food, hunger relief, physical and mental health care, and other social services.
At Reinvestment Fund, you’ll be part of a talented and passionate team of communicators and business development staff, lenders, portfolio managers, analysts, grant program managers, accountants, and policy researchers who bring their unique talents to our mission.
Reinvestment Fund is currently undergoing a multi-year race, equity, and inclusion organizational change process, and we are seeking candidates who share a commitment to advancing racial equity and anti-racism and are prepared to engage in that work.
Work Location: Philadelphia, PA Headquarters:
Reinvestment Fund is maintaining a 100% remote work environment through September 12, 2022, due to COVID. Reinvestment Fund expects to provide a flexible work arrangement that will be a hybrid home/office work arrangement in 2022 and beyond. It is anticipated that a combination of working remote and two days in a Reinvestment Fund office location will allow for face-to-face interactions. Depending on the nature of the job, a more flexible work schedule may be considered.
About the Position:
Reinvestment Fund seeks a Senior Loan Closing Specialist to support Loan Officers in closing commercial loan transactions. The Senior Loan Closing Specialist will coordinate the loan closing, including preparation of the loan closing checklist, tracking of legal costs and attorney vendor management, review of title commitment, collection, and review of due diligence items, entering loan information in databases, and reviewing and preparing closing disbursement. The Senior Loan Closing Specialist will be responsible for ensuring that loan documents comply with credit approval and credit policy.
Knowledge of construction financing, commercial real estate loan documentation and title insurance is required. The successful candidate will be extremely detailed oriented, possess strong organizational skills and have a demonstrated ability to work on multiple transactions simultaneously. This person will have strong interpersonal skills, can foster productive working relationships, and manage high pressure situations.
- Coordinates and validates the information and documents required for loan closings in accordance with established policies and procedures.
- Tracks third-party costs and collects borrower deposits associated with closing.
- Prepares and manages the electronic loan closing checklist.
- Reviews loan documents for compliance with credit approval and credit policy; works with Loan Officer and counsel to address discrepancies.
- Coordinates with Loan Officer and outside counsel to ensure that applicable compliance requirements are accurately reflected in the loan documentation.
- Reviews title commitment; elevates & resolves issues on commitment with counsel assistance.
- Collects and reviews insurance, ensuring compliance with loan requirements.
- Schedules and coordinates loan closing with all parties and reviews the HUD-1, closing protection letter and closing instruction letter.
- Prepares and coordinates the closing disbursement.
- Ensures that all required documents are obtained at closing, collects, and delivers original documents to a secured file room.
- Generates the initial closing exception list for post-closing exception tracking.
- Uploads documents into document management system.
Education, Experience, and Skills
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
- 2-year college degree or paralegal certification preferred.
- 5+ years’ experience in commercial real estate and lending, with demonstrated knowledge of commercial loan documentation, required.
- Ability to define problems, collect data, establish facts, and draw valid conclusions.
- Excellent verbal and written communication skills; ability to raise issues and concerns in a clear, confident manner.
- Proficient in MS Office – Word, Excel, Access, Outlook.
- Familiarity with loan servicing and electronic imaging systems preferred.
To perform the job successfully, an individual should demonstrate the following competencies:
- Ownership/Accountability – Actively manages work and issues through to completion.
- Customer Service – Understands and manages customer expectations.
- Initiative – Anticipates and communicates challenges and opportunities.
- Commitment – Demonstrates sense of passion and urgency for work, mission, and organization.
- Adaptability – Sees opportunity and risk for continuous improvement.
- Efficiency and Productivity – Determines priorities and allocates time and focus accordingly.
- Professional/Technical Expertise – Understands and applies technical/procedural knowledge of job.
Compensation and Benefits
Reinvestment Fund offers a competitive salary based on experience and skills, as well as an excellent benefits package including employer-paid health, disability, and life insurance, 401(k) savings plan with employer match, flexible spending accounts (medical, dependent care), commuter benefits, tuition reimbursement, paid time off, and EAP program.
How to Apply
To Apply: If you are unable to Click and Open the URL, please Copy/Paste into your browser
Please complete the online application at Careers — Reinvestment and attach your resume and a cover letter.
COVID-19 Vaccination Update: We value the safety and well-being of our RF community, which includes staff and beyond. As such, our team has chosen to require all staff, interns, and contractors to be fully vaccinated as a contingency of employment. Candidates should consider this requirement before applying.