Salary Range:

$98,200.00 - $161,900.00

(Depending on knowledge, skills, abilities and location.  Certain level jobs may be eligible for bonus, commission, and/or equity awards.)

Posting Date:

November 6, 2024

This job will be open and accepting applications for a minimum of three days from the date it was posted.

Benefits* worth writing home about:

• Medical, dental, and vision coverage for employees and their families
• Life, disability and family Leave
• 401(k) and Roth 401(k) with employer match
• Wellness program, employee assistance program, “Commute Trip Reduction” (CTR) and various employee discounts 
• Generous vacation, sick leave, 11 paid holidays, and 16 hours of paid leave every year for community service work
• Free employee checking account and employee home loan discounts

*For eligible employees averaging 20 or more hours per week.

EO/AA Employer including Vets and Disabled.

Qualified applicants with arrest and conviction records will be considered in accordance with legal requirements.

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Job Description Summary:

The Senior Commercial Real Estate Loan Closer is responsible for the closing and funding tasks of complex commercial real estate loans originated for investor and/or bank balance sheet portfolios, including managing the closing schedule for the transaction. Loan sizes will typically range from $1.5M to $25M, and be secured by property types including multifamily, retail, office and industrial. Loans may also include bridge and construction loans. Investor loans may include loans originated under the Fannie Mae DUS program and participation loans with other lenders. Collateral properties are typically located within HomeStreet’s lending network in 10 western states, although DUS loans may be located throughout the US. The Senior Loan Closer will work closely with the CRE Loan Closing Processor and Underwriter to ensure all documents needed for closing and funding the loan have been received and reviewed for compliance with credit approval and program requirements. The Senior Loan Closer will also work closely with Loan Closers to review documents as needed.

Job Details:

Primary Functions:

• Organize and lead the initial meeting of the parties involved in the transaction to set expectations for deliverables and timetables.  This may include the borrower, broker, underwriter, production analyst, processor and relationship manager.  Conduct follow up meetings as needed.
• Manage timing of the scheduled closing date with all internal and external parties throughout the transaction and update central database for reporting purposes. Collect, review and verify documentation received from various parties as necessary to complete the loan transaction, including borrower entity documents, transaction agreements, title and survey documents, escrow related documents, compliance documents, insurance evidence, flood certifications, commercial appraisals, seismic reports, etc.
• Order and review documents from approved vendors, including loan documentation vendor and/or outside legal counsel, and insurance compliance reviews from vendor when appropriate.
• Draft proposed language for loan documents as appropriate (and subject to Closing Manager approval).
• Confirm final loan documentation conforms to terms of credit approval.
• Coordinate closing activities among borrower, borrower’s legal counsel, processor, underwriter, bank counsel, and relationship manager as needed.
• Provide guidance and support to Closing staff as needed, including reviewing loan document orders, title and other transaction documents.
• Prepare closing/settlement statements, escrow instructions, UCC statements, reserve analysis, rate lock worksheets, commitment letters, etc. as appropriate.
• Perform/review public records searches to confirm borrower compliance, entity status, property restrictions, etc.  Initiate funding transactions when file is fully prepared.
• Ensure final loan documents are properly executed, recorded and delivered as appropriate, with complete images uploaded to HomeStreet’s document management platform.
• Complete delivery process to Fannie Mae for DUS loans.
• Assist Closing Manager as needed.
• Other duties as assigned.

Qualifications:

• Minimum 10 years’ experience performing closing tasks for non-owner occupied, income property commercial real estate loans.
• Demonstrated strong knowledge of commercial real estate loan structures, including fundamentals of underwriting, loan covenants, and loan documentation standards.
• Demonstrated strong knowledge of title fundamentals, including title policy review, lender endorsements, surveys and regulatory agreements.
• Prior experience with commercial real estate construction or bridge loans (or loans with post-closing funding requirements).
• Knowledge of LIHTC, Section 8 and other affordable housing/tax credit program requirements.
• Expert Proficiency with Word, Excel, Outlook and Adobe pdf applications.

• Proven ability to exercise good judgment, make decisions that are well-supported, and work independently with minimal supervision.
• Proven ability to work under pressure on multiple concurrent projects while adhering to project deadlines.
• Proven ability to effectively communicate with all stakeholders in the transaction, ranging from borrowers, attorneys, brokers, escrow agents, to closing manager, underwriters, processors, servicers and asset managers.

Desired Skills:

• BA, BS or advanced degree preferred with relevant course work, such as real estate finance, contract law or accounting.
• Prior experience with Fannie Mae DUS program, including Guide requirements.
• Paralegal experience.
• Knowledge of LIHTC, Section 8 and other affordable housing/tax credit program requirements.
• Prior experience with document imaging platforms, such as OnBase.
• Prior experience with closing related tracking/processing software for commercial loans, such as BackShop, Lending Link, Closer, etc.

Mental and Physical Considerations:

• Able to operate a Personal Computer and view information on a monitor.
• Must be able to sit for many hours each day.
• Must be able to communicate via telephone and possess dexterity to include filing document, reaching and bending.
• May be required to stand for extended periods of time.
• Ability to lift or carry up to 10 pounds
• Ability to speak and understand English and express ideas and have difficult conversation in person and over the telephone
• Ability to listen and comprehend speech.
• Ability to problem solve, make decisions, interpret data and information, read, write and organize information in an orderly manner.
• Willing and able to travel occasionally as needed.

Work Environment:

• Normal business office environment.
• Ability to work in artificial light for extended periods of time

This Position Description may not be limited to the Functions and Requirements as outlined, now or in the future. For example, changes in corporate needs, position demands, or individual performance may result in changes to the Functions or Requirements of this position. 

Area:

Commercial (Sales)