Senior Commercial Loan Closer

Senior Commercial Loan Closer

At Reinvestment Fund, we are dedicated to making a tangible difference in the lives of underserved individuals and communities. Our mission is to create opportunity for underserved people and places through partnerships. We marshal the capital, analytics, and expertise necessary to build strong, healthy, and more equitable communities.

As a federally certified community development financial institution (CDFI), our job is to make finance an agent of positive change and equitable growth. We provide loans, grants and technical assistance to businesses and nonprofits. Our borrowers and grantees educate students, support local economies, and create jobs. They build affordable housing and provide community goods and services that include access to nutritious food, hunger relief, physical and mental health care, and other social services.

Reinvestment Fund is seeking a Senior Commercial Loan Closer to support the Senior Closing Manager and the Credit and Lending Administration Department while working closely with the Lending & Investment Department in managing the day-to-day operations for loan closing, from collection of loan documentation, and overall loan closing functions. This role is a great opportunity for an experienced commercial loan closer to step in as subject matter expert, work on high impact projects, and help elevate a growing team in a mission-driven organization.

Primary duties/functions for this position include:

Pre-Closing:

• Prepare and manage loan closing checklist, tracking of legal costs, and attorney vendor management.
• Process searches and KYC due diligence for all related loan parties.
• Review loan documents for compliance with credit approval, credit policy, internal guidelines and State and Federal regulations. Work with Loan Officer, Commercial Loan Closer, Senior Closing Manager, and counsel to address discrepancies.
• Review all due diligence materials, identify, and resolve barriers to closing, which may include but not be limited to necessary insurance coverage, title endorsements, outstanding liens or clouds on title requiring resolution, outstanding taxes, and judgments against parties or property.
• Collect and review insurance, ensuring compliance with loan requirements.
• Track third-party costs and borrower deposits associated with closing.
• Schedule and coordinate loan closing with all parties and create/review HUD-1, closing protection letter and closing instruction letter.

Closing:

• Ensure that all required documents are obtained at closing; collect and deliver original documents to secured file room as needed.
• Communicate funding needs to the Finance department.
• Oversee the timely payment of pre-closing and closing invoices.
• Prepare and coordinate closing disbursements.
• Post-Closing Backup: Quality control for loan file and preparation for upload to document management system (Synergy)
• Generate a closing exception report and follow-up for post-closing exception tracking. If relevant, oversee transfers of documents to and from authorized custodians.
• Other duties as assigned.

Requirements

To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

Required Qualifications:

• Bachelor's degree (finance, real estate, construction management, or related field preferred) or equivalent experience.
• 8+ years of experience with commercial loan transactions.
• Understanding of commercial lending, documentation and applicable laws and regulations (i.e., entity documents and the ability to determine authorization and signers)
• Proven ability to communicate professionally and diplomatically with internal and external customers.
• Demonstrated ability to manage high pressure situations.
• Detailed oriented, with strong organizational skills and a demonstrated ability to work on multiple transactions simultaneously.
• Ability to define problems, collect data, establish facts, and draw valid conclusions.
• Excellent verbal and written communication skills.
• Proficiency in MS Office, especially Excel.
• Proficiency in electronic file storage and collaborative document management (such as SharePoint, OneDrive, Synergy, Smartsheet, etc.)
• Ability to foster positive productive working relationships.

Preferred Qualifications:

• Knowledge of construction loan documentation in a commercial real estate lending environment.
• Registered Notary (or willing to obtain designation upon hire)

Reinvestment Fund provides a flexible hybrid home/office work arrangement. It is anticipated that a combination of working remote and 2-4 days per month in our Philadelphia, PA headquarters will allow for face-to-face interactions and/or required handling of physical documentation. Additionally, Reinvestment Fund holds in-person all-hands meetings twice per year in Philadelphia.

Reinvestment Fund offers a competitive salary based on experience and skills, as well as an excellent benefits package including employer-paid health, disability, and life insurance, 401(k) savings plan with employer match, flexible spending accounts (medical, dependent care and transportation), tuition reimbursement, paid time off, and EAP program.

The salary range for this position at commencement of employment is between $74,000 and $93,000/year, however, base pay offered may vary depending on multiple individualized factors, including market location, job-related knowledge, skills, and experience.

If hired, employee will be in an "at-will position" and the Company reserves the right to modify base salary (as well as any other discretionary payment or compensation program) at any time, including for reasons related to individual performance, company or individual department/team performance, and market factors.

Reinvestment Fund uses E-Verify to validate all new hires' ability to legally work in the United States and all new hires may be subject to a background check.

Reinvestment Fund is an Equal Opportunity Employer. We do not discriminate in hiring or employment practices based on race, color, religion, gender, age, sexual orientation, marital or familial status, national origin, non-job-related disability, or status as a veteran. Reinvestment Fund is committed to belonging, culture and engagement throughout our organization and in our external investment practices.

Reinvestment Fund, Inc. has an affiliate, RF Impact Advisers, Inc. ("RFIA") that is a state-registered investment adviser. In order to advance compliance with and prevent violations of federal and state securities laws and to avoid even the appearance of a conflict of interest, RFIA has adopted a Code of Ethics to govern certain conduct of its staff, including certain staff of Reinvestment Fund because Reinvestment Fund is an advisory affiliate of RFIA. As part of this Code of Ethics, there are specific personal reporting and other requirements and disclosures of personal financial and/or securities transactions information for certain individuals, and this reporting may extend to your household members.