Post Closing Specialist

Post-Closing Specialist

Live Oak Bank is a digital bank that serves small business owners across the country. Our groundbreaking spin on 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 never lose sight of 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.

As a part of the Post-Closing department, the Post Closing Specialist will help the bank meet and exceed audit expectations for loan documentation and accuracy. The role is essential to maintaining the bank's safety and soundness objectives. The document intake and loan review process are critical steps of protecting the bank against losses, which in turn impacts profitability.

What You'll Do at Live Oak

• Evaluate loan structures, understand complex problems, and identify trends
• Conduct thorough reviews of commercial loan files and/or collateral records post-closing to identify any potential risks or discrepancies
• Review loans and/or collateral for accuracy, with a strong understanding of various loan products including USDA, FSA, Conventional, and SBA. Familiarity with loan agreements, security agreements, promissory notes, and collateral documents is essential
• Develop the ability to mitigate risks and recommend appropriate actions to management
• Work closely with departments and stakeholders including closing, underwriting, credit, legal counsel, and compliance to ensure loan file accuracy
• Collaborate with legal counsel and internal partners regarding closed loan documentation
• Identify and address issues related to bank compliance guidelines such as the Bank Secrecy Act, CIP, Regulation B, and Anti-Money Laundering, and internal policies and procedures
• Support the Head of Post-Closing & Insurance and/or the Post-Closing Managers with special projects such as checklist management, departmental manual updates, and technology initiatives
• Assist in preparing loan files for audits conducted by various agencies throughout the year
• Contribute to a collaborative team environment, recognizing that every member is vital to success
• Partner across teams and departments to consistently produce highly accurate files and be seen as a reliable resource
• Be open to feedback and set a positive example for the team
• Follow all applicable regulatory requirements
• Develop proficiency in using bank systems
• Gain and maintain a thorough understanding of the bank's products and services
• Perform other duties as needed and be willing to cross-train
• Manage shifting priorities and timelines effectively
• Demonstrate sound judgment and a detail-oriented approach in decision-making
• Maintain a high standard of regulatory awareness including BSA, AML, CIP, and OFAC

Required Experience

• Associates or Bachelor's Degree (or equivalent work experience in Post-Closing or similar role)
• Customer service and/or a job that required teamwork
• Basic commercial loan documentation knowledge
• Excellent oral and written communication skills
• 1-2+ years Banking or legal real estate experience (closing, processing, lending, etc.)
• Familiarity with SBA lending procedures strongly preferred.

Preferred Experience

• Familiarity with SBA lending procedures

Our Values

• Dedication: Possess a deep commitment to Live Oak Bank's mission and core values, exemplified through a strong work ethic, adaptability and pride in your work.
• Ownership: Take initiative to deliver positive results by proactively and creatively solving problems, while maintaining a high degree of quality.
• Respect: Treat everyone with courtesy, politeness, and kindness.
• Innovation: Embrace fresh ideas and fearlessly contribute new solutions to emerging or existing problems.
• Teamwork: Foster collaboration, accountability, and trust with others and understand that together, we do more

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.

The base pay range for this position is $27.18 - $44.48 per hour. 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.