The Loan Closing Officer coordinates, monitors, and facilitates loan closings. The position supports the work of the Lending and Portfolio Management Teams. The position involves direct contact with our service agencies as well as borrowers and clients.
Manage all aspects of the loan closing process
Assist with coordinating transitions between the loan origination and underwriting, approval and commitment, closing and loan activation
Review credit files prepared by lenders, loan committee approvals and meeting minutes, and other related documents in preparation for closing, checking for file completeness and approval condition requirements
Assist lenders in the preparation of commitment documentation
Prepare requests for CCLF legal representation and obtain proper retainer acknowledgements
Schedule loan closing dates in coordination with all involved parties while maintaining communication between CCLF staff, borrowers, attorneys and third-party vendors
Prepare closing packages, including checklist, and disbursement request and funding directions
Ensure that all required documents are obtained pre- and post-closing and appropriately filed and maintained for safekeeping by CCLF
Audits the loan account set-up in the portfolio management software system (coordinate with the lender to assure that the credit file is complete prior to loan activation)
Process the collections and payment of fees to CCLF and vendors as required post-closing
Coordinate and oversee the preparation of loan documentation for staff level credit approvals made without legal counsel
Assist with the ongoing monitoring and management of loan collateral and security, including insurance coverage, bi-annual real estate tax payments, UCC filings, deposit account verifications, etc.
Other tasks as needed and assigned
The Loan Closing Officer will possess the following qualifications:
3-5 years previous experience in lending, real estate closing and/or community development finance environment(s)
Superior attention to detail and accuracy
Outstanding oral and written communications skills
Strong qualitative analytical skills and quantitative ability
Proficiency with Microsoft suite, including Access or other database software
Ability to organize and handle multiple priorities simultaneously
Ability to set, manage, monitor and achieve completion of project and closing deadlines
Demonstrated creativity and independence with regard to project management and problem-solving abilities
Strong critical thinking and decision making skills
Ability to work effectively in a highly collaborative team work environment
Ability to effectively train and assist other staff members
Solid working knowledge of general business practices
Professional attitude and presentation
Knowledge of the CDFI industry
Minimum educational requirement: Bachelors degree in business, real estate or a related field. Paralegal training is highly desired, but not required.
Please submit your resume and salary history to be considered for the position.
The mission of the Chicago Community Loan Fund (CCLF) is to provide flexible, affordable and responsible financing and technical assistance for community stabilization and development efforts and initiatives that benefit low- to moderate-income neighborhoods, families and individuals throughout metropolitan Chicago.
CCLF was founded in 1991 by a group of visionary social-investment advocates. T...heir aim was to create a nimble, flexible nonprofit lender who would fill the community development credit gaps as they emerged across the city and region. In particular, CCLF was created to ensure that Chicago community development organizations (including small and emerging groups) would have a lender to turn to for harder-to-underwrite projects and enterprises.