What are the responsibilities and job description for the Loan Closer/Commercial Real Estate position at Neighborhood Lending Partners, Inc.?
JOB SUMMARY : Prepares loan documentation in accordance with commitment letter, obtains and reviews due diligence items from borrower, reviews draft loan documents prepared by attorney, coordinates closing with all involved parties, safeguards all original notes, follows-up on outstanding post-closing items and clears all document exceptions. Prepares and files UCC-3 documents as necessary. Performs Construction Draw Administration by collecting and approving draw documentation, ordering inspections and obtaining authorization to release funds. Reports to Senior Lender
ESSENTIAL FUNCTIONS :
Loan Closings
- Prepares loan documentation checklist in accordance with commitment letter and updates as necessary. Contacts borrower and performs OFAC (Patriot Act) search.
- Secures legal counsel and prepares attorney closing letter upon request of lender as needed.
- Obtains and reviews due diligence items from borrower. Reviews title work and survey. Copies legal counsel on due diligence items as needed.
- Prepares Regulatory Agreement relative to rental restrictions and submits to legal counsel for review.
- Reviews and edits attorney-prepared draft loan documents.
- Coordinates closing with all parties involved (NLP, NLP’s attorney, borrower, borrower’s counsel, etc.).
- Instructs Loan Administrator at appropriate time when to order loan funds from the various sources (member banks, Fannie Mae, SHIP providers, etc.).
- Assists Loan Servicing Administrator by providing the information necessary to properly book all loans.
- Safeguards all original notes, mortgage and guarantee agreement in fireproof cabinet. Scans information and sends to member banks.
- Follows up on outstanding post-closing items. Clears all document exceptions in a timely manner. Scans and sends to member banks.
- Prepares and files UCC-3’s as necessary.
- Prepares loan documents in-house as needed. Prepares short-term extension letters.
- Researches and responds to member bank questions relating to loan documents.
- Performs annual documentation file audits (involves ensuring that all documents on checklist are in file, following up on any outstanding items, and updating documentation checklists).
- Creates filing system for the credit and documentation files for each NLP affiliate.
- Prepares documentation for secondary market loan sales.
Construction Draw Administration
General Office Administration
QUALIFICATIONS :