Loan Modification Manager

3 weeks ago

Wilmington, North Carolina, United States Live Oak Bank Full time
About Us

Live Oak Bank is a leading digital bank that serves small business owners across the country. Our innovative approach to service and technology has fueled our mission to be America's Small Business Bank. Our products help customers buy, build, and expand their business, and our high-yield savings and CD products help them grow their hard-earned money. At Live Oak, we prioritize the well-being of our people. We believe our employees are the heart of our company. Our commitment to our customers and culture is intertwined, and we seek those who embody and embrace what it takes to empower the American dream.

How This Role Impacts Live Oak and its People

As a vital member of the Live Oak team, this role plays a critical part in facilitating efficient, accurate, and high-quality loan modifications. By ensuring seamless processes, exceptional customer service, and meticulous attention to detail, this position directly impacts both Live Oak's success and the well-being of its borrowers. Specifically:

  • Efficiency and Accuracy: This role contributes to Live Oak's ability to handle loan modifications swiftly and accurately, safeguarding the Bank's interests while providing borrowers with a positive experience.
  • Team Collaboration: Working closely with Modification Paralegals, Modification Review Specialist(s), Loan Modification Analysts, and various internal departments, this role ensures a smooth loan modification process.
  • Risk Mitigation: When potential issues arise, the role resolves or escalates them to senior management or legal counsel, minimizing risks to the Bank.
What You'll Do at Live Oak

In this position, you'll have several key responsibilities:

  • Supervision and Development: You'll lead a team of individuals, guiding their growth through mentoring and coaching.
  • Due Diligence and Documentation: Accountable for reviewing and approving due diligence items and prepared documentation related to commercial loan modifications. Your expertise and independent judgment will validate necessary paperwork, identify risks, and resolve or escalate issues.
  • Credit Decisions: Within delegated authority, you'll independently approve specific loan modification requests and outgoing wire requests associated with loan modifications.
  • Team Management: Coaching, training, and mentoring team members while efficiently managing the loan modification process and pipeline.
How You'll Do It
  • Oversee the creation of loan modification files, as well as the preparation, negotiation, compilation, and approval of necessary documents.
  • Analyze and provide final approval for various legal documents (e.g., modification agreements, security instruments).
  • Consult with relevant parties to address critical risks.
  • Proficiently understand and apply bank policies, procedures, and SBA standards.
  • Communicate effectively with various stakeholders (Paralegals, Analysts, Business and Portfolio teams, etc.) to ensure compliance with regulations.
  • Monitor team members' pipeline and exceptions, maintain quality standards, and exceed customer service expectations.
  • Establish and achieve team revenue goals.
  • Set goals, coach, counsel, and discipline employees as needed.
  • Stay informed by attending workshops, reviewing publications, and benchmarking best practices.
  • Identify critical matters that may create risks to the Bank and suggest solutions.
  • Consult with your manager when necessary.
  • Follow requirements related to BSA, AML, CIP, and OFAC to prevent unlawful activities.
Required and Preferred Experience

We're looking for a highly skilled professional with:

  • Minimum 7 years of paralegal experience required.
  • Minimum 7 years of Commercial, Transactional, or Banking experience required.
  • 3-5 years of prior management experience preferred.
  • Experience with SBA loans, organizational documentation, title, leases, contracts, and other legal and loan documentation is required.
  • Bachelor's degree required.
  • In-depth knowledge of legal terms, rules, and documents required.
  • Proficiency in Microsoft Office (Word, Excel, Outlook, and PowerPoint) required.
Skills
  • Critical thinking
  • Analytical thinking
  • Leadership
  • Communication
  • Customer Service
  • Organization
  • Research
  • Detail oriented
Certifications
  • Paralegal studies - preferred
Education
  • Bachelor's degree - required.
To Thrive at Live Oak
  • Gravitate to Growth: Shows adaptability and support for changes to improve organizational effectiveness.
  • Communicate and Collaborate: Communicates clearly and thoughtfully, demonstrating empathy in teamwork.
  • Eye of the Tiger: Gets positive results by taking personal responsibility for actions and team outcomes.
  • Know Your Business: Curates and maintains a depth of knowledge and skill to perform one's job effectively.
  • Customer at the Center: Provides customers with a personalized experience to achieve exceptional outcomes.

For a detailed overview of our employee benefits, please visit our website.

Live Oak Bank is an Affirmative Action and Equal Opportunity Employer, Minorities/Women/Veterans/Disabled. We consider applicants for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, genetic information, veteran status, or disability. Equal access to programs, service, and employment is available to all persons. Those applicants requiring reasonable accommodation to the application and/or interview process should notify human resources.

EEO is the Law

Commitment to Diversity

Live Oak Bank is committed to creating and maintaining a workplace in which all employees have an opportunity to participate and contribute to the success of the business and are valued for their skills, experience, and unique perspectives. This commitment is embodied in company policy and the way we do business at Live Oak Bank and is an important principle of sound business management.

The base pay range for this position is $70,000.00 to $110,000.00 per year. Compensation may also include annual bonuses and long-term incentives, subject to various metrics and company policy. A candidate's salary is determined by several factors, including travel, relevant work experience, or skills and expertise.

Please note that we provide at least the minimum requirement of paid sick leave to our employees who reside in states that require employer-paid sick leave, including but not limited to Arizona, California, Colorado, District of Columbia, Maine, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New Mexico, New York, Oregon, Rhode Island, Vermont, and Washington.

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