Thrivent Financial Sr. Loan Closing Specialist in Minneapolis, Minnesota

Summary

Senior Closing Specialists are responsible for managing the entire closing and funding process for commercial mortgage loans for a variety of loan products offered by the Company including permanent and construction loans. They also are responsible for managing the closing process for loan assumptions, modifications, and collateral substitutions. They work with many internal parties including the Associate Portfolio Manager, Real Estate Analyst, Real Estate Law, Investment Accounting, Loan Servicing, and are a liaison for and gives direction to external parties including outside legal counsel engaged by Company, borrower and borrower’s counsel, correspondent, and third party closing agents and vendors (such as escrow and title companies). Senior Loan Closing Specialists must be highly knowledgeable of the Company’s policy and procedure requirements for closing commercial loans ensuring that all loans are closed in conformance with these requirements. They are responsible for gathering the appropriate documentation and collateral from the borrower, verifying documents and researching information to prepare closing documents. Works with partners to resolve any issues or obstacles to closing (e.g., liens, judgments, insurance, leasing, and title issues) with appropriate parties.

Job Description

  • Manages the closing process for assigned commercial mortgage loans on behalf of the company. Coordinates with both internal and external partners on a daily basis and monitors all workflow for the timely collection of all due diligence for the closing of all commercial mortgage loans including: permanent and construction loans; refinances; loan modifications; assumptions; and collateral substitutions.

  • Develops a closing checklist and manages due diligence reviews from a business, collateral and legal perspective. Identifies and assesses risk and works with internal and external partners to resolve issues and mitigate risk ensuring a timely closing for all loans in conformance with company policy and procedures.

  • Reviews and audits loan document business terms based upon the loan commitment; works with internal and external legal counsel and senior management to resolve issues.

  • Verifies leasing income conforms to the requirements set forth in the loan commitment. Works with internal and external legal counsel to review and resolve issues regarding leasing documentation in connection with the closing process, including tenant estoppels, SNDA’s and leasing analysis forms required by the loan commitment.

  • Obtains third party reports and ancillary documentation required by the loan commitment. Identifies outstanding issues and works with internal and external legal counsel and senior management to ensure all reports satisfy all company requirements. Obtain, review and submit for approval any additional documentation required to resolve outstanding issues.

  • Obtain, review and approve evidence of all insurance documentation required by the mortgage loan commitment; obtain and submit for approval any additional required documentation. Works with internal external partners to resolve outstanding issues.

  • Performs escrow analysis of funds on deposit or funds placed in escrow post-closing based upon the loan commitment or as a satisfactory resolution to issues raised in the closing process.

  • Coordinates with outside counsel to insure all business authority documents have been received from borrower during the loan process and reviews documentation to insure that the existence of the borrowing entity as defined in the authority documents are satisfactory.

  • Insures resolution to title and survey issues in coordination with external counsel and borrower’s counsel to verify the title insurance requirements have been meet in conjunction with the loan commitment.

  • Coordinate and schedule loan closings, ensuring availability of funds and confirming all closing requirements of the mortgage loan commitments are in compliance and complete.

  • Initiate funding process; manage post-closing requirements.

Additional Responsibilities:

  • Manages the construction loan closing process through all phases of the construction life cycle from the loan commitment stage through completion of construction. Initiates phone conferences and coordinates collection of all due diligence with internal and external partner in accordance with the loan commitment and construction loan agreement.

  • Obtains and maintains all construction contracts, construction budgets, and all documentation to individual loan draw requests from borrower, including conditional and unconditional lien waivers.

  • Works with all parties to obtain the required mechanic’s lien waivers and resolve issues as needed. Orders and reviews title endorsements and escrow instruction letters for each loan draw; verifies the funding for each draw meets the requirements set forth within the construction loan agreement.

  • Monitors and tracks loan balance and issues monthly statement to borrower: Collects payment of monthly interest directly with borrower and processes payment with internal partners.

  • Verifies completion of construction per the terms provided in the construction loan agreement.

  • Other responsibilities as from time to time directed by management.

Required Job Qualifications:

  • College degree, paralegal, or equivalent experience required.

  • Minimum 7 years of varied mortgage/real estate experience.

  • Through knowledge of mortgage related documentation.

  • Experience working with complex legal documents including mortgages, property leases, corporate organizational entity documents.

Other Critical Factors:

  • Excellent interpersonal and teamwork skills.

  • Excellent organization skills; ability to prioritize multiple tasks so they deliver the right results.

  • Demonstrated ability to work effectively without direct supervision in the face of ambiguity, shifting priorities, and rapid change.

  • Excellent analytical and problem solving skills.

  • Demonstrated ability to work in stressful situations.

  • Excellent written and verbal communication skills. Represents the organization in a professional manner when working with internal and external clients.

Thrivent Financial is a membership organization of Christians. Other Fortune-500 financial companies offer advice, but at Thrivent, we blend faith, finances and generosity to help our members have a healthy relationship with money—because we know that feeling like you have “enough” isn’t directly related to how much you have, it’s about how you use what you have. At Thrivent, we provide financial guidance by looking at money differently—seeing it as a tool; not a goal.

When you join our team, you’ll put your talents to work in amazing ways. You’ll create strategies that help others follow sound financial principles and connect their finances with their values.

You won’t just build your career; you’ll be part of a movement that’s focused on growing, innovating and serving.

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