3 Associate Construction Closing Specialist Jobs in Wilmington, NC
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Associate Construction Closing Specialist
$55k-69k (estimate)
Full Time | Banking
6 Days Ago
Live Oak Bank is Hiring an Associate Construction Closing Specialist Near Wilmington, NC
About UsLive 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.
Job DescriptionHow This Role Impacts Live Oak and its PeopleEnsures the construction portfolio is actively managed and continuously monitored to identify and mitigate risk. Utilizes experience and expertise to guide borrowers, projects and lending teams on policies, procedures, and best practices related to construction. Ensures all construction department standards are applied consistently and in accordance with Bank and government guaranteed lending policies and procedures to promote a high-quality construction portfolio.
What You’ll Do At Live Oak
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.
Job DescriptionHow This Role Impacts Live Oak and its PeopleEnsures the construction portfolio is actively managed and continuously monitored to identify and mitigate risk. Utilizes experience and expertise to guide borrowers, projects and lending teams on policies, procedures, and best practices related to construction. Ensures all construction department standards are applied consistently and in accordance with Bank and government guaranteed lending policies and procedures to promote a high-quality construction portfolio.
What You’ll Do At Live Oak
- Generate the construction closing checklist and participate in closing kick-off calls to educate borrowers on construction loan closing requirements.
- Collaborate with lenders, underwriters, closers, borrower, general contractor, and other third parties to ensure necessary construction documentation is collected prior to closing.
- Provide lending teams construction closing updates during pipeline meetings
- Initiate required credit enhancements. Engage third-party firms for initial project review and construction inspections.
- Prepare, analyze, and present general contractor due diligence for approval, as needed.
- Review construction documents collected from borrower to ensure completeness and accuracy prior to submitting file for closing approval.
- Confirm final loan budget and configure project setup in disbursement software application.
- Manage loans that close without all required construction documentation. Coordinate collection of missing documentation with borrower, general contractor and other third parties post-closing.
- Create and submit disbursements in conformance with funding requirements.
- Serve as borrowers' construction point of contact throughout the loan's closing period. Answer general loan questions, monitor project timelines, track loan budget, maintain current loan file until all required construction documentation is received.
- Track monthly loan payments and address delinquencies in a prompt manner.
- Introduce and transition borrower, general contractor, and other third parties to Construction Project Manager once all required documentation is reviewed and approved.
- Assist internal servicing department with collection of updated financials from borrowers in accordance with loan agreement, as needed.
- Elevate problematic situations to Construction Team Lead and Credit Administration as needed.
- 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.
- Treats people with respect; keeps commitments; inspires the trust of others; works ethically and with integrity; upholds organizational values; accepts responsibility for own actions.
- Performs other duties as required.
- 1-2 years of experience with commercial lending/customer service or closing construction loans is preferred
- Knowledge of BUILT and Salesforce is preferred
- Extensive knowledge of Bank and government guaranteed programs’ construction standards, policies, and procedures is preferred
- Bachelor’s degree or 3 to 4 years equivalent experience preferred
- Effective communication skills with a focus on conflict resolution
- Detail oriented with a high degree of accuracy
- Strong organizational skills with the ability to prioritize workload
- Excellent customer service skills
- Proficient with Microsoft Office Suite
- Gravitate to Growth – Shows adaptability and support for changes to improve organizational effectiveness.
- Communicate and Collaborate – Communicates clearly and thoughtfully, demonstrating empathy in teamwork.
- Eye of the Tiger – Gets positive results by taking personal responsibility for actions and team outcomes.
- Know Your Business – Curates and maintains a depth of knowledge and skill to perform one’s job effectively.
- Customer at the Center – Provides customers with a personalized experience to achieve exceptional outcomes.
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.
Job Summary
JOB TYPE
Full Time
INDUSTRY
Banking
SALARY
$55k-69k (estimate)
POST DATE
06/23/2024
EXPIRATION DATE
07/17/2024
WEBSITE
liveoakbank.com
HEADQUARTERS
Wilmington, NC
SIZE
500 - 1,000
INDUSTRY
Banking
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