Commercial Mortgage Loan Closer
Securian Financial - Minnetonka, MN
posted 5 months ago
About the position
This position is responsible for planning and execution of the organization's business operations on a regular basis. The Commercial Mortgage Loan Closer plays a critical role in defining, developing, improving, and ensuring alignment with operational best practices, processes, and policies to support the organization's strategy and goals. The role is focused on increasing the effectiveness and efficiency of support services through Operational Excellence and Continuous Improvement. The clients in this job family can include internal and external clients, channel partners, and vendors, making the position integral to the overall success of the organization. Upon investment committee approval, the Commercial Mortgage Loan Closer transitions the commercial mortgage loan closing process from the investment officer. This includes managing the originating checklist from Securian Asset Management, tracking deal progress, and interfacing with in-house counsel, investment officers, outside counsel, and business and closing counterparts in mortgage banking companies. The role requires working closely with internal legal and business staff to ensure that post-closing documentation is complete and accurate, and that closing files are assembled for future use. The Closer coordinates with portfolio managers, investment officers, attorneys, internal and external auditors, and other departmental staff to recommend solutions for any problems that arise in connection with investment transactions. The position also involves approving due diligence received pursuant to the requirements specified in the origination documents, including the loan approval and final commitment letter to the borrower. The Closer ensures that the information contained in each item of credit, borrower, and collateral property due diligence is consistent with the loan envisioned by the investment officer. Additionally, the role includes approving property insurance to ensure that coverage meets lender requirements and sufficiently covers all risks to the loan collateral. The Closer coordinates title insurance, surveys, organizational documents, third-party reports, and other information to maintain consistency in the closing process, while also monitoring and directing cash deposits for each transaction and authorizing lender funding wires. The position requires monitoring progress of and compliance with loan escrow agreements and approving the disbursement of escrowed funds, as well as managing transaction settlements to participating investors.
Responsibilities
- Transition commercial mortgage loan closing process from investment officer upon investment committee approval.
- Manage originating checklist from Securian Asset Management and track deal progress.
- Interface with in-house counsel, investment officers, outside counsel, and business and closing counterparts in mortgage banking companies.
- Ensure post-closing documentation is complete and accurate, and assemble closing files for future use.
- Coordinate with portfolio managers, investment officers, attorneys, internal and external auditors, and other departmental staff to recommend solutions for problems arising from investment transactions.
- Approve due diligence received pursuant to origination documents, including loan approval and final commitment letter to the borrower.
- Ensure consistency of information in credit, borrower, and collateral property due diligence with the loan envisioned by the investment officer.
- Approve property insurance coverage to meet lender requirements and cover all risks to loan collateral.
- Coordinate title insurance, surveys, organizational documents, third-party reports, and other information to maintain consistency in the closing process.
- Monitor and direct cash deposits for each transaction and authorize lender funding wires.
- Monitor progress of and compliance with loan escrow agreements and approve disbursement of escrowed funds.
- Manage transaction settlements to participating investors.
Requirements
- Knowledge of real estate, preferably in commercial loan closing.
- Ability to read and comprehend third-party reports (Environmental, Appraisal, and Engineering) for accuracy and relevancy.
- Experience reviewing real estate leases for both business and legal issues.
- Understanding of legal and financial concepts and practices with the ability to extract and analyze critical information from business and legal documents.
- Strong math, analytical, and critical thinking skills with strong attention to detail.
- Strong communication skills to establish and maintain effective interaction with outside counsel, brokers, mortgage bankers, and counterparts.
- Excellent organizational skills and the ability to manage multiple, time-sensitive tasks and make independent decisions.
- Knowledge of PC software, proficient at Microsoft Word and Excel.
Nice-to-haves
- 3+ years experience as a Commercial Loan Closer or equivalent paralegal, loan officer, or underwriting experience in a real estate lending area.
- Bachelor's Degree in related field and/or equivalent combination of training and experience in the real estate lending environment.
- Project management experience.
Benefits
- 401(k) matching
- Caregiver leave
- Dental insurance
- Health insurance
- Matching gift program
- Military leave
- Paid time off
