Associate, Loan Closing Specialist

Ready Capital offers a positive and diverse work culture incorporated with people who are passionate about their careers. We pride ourselves in being viewed as a premier place to work and encourage you to view our Senior Associate, Accountant opportunity.

Summary of Essential Job Functions:

• Review Request for Credit Approval, Write-up and Commitment Letter within 24 hours of receipt of legal file, conduct introductory call to borrower and prepare/send Closing Checklist detailing documentation required for loan closings.
• Regularly liaise with federal and state regulators. 
• Follow up, review and approve all Closing checklist/borrower due diligence items required for loan closing.
• Determine what is required to perfect security interest in collateral and decide when loan file is ready to close.
• Analyze supporting documents provided by borrowers and third parties to determine if they meet RCL approvals/standards and make decision that loan is thoroughly documented in accordance with RCL and  SBA policies and credit approval memorandums.
• Ensure all required hazard, contents, liability and/or flood insurance coverage has been obtained on industry required forms naming RCL as mortgagee and/or loss payee.
• Maintain excellent level of customer service by being responsive to calls and emails from borrower and inside staff regarding loans in process within 24 hours of receipt.
• Order appropriate third-party searches (flood, good standing certificates, UCC, title, judgment and bankruptcy) for all borrowers/guarantors.
• Compliant with RCL policies/procedures and have knowledge of SBA SOPs and regulations
• Prepare and review all required SBA, legal and state specific documents required for loan closing.
• Become an integral part of the SBA Closing Team.
• Responsible for following updated SBA policy notifications when issued.
• Master RCL’s construction policy, follow guidelines in notifying SBA of any modifications to the construction project such as but not limited to extension of maturity date, increase or decrease to the loan amount.
• Responsible for reviewing site inspection reports for accuracy and process of the project as well as relaying any unforeseen issues to credit and management
• Manage productivity by ensuring proper communication with borrower, general contractor and vendors to limit 1 to 2 disbursements per month
• Act as liaison between Legal Counsel, Escrow, Title, deal team and all interested parties to coordinate document preparation, loan signing, funding, and closing.
• Review and approve closing settlement statements, escrow documentation, insurance, and outstanding loan conditions.
• Prepare funding information sheets detailing wiring information and use of loan proceeds.
• Coordinate with accounting to assure timely release of wires for loan fundings.
• Prepare closing packages of documents and ensure legal file is in compliance with RCL policies before transferring for Compliance Review
• Provide assistance with portfolio acquisition due diligence
• Adhere to turn time requirements.
• Additional duties as requested by Closing Manager.

Primary Success Measurements:

• Average of 2- 3 loans closed monthly or as modified by RCL management.
• Average calendar days to fund from date processed loan received in Funding.
• Percent of loans closed by contract closing date.
• Overall file quality rating as determined by Closing Manager.
• Quality control error percentage.
• Customer Satisfaction Survey results.
• Timing requirement on forwarding completed loan packages to Compliance Department.

Significant Decisions and Recommendations:

• Ability to make independent decisions on a daily basis relating to loan portfolio.
• Upon receipt of a loan package, exercise discretion in reviewing, analyzing and determining closing requirements
• Regularly exercise discretionary powers and independent judgment in decision-making in order to accurately complete all loan file due diligence.
• Ability to independently determine what is required to perfect security interest in collateral and decide when loan file is ready to close.

Education and Experience:

• Bachelor’s degree preferred.
• Paralegal Certificate preferred.
• Minimum of 2-5 years of commercial mortgage lending experience and/or relevant work experience in a functional role required or equivalent combination of education and experience.

Knowledge and/or Skills:

• Knowledge of the SBA SOP
• Operate standard office equipment/computer.
• Proficient in Microsoft Office Suite, working with Word and Excel or similar spreadsheet software.
• Type accurately at a speed necessary to meet the requirements of the position.
• Organize work, set priorities and exercise sound independent judgment within established guidelines.
• Interpret, apply, explain and reach sound decisions.
• Ability to maintain files and records.
• Ability to prioritize and perform multiple tasks.
• Ability to answer loan document related questions from borrowers and referral sources.
• Excellent interpersonal skills.
• Detail oriented.

Language Skills:

• Ability to read and comprehend instructions, short correspondence, and memos.
• Ability to write basic routine reports and correspondence.
• Ability to interact effectively with management, other employees, and customers as needed.
• Diplomacy in dealing with internal and external clients.
• Excellent communication skills.

Mathematical Skills:

• Basic credit skills required.
• Ability to perform basic calculations such as to add, subtract, multiple, and divide.

Reasoning Ability:

• Ability to apply common sense understanding to carry out instructions furnished in written, oral, or diagram form.
• Ability review information and solve problems quickly.
• Strong ability to manage time.
• Achievement oriented, takes initiative, and ability to take direction.
• Strong organizational skills.

Physical Demands:

The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job.  Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

While performing the duties of this Job, the employee is regularly required to sit; use hands to finger, handle, or feel and talk or hear.  The employee is frequently required to stand and walk.  The employee is occasionally required to reach with hands and arms; climb or balance and stoop, kneel, crouch, or crawl.  The employee must frequently lift and/or move up to 10 pounds.   Specific vision abilities required by this job include close vision, distance vision, color vision, peripheral vision, depth perception and ability to adjust focus.

Work Environment

 The work environmental characteristics described here are representative of those an employee encounters while performing the essential functions of this job.  Reasonable accommodations may be made to enable individuals with disabilities to perform essential functions.  The noise level in the work environment is moderately quiet.  We thrive in an environment that encourages hard work while having fun!

Salary Range: $105,000– $115,000 Actual compensation for this role will depend on several factors including the cost of living associated with your work location, your qualifications, skills, competencies, and relevant experience.

Salary : $105,000 - $115,000