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 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:

• Paralegal Certificate preferred.
• Minimum of 2–5 years of commercial mortgage lending experience and/or relevant work experience in a functional…