Post Closing Specialist

About the role

This role is within the Post-Closing department at Live Oak Bank. The Post Closing Specialist plays a crucial role in ensuring the bank meets and exceeds audit expectations for loan documentation and accuracy. This is essential to maintaining the bank’s safety and soundness objectives, as the document intake and loan review process are critical steps in protecting the bank against losses.

Responsibilities

• Evaluate loan structures, understand complex problems, and identify trends
• Conduct thorough reviews of commercial loan files and/or collateral records post-closing to identify any potential risks or discrepancies
• Review loans and/or collateral for accuracy, with a strong understanding of various loan products including USDA, FSA, Conventional, and SBA
• Familiarity with loan agreements, security agreements, promissory notes, and collateral documents is essential
• Develop the ability to mitigate risks and recommend appropriate actions to management
• Work closely with departments and stakeholders including closing, underwriting, credit, legal counsel, and compliance to ensure loan file accuracy
• Collaborate with legal counsel and internal partners regarding closed loan documentation
• Identify and address issues related to bank compliance guidelines such as the Bank Secrecy Act, CIP, Regulation B, and Anti-Money Laundering, and internal policies and procedures
• Support the Head of Post-Closing & Insurance and/or the Post-Closing Managers with special projects such as checklist management, departmental manual updates, and technology initiatives
• Aid in preparing loan files for audits conducted by various agencies throughout the year
• Contribute to a collaborative team environment, recognizing that every member is vital to success
• Partner across teams and departments to consistently produce highly accurate files and be seen as a reliable resource
• Be open to feedback and set a positive example for the team
• Develop proficiency in using bank systems
• Gain and maintain a thorough understanding of the bank's products and services
• Perform other duties as needed and be willing to cross-train
• Manage shifting priorities and timelines effectively
• Demonstrate sound judgment and a detail-oriented approach in decision-making
• Maintain a high standard of regulatory awareness including BSA, AML, CIP, and OFAC

Requirements

• Associates or Bachelor’s Degree (or equivalent work experience in Post-Closing or similar role)
• Customer service and/or a job that required teamwork
• Basic commercial loan documentation knowledge
• Excellent oral and written communication skills
• 1-2+ years Banking or legal real estate experience (closing, processing, lending, etc.)
• Familiarity with SBA lending procedures strongly preferred

Qualifications

• Associates or Bachelor’s Degree (or equivalent work experience in Post-Closing or similar role)
• Customer service and/or a job that required teamwork
• Basic commercial loan documentation knowledge
• Excellent oral and written communication skills
• 1-2+ years Banking or legal real estate experience (closing, processing, lending, etc.)
• Familiarity with SBA lending procedures

Skills

• Strong attention to detail
• Ability to work independently and as part of a team
• Proficiency in Microsoft Office Suite
• Knowledge of banking regulations and compliance standards

Benefits

Live Oak Bank offers a comprehensive benefits package that includes:

• Health insurance
• Retirement plans
• Flexible spending accounts
• Life insurance
• Disability insurance
• Short-term and long-term disability coverage
• Employee Assistance Program
• Generous paid time off
• Professional development opportunities
• Flexible work arrangements
• Discounts on bank products and services

Pay

The base pay range for this position is $27.18 - $44.48 per hour. Compensation may also include annual bonuses and long-term incentives, subject to various metrics and company policy.

Schedule

Full-time position. Hours may vary based on department needs.