What are the responsibilities and job description for the Modification Paralegal position at Live Oak Bank?
About Us
Live 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.
How This Role Impacts Live Oak and its People
This role is vital to the ability of Live Oak to provide and handle loan modifications with efficiency, accuracy, and excellent customer service to the borrower. This role must be highly responsive and increasingly knowledgeable of modification requirements and procedures.
What You’ll Do at Live Oak
This role is accountable for ordering, analyzing, negotiating, and preparing the applicable due diligence, agreements, and loan modification documents associated with the Bank’s commercial loan modification operations, while ensuring compliance with State, Federal, Bank and SBA Standard Operating Procedure (SOP) regulations. Responsible for cross-checking the information gathered, identifying risks to the Bank, and resolving or escalating such risks as necessary. Works closely with Loan Modification Analysts, Relationship Managers, Special Assets Officers, Construction, Credit, Finance, Insurance, Underwriters, Attorneys, Borrower’s counsel, title companies, and others as needed to ensure an efficient and accurate loan modification process. Manages the filing and recording of security instruments to properly secure the Bank’s collateral as needed. Accurate documentation, data, transcripts and files are required.
How You’ll Do It
- Prepare and/or review various legal documents, including loan modification agreements, guarantees, mortgages/deeds of trust, assignments, security agreements, subordination agreements, intercreditor agreements, and resolutions.
- Review, analyze, prepare and/or negotiate, as applicable, certain due diligence items, including modifications to loan credit memos, purchase agreements, leases, organizational documents, and inter-creditor agreements to effectively identify critical risks to protect the Bank’s interests. Consult with loan team, Attorneys, and/or Manager on matters regarding the Bank’s risk as appropriate.
- Order, review and analyze title reports, title commitments, UCC & lien searches, surveys, etc.
- Work closely and effectively communicate with Loan Modification Analysts, Business Analysts, Special Assets, Construction Specialists, Credit, Finance, Insurance, Underwriters, Attorneys, Borrower’s counsel, title companies, and others as needed, to ensure all required loan modification documentation is obtained and in compliance with State, Federal, Bank and SBA regulations prior to finalization of the loan modification.
- Make independent decisions in the review of due diligence and loan documentation and communicate such decisions in a timely manner to lending personnel for any changes that are necessary.
- Prepare and record/file applicable documents to effectively perfect, release and/or continue liens held as the Bank’s collateral in the proper lien position.
- Assist with review, analysis and resolution of post-closing items and/or exceptions related to loan closings and documentation, as needed.
- Promote teamwork and effectively manage a pipeline to ensure quality and customer service standards are maintained and/or exceeded.
- Help achieve corporate and department goals and help develop, coordinate and enforce policies, procedures, and productivity standards.
- Continue to train and learn by attending educational workshops, reviewing professional publications, and benchmarking state-of-the-art practices.
Required and Preferred Experience
- Minimum of 1-2 years of paralegal experience is required.
- Minimum of 1-2 years of Commercial, Transactional or Banking experience is required
- Experience with SBA loans, corporate documentation, title, leases, contract and other legal and loan documentation is required
- High School graduate or GED required
- College Degree strongly preferred
- Certification in paralegal studies is strongly preferred
- In depth knowledge of legal terms, rules and documents
- Must be familiar with court proceedings
- Proficient in Microsoft Office (Word, Excel, Outlook, and Power Point)
- Critical, strategic and analytical thinking skills
- Highly proficient computer, internet and electronic researching skills
- Very detail-oriented with strong organizational and leadership skills
- Excellent written and oral communication skills
- Self-motivated, confident, energetic and creative
- Ability to multi-task and manage narrow timelines
- Ability to cross-train
Our Values
- Dedication: Possess a deep commitment to Live Oak Bank’s mission and core values, exemplified through a strong work ethic, adaptability and pride in your work.
- Ownership: Take initiative to deliver positive results by proactively and creatively solving problems, while maintaining a high degree of quality.
- Respect: Treat everyone wi.th courtesy, politeness, and kindness.
- Innovation: Embrace fresh ideas and fearlessly contribute new solutions to emerging or existing problems.
- Teamwork: Foster collaboration, accountability, and trust with others and understand that together, we do more
For a detailed overview of our employee benefits please visit:
https://www.liveoakbank.com/corporate-social-responsibility/live-oak-bank-employees/
Live Oak Bank is an Affirmative Action and Equal Opportunity Employer, Minorities/Women/Veterans/Disabled. We consider applicants for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, genetic information, veteran status or disability. Equal access to programs, service and employment is available to all persons. Those applicants requiring reasonable accommodation to the application and/or interview process should notify human resources at
careers@liveoak.bank
EEO is the Law
Commitment to Diversity
Live Oak Bank is committed to creating and maintaining a workplace in which all employees have an opportunity to participate and contribute to the success of the business and are valued for their skills, experience, and unique perspectives. This commitment is embodied in company policy and the way we do business at Live Oak Bank and is an important principle of sound business management.
The base pay range for this position is $26.44 - $43.27 per hour. Compensation may also include annual bonuses and long-term incentives, subject to various metrics and company policy. A candidate’s salary is determined by several factors including travel, relevant work experience or skills and expertise.Live Oak Bank is committed to creating and maintaining a workplace in which all employees have an opportunity to participate and contribute to the success of the business and are valued for their skills, experience, and unique perspectives. This commitment is embodied in company policy and the way we do business at Live Oak Bank and is an important principle of sound business management.
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.
Salary : $26 - $43
