| Basic Function | A Senior Closing Officer’s primary responsibility is to coordinate, and review legal due diligence, as necessary, prepare commitments, prepare transaction for rate lock, coordinate closing and delivery/settlement of loan, including preparation of various documents and related agreements and effectuate the transition of loan from the closing group to the servicing and asset management team. Senior Closing Officer may be required to provide training/mentoring of junior staff and monitor the closing process for all Centerline product types. A Senior Closing Officer is responsible for using standardized forms, processes, procedures and recommending changes to management. Senior Closing Officers shall participate in conference calls with junior staff and or Management as required to discuss deal points or status. The following represents the Senior Closing Officer responsibility regarding the closing process.
Initial Set Up: a. Upon receipt of executed Application and Check a. Review Deal Terms and discuss transaction with Team Leader and junior staff if applicable b. Send Legal Engagement email to outside counsel as directed by in-house counsel (copy In House Counsel and assigned Closing Officer) and attach copy of application request conflict check confirm Legal Fees b. Review Initial Set Up a. Prepare and review Warm-up Packages prior to being distributed to closing team and review associated requirements b. Use Centerline standard forms for Borrower, Title, Survey, and Insurance. c. Attend Kick-Off Call c. Review and provide oversight to assigned if applicable to junior Closer regarding the following: i. Title (review of same) ii. Searches iii. Survey iv. Organizational Documents v. Legal Opinion, if applicable vi. Tax and Insurance Escrow This includes extensive contact and negotiation with title agent, surveyor, borrower’s counsel, originator, underwriter, portfolio manager, CCG outside counsel and Borrower. Commitment a. Prepare draft financing commitment b. Ensure contents of Commitment are accurate c. Check against Application, Narrative and Sizing Workbook Modify closing conditions include comments from outside counsel, if necessary Oversee assembly and draft distribution (to include assigned UW, UW Team Leader, Pricing, Originator, Closing Team Leader, and In House Counsel) Ensure proper approvals prior to distribution to Borrower. Commercial Transaction – issue amendment to Application if Credit Committee has additional conditions If ERL, authorization to RL Form must be completed and sent to Pricing Rate Lock a. Coordinate rate lock authorization forms with uw and pricing. b. Tickler Rate Lock, Closing and Settlement Date. c. Commercial – Expiration Date of Rate Lock. d. Review of Fannie Mae/Freddie Mac/FHA commitment upon rate lock e. Advise upon Authorization to Rate Lock f.Review, and final approval of draft loan documents via Robo Docs (if small loan) Closing a. Closing Officer to inform of closing date (Fannie/Freddie/FHA) b. Status update of Payoff Letters c. Review escrow agreement with title co. d. Review draft loan documents including determining appropriate documents for product type, appropriate modifications, signature block, deal points (review final from Robo, if applicable) e. Commercial –Draft documents and blacklined versions to Funding Source f. Confirm Replacement Reserves, Completion Repair and Operating Reserve g. Coordinate modifications if any using In House counsel h. Review and circulate Modified Risk Supplement, if required i. Obtain waivers for document changes Review by In House Counsel j. Review Tax and Insurance Escrow analysis (Commercial - review with funding source) k. Review final loan documents l. Review disbursement schedule and accounting of application fees (all Loans – Disbursement Schedule must be reviewed by Closing Manager) m. Negotiate Escrow Agreement with Construction Lender and Fannie Mae n. Oversight flow of funds with in CCG and Warehouse Bank Prepare and review Advance Request and One Day Package o. Oversight of follow-through with Escrow, Borrower and Counsel Delivery a. Provide follow-up and review of executed loan documents for the delivery process (ASAP+) b. Review of final title policy (FNMA-small loans) c. Review of Funding Express, and submission of ASAP+ 1st delivery and 2nd delivery d. Fannie Mae--Approve release of Bailee Letter and Original Note by warehouse lender for delivery to Lender e. Resolution of Delivery Issues with Closing Manager f. Advise internal group of closing, and completion of Loan Set-Up for hand-off to servicing group. |
| Primary Duties | Other departmental responsibilities a. Coordinate filing of recorded documents if applicable b. Status and Delivery Reports c. Monitor deal assignments d. Monitor repayment of warehouse line e. Ongoing training of junior staff if applicable f. Attend Interdepartmental meetings weekly g. Other duties as necessary |
| Experience | • Experienced with agency transaction guidelines for multifamily preferred by not required • Experience with commercial transactions • Familiarity and understanding of overall lending documents and closing process • Familiar with title insurance process and survey issues. |
| Skills | • Excellent verbal and written skills • Ability to stay focused on priorities • Work well under pressure, tight time frames, and changing priorities • Excellent organizational skills • Excellent team player who works well with others • Overtime may be required • Notary Public |
| Education | • 3+ years in similar position or other relevant work experience required
• Para-legal Degree or College Degree required. Please forward resume to Emmanuelle St. Louis |
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