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Loan Closing Specialist - SBA

Ready Capital offers a positive and diverse work culture incorporated with people who are passionate about their careers. We pride ourselves in being viewed as a premier place to work and encourage you to view our Loan Closing Specialist opportunity.

Job Summary:

  • Process approved loan applications in accordance with Ready Capital (RC) policies, SBA SOPs, state and local lending laws.
  • Perform due diligence on loan file and documentation received.
  • Review and analyze items received to ensure file is accurately documented to perfect liens security interest.
  • Ability to prepare, review and make determinations on acceptability of loan closing documents. Interact with closing counsel and deal team to obtain necessary documentation required for loan file and to accomplish accurate and timely closing/funding of loan transactions in accordance with credit approval memorandums.
  • Communicate and interact regularly with federal and state regulators and agencies.
  • Must exhibit expertise on the content of standard loan closing documents and answer customer generated questions.

Summary of Essential Job Functions:

  • Review Request for Credit Approval, Write-up and Commitment Letter within 24 hours of receipt of legal file, conduct introductory call to borrower and prepare/send Closing Checklist detailing documentation required for loan closings.
  • Regularly liaise with federal and state regulators.
  • Follow up, review and approve all Closing checklist/borrower due diligence items required for loan closing.
  • Determine what is required to perfect security interest in collateral and decide when loan file is ready to close.
  • Analyze supporting documents provided by borrowers and third parties to determine if they meet RC approvals/standards and make decision that loan is thoroughly documented in accordance with RC and SBA policies and credit approval memorandums.
  • Ensure all required hazard, contents, liability and/or flood insurance coverage has been obtained on industry required forms naming RC as mortgagee and/or loss payee.
  • Maintain excellent level of customer service by being responsive to calls and emails from borrower and inside staff regarding loans in process within 24 hours of receipt.
  • Order appropriate third party searches (flood, good standing certificates, UCC, title, judgment and bankruptcy) for all borrowers/guarantors.
  • Compliant with RC policies/procedures and have knowledge of SBA SOPs and regulations
  • Prepare and review all required SBA, legal and state specific documents required for loan closing.
  • Become an integral part of the SBA Closing Team.
  • Responsible for following updated SBA policy notifications when issued.
  • Master RC s construction policy, follow guidelines in notifying SBA of any modifications to the construction project such as but not limited to extension of maturity date, increase or decrease to the loan amount.
  • Responsible for reviewing site inspection reports for accuracy and process of the project as well as relaying any unforeseen issues to credit and management
  • Manage productivity by ensuring proper communication with borrower, general contractor and vendors to limit 1 to 2 disbursements per month
  • Act as liaison between Legal Counsel, Escrow, Title, deal team and all interested parties to coordinate document preparation, loan signing, funding, and closing.
  • Review and approve closing settlement statements, escrow documentation, insurance, and outstanding loan conditions.
  • Prepare funding information sheets detailing wiring information and use of loan proceeds.
  • Coordinate with accounting to assure timely release of wires for loan fundings.
  • Prepare closing packages of documents and ensure legal file is in compliance with RC policies before transferring for Compliance Review
  • Provide assistance with portfolio acquisition due diligence
  • Adhere to turn time requirements.
  • Additional duties as requested by Closing Manager.

Desired Skills & Experience

  • Bachelor Degree preferred.
  • Paralegal Certificate preferred.
  • Minimum of 2-5 years of commercial mortgage lending experience and/or relevant work experience in a functional role required or equivalent combination of education and experience. Knowledge of the SBA SOP
  • Proficient in Microsoft Office Suite, working with Word and Excel or similar spreadsheet software.

Ready Capital (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services small- to medium-sized balance commercial loans. We specialize in loans backed by commercial real estate, including agency multifamily, investor and bridge as well as SBA 7(a) business loans. Headquartered in New York City, Ready Capital employs over 400 lending professionals nationwide.

Ready Capital offers a full range of benefits, including competitive salary, comprehensive health plans to choose from including dental, vision coverage, company-paid life & disability insurance policies, business casual dress and a great culture!

Ready Capital is an equal opportunity employer (EOE)!



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