About Us
Live Oak Bank is a digital bank that serves small business owners across the country. Our groundbreaking spin on service and technology has fueled our mission to be America’s Small Business Bank. Our products help customers buy, build, and expand their business, and our high-yield savings and CD products help them grow their hard-earned money. At Live Oak, we never lose sight of the well-being of our people. We believe our employees are the heart of our company. Our commitment to our customers and culture is intertwined, and we seek those who embody and embrace what it takes to empower the American dream.
How This Role Impacts Live Oak And Its People
Ensures the construction portfolio is actively managed and continuously monitored to identify and mitigate risk. Utilizes experience and expertise to service actively funding construction loans. Ensures all construction department standards are applied consistently and in accordance with Bank and government guaranteed lending policies and procedures to promote a high-quality construction portfolio.
What You’ll Do At Live Oak
- Review completed construction loan file and verify required credit enhancements are in place prior to construction commencing.
- Monitor and confirm adherence to any loan agreement covenants that are applicable during construction.
- Ensure inspections and title updates are promptly ordered, lien waivers and change orders collected, and the preparation of draw checklist is completed in a manner to expedite disbursements.
- Analyze draw requests and ensure disbursements are in conformance with recommendations of inspector’s report.
- Track monthly loan payments and address delinquencies in a prompt manner.
- Manage loan budget reallocations and project timelines. Maintain loan file and ensure all project related documentation remains current.
- Serve as borrowers' construction point of contact throughout the loan's disbursement period. Answer general loan questions, coordinate payments with vendors, track loan budget for the duration of the disbursement period.
- Initiate UCC and title filings to perfect security interest in collateral purchased with loan proceeds. Update collateral loan records with filing confirmations.
- Monitor and clear documentation exceptions including follow up for insurance policies, final as complete appraisal certification, title insurance exceptions, etc.
- Collect and prepare documentation required for final disbursement including final use of proceeds and collateral evaluations. Notify internal departments of project completion, and transition borrower relationship to servicing department.
- Assist internal servicing department with collection of updated financials from borrowers in accordance with loan agreement, as needed.
- Apply expertise and independent judgement to recommend necessary modifications to the loan structure and budget with Lending and Credit Administration’s final approval. Work with internal and external parties as required to facilitate documentation.
- Elevate problematic situations to Construction Team Lead and Construction Risk Specialist as needed.
- Create Watchlist records for managed projects and provide quarterly updates to Credit Administration.
How You’ll Do It
- Has responsibility for following regulatory requirements including those pertaining to the Bank Secrecy Act (BSA), Anti-Money Laundering (AML), Customer Identification Program (CIP), and OFAC to assist in the identification, detection and determent of money laundering or other unlawful activities.
- Treats people with respect; keeps commitments; inspires the trust of others; works ethically and with integrity; upholds organizational values; accepts responsibility for own actions.
- Performs other duties as required.
Required And Preferred Experience
- 1 year of loan processing experience preferred and/or experience in construction loan administration preferred
- Knowledge of Bank and government guaranteed programs’ construction standards, policies, and procedures is preferred
- Knowledge of BUILT and Salesforce is preferred
- Bachelor’s degree or 3 to 4 years equivalent experience preferred
- Effective communication skills with a focus on conflict resolution
- Detail oriented with a high degree of accuracy
- Strong organizational skills with the ability to prioritize workload
- Excellent customer service skills
- Proficient with Microsoft Office Suite
To Thrive at Live Oak
- Gravitate to Growth – Shows adaptability and support for changes to improve organizational effectiveness.
- Communicate and Collaborate – Communicates clearly and thoughtfully, demonstrating empathy in teamwork.
- Eye of the Tiger – Gets positive results by taking personal responsibility for actions and team outcomes.
- Know Your Business – Curates and maintains a depth of knowledge and skill to perform one’s job effectively.
- Customer at the Center – Provides customers with a personalized experience to achieve exceptional outcomes.
For a detailed overview of our employee benefits please visit:
http://www.liveoakbank.com/careers/
Live Oak Bank is an Affirmative Action and Equal Opportunity Employer, Minorities/Women/Veterans/Disabled. We consider applicants for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, genetic information, veteran status or disability. Equal access to programs, service and employment is available to all persons. Those applicants requiring reasonable accommodation to the application and/or interview process should notify human resources at careers@liveoak.bank
EEO is the Law
Commitment to Diversity
Live Oak Bank is committed to creating and maintaining a workplace in which all employees have an opportunity to participate and contribute to the success of the business and are valued for their skills, experience, and unique perspectives. This commitment is embodied in company policy and the way we do business at Live Oak Bank and is an important principle of sound business management.
The base pay range for this position is $55,000.00 - $90,000.00 per year. Compensation may also include annual bonuses and long-term incentives, subject to various metrics and company policy. A candidate’s salary is determined by several factors including travel, relevant work experience or skills and expertise.
Please note that we provide at least the minimum requirement of paid sick leave to our employees who reside in states that require employer-paid sick leave, including but not limited to Arizona, California, Colorado, District of Columbia, Maine, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New Mexico, New York, Oregon, Rhode Island, Vermont, and Washington.