Loan Closing Specialist

2 weeks ago

Great Neck, New York, United States Newtek One Full time
Job Overview

NewtekOne, a leader in business solutions, is a financial holding entity that, along with its bank and non-bank subsidiaries, offers a comprehensive array of business and financial services under the Newtek brand to the small- and medium-sized business ("SMB") sector. Since its inception in 1999, Newtek has delivered innovative, cost-effective products and services and effective business strategies to SMB clients across the nation, assisting them in enhancing their sales, managing their expenses, and mitigating their risks.

Newtek's suite of business and financial offerings encompasses: banking (Newtek Bank, N.A.), Business Lending, Electronic Payment Processing, Technology Solutions (including Cloud Computing, Data Backup, Storage and Retrieval, IT Consulting), eCommerce, Accounts Receivable Financing & Inventory Financing, Insurance Solutions, Web Services, and Payroll and Benefits Solutions.

We are currently seeking a Loan Closing Specialist.

The Loan Closing Specialist plays a crucial role in the review of legal documents and the remote closing of loans across all states, ensuring adherence to state and federal legal standards for enforceability and compliance with Newtek and U.S. Small Business Administration (SBA) policies.

Key Responsibilities:

  • Examine the loan approval documentation, underwriter write-up, approval letter, and SBA Authorization for consistency and compliance with Newtek and SBA policies.
  • Collaborate with the Closer to ensure compliant and efficient closing processes.
  • Review all relevant reports (UCC search, judgment, bankruptcy and lien search, title report, flood search, etc.) and coordinate with external vendors to ensure timely receipt.
  • Act as a liaison with borrower counsel and title companies regarding loan requirements.
  • Assess documents received from borrowers for adequacy and SBA compliance.
  • Provide guidance to Loan Closers and paralegal staff.
  • Keep management informed about the status of loan closing efforts and the receipt of pre-closing requirements.
  • Work closely with processing, underwriting, closing, and post-closing teams to ensure compliance with loan approvals and SBA policies.
  • Prepare loan documents for legal enforceability in respective jurisdictions and in accordance with SBA policies.
  • Review the Closer's funding requests for compliance with authorized use of proceeds prior to funding.
  • Oversee and coordinate loan closings and the collection of executed loan documents remotely.
  • Direct the actions of escrow agents and oversee the disbursement of loan funds in accordance with loan approvals and SBA regulations.
  • Perform other related duties as assigned.

Qualifications:

  • Juris Doctorate from an accredited law school.
  • Admission to the state bar in good standing.
  • A minimum of 2 - 5 years of experience in SBA or commercial loan closing is preferred.
  • Strong understanding of U.S. SBA regulations and Standard Operating Procedures, with relevant experience in all phases of loan processing (origination, servicing, liquidation).
  • Familiarity with commercial loan documentation, including purchase agreements, entity documentation, title insurance, franchise documents, the Uniform Commercial Code, contracts, mortgages, and leases.
  • Proficient in the MS Office suite.
  • Excellent calendar management skills.
  • Able to thrive in a fast-paced environment while achieving production goals and meeting deadlines.
  • Strong organizational, verbal, and written communication skills, including contract interpretation and drafting.
  • Ability to establish and maintain effective working relationships both internally and externally.

Compensation: Competitive salary range of $100,000 to $150,000 per year.

NewtekOne is an Equal Opportunity Employer; M/F/D/V. We uphold our Code of Business Conduct and Ethics, requiring all employees to perform their duties ethically.

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