The posting
About Us
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.
How This Role Impacts Live Oak and its People
Ensures the specialty construction portfolio is actively managed and continuously monitored to identify and mitigate risk. Utilizes experience and expertise to guide borrowers, projects and lending teams on policies, procedures, and best practices related to construction. Ensures all construction department standards are applied consistently and in accordance with Bank and government guaranteed lending policies and procedures to promote a high-quality construction portfolio.
What You’ll Do at Live Oak
- Generate the construction closing checklist and participate in closing kick-off calls to educate borrowers on construction loan closing requirements
- Collaborate with lenders, underwriters, closers, borrower, general contractor, and other third parties to ensure necessary construction documentation is collected prior to closing
- Provide lending teams construction closing updates during pipeline meetings
- Initiate required credit enhancements; engage third-party firms for initial project review and construction inspections
- Prepare, analyze, and present general contractor due diligence for approval
- Review construction documents collected from borrower to ensure completeness and accuracy prior to submitting file for closing approval
- Confirm final loan budget and configure project setup in disbursement software application
- Monitor and confirm adherence to any loan agreement covenants that are applicable during construction
- Coordinate with internal partners on tax credit, syndicated and/or participated loans to insure loans are funded timely; address participant questions or concerns and elevate issues as appropriate to avoid funding delays
- Create and submit disbursements in conformance with funding requirements
- Ensure inspections and title updates are timely ordered, lien waivers and change orders collected, and the preparation of draw checklist is completed in a manner to expedite disbursements
- Initiate UCC and title filings to perfect security interest in collateral purchased with loan proceeds; update collateral loan records with filing confirmations
- Serve as borrowers' construction point of contact throughout loan closing and disbursement
- Answer general loan questions, monitor project timelines, manage loan budget, and maintain current loan file through project completion
- Completes modification requests on multi-advance loans as necessary; works with internal and external parties as required to facilitate documentation.
- Track monthly loan payments and address delinquencies in a prompt manner
- Assist internal servicing department with collection of updated financials from borrowers in accordance with loan agreement
- Elevate problematic situations to Construction Team Lead and Credit Administration as needed
- Review and approve disbursement requests from initial funding through project completion and final disbursement
- Provides training, coaching, and mentoring to Construction Specialist I and II; provides periodic updates to the Construction Team Leads as to how the individual is progressing, if needed
- Review loan files for completeness prior to approving the loan file for closing
- Treats people with respect; keeps commitments; inspires the trust of others; works ethically and with integrity; upholds organizational values; accepts responsibility for own actions
- Maintain a high standard of regulatory awareness including BSA, AML, CIP, and OFAC
- Performs other duties as required
Required Experience
- 3+ years of commercial lending/customer service experience or demonstrated mastery in managing specialty construction loans
- Experience with managing construction projects for 4 specialty verticals at a minimum, including at least two different product types (SBA, 504, Conventional, USDA)
- Extensive knowledge of Bank and government guaranteed programs’ construction standards, policies, and procedures
- Knowledge of BUILT and Salesforce
Preferred Experience
- Bachelor’s degree or 3 - 4 years equivalent experience
- Effective communication skills with a focus on conflict resolution
- Detail oriented with a high degree of accuracy
- Strong organizational skills with the ability to prioritize workload
- Excellent customer service skills
- Proficient with Microsoft Office Suite
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
For a detailed overview of our employee benefits please visit: http://www.liveoakbank.com/careers/
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 at [email protected].
EEO is the Law
The base pay range for this position is $71,960.00 - $113,080.00 per year. 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, including but not limited to Arizona, California, Colorado, District of Columbia, Maine, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New Mexico, New York, Oregon, Rhode Island, Vermont, and Washington.
