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Loan Closing Specialist (Commercial)

ReadyCap Commercial 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 Loan Closing Specialist opportunity.

Job Summary:

  • Process all approved applications from acceptance of letter of intent (LOI) until Funding.
  • In accordance with ReadyCap Commercial, LLC (RCC) Credit and Collection Guidelines, state and local lending laws, perform due diligence on loan file and documentation received.
  • Review and analyze items received to ensure file is accurately documented to perfect security interest.
  • Review loan closing documents.
  • Interface with closing agents to obtain necessary documentation required for loan file and to accomplish accurate and timely closing and funding of loan transactions in accordance with credit approval memorandums, as approved by Credit Officers and Loan Administrators.
  • Must be an expert on the content of standard loan closing documents and answer questions regarding such.

Summary of Essential Job Functions:

  • To facilitate loan officer submissions from borrowers, mortgage brokers, real estate agents and other referral partners, including, assisting with sending out document needs lists, and being responsive to calls and emails regarding loans in process from inside staff to customers.
  • Reviews initial loan application package for completeness and adherence with ReadyCap’s Credit Guidelines. Verifies potential borrower meets liquidity requirements by reviewing bank statements and personal and business financial statements. Preliminary review of financial statements to identify any potential issues prior to credit submission. Compares rent roll to leases, financial statements and tax returns for consistency. Researches background documentation including the real estate collateral, borrower’s credit and the borrowing entity’s legal structure.
  • Supports the Loan Officer to provide updates to the referral source and borrower on the status of their loan requests.
  • Review approved LOI package received from Commercial Real Estate Loan Officer (CRELO) for completeness and to develop understanding of loan structure, including borrowers and guarantors. Determine all items needed to underwrite the loan and supporting documentation needed to close the loan transaction.
  • Create loan file, applicable checklists, and Items Needed List (INL) to be distributed to borrower and CRELO within 48 hours of new file assignment.
  • Contact borrowers, CRELOs, and other agents, to obtain all necessary documentation for loan file.
  • Work with Credit Officer (CO) to obtain official loan approval in a timely manner and follow for additional credit conditions added to the loan at time of approval.
  • Provide critical decision making during completion of loan file due diligence to 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 RCC standards and make decision that loan is thoroughly documented in accordance with RCC Credit and Collection Guidelines and credit approval memorandums.
  • Prepare Legal Information Sheet (LIS) for document preparation, and complete all necessary tasks prior to Funding.
  • Provide oversight to Loan Processor in processing of loan files for closing.
  • Ensure that credit approval memorandums are clearly written addressing all concerns and ensuring all loan conditions are satisfied.
  • Act as liaison between Legal Counsel, Escrow, Title, deal team, and all interested parties to coordinate document preparation, loan signing, funding, and closing.
  • Review loan documents.
  • 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 for Sub-servicer to allow boarding of loan to servicing system and Collateral Custodian for holding original documents.
  • Adhere to turn time requirements.
  • Additional duties as requested by management.

Primary Success Measurements:

  • Work with Loan Officers to facilitate their submissions.
  • Average of 7-10 loans closed monthly.
  • 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 management.
  • Quality control error percentage.
  • Customer Satisfaction Survey results.

Education and/or Experience:

  • Bachelor Degree preferred.
  • Minimum of 1-2 years 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:

  • 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.

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.

Mathematical Skills:

  • Ability to perform basic calculations such as to add, subtract, multiple, and divide.

Reasoning Ability: 

  • Ability review information and solve problems quickly.
  • Strong ability to manage time.
  • Achievement oriented, takes initiative, and ability to take direction.

ReadyCap Commercial is a non-bank, direct portfolio lender offering financing for small balance commercial investment, conventional owner user, SBA 504, multifamily and bridge loan programs nationwide. Available financing ranges from $750,000 to $10 million. With concierge-like personal attention, ReadyCap is set apart by its credit decisions, processing speeds and common-sense, solution-oriented underwriting.  We see lending differently!

ReadyCap offers a full range of benefits, including competitive salary, comprehensive health plans to choose from including dental, vision coverage, company-paid life & disability insurance policies, business casual dress and a great culture!

ReadyCap is an equal opportunity employer (EOE)!

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