Essential Duties and Responsibilities
Closing:
- Review loan documents prior to closing to confirm they meet the terms of the loan that were approved at loan committee and the terms of the rate lock and confirm any modifications are consistent with what the Investor approved
- Prepare all closing required tasks, including wire requests and required internal forms
- Coordinate with title/escrow company, legal counsel and warehouse lender regarding wiring instructions, escrow instructions and requirements for closing the loan
- Assist Closing Officer with coordination of closing documentation including review of due diligence received
- Partner with underwriting to insure all closing and delivery documents are received in a timely manner
- Request and review internal analysis of escrows to be collected through closing
- Identify incoming funds for rate lock deposits and assist in the preparation sending of wires to investors, third party vendors, outside counsel, title company, borrower, etc.
- Manage insurance review and internal insurance waiver processes
- Partner with Insurance Consultants to understand and review insurance against investor requirements
- Serve as back-up to Closing Assistant for generating final reports and save to the Servicing folder
Responsibilities
We are seeking a Closing Officer with a minimum 1-3 years of commercial GSE Loan Closing experience.
Essential Job Duties:
- Responsible for working towards independently coordinating and conducting a review of loan closing due diligence items (i.e. organizational documents, management agreement, title commitment and title exceptions, laundry leases, commercial tenant leases, evidence of insurance, various third-party reports, etc.)
- Provide all closing due diligence items to outside counsel for review in a timely manner and work closely with them to ensure all rate lock and closing conditions are satisfactorily met in a timely manner.
- Coordinate a review of borrower comments to loan documents with outside counsel, recommend appropriate responses through credit risk analysis based on professional experience, knowledge and outside counsel recommendations.
- Represent Newmark to outside parties including borrower, investor and counsel during loan document modification negotiations and/or conference calls.
- Reconcile all income and expenses to confirm the loan is balanced prior to closing.
- Review Loan Commitments and provide comments to ensure accuracy and completeness related to specific terms and conditions of the loan structure.
- Responsible for managing the insurance review process. Work with Insurance Consultants and understand, review insurance against investor requirements. Responsible for shepherding the internal insurance waiver process.
- Communicate with and provide detailed guidance to other departments within Newmark with regard to complicated/out of the box transactions.
- Responsible for managing closing process with internal and external parties to ensure timely closing and sale to investors.
- Clearly and immediately communicate problems/issues with a closing or deal and elevate appropriately.
- Provide back-up assistance to Team Leader, if applicable, Closing Manager and Delivery Team.
- Assist with special projects to improve the process and experience of our clients and business partners.
Qualifications
Skills, Education and Experience:
- High School diploma or equivalent
- B.A. /B.S. degree preferred
- Successful completion of Real Estate Finance and Escrow I course or equivalent
- 1-3 years of commercial GSE closing experience
- Thoroughly familiar with escrow/real estate terminology and real estate documents
- Ability to navigate through various types of loan structures, non-standard documentation and other potential risk associated with the transaction.
- Highly developed analytical, research and written/verbal communication skills
- Ability to problem-solve and exercise independent judgment while displaying a high degree of initiative and accuracy.
- Demonstrate ability to organize and prioritize projects; complete multiple tasks on schedule.
- Ability to work productively under minimal supervision.
- Must be proficient in Microsoft Office.
- Strong work ethic and pro-active team player, able to work effectively under sometimes stressful conditions
- Ability to travel a minimum of 10%
Salary Range Language:
The expected base salary for this position ranges from $90,000 to $110,000 annually. The actual base salary will be determined on an individualized basis taking into account a wide range of factors including, but not limited to, relevant skills, experience, education, and, where applicable, licenses or certifications held. In addition to base salary and a competitive benefits package (including health, vision, and dental insurance, paid time off and a 401(k) retirement plan with employer matching), this position may be eligible for additional types of compensation including discretionary bonuses and other short- and long-term incentives (e.g., deferred cash, equity, etc.).
Working Conditions: Normal working conditions with the absence of disagreeable elements.
Note: The statements herein are intended to describe the general nature and level of work being performed by employees and are not to be construed as an exhaustive list of responsibilities, duties, and skills required of personnel so classified.
Newmark is an Equal Opportunity/Affirmative Action employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex including sexual orientation and gender identity, national origin, disability, protected Veteran Status, or any other characteristic protected by applicable federal, state, or local law.
