Senior Analyst, Loan Closing Specialist
Company: Ready Capital
Location: Berkeley Heights
Posted on: June 12, 2021
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 Analyst, Loan Closing Specialist
- Process approved loan applications in accordance with ReadyCap
Lending, LLC (RCL) policies, SBA SOPs, state and local lending
- Perform due diligence on loan file and documentation
- Review and analyze items received to ensure file is accurately
documented to perfect liens security interest.
- Ability to prepare, review and make determinations on
acceptability of loan closing documents. Interact with closing
counsel and deal team to obtain necessary documentation required
for loan file and to accomplish accurate and timely closing/funding
of loan transactions in accordance with credit approval
- Communicate and interact regularly with federal and state
regulators and agencies.
- Must exhibit expertise on the content of standard loan closing
documents and answer customer generated questions.
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
- 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
- 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
- Provide assistance with portfolio acquisition due
- Adhere to turn time requirements.
- Additional duties as requested by Closing Manager.
Primary Success Measurements:
- Average of 4-5 loans closed monthly or as modified by RCL
- Average calendar days to fund from date processed loan received
- Percent of loans closed by contract closing date.
- Overall file quality rating as determined by Closing
- Quality control error percentage.
- Customer Satisfaction Survey results.
- Timing requirement on forwarding completed loan packages to
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 in order 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
Education and Experience:
- Bachelor's degree preferred.
- Paralegal Certificate preferred.
- Minimum of 2-5 years of 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:
- Knowledge of the SBA SOP
- 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.
- Excellent interpersonal skills.
- Detail oriented.
- 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.
- Excellent communication skills.
- Basic credit skills required.
- Ability to perform basic calculations such as to add, subtract,
multiple, and divide.
- Ability to apply common sense understanding to carry out
instructions furnished in written, oral, or diagram form.
- Ability review information and solve problems quickly.
- Strong ability to manage time.
- Achievement oriented, takes initiative, and ability to take
- Strong organizational skills.
The physical demands described here are representative of those
that must be met by an employee to successfully perform the
essential functions of this job. Reasonable accommodations may be
made to enable individuals with disabilities to perform the
While performing the duties of this Job, the employee is
regularly required to sit; use hands to finger, handle, or feel and
talk or hear. The employee is frequently required to stand and
walk. The employee is occasionally required to reach with hands and
arms; climb or balance and stoop, kneel, crouch, or crawl. The
employee must frequently lift and/or move up to 10 pounds. Specific
vision abilities required by this job include close vision,
distance vision, color vision, peripheral vision, depth perception
and ability to adjust focus.
The work environmental characteristics described here are
representative of those an employee encounters while performing the
essential functions of this job. Reasonable accommodations may be
made to enable individuals with disabilities to perform essential
functions. The noise level in the work environment is moderately
quiet. We thrive in an environment that encourages hard work while
Ready Capital (NYSE: RC) is a multi-strategy real estate finance
company that originates, acquires, finances and services small- to
medium-sized balance commercial loans. We specialize in loans
backed by commercial real estate, including agency multifamily,
investor and bridge as well as SBA 7(a) business loans.
Headquartered in New York City, Ready Capital employs over 400
lending professionals nationwide.
Ready Capital 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!
Ready Capital is an equal opportunity employer (EOE)!
Keywords: Ready Capital, New York , Senior Analyst, Loan Closing Specialist, Other , Berkeley Heights, New York
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