About the Job
LISC's Lending Department is seeking a Loan Closing Specialist. The position will report to LISC’s Chief Credit Officer and work in close coordination with lending staff in the field and other members of LISC’s Lending and Legal departments. The Loan Closing Specialist will manage the documentation and closing needs of a diverse, complex portfolio of real estate, working capital and New Markets Tax Credits leveraged loans. Collaborating with national and local LISC staff, this position will ensure that the approved loan terms and conditions are communicated to borrowers, the Legal Department has information required to draft and distribute documents, and required documentation is collected.
• Act as closing agent for LISC loans, reviewing all documentation for accuracy and completion of file.
• Prepare closing checklists and compile loan documentation to satisfy approved underwriting requirements, special closing conditions and special disbursement conditions.
• Coordinate closing activities with all parties involved, including review of loan approval notifications and loan funding calculations ensuring all fees, draws and expenses are accurate and documented.
• Engage with attorneys who prepare loan documents in accordance with policy and credit approval.
• Responsible for review of credit approvals and confirming that loan documentation properly reflects unique, individualized requirements of the approval for the specific loan.
• Assist borrowers with explanation of loan process, with attention to customer service and closing details.
• Communicate with Lending Department, Legal Department, and field staff when proposed requirements or approvals for the loans cannot be met.
• Coordinate activities with other parties including legal counsel, borrower, title company, third parties, and internal contacts and resources.
• Assist in processing funding disbursements at loan closing and for individual draws under lines of credit.
• Collect and provide initial review of title reports, property and liability insurance certificates, environmental reports (Phase I and Phase II) and appraisals. Identify any issues to the assigned LISC attorney.
• Prepare Summary of Loan Terms at time of closing.
• Performs additional duties, as required.
Applicants should have the following qualifications:
• Paralegal certificate or Bachelor’s degree in business, related field or equivalent experience.
• At least five (5) years real estate loan closing experience with a bank, other financial institution, or law firm, including experience closing collateralized, unsecured and construction or portfolio loans. CDFI experience and/or subject matter expertise is strongly preferred as is operations/process management experience.
• Strong communications, analytical, decision-making, organizational, follow-up and customer service skills.
• Ability to make decisions or recommend solutions independently, leveraging the work of attorneys, program officers, chief credit officer, and other resources to provide efficient and appropriate solutions to issues as they arise.
• Ability to evaluate, assess and mitigate risk inherent to closing process as well as ensuring adherence to LISC policies and procedures while recognizing the unique, individualized nature of each transaction.
• Attention to detail with the ability to prioritize in a high-volume environment.
• Familiarity with core community development products, including predevelopment loan real estate acquisition and construction loans, working capital lines of credit, permanent debt to Low-Income Housing Tax Credit projects and New Markets Tax Credit debt.
• Good organizational abilities, including ability to work independently and manage multiple assignments simultaneously.
To apply, please email a detailed cover letter and resume to:
Malini Nayar, Vice President, Chief Credit Officer
Local Initiatives Support Corporation
501 Seventh Avenue – 7th Floor, New York, New York 10018
Local Initiatives Support Corporation
LISC is a national nonprofit intermediary that provides financial and technical assistance to community-based organizations, public agencies and private nonprofit and for-profit entities focused on the redevelopment of urban neighborhoods and rural communities. LISC works through 30 local offices in urban sites and a national rural program which operates in 34 states. LISC assists its local partners with the development of affordable multi-family and senior and other supportive rental housing, for-sale housing and homeownership initiatives, commercial and retail developments, community facilities and various community-building programs such as employment, child care, health care and open space. Please see www.lisc.org for additional information about LISC and its national and local programs.
LISC IS AN EQUAL OPPORTUNITY EMPLOYER
COMMITTED TO DIVERSITY AND INCLUSION