Senior Loan Closing Specialist

About Us

Live Oak Bank is a digital bank that serves small business owners across the country. Our mission is to be America’s Small Business Bank, helping customers buy, build, and expand their business with high-yield savings and CD products to grow their money. We value the well‑being of our people and believe employees are the heart of the company. We seek those who embody our commitment to empower the American dream.

Responsible for ordering and reviewing loan due diligence documents while protecting the Bank’s interest from the time of approval through funding. Once approved by credit, the Senior Loan Closing Specialist is responsible for quarterbacking the loan closing process by working closely with loan officers, underwriters, borrowers, attorneys, and the loan closing management team to ensure a smooth, error-free loan closing. Works with the Closing Team Manager to guarantee quality customer service and timely closings for customers and the Bank.

Effectively manages a large pipeline while always treating each customer as the only customer.

• Shows proficiency in closing for 5+ verticals at a minimum, including at least three different product types (SBA, 504, Conventional, USDA)
• Provides coaching and mentoring to Loan Closing Specialists I and II. Provides periodic updates to the Closing Training Manager as to how the individual is progressing if needed
• Is responsible for the creation, distribution, and maintenance of the loan closing checklist
• Collaborates with the borrower, attorneys, and any other third parties associated with the loan to ensure necessary documents and any other items are produced on time for the set closing date
• Leads the closing kick-off call and is the point person for telephone inquiries from borrowers and Bank personnel regarding loans in process
• Is the main point of contact with the borrower, answering questions to ensure the borrower has a clear understanding of the loan closing process, with attention to customer service and closing details
• During the closing process, resolves or escalates potential problems to the Loan Team, Closing Team Manager, and/or Bank Attorney
• Has responsibility for assembling the credit file for accuracy and completeness prior to loans closing
• Requires minimal assistance in maintaining clean loan files and functions on a Modified or Docs Only Pre-Funding Review process
• Completes Pre-Funding Reviews for Loan Closing Specialists I and II on as needed basis
• Ensures the loan closing date is met or, based upon specific judgment, reschedules, and negotiates extensions of contracts if documents necessary for closing are not available or complete
• Orders and reviews necessary documentation including attorney prepared closing and construction loan closing documents. Makes independent decisions concerning the validation of the documentation to ensure underwriting and closing transpires according to Bank and regulatory requirements
• Applies expertise and independent judgment to validate the loan structure with the lending team and works closely with the underwriter to ensure modifications are addressed properly
• Coordinates with Quality Assurance, borrowers, and attorneys to clear loan exceptions
• Has responsibility for following regulatory requirements including those pertaining to the Bank Secrecy Act (BSA), Anti-Money Laundering (AML), Customer Identification Program (CIP), and OFAC to assist in the identification, detection and determent of money laundering or other unlawful activities
• Has responsibility for following SBA Standard Operating Procedure (SOP), USDA Operating Procedures & Live Oak Bank requirements
• Functions as a team member and realizes all members of the team are vital to its success
• Performs other duties as required
• Maintain a high standard of regulatory awareness including BSA, AML, CIP, and OFAC

• High school diploma or GED
• Proficient with Microsoft Office (Word, Excel and Power Point)
• Strong organizational skills with the ability to prioritize workload
• Professional and confidential disposition; exercise considerable judgment and discretion in handling…