Commercial Loan Closer

Company: Network for Oregon Affordable Housing
Location: Portland
Posted on: November 8, 2024

Job Description:

The Network for Oregon Affordable Housing (NOAH) is a nonprofit community development financial institution (CDFI) that provides financing for the development and preservation of affordable housing throughout Oregon. - Formed in 1990 to increase the supply of safe, healthy, and stable housing, NOAH now administers over $400 million of loan capital through a growing array of loan programs to support the preservation and development of new affordable housing. -

Since its founding, NOAH has steadily served as one of the leading affordable housing lenders in Oregon. - NOAH plays a unique role in the industry and our lending blends strong fundamental lending practices with the opportunity to apply creative solutions to customer challenges. - In addition to lending, NOAH actively engages in advocacy and policy work in Oregon and nationally. - We bring passion to our work because we understand that access to safe, healthy and affordable housing is the path to stability and opportunity. - NOAH is further committed to using our platform to address racial justice and social equity. -

NOAH serves diverse populations and seeks candidates who reflect our communities including people of color, veterans, and people with disabilities.

Applicants with a range of work history and lived experience are invited to apply. -

Position Summary:

The Loan Closer is responsible for managing the loan process from commitment to loan funding, in collaboration with the Relationship Manager. - This position requires working knowledge of real estate documentation and the ability manage multiple transactions at one time.

Essential Responsibilities:

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• Coordinate loan closing with Borrower, Relationship Manager, legal counsel, Construction Lender and Title Company.
  
• Review commitment letter and loan documentation encompassing the terms in the Loan Request and negotiated changes, in collaboration with the Relationship Manager and legal counsel.
  
• Maintain electronic files and document checklists in collaboration with Relationship Manager.
  
• Respond to Borrower's request to modify NOAH's loan documents, consulting the Relationship Manager and legal counsel as warranted.
  
• Review subsidy documents in collaboration with the Relationship Manager and legal counsel for compliance with NOAH requirements.
  
• Support counsel and the Relationship Manager in review of title reports and surveys.
  
• Calculate property tax and insurance reserves, and coordinate set up of bank accounts for replacements reserves and operating reserves with Agent Bank.
  
• Prepare internal documents for funding and database entry.
  
• Prepare funding notice and coordinate funding with Agent Bank.
  
• Prepare or assist in the preparation of escrow instructions to ensure all funding requirements are satisfied prior to release of NOAH's loan funds.
  
• Prepare packages for distribution to Member Banks.
  
• Review final title policies to ensure consistency with underwriting, if necessary. Follow-up on post-closing items to ensure completion of electronic file.
  
• Participate in new product development.
  
• Prepare NOAH Agent Bank documents and coordinate funding as Agent Bank on certain acquisition loans.
  
• Review monthly reports submitted by Agent Bank to confirm funding amounts and interest rates.
  
• Provide support to legal counsel and staff for documentation of restructures, assumptions, paydowns, general partner and limited partner transfers, and other such loan modifications.
  
• Assist in the sale of loans from time to time. Participate in file review for credit exams. Performs other tasks as assigned.
  
  
  Qualifications and Skills:
  
  
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  • Approximately 2-5 years loan closing, paralegal and/or real estate experience preferred.
    
  • Bachelor's degree or equivalent lived experience, preferably in finance, commercial real estate, or a related field.
    
  • Organizational skills and ability to coordinate complex activities, prioritize conflicting demands, and meet deadlines.
    
  • Working knowledge of Outlook, Word, Excel, and Access. -
    
    
    Value-Add Qualities and Skills:
    
    
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    • Strong desire and ability to learn complex financial structures. Construction lending experience
      
      
      
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      • Passionate about working to end houselessness and the housing affordability crisis in our State.
        
      • Able to work both independently and in a team.
        
      • Ability to solve problems and communicate effectively in writing and orally. Strong customer service orientation.
        
        
        Compensation and Benefits:
        
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        • 100% of the employee's coverage of all insurance benefits. - Coverage for dependents is available at the cost of the employee.
          
        • 401(k) with a 4% match and the potential for additional matching.
          
        • Paid family leave.
          
        • Potential for annual bonus compensation.
          
        • Generous vacation and sick leave.
          

Keywords: Network for Oregon Affordable Housing, Corvallis , Commercial Loan Closer, Accounting, Auditing , Portland, Oregon